Friday, March 31st, 2017

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How Do You Ask for Private Money?

"Please Mr. Potter...can I have eighty grand for this killer short sale deal?"One of the shiniest silver linings of today’s real estate market is how there’s no shortage of incredible deals right now.  Especially if you can make strong, cash offers and have the ability to close quickly.  A small fortune is calling your name.

But with the banks tighter than ever, investor loans a rare find, and hard money all but dried up, the clear choice for savvy investors who aren’t already cash rich is to find yourself a private investor funding to support your deal junkie habits.

That’s right, I’m talking about average folks who have some extra money available and want something better to do with it than they’ve got going already.  AKA “private money guys”.

And so enters you…under-capitalized real estate deal sniffer…and the low-risk solution to their low return problem…all you gotta do is smile real pretty, bat those eye lashes and ask….but……

Just…Can’t Find the…Words….to Say…….

Here’s some exceptional advice from my good friend, fellow blogger and Private Money Blueprint author Patrick Riddle.  And in 3 minutes 17 seconds, see if his little “Jedi Mind Spin” doesn’t just take a little of the edge off popping the question…



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Also, If You Need Private Deal Money…

…then you should seriously consider joining Patrick’s Private Money Blueprint material.  I’ve personally reviewed it and it’s top notch.  And I don’t endorse just anything.

Thoughts?  Questions?  Comment Below!

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About 

JP Moses is a roughly-hewn man-child who first got into REI after reading Rich Dad, Poor Dad back in Y2K and went full time in 2002. He's tinkered in everything from landlording to short sales to rehabs to Realtoring to REOs to notes to owner financing, blah, blah, blah...Till he finally stuck his flag deep into wholesaling and has since flipped somewhere north of a couple hundred deals.

JP's not a “guru” but also doesn't think it's a bad word. Among his core values are authenticity, creativity, big honkin' value, general fun-ness and being unshaven. He's super proud to be chief blogger guy at REItips.com and host of the free REIology podcast. He also thoroughly enjoys sharing his 53 best real estate investing forms with anyone who wants them. You should totally check that out. :-)

  • thanks for sharing this

  • thanks for sharing this

  • Karl Schwartz

    Hey JP, I must say that I have heard you speak many times and I am impressed with your real estate acumen and your verbal clarity. I especially love how you subtly tie in humor with your messages and ads; very clever and entertaining. I respect your opinions and I reference this site anytime I am considering purchasing a program. Thanks for your unbiased opinions.

    I’m speechless, Karl. Thank you so much. Very warmly received. 🙂

    My best,

    …jp

  • Karl Schwartz

    Hey JP, I must say that I have heard you speak many times and I am impressed with your real estate acumen and your verbal clarity. I especially love how you subtly tie in humor with your messages and ads; very clever and entertaining. I respect your opinions and I reference this site anytime I am considering purchasing a program. Thanks for your unbiased opinions.

    I’m speechless, Karl. Thank you so much. Very warmly received. 🙂

    My best,

    …jp

  • Also remember that private money is a “relationaship” transaction adn you spend a lot time getting to kno the private kender and lettign them get to knwo you – skip this step and you are done

    Thanks
    Mike
    .-= Mike Lautensack´s last blog ..Discover How to Use Post-It Notes to Get Sellers Calling in Droves =-.

  • Also remember that private money is a “relationaship” transaction adn you spend a lot time getting to kno the private kender and lettign them get to knwo you – skip this step and you are done

    Thanks
    Mike
    .-= Mike Lautensack´s last blog ..Discover How to Use Post-It Notes to Get Sellers Calling in Droves =-.

  • fortunately I found this article.
    economy is in a situation like this you are very helpful article.

    thanks for the article
    .-= peninggi badan´s last blog ..FASTEP =-.

  • fortunately I found this article.
    economy is in a situation like this you are very helpful article.

    thanks for the article
    .-= peninggi badan´s last blog ..FASTEP =-.

  • glenda

    Hi JP, my husband works for an apartment complex as a maintenance supervisor, the owner is part investor with the company, so its the first of many developments he and his partners will own. My question is this, my husband has worked for him for over 2 years, and has a great working relationship with him. My husband is the sole maintainence guy at present. Do you think his boss, would ever consider helping us finance an investment property to get started on the ground level, we are currently buying our home, so we do have some colleateral to speak of. We’ve been in our home for going on 18 yrs. and its a 30 yr. fixed. Bought at 51,000 estimated now at 150,000. needs some work, but mostly cosmetic. Just wanted your opinion of the chances of his boss, helping us get ahead, of course to be paid back over time. thanks again for all your expertise. glenda

    Hi, Glenda – thanks for commenting!

    Sounds like your husband has a solid relationship with the owner/part investor boss of his. And assuming his boss has some capital to invest (or access to it) then I’d say he’d be a perfect candidate for approaching as a potential private money guy or even partner. You won’t know until you ask. But assuming he’s got the access to capital, it all comes down to how good he feels about 1) your husband’s integrity, 2) his ability to follow a good plan, and 3) his relationship.

    My advice is don’t be afraid to ask. Put together a summary of what you propose and tell him you’d like to run it by him and see what he thinks. Don’t act like you know more than you actually do…just be open, honest and authentic with him. Ask him for advice. If he says no, ask him to help you out by identifying specifically why, and what it would have taken to be a “yes” instead.

    Does that make sense, Glenda?

    …jp

  • glenda

    Hi JP, my husband works for an apartment complex as a maintenance supervisor, the owner is part investor with the company, so its the first of many developments he and his partners will own. My question is this, my husband has worked for him for over 2 years, and has a great working relationship with him. My husband is the sole maintainence guy at present. Do you think his boss, would ever consider helping us finance an investment property to get started on the ground level, we are currently buying our home, so we do have some colleateral to speak of. We’ve been in our home for going on 18 yrs. and its a 30 yr. fixed. Bought at 51,000 estimated now at 150,000. needs some work, but mostly cosmetic. Just wanted your opinion of the chances of his boss, helping us get ahead, of course to be paid back over time. thanks again for all your expertise. glenda

    Hi, Glenda – thanks for commenting!

    Sounds like your husband has a solid relationship with the owner/part investor boss of his. And assuming his boss has some capital to invest (or access to it) then I’d say he’d be a perfect candidate for approaching as a potential private money guy or even partner. You won’t know until you ask. But assuming he’s got the access to capital, it all comes down to how good he feels about 1) your husband’s integrity, 2) his ability to follow a good plan, and 3) his relationship.

    My advice is don’t be afraid to ask. Put together a summary of what you propose and tell him you’d like to run it by him and see what he thinks. Don’t act like you know more than you actually do…just be open, honest and authentic with him. Ask him for advice. If he says no, ask him to help you out by identifying specifically why, and what it would have taken to be a “yes” instead.

    Does that make sense, Glenda?

    …jp

  • That’s right, I’m talking about average folks who have some extra money available and want something better to do with it than they’ve got going already. AKA “private money guys”.

  • One of the shiniest silver linings of today’s real estate market is how there’s no shortage of incredible deals right now.

  • Especially if you can make strong, cash offers and have the ability to close quickly. A small fortune is calling your name.

  • But with the banks tighter than ever, investor loans a rare find, and hard money all but dried up, the clear choice for savvy investors who aren’t already cash rich is to find yourself a private investor funding to support your deal junkie habits. I agree completely. Thanks!