If you were at our last meeting, you heard Peg Graveline of JEM Property Group talk about the art of asking family and friends for cash for your real estate deals. Here’s and outline of what she talked about…
Real estate investors spend days, hours, weeks and months finding the next deal. Some get lucky and find their deal within the first few prospects but for others it may take months viewing prospect after prospect to finally find The Deal. BUT THEN WHAT???
Where do you get the money for this new found incredible deal?? Without money the real estate investment equation is incomplete. Real Estate Investors need to actively work on bringing in Money to both tie up their deal and fund their real estate investment opportunities. Now, you can use hard money lenders or you can use private lenders which include family, friends, co-workers, neighbors then you move towards associates of those people. If you help friends make a decent return on their investment, they will talk about to their family, friends, co-workers and neighbors. Then you move to people you have met through networking, advertising, etc… Make sure you let people know, in whatever settings that you are in, that you are a real estate investor and you help people make a terrific return on their investment.
Peg handed out this flyer that was written by Lahle Wolfe
7 Rules to Follow to Keep Business and Personal Relationships Separate
Asking for money from family and friends is rarely an easy thing to do but often necessary when funding a small business. But there are some basic rules you can follow, to make it easier on yourself, and easier on those you ask. Never take personal relationships for granted, or expect someone to give or lend you cash, even if according to your standards, they have “money to burn.”
Rule #1: Family and Friends Are Not Banks: Don’t Treat Them Like One – READ COMPLETE ARTICLE
And, I’m going to add, in the beginning, if your credibilty in real estate hasn’t been proven yet, let your friends and family know that you have access to real estate experts who are willing to explain the process, answer any questions and who are willing to partner with you. Who’s that? Well…me and of course Peg Graveline.
Happy investing and we will see you at our next meeting! http://bostonareia.com/resources/upcoming-events/
Bernadette Trafton, Boston AREIA Chief Connector