So I believe I told you that I was meeting with PokerBob (the sub-deacon) and his wife as potential private money lenders. Well I did my very first private money presentation for them and I think it went fairly well. I felt pretty comfortable with it.
Bob and his wife Coleen are pretty intelligent people and definitely financially informed, so they asked a ton of great questions. Questions that other potential private money investors would ask me as well. I think I handled the questions well and Coleen and Bob said I handled them well also. They also make several really good suggestions for my presentation and gave some really valid reasons for them. I believe I’ll be taking most of their suggestions and incorporating them into my presentation.
Overall, it took them a few days but then Coleen called me back and asked me a few more questions and then finally said they would fill out and send in our Accredited Investor Form. So we have our first official private money lenders that are waiting to see deals.
Also, I told Kathy to call a mutual couple that we know. We met them through Kathy’s brother and they are super duper sweet people who happened to have a ton of money. They mentioned to us before that they were interested in potentially getting involved in real estate and that we could maybe do something together. Kathy called them and as usual they were nice as pie. They said they are going away on vacation but they will be back in a week or so and they are DEFINITELY INTERESTED and DEFINITELY WANT TO MEET WITH US! They are an older couple whom we believe to be pretty well-off and we know for a fact that they have a ton of friends just like them. And when they see something they like and believe in, we also know for a fact that they refer it to their friends….(Kathy sold them a Rainbow lol and she got about 5 pages of referrals from them.) So we hope they do a deal with us and they are happy with it because I think that would equal an endless money supply between them and their friends.
Kathy and I met with a guy who responded to our most recent direct mail campaign. He has 2 four units available in Maryland. We actually liked both buildings and he and his wife want $400,000 for both buildings. We are interested and they were giving us first shot at making an offer before they listed their property with a broker. They gave us 4 days to think it over….however, we asked for them to send us their expenses and they never did. I finally called them and spoke to the wife. She said she’d mail them to me.
So we’ll get those and go over things. I told them to go ahead and list the property but make sure they put us as an excluded buyer in the contract with the broker.
We shall see. I got a couple more posts for you coming up….1 with a video of my short private money presentation and 1 with some details on my day yesterday at the Apartment Association of Great Philadelphia’s Convention and Education Seminar.