Private Money For Real Estate Investing
By Tom Dunn < Back Read On >
(part 2) After you have your list, and using your business plan as a guide, write a personal letter explaining the type of investing you do, and outlining what you’re looking for. Emphasize that you’re looking for private money for real estate investing.
For your letter to be effective, you need to always focus on what’s in it for them… in other words, what are the benefits for the other party to loan you their money for your real estate investing deals. Tell them exactly how you invest, what your returns are, how their money will be secured by the real estate, and what their payback timeframe will be.
Be open, honest, clear, and very specific. Remember, these are people you know, not strangers. Write like you talk, and let them know you understand if they choose not to participate right now. Leave the door open for them to come on board later, if they change their mind or circumstances change. These are the keys when asking people you know to become one of your personal private money lenders.
Time To Branch Out
The next step in the process of obtaining a steady stream of private money for real estate investing, after you’ve searched within your list of people you know, is to branch out to those you don’t yet know. The best way to do this is with free seminars.
We’ve all heard or read the advertisements. People promote free seminars all the time, and you can do the same. It’s easy, and if you take it step by step, you won’t be overwhelmed. This is probably the single most effective way to get loads of private money lenders, and you may just find more money than you can use! Wouldn't that be a tough problem to have?
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