Want Money to Magically Appear in your Bank Account? Here's How!
Another week gone. Have you been sitting around checking your bank account wishing someone would have mysteriously deposited a full down payment for you? Hasn't happened right? Well, we can either sit round and keep checking it or we can go out and get what we need! There are many ways to finance a property, and if you don't have have the cash today....
Then use Other People's Money!
Before I started investing, I always thought it was only old rich men with inheritances and trust funds that invested in Real Estate. But, that simply is not true! What I realized I most LOVE about REI, is that ANYONE can get in the game and purchase properties. We all have the opportunity to change our Financial Future and if you are reading this, you know there is a better way to live to your full potential. And you know Financial Freedom through Real Estate is the way to go!
"But, Becky, I don't have a rich uncle that will just GIVE me the money!" you say?
Well, me neither. So let's go out and find the person that will. I am sure you have heard people say, "Your network is your networth" or "Real Estate is a relationship business" and, well, they are both true. If you don't have that rich uncle willing to give you tens of thousands of dollars, we need to find you someone that will.
1. Get an appointment!
If you have been reading along with these weekly emails of following me on IG here, you know I always suggest you tell people what you are working on. I get it. The idea of someone giving you a large sum of money sounds daunting, but there are plenty of people looking for passive investments. You might have even originally found Lady Landlords that way, hoping that rentals would just be mailbox money, only to learn that is not the case.
So now your goal, is to start conversations with people to see if they are looking for that check in the mail. And if so, simply set an appointment with that person to discuss in further detail. Don't delve into your whole spiel on the scene, but find a time when you can go in prepared and professional. Listen to this week's Lady Landlords Podcast episode with cold-calling specialist, Jennifer, to learn how not to be that spammy person we all know and dislike.
2. Business Casual!
Now, remember that tenant of mine that a few months ago asked me to give him a loan to break his lease AND fund his start-up? Wanna know why he didn't get the money? He had no plan. No plan to pay me back. No plan to make his money. No plan to show it was a wise investment for me to fund. See the theme here?
Have a plan! Be prepared! Put together a little PowerPoint slide or a business proposal, showing your potential private lender here just why you are capable of making them the return you are offering and what the project is going to be! Share your expertise and the numbers! The more comfortable you can make them feel that you know what you are doing, the greater the chance is of getting a YES!
Need help creating that presentation or business plan? Schedule a chat with me to get the help you need here!
3. Be Human!
Remember the way you got this person to the table is by being yourself. Stick with that! Have you ever gotten one of those Robo-calls? (I know you have!) And the second you hear that stiff voice you automatically roll your eyes and hang up annoyed that your day was interrupted? It's because they aren't human. It's impersonal, intrusive, and just too salesy. So don't be a robot. Be your fun, personable self! It's okay to trip over a few words or not know the answer to every question. You don't need to be perfect and pretend you have done 1000 deals already. You just need to be yourself and take action!
Happy Deal Finding!