Investors,; mystical creatures everyone seems to know exist, but no one knows of any or ever seen one.
My quest to hunt one of those is like hunting for unicorns.
And so my adventure continues.
Hunting for Unicorns.
I started researching different ways of reaching out to investors online.
I followed a few tips from Raw Startup channel.
One way of finding investment is with Angle investors.
Just like a using an online dating site, they exists sites where entrepreneurs and investors can find each other.
I then became a member.
After learning how to do a deal pitch with the help of Raw Startup video, Utlimate Pitch Deck Guide with Example, I filled out the forms and waited.
I then started searching groups in Linkedin and facebook, and posting feeds in them.
To my surprised, I received responds to my call searching investors. I was finally seeing results.
I reached to my realtor to see if the deal that I had let go is still available. And it was! I asked for a contract of purchase on the property for a second time.
Once contract signed, I was able to send my investors a deal.
Red Flags
Everything was lining up again.
I received various offers for loans. Made a few calculation to see if it was actually paying off, and it was!
It was actually too perfect and easy.
Most offers I received where all based in the United States.
Which was puzzling cause my groups where specifically called for Canadian investors.
I continued to proceed with one particular offer.
Oddly enough, they requested I pay an amount of 2500$ for fees. Loans usually don’t requires “fees”. They are included in any interest rates.
That’s when I ghosted them and totally ignoring their calls.
All of the offers were very similar to one another. I started googling and searching online for these particular connections.
To my dismay, most of them were scammers.
*sigh*
Follow up
During all this scamming investigating, I never received a reply on my Angel Investment pitch online.
I started thinking I was doing something wrong. I needed help, a mentor, someone I could talk to.
You would think I could call my coach, however it was very clear in our last call, she is only a coach and that according to her, and I quote (my phone records phone calls).
“First of all we don’t teach Stefan’s information teaches…a coach is not a teacher…”
And she also doesn’t answer her phone when I call or sends her a message. So I needed a plan B.
Of what I know, theirs 3 Real estate investors that I know of that purchases, renovates and sells homes here in the Moncton area in which I made friends with.
and
I spoke with all three with phone calls. Two of them had already success in other provinces. The other one was a contractors prior to being a home buyer and already had connections outside of the province for investors.
When asked how I could connect, they replied:
-You need to show them you’ve done it before.
-How can I? This is my first deal.
-Guess you’ll need to finance you’re own first few deals.
That was painful to hear.
Waiting for phone calls
During my phone calls with other home buyers, One of them did suggest going through Credit Union.
so I gave them a call to book an phone call appointment regarding my case.
Regardless of the information I had given my coach on how some Ontario provinces private lenders do not borrow in NB, she wanted to set me up with one of her lenders.
Fingers crossed, I was hoping on these two phone calls.
I did received a call from the lender in Ontario. Only for them to tell me they do not do New-Brunswick province. The call lasted less than 2 min.
On that same day, I received a phone call from Credit Union. I was happy to here they do help situation like mine. They do lend money to cover the mortgage and the renovation on flip. However, request 5% down deposit and do not cover realtor, lawyer or any other expense to get these kind of project rolling.
I do not have the 5%.
My next step was the hard to admit…