Here is a simple technique to get private money or deal partnerships for buying foreclosures in Michigan.
When you are in front of people who have the potential of partnering up with you, just tell them about your business and then ask them if they are interested in partnering up with you.
That is it.
All the fancy stuff: the PowerPoint, the MLS listings, the ROI spreadsheet can come later. But if you don't ask, you don't get.
I am almost 100% guaranteed that every time I am teaching a seminar, 2-3 people will come to me during a break and tell me a tale of woe on how hard it has been for them line up deal partners.
I would ask them if there is anybody in their lives who has the potential of being their partner based on what they know about that person's financial situation. 10 out of 10 times, they would say YES. Yes, my dad just retired and he is always complaining about his stock market losses.
Hey, I would say, have you ever asked him if he might be interested in financing just one deal for you and see where it goes from there and 10 out of 10 times they would say NO, I have not asked him.
Why not?
Asking is magical. In everything in business. But when it comes to money, ASKING for money is the best business strategy for all.
Everybody who gets money gets it because they asked for it.
How do you think companies get venture capital or bank loans? How did you acquire the loan that able you to buy the home you live in? Did the mortgage fairy left the deed underneath your pillow because you have been such a good boy lately?
I don't think so. You got the money from the bank because you called them up and asked for it. They asked for some documentation from you to prove you income, pulled your credit and that is how it all happened. But it all started from you asking for the money to buy the home you live in.
So what is so different about private money?
How am I supposed to know that you need somebody to finance a deal with you unless you ask me?
Whole lot of people in your email list and your cell phone memory. You have no idea what 90% of them are doing with their money or NOT doing with their money. Unless you put it out there that you are open to partnerships and buying and selling bank foreclosures in Michigan with them - they cannot help them and you cannot help your LLC.
Ask and ask a lot. Especially when money is involved. Are there certain ways of making a convincing case? Sure. Are there things that you should not be talking about during your first meeting? Sure. Are there certain safeguards to protect both your and their interest that need to be written up in a deal partnership contract? Absolutely.
But before all that can happen, you have to mentally make a decision that you are going to ask. Before it could happen in the real world, it has to happen first inside your head.
So make the decision today and you will never have to worry about where your next deal is going to be financed from.
