Do you believe it’s impossible to buy real estate without money?
Well St. Louis hard money lender and real estate investor Shawn Greeves is here to prove you wrong. In this article he speaks to BWB host Joshua Williams on why he decided to stop using the bank and the method that he used for getting $1 million in financing without having to put up any money.
[Shawn Greeves]: “So I get to thinking. ‘Who’s got money?’ Well I know banks have money, but I don’t like jumping through their hoops. I’m trying to figure out how else can I get money. I thought ‘Well, there’s private individuals out there that have money in the stock market or other investments that they’re not happy with their rate of return.’ As of today you you have to lock up your money for five years in a CD and you’re gonna make about 2% for the whole year.”
[Joshua Williams]: “Yeah, 1% or somethin crazy like that…”
[Shawn Greeves]: “Yeah, 1 point something right now.”
[Joshua Williams]: “Right.”
[Shawn Greeves]: “I figured ‘all I have to do is beat the CD rate. I can quadruple the CD rate and people will want to give me their money.’”
[Joshua Williams]: “Mmmm.”
[Shawn Greeves]: “So I ran a newspaper ad. And I had 3 people call me. One guy I think he was just lonely and wanted to talk. The other guy had $5000. The other guy said he had $1 million.”
[Joshua Williams]: “Wow.”
[Shawn Greeves]: “I was like ‘I think you’re my guy.’”
[Joshua Williams]: “I would think so too!”
[Shawn Greeves]: “So I said ‘why don’t I come over and meet you and your wife and bring before and after pictures and closing statements and show you the deals that I’ve done and we’ll talk about an interest rate.’ They said ‘great.’ I went over a couple days later met him and his wife — “
[Joshua Williams]: “What year was this by the way?”
[Shawn Greeves]: “This was about twenty years ago.”
[Joshua Williams]: “Okay, got you.”
[Shawn Greeves]: “So, went and built rapport again. Spent a couple hours with them. We talked about an interest rate. They said they ‘liked it, let’s do it.’”
[Joshua Williams]: “Wow.”
[Shawn Greeves]: “So now I’ve got access to a million dollars. I don’t need the bank anymore.”
This article was transcribed from the above clip on Buildin Wit Blocks, a podcast where host and creator Joshua Williams interviews real estate investors all over St. Louis on their journey to financial freedom — their success, failures, and everything in between.
If you’re into real estate and live in St. Louis, this show is definitely for you.
The first episode will be released on Thursday, October 17th.
Want to be a guest on the show? Text 314–394–8424
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