ilmscore | How you can find investors and mentors for your business ideas

Predictions from this Video

Total: 5
Correct: 0
Incorrect: 0
Pending: 5
Unrated: 0
Prediction
Topic
Status
A successful real estate investor started by saving $5,000 to buy a dilapidated house in the early 1990s, renovated it over six months, rented it out for $400/month, and within a few years, leveraged that to own three rentals generating $1,200/month. This strategy involves starting with small savings, buying distressed properties, and reinvesting profits for growth.
"I saved up $5,000 every single cent that I had. I saved up because I didn't want to be I didn't want to have this lifestyle for myself I wanted to save it and sidenote this guy owns a hotel and 123 rentals he's doing pretty well and he said so I saved up my money and I went to an auction I bought the dumb piest crappiest house it took me 1 or 2 years a couple years to save up $5,000 and we're talking in the early 90s so $5,000 was a little bit more than you know it's worth a little bit more back then but still wasn't anything great and he said I saved up $5,000 and I bought the dumb piest house in the dumb piest neighborhood and he rattled off the address of the house and it's next to some of mine and it's a it was a terrible house a terrible neighborhood but he saved up five thousand dollars and he bought it and for the next six months he worked on it and he said at after that point I put a tenant in it and I rented it out for $400 in the first year I was almost able to repay my entire investment I had to keep throwing the money that I was saving into rehab but I still got it done that was like 90 or 91 that he bought his first rental property then the next year I cash out refinance the property he took that property to a bank asked them to loan him money they gave him like ten or fifteen thousand dollars he went out and bought two more rentals so it took him another year and after two or three years he had three rentals and then he said at that point I was making about $1,200 or so per month and rental income"
Real Estate Investment Strategy
Pending
A real estate investor used cash-out refinancing on their first rental property, securing $10,000-$15,000 from a bank, to purchase two additional rental properties within a year, growing their portfolio to three rentals in 2-3 years.
"he took that property to a bank asked them to loan him money they gave him like ten or fifteen thousand dollars he went out and bought two more rentals so it took him another year and after two or three years he had three rentals"
Real Estate Investment Strategy
Pending
Young people can find mentors by joining fraternal organizations like Rotary, Oddfellows, Moose, and Elks, which are actively seeking younger members and possess significant wisdom and knowledge from established individuals.
"you can go to those organizations like rotary Oddfellows moose Elks there's all sorts of different fraternal organizations all across the United States that need young people and young people have no interest in them one of the worst things that's happening in society right now because there is so much wisdom and knowledge for a younger person to gleam off of the order established people now those relationships might not exist solely out of a fraternal organization but you can make connections there"
Networking for Mentorship
Pending
Local Real Estate Investor Associations (REIAs) are highly recommended for networking and finding mentors, with one individual reporting making $500,000 in equity in a single year solely from relationships and knowledge gained at their local REIA.
"I would absolutely recommend that you find is a local real estate investors association they're called Ria's REI AAS it's where people involved in real estate and connected businesses meet I for two years served as the president of the Scioto Valley real estate investors association a wonderful organization Columbus Ohio has like for now they've got cream and co REE and then they got into Columbus reassociation they are all over they are they tend to be in larger towns I guess in southern Ohio there's only two one in Chillicothe and one down around like iron to there somewhere and Chillicothe southern Ohio is a very large region of the state of Ohio they only have two so you might have to drive a little bit to find one but I know the value that I personally have got from our low Cowen's Investor Association is just mind-blowing the amount of money that I've made I've sat down and thought about it one year I made five hundred thousand dollars in equity just off the personal relationships that I have with people and the negotiation tactics and just things that I've learned from the local real estate investor association"
Networking for Mentorship
Pending
The people you associate with significantly influence your own trajectory; if you surround yourself with ambitious and wealthy individuals, you are likely to adopt similar traits and achieve similar success.
"if the kind of people that you hang around with all the time are people of the rock unfortunately you will become one of those people of the rock if all the people that you hang around with are wealthy octoprint you'll become one if all the people that you hang around with our gamers you're gonna be a gamer and I'm not saying there's anything bad with gaming but if you want to be something you spend your time around those people find that whoever I spend my time around I tend to become"
Mentorship and Influence
Pending