OfflineI Watched Dean & Matt on the webcast last night and it was awesome. One thing wasn't real clear. Matt mentioned going to a real estate investors meeting to find private money lenders. Great idea. He also mentioned doctors, lawyers, professionals, etc. but aside from going to an investors meeting didn't go into details on other ways to contact these people as possible sources for private funds. Does anyone have any insight? Thanks Ken B.
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Ken - put together a presentation, like a resume, and talk to everyone you know. Have an elevator pitch (30 second pitch on why people should invest with you). Get the word out that you're looking to do deals. Out of 100 people maybe 10 may say they want more info. Of those, maybe 2-3 will want to invest their money with you.
Don't overlook working with small local banks. Private money may be 8-10% interest (it's whatever you negotiate, but those are the going terms), but that's still double the 4-5% you can get through a bank. And a bank is long term. Few people will want to tie up their money for 15-30 years.
Good luck!
- Tom
Thanks for the great input Tom
I needed some cash because we had some other projects that were waiting to close. I called an investor that we sold a couple of houses to & offered him 15% APR & with a guarantee of $ 3000 return, even if it was a short term of less tan six months. Of course he jumped at it ... & now he not only wants to do more deals, but even wants us to buy some of his houses.
We were not greedy & still made a great profit margin, plus established a great relationship with an older investor that has 20 rentals that we are first in line to purchase.
I feel people will wonder if I know what I'm doing and think heck no I'm not giving you $50k... But as I gain experience in wholesaling and get into rehab, I'm sure they will become interested.......
Bump
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