Getting Private Money For Real Estate Deals

January is over.

We still have 7 houses to buy this year.

We currently have 1 private lender secured who will be ready to rock in a couple months.

That leaves us with 6 houses to purchase that we need to acquire funds for.

Next week, I’m going on a mission. A mission to secure referrals from my current lenders and also follow up with potential lenders I haven’t connected with since before the holidays.

I’ll keep you posted.

In the meantime, per a promise I made to my awesome newsletter subscribers last week, I just wanted to share an example conversation that I typically have with a potential lender….just so that you can see how straightforward this is (by the way, if you want to be one of those awesome newsletter subscribers, you can sign up at the bottom of this post or off to the right).

It goes a little something like this:

Them: “Hey Shae, how’s everything going?”

Me: “Things are really great, thanks! I’m truly blessed. What’s going on in your world?”

Them: {Gives the latest and greatest in their life and career or business}

Them: “How’s your real estate investing coming along?”

Me: “Well, I’m really excited about how things are moving. In fact, we just got a tenant set up in our last rental property. I gotta tell you, investors haven’t seen cashflows like this in South Florida in a *really* long time. We are definitely in buying mode right now.

What’s really great is that we’ve been working with folks who are just tired of ups and downs of the stock market and are looking to get a really solid rate of return on their money. They are our lenders and we give them a great return, so it works really well. Most of them have been using 401(k) funds from previous employers and setting up self-directed IRA accounts which give them the flexibility of investing in all kinds of things outside of stocks, bonds, and mutual funds.

Them: “Oh wow…I didn’t know you could do that. How does that work?”

Me: “It’s actually pretty straightforward. Why don’t we schedule a quick 20-minute call later this week and I can really explain it more. If for nothing else, it would be good for you to know the different types of investment options that are available for you, plus I can share with you what I’ve been doing with my own self-directed IRA.

Them: “Yeah absolutely….let’s talk on Thursday.”

Now, that wasn’t too complicated right? Some of you may be thinking “Well, that’s easy because they already know you’re doing real estate.” Maybe that’s not what you’re thinking, but you may be thinking something else that makes you feel like this is easy for me but hard for you.

So let’s play a game.

If you’re having a hard time having these conversations with people, give me a scenario and let me see if I can help you make that conversation easier.

Also, if you see someone else’s scenario and you have an idea, by all means share it! That’s what it’s all about around here at Good Faith Investing!

Alright, bring it on! Let’s crush through those fears and get some conversations going with potential lenders.