This sounds like a good strategy. How long does this process take since a lot of networking is involved? It’s not better to have these money partners before we have a deal? Do the money partners expect some experience from us before they Fund our first Rehab deal?
I’ve placed this one in the Investment Property section: You can earn more than 12% on your investment, secured by Real Estate. Call for more details. It was suggested I try the Investment Opportunities, Business Opportunities, Money Wanted, Mortgages, Money to Lend sections. How long should it take to find investors and when should I run these Ads?
Posted by ray@lcorn on November 17, 2002 at 14:32:18:
I’ve never had much luck with newspaper ads looking for investors. Most folks that have money to invest don’t have to go looking for investments. In fact they spend most of their time filtering through the many offers to find the true jewels.
It’s been a while since I’ve actively sought investors, but when I needed them I went to where I knew they were. I contacted CPAs, lawyers, bankers, brokers and other investors to let them know of what I was doing and what I was looking for. I found it was better to be specific about a particular deal than to just inquire generally. I would put together a fact sheet on the deal, highlighting the important factors such as the money needed, the terms and return, and how the money would be secured and paid back. I also included a brief, two or three line statement about my experience and background. It’s a scattershot method, but can pay off over time.
Most folks start with family members or friends. That can be a two edged sword though. If you accept money from a friend or family member you’d better commit to yourself that they get paid no matter what.
By far the best results come from personal networking. You have to go where the people that invest are. College alumni associations, local civic clubs such as Rotary and Kiwanis, Chamber of Commerce mixers… all these are places where people with money to invest congregate. The more you are seen at these types of functions, and the more people you talk to about what you do and what you need, the better your chances of the right people hearing about you. One lead leads to another, and so on.
But after doing several deals with individual and groups of investors I found I didn’t make a very good partner. I’m a control freak, and don’t take direction well. So I found ways to do deals on my own, and in the long run it is much cheaper and more peaceful than partners.
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