Private money is not hard to find- you just need to put yourself out there and meet new people!
You also need to learn how to be comfortable and confident when you are speaking to others about money and their financial situation.
Here are some different ways that you can meet new people who could potentially be your new money partners!
Show up to networking events, especially your local real estate investors groups and entrepreneur/business related meet-ups. At meet-ups like these, everyone is there to meet new people and learn the different ways you can become more successful in life and in business.
Start sharing your experiences with real estate investing. Be really clear about everything that you are doing, what you have learned, how much money you have made so far and how passionate you are about it. Over time, you will have co-workers reaching out to you to invest with you.
A lot of mortgage brokers have clients that they can connect you with who have access to money, if you let them know that you are looking.
Ask mortgage brokers if they deal with hard money lenders.
Realtors are a great source of information.
They make really good commission and could potentially be interested in investing with you if you demonstrate that you are educated and understand the cash flow of a property.
If you build a relationship with a realtor and let them know what you are looking for, they will gladly bring you good deals.
They also may know people who have sold homes and have money in the bank, or have clients who has have lots of equity in a home that can be used to invest with you.
It’s in an entrepreneur’s DNA to want to know about a new business opportunity!
Lots of times they have money in other investments that they could diversify.
At times business owners have a lot of extra cash flow, and once presented with the right numbers would gladly invest with you. They don’t have the mindset issues that your friends and family may have and won’t need to be educated on the power of investing and creating passive income streams.
They understand what you are doing, and have access to others who have hard money or would be interested in partnering or selling buildings with possibilities of vendor take-backs.
Always be open to meeting new lawyers, and networking with them.
When someone is looking to sell a business, they usually consult with an accountant.
Get to know accountants and let them know what type of properties you are looking for, and educate them on what you do!
You will be sure to hear from them down the road.
Doctors and dentists:
They are busy professionals, usually don’t have a great pension and don’t understand how to invest. They have money to invest if you can connect with them and educate them quickly!
Let people know what you are doing! You would be surprised how many great deals can come your way this way. If you offer a referral commission and you can sometimes purchase before a property hits the market!
You should invest in opportunities to attend live seminars/conferences. LIKE attracts LIKE, and you will meet others who are more open to learning new things, people are already a bit out of their comfort zone and want to collaborate.
Parents at sporting events:
This is a great place to meet potential investors, educate them on what you do just like your co-workers. Lots of people have money to invest but don’t know how to.
They don’t even think of real estate as an option as they may think that you need time to do that, or that you need to deal with tenants.
Facebook, LinkedIn, very powerful medium to start attracting investors and let them know what you are doing.
Start doing videos when you are looking at a property, show how you evaluate a property, how do you negotiate?
This will be sure to set you apart as an authority in this industry!
Here are a few more things that you can do to make new connections:
- Business cards on cork boards at various businesses like coffee shops
- Go to church
- Put your business cards in books at the library, Robert Kiyosaki, any other real estate investing related books!
- Put info about what you do (flier) when you send a cheque to pay a bill!
- Make a t-shirt that you can wear to events! “Ask me about the ROI I am getting on my real estate investments J”
- Trade-shows: Go around and speak to other booth renters! This means that they are interested in growing their business, and their professional network as well.
You can find out how much certain professions make, you can find meet up groups, Eventbrite, etc.
Find houses that you could wholesale by always checking your local real estate market. Call the people who have them for sale.
Find the money worksheet!
This is a great worksheet that I use, and have shared with my coaching students to start thinking about people that you know, or that you could approach.
This worksheet helps you to break down how much money someone might have based on age, employment, where they live, marital status etc.
Download the worksheet and have this on your desk, so that when someone pops into your head you can figure out roughly how much money they have access to!