#032 Tyre Kickers and Time Wasters - How to Get Them Out of Your Life

How can you work out if they are serious investors? In this episode, David provides detailed advice about how to make sure your potential investor is serious.  He provides us with key questions and explains why they are vital to ensure you can build a positive relationship with your investor. Listen in now to find out the questions you should always ask KEY TAKEAWAYS It's important not to give up even when the circumstances are challenging. If you are persistent you will find someone who you can then build a relationship with and then you will need a process to help identify if an investor is serious. The following questions will drill down for you and your potential investor. What is their contact data? You must capture their data and check it. What is their trading style? It’s important to know what sort of investment they are looking for. What are their current circumstances? You need to know about work and if they are self-employed. What is their property experience? If you are new and they are new it might not be a good match. Can you provide proof of funds? You must ask for proof of funding to be compliant with regulations. This question can be a hurdle for some people new to source packaging. Are you investing alone? It’s important to understand in detail where the finance is coming from and who you are dealing with. What is it that you want? If the answer is I want cash flow and low cost of entry you can provide a package for this but investing in property is what generates wealth over time. What strategies does your investor want to follow? This is a big investment, so they need to understand exactly the project they are getting involved in and the differences in potential returns. What are their goals and plans? What do they want to achieve, where do they want to be in a year’s time? BEST MOMENTS ‘Single lets are still the go-to choice’ It’s a mental discipline and struggle to keep going when we suspect we are wasting our time’ ‘You need to drill down’ ‘All you find is others looking for cash like you’ ‘We’ve just got to do what we do’ ‘A worry can be that they are just looking to tap into your research, or it can be that they don’t actually have any money’ ‘It’s all about building rapport’ ‘You can source to order’ VALUABLE RESOURCES https://www.facebook.com/groups/progressivepropertycommunity/ https://itunes.apple.com/gb/podcast/property-sourcing-profits-podcast/id1384873667?mt=2  ABOUT THE HOST David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004. In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained. The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours. CONTACT METHOD https://www.linkedin.com/in/david-siegler-7b126316/ https://www.facebook.com/DavidSieglerInvestments/