How would it be to have access to over a million dollars in private money for real estate investing? That?s just what a good friend of mine stumbled into when he did a very simple thing? something you can do in an afternoon.
My friend, Jim, has been investing in real estate for several years. One day, after a family get together, he decided to let his family know about his investing. He had been pretty successful with small apartment buildings, so he decided to send out a simple postcard to all the members of his family, telling them to call him if they knew of anyone wanting to sell rental property.
Lo and behold, Jim got a call the very next week from an uncle he barely knew. The uncle didn?t know of any property for sale, but he expressed curiosity in what Jim was doing, so the two men made an appointment to get together for lunch.
At lunch, Jim explained his investing strategy, and outlined some of the successes he had enjoyed. He talked about the simple things in his business, like buying value, and looking for positive cash flow. He enjoyed talking about it, and Jim?s uncle seemed genuinely interested.
Then Jim got the surprise of his life.
As they were leaving, Jim?s uncle leaned into the car window and said, ?Could you use a silent partner to help with the financing end of things??
Jim says, ?I think my heart skipped several beats before I answered.?
After Jim?s heart started again, he told his uncle he?d be happy to put his money to work. It turned out that Jim?s uncle was sitting on nearly $1,000,000 in liquid assets, assets Jim has used over and over again during the last few years to build a rental real estate empire.
The funny thing is, Jim didn?t set out to find relatives with money. He was just looking for some property, and along the way he found one of the greatest private lenders I?ve ever heard about.
What can we take away from this story? Well, you may not have a relative with anywhere near the available cash Jim?s uncle has, but the question is, how do you know? More importantly, how easy would it be to find out? My guess is, pretty easy. Could you find a creative way to ask, and let your family know what you?re doing? Of course you could!
If you want to do more deals, and find private money for real estate investing, one of the very first places you should look is in your own family. Make some calls, send out postcards or letters, get together for lunch? whatever you need to do to get the word out. You never know what might turn up, or who.
Need a quick jumpstart for beginning real estate investing? Tom Dunn writes “DealFiles – Real Estate Investor Stories”… stories of real investors just like you and their real deals. Why not check it out right now? It’s FREE!