How to Get More Private Money

This is the best time of the year to plant seeds for private money.

Between Thanksgiving and New Year’s Day, there are lots of opportunities to interact with folks that you may not see very much during the rest of the year.

Plus, everyone is more relaxed. They’re taking time off from work and socializing a lot more. This goes for work as well.

To plant a seed, when someone asks you what you’ve been up to, casually mention that you’re in real estate investing.  What you’ll find is that when most folks hear that you’re doing something different, they’ll be curious to know more. So they’ll ask. Casually answer their questions, and when they stop asking, stop talking about it.

The important thing is, DO NOT jump down their throats and bombard them with what you’re doing. That will just turn them off. Also – never, ever, ask anyone for money. And I mean never.

I’m constantly surprised how many folks have approached me months later and asked to hear more about what I’m doing in real estate, even when they appeared only casually interested when I first brought it up.

 

Don’t Fight the Tape

 

dennisfassett.com

We had this old saying back in my investment banking days:

“Don’t fight the tape.”

It was a phrase that we used in finance that basically cautioned you not to bet or trade against the trend in the markets.

It was a REALLY old saying because the term “tape” referred to the ticker tape machine that the old timers used to have on their desks to get stock prices delivered to them before AOL, E-Trade, and iPhones.

The crazy thing was, we rolled our eyes and used the term a ton back then because there always seemed to be some bonehead clown who swore that he had developed a “system” or “strategy” that would beat the market.

The streets were littered with the carcasses of these guys, because the market chewed them up and spit them out without skipping a beat or even noticing them.

REITD 012: Brian Borawski – CPA for Real Estate Investors in Metro Detroit

REI Talk DetroitIn this episode I talk to Brian Borawski.

Brian is a CPA who happens to have several real estate investors as clients in this area – including me. I’ve used Brian for several years now, and it’s been great to have a knowledgable person like him available when issues come up like the sale of one of my apartment buildings back in January of 2013.

The great thing about Brian is that he’s versatile. I found him during my search for a CPA who knew real estate investing in depth, but he’s also been very helpful in creating and managing a corporation that I set up for an Information Technology consulting business I started two years ago.

REITD 011: Todd Waller – Real Estate Sales Professional and Technologist

REI Talk DetroitIn this episode I talk to Todd Waller.

Todd is a real estate agent, and in my opinion, he’s the premiere agent in Metro Detroit. He has a tremendously successful business model with phenomenal processes, and he combines that with a laser focus on the needs of his clients. His market focus is the I-275 corridor from Commerce Township to Canton, and then west to Ann Arbor.

His reputation is borne out by his success: until recently his best year as an agent was 2008 – the very bottom of the market – when something like 30% of the agents in the state quit the business.

REI News

NO REI news this week in the podcast. My conversation with Todd went long so we skipped the news and went right into the interview.

REITD 009: Steve Londeau – Full Time Wholesaler and Direct Mailer

REI Talk DetroitIn this episode I talk to Steve Londeau. Steve is currently a full time wholesaler here in metro Detroit. He had a pretty rocky start to his real estate investing career, but he got focused and got busy, and ultimately co-founded and helped grow a profitable short sale and non-performing note business.

He then had to leave that business rather abruptly due to some family issues, and in the process had to reinvent himself and recreate a six figure income in order to support his growing family.

In the process he created a workflow and set of processes that lets him run his business as a one man operation.

I’m copying some of the processes he mentioned, and you should consider it too.

REI News

NO REI news this week in the podcast. My conversation with Steve went long so we skipped the news and went right into the interview.

REITD 008: Eric Persha – Owner of Rehab Detroit and Processes That You’d Kill For

REI Talk DetroitIn this episode I talk to Eric Persha. Eric is a native Detroiter who went away for college then decided to come back to the area and get into real estate. He’s in REI to make money, but he also likes participating in the renaissance of the city.

REI News

NO REI news this week. My conversation with Eric went way long, so we skipped the news and went right into the interview.

Current Business

Eric’s company is called Rehab Detroit. It’s he and his mom working together, and together they’re rehabbing and selling everything from single family homes to four-plexes.

They’re focusing in specific areas in the metro area, and they also do quite a bit in the city of Detroit.

How He Got Started in REI