Private

While working on my New Year’s Resolution to actually utilize the treadmill in the extra bedroom for something other than a dust collector, I decided it was time to kill 2 birds with one stone so to speak. I have been collecting more and more real estate training teleconference calls but have not had time to listen to them. I also have not been able to find time to actually exercise, so here’s the plan. Set aside 30 minutes 2 or 3 times a week to listen to a teleconference while taking a walk on the treadmill. So won’t you join me in getting more exercise on your own treadmill and listening to some training teleconferences at the same time.

 

On this particular day I was listening to the call in our past TeleSeminar / Webinar Replays from Mike Moulton and Courtney Jones. If you have not had a chance to listen to one of our teleconference, this might be the one you should start with in 2009. MAREI members can log into the member area at www.MAREInet.com to gain access to our Teleseminar Archives (click on GURU and do a little investigating and you will eventually find this call)

 

 

Think about it! What if you had a very close friend, family member, or business associate who had $100,000 sitting in the bank. They did have $200,000 but when the stock market tanked, their investments went south and they pulled out at $100,000 and dropped it into the bank in a CD making 4% interest. What if you further had a great duplex that you could buy for $100,000 if you only had the money. You could go to the bank to get a loan, but sorry you already have 4 loans in your name so you can’t get any more plus as you are self employed and write off all your expenses, your tax return looks pretty bad. But if you had $100,000 you could buy a great duplex with great cash flow. What if you could get together with your friend with $100,000, they could lend it to you, secured by real estate, and earn 6%, 8% , 10% on their money, what ever you decide. 

Much better than their 4% interest, you could buy the property and start cash flowing now, and then in 2 or 3 years when lending loosens up you could refinance and pay your friend back with a balloon payment. Or maybe they might be happy getting 6 to 10% interest for a full 30 years, who knows. 

 

You never know until you ask, and that is one of the things that Mike and Courtney talk about, getting over asking for money. Many people feel like they are begging for money, but they advise us to think more along the lines of we are helping people by telling them of an alternative place of investing their money.

 

The then discuss how to set up and implement a Private Lending program in your business and what they do on a daily basis to set one up and keep it running in their business. They talk about creating your program and marketing pieces and your 30 second elevator speech, just in case you are on an elevator with Bill Gates or someone else who could be a potential lender.

 

They talk about then taking your program and your elevator speech and talking to people you know about what you do and over the course of time, many of the people you know will come around to you. Courtney gave an example of a family member she had who acted like they were broke and had no idea how they would pay for their next meal. In the course of conversation one day she was talking about what she did in investing, how she borrowed money from private individuals, and the kind of return these people were getting on their money. Her penniless family member it turns out had a substantial funds to lend and wanted to get in on the action and do a deal or two with her. So don’t rule anyone out, they may have funds available or they may know someone who has the funds.

 

Another idea they had was a soft sell to people you know. The idea being that you create a short presentation either on power point or an audio cd and you give it to a few key friends that you think might have an interest. Tell them that you have put this presentation together and are getting ready to send it out to the masses and would they please review it and let you know what they thought of the presentation, critique it if you will, so it could be improved upon. They said that invariably they would get some interest from some of the people doing the review.

 

They had quite a few ideas and from Courtney and Mike as well as a few other sources I have found that many people are putting together the “elevator speech”, and then a one on one or group presentation to do at a lunch or a dinner. And recording the presentation on a CD. Then they are going to networking groups that are outside of real estate – groups for anything, just so they can meet people from all walks of life, professionals, doctors, attorneys, retired people, what ever. Through out the networking events they meet people and as you do at these things you talk a bit about what you do, share with them your elevator speech. If they are interested, you have handy the CD for them to take home and listen to, and then if they want more info you can set up a one on one meeting. 

 

Another source also recommended that as you go to these networking events, that people may want to provide a presentation to their one special group that may not be at the event: a select few clients for an accountant who might want to learn about self directed IRAs, the doctors in a doctors office, a retired professional with his golf buddies, the retired school teacher with her retired school teacher friends. 

 

If you take the approach that you are teaching people about an alternative way to invest their money – into mortgages secured by real estate or teaching them about self directed IRAs, you will find that you don’t really have to ask so much for the money.

 

So my plan for 2009, besides the treadmill and the teleconferences is to polish the elevator speech, update my presentation and get it onto a CD, make a few copies and then find some new places outside of real estate to network. I hope to find a way to squeeze at least 2 extra events in a month and share my elevator speech and find an extra $1,000,000 for 2009.

 

About the Author: Kim Tucker is an Investor and Real Estate Broker in the Kansas City Market. Along with her husband Don, they have been investing in Kansas City Real Estate since 1999. You can find more about Kim online by visiting her blog at www.TuckerOne.wordpress.com or you can reach her by phone at 816-523-4400. Currently in 2009 the Tuckers are buying and wholesaling a house or two each month and focusing their efforts currently on building their real estate brokerage www.RealtyResourceKC.com that caters to the Kansas City Real Estate Investor.