I've been investing in property now for 12 years, I've done hundreds of deals. But this article is not about me; this is not about the fact that I own a 20-bedroom castle; this is not about the fact that my net worth is 20 million pounds today! This article is about you and your questions!
If you've got any questions around business, any problem that you might be facing, guess what? Someone has come across that same problem and probably I have. So, if you've got a problem or a challenge, put it in the comments section of this week’s Q&A Sunday video. I’ll answer as many as I can next week.
This week, I got a great question about co-deal sourcing. I thought it was so good that I have decided to highlight it in this blog post. Here it is….
Owen Henderson said….
Hi Samuel, just wandering if you could give some advice on finding a co-deal sourcer I can work with until I can get my company up and running?
Hi Owen Henderson, I'm loving the questions today. You guys are amazing! Honestly I love doing this! Owen Henderson, co-deal sourcing is a really good strategy. For anyone that doesn't know what co-deal sourcing is: so, Owen Henderson right now is finding property deals. Owen Henderson thinks that these deals are so good that he deserves to be paid; he deserves an investor to come along buy these deals that he's found and give him a fee.
Problem: he probably doesn't know any investors, problem: he doesn't even have a company, insurance, limited liability protection, etc. So he's like, ‘I've got these deals but what can I do?’ So my advice Owen: I think getting in to co-deal sourcing makes sense.
This is where you find a deal sourcer that's already up and running, that's packaging and selling deals already and you say to them, ‘Hey, what do you think of this deal?’ The best way to do this Owen, rather than finding a deal and then trying to pitch that deal to a deal sourcer (and they're going to be like, ‘oh go on what you got’, and then you're desperate to sell the deal so they'll call the shots), the best thing to do is approach a deal sourcer with no deal. Ask them what their investors are looking for and then they'll say, ‘all my investors are looking for BRRR HMOs in the North West’ or whatever. Then you can say, ‘If I can find something like that, would you potentially be open to doing a deal where I could find it and you could sell it, and we could do a commission split?’
How do you find deal sourcers that are looking for help? They're everywhere. I mean, dude, just go on my Facebook group where there are over 30,000 members! There are so many deal sourcers out there.
However, if you haven't had any training or any experience in the industry, they might not want to work with you. They might just think, ‘oh man, this person is just a nobody and is just trying to suck us of all our information, steal our systems and take our investors’.
So the best bet is a lot of deal sourcers will ask you, ‘Have you been trained?’ My advice? Get on Samuel Leeds training and learn how to package and sell deals. Then once you've got the knowledge and experience, then go and start approaching deal sourcers. Then because you've had the training and you've got the confidence, you will be a breeze to work with and everyone will want to work with you!
If you would like to see the rest of this week’s questions, and my answers, check out the video here.