Have you ever wondered if it’s possible to build real, long-term wealth through private money lenders? Today’s guest, Robert Shemin, returns to the podcast to share how he became a millionaire investor exclusively through private financing!
On this episode, Robert is sharing how he went from only having $180, to owning over 500 properties. Robert is sharing his insight into how to proposition a private investor, and the exact terms he suggests for a private loan. We’re also discussing the importance of forming an LLC, and the biggest mistake many investors make in the process. Don’t miss Robert’s wisdom on this episode of Investing in Real Estate!
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When Robert embarked on his real estate investing journey, he only had $180 to his name, and zero credit. And when he first met his mentor, he was convinced that he didn’t have what it takes to become a real estate investor.
He was overcome with fear, like many potential investors are. Robert’s mentor quickly informed him that whatever he believed to be true would occur. As the saying by Henry Ford goes, “Whether you think you can, or you think you can’t—you’re right.”
Many people are in the same boat as Robert; they want to begin investing, but they are unable to see the possibilities. Robert’s mentor explained to him that although he didn’t have money or credit, it was possible for him to team up with someone who did.
As soon as he changed his perspective from negativity to potentiality, he began to see success. Robert made a list of five successful people in his life, and began his search for a private investor.
He explains the first rule of raising money is to never ask for money. Instead, he approached his potential lenders to simply ask for their opinion. Robert posits, if you ask for money, their defenses will immediately go up.
By asking these successful people for their opinions about a particular property, Robert appeared as if he just wanted advice. However, the second person he approached became very interested in the deal he presented. The two teamed up, and Robert’s real estate business was born.
On today’s show, Robert will explain why he recommends being honest about your weaknesses to potential investors. We also discuss the difference between economical fear and psychological fear, and so much more about buy and hold investing!
We’re ready to talk about your goals and want to help you achieve them.
On this episode you’ll learn:
- Why is it dangerous to invest under your personal name?
- If you’re investing out of state, where should you register your business?
- Why paying off a property doesn’t make sense economically.
- What is a non-recourse loan?
- The three rules of real estate that Robert learned from his mentor.
- What comes first: finding the deal or finding the private investor?
Secrets of a Millionaire Real Estate Investor by Robert Shemin
Secrets of a Millionaire Landlord by Robert Shemin
How Come That Idiot’s Rich and I’m Not? by Robert Shemin
Find Your Financial Freedom Number
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