I would never, ever rent a house to a family member or friend. I agree with the don’t do business with friends idea.

With that in mind, I have a very, very, small group of friends. I mean REAL, TRUE, honest to goodnewss friends. None of which I have approached about private money. One I would approach but I never will though most likely because I know she’s not an accredited investor. (However, I do use her IRA statement as proof of funds for making REO offers lol)

99 or even 100% of the people I’ve approached about private money have been with acquaintances. Like all of the people I met on Memorial Day….all acquaintances now. They were strangers before.

Even my poker friends that we went out on the boat with. They aren’t the “TRUE” definition of a friend. They’re more like friendly acquaintances if that makes sense? If I’m in trouble one day, they won’t be who I’m calling. Do you know what I mean?

I don’t put them in the same category as I put in my handful of true, realllly good friends (I probably have about 2 or 3 of this.)

As for my other poker friends, Bob the deacon and his wife, well they again, were acquaintances through poker but they are moving quickly up the friend scale. Mostly because we have so much in common. Those guys I approached about private money because they actually inquired about that type of deal with us first!

Don’t get me wrong…once my family and friends know that I’ve done several multi-family deals and my investors have gotten paid what promised, I will talk to them about the opportunity because I’m sure they’ll be interested in it then. I think our friends and family though are a lil more skeptical of things then complete strangers or acquaintances are. Odd I believe, but I think it’s true lol

And the bottom line for me is, do I want my best friend to make 10% plus interest on her money from me or a complete stranger? You know what I mean?

You seem to be networking (looking for private money partners) with some people who are more then acquaintances and even friends. I don’t have a problem with that, but I’ve learned in the past that doing business with close friends and family is dangerous. What is your view on that?
.-= Scott Costello´s last blog ..What Does That Word Mean: Testate =-.

I have to say that the break you took from networking to work on your blog has paid off famously. Your blog looks awesome! It really looks very professional and I’m sure you’re just going to keep getting more visitors as time goes on.

Btw, I didn’t realize just how new your blog was. Wow girl you are kicking BUTTTTT!

Keep it up. Can’t wait to follow along on your blog.

And thanks again for visiting and commenting on my blog. Appreciate it.
.-= Flippin’ Carey´s last blog ..Networking on Memorial Day =-.