OfflineI have a short list of personal investors, some friends some acquaintances. I am looking for a good way to ask them if they would like to invest in my real estate endeavors. Seeing that I have yet to do my first deal I could imagine scepticism could run high.
What I have going for me: These people know I have been in the mortgage business for some time,(out now) and will be going into REI full time I am also incorperated. I also have been studying investing and have the needed relationships covered ( look up paralysis by analysis and there is my picture). Also I have a partner that has 7 or 8 rentals and has been doing well with them for quite some time, real stand up guy but has yet to do a "flip" of any kind. I guess I want to have a good initial approach to these potential investors. I know I should approach casually and not be desperate. Chances are the are making 3%ish on there money and would love to make some good returns. Maybe ask them if they would like to be on my investor list, like it's a great opportunity for them.
Any in site would be appreciated
Dan Favor
Michigan Home Network
www.michiganhomenetwork.com
Analysis paralysis is an epidemic that plagues most if not all. And those that step out, are the ones rewarded.
I ask people on a daily basis, strangers included. I've been told NO 200 or more times ! But you know what ? One said YES ! If I can show him the property, with all the upsides ( cashflow, equity, clear title, etc...), he will give me the money I need. Here is my everyday question :
" Sir/Ma'am, if I can give you 5 or 6 percent on your money secured by real estate, would you lend it to me ? "
You are right about the 3%ish they get from their banks. If you give them 6% on their money secured by real estate, you literally doubled their interest income !
Just ask !
Cheers,
Walter
Las Vegas, Nevada
6%!I was thinking between 10-15% I don't think my rich father that I just donated a kidney to would take 6%! nothing personal.
Dan Favor
Michigan Home Network
www.michiganhomenetwork.com