You’ve bought a few properties, and tied up most of your available cash and credit. If you want to continue acquiring properties, what do you do? You simply must find an alternate source of funds, and the best one I know of is private money for real estate investing. The first step is to create your ‘elevator speech’ for private money prospects.
An elevator speech is nothing more than a pitch, or short synopsis, of what you do and why you do it. In the case of a playwright, an elevator speech would be a pitch aimed at producers, explaining the play and why it should be produced. For an entrepreneur, the elevator speech would be a sixty second briefing on his or her business idea, designed to obtain funding or some other support from the listener.
In the same way, for you – the real estate investor – the elevator speech is a brief talk explaining that you are looking for private money for real estate investing, who you are looking for, and how you will use the money.
To be successful, your elevator speech will accomplish three things in the time it takes to brush your teeth… and you’ll do it in a manner that sounds more like a conversation than a speech about private money for real estate investing.
First, you’ll gain your listener’s attention. The best way to do this is usually with a question that touches an emotion, such as, “Are you seeing a safe, reliable ten to twelve percent return on your retirement funds or savings?” Watch their ears perk up, and the blood start pumping into their cheeks! You’re one small step closer to another source of private money for real estate investing.
Next, you need to stimulate their interest. You do that with information. “If you’re not seeing those kinds of consistent returns, we’ve created a real estate investing partnership that buys houses for cash, using a group of private lenders. We pay ten to twelve percent on notes secured by the real estate. If that interests you, I’d be happy to share the details with you?” Pause… wait for it… wait for it! There it is, your listener’s eyes are bright and keen, and they’re leaning forward in rapt interest. You can sense that more private money for real estate investing has inched it's way closer to your bank account.
Finally, it’s time to fulfill their desire. You do that by closing the sale, in this case with an appointment to give them more information. You can do that either one-on-one, or at one of your “Private Money For Real Estate Investing” seminars. Either way, don’t let them get away without securing a definite appointment, or at least permission for you to phone them to set one up.
Here’s how the close might sound: “If you’d like all the details, we’re hosting a small luncheon for interested investors on Saturday at noon at Pat’s Villa on Sundance Trail. It will be informational only, and there’s no obligation to invest. Here’s a ticket, can I expect to see you there?”
Make eye contact, and hold the ticket out to them (yes, you should always have tickets with you!). Don’t release the ticket until they answer your question. You want some definite answer, even if it’s a no. Better that you know they are not interested than moving forward hoping they are. This way, the space at your seminar will remain free for someone who IS interested.
You’ve gained their attention, stimulated their interest, and fulfilled their desire for more. Do this consistently and private money for real estate investing will begin flowing in your direction… first as a tiny rivulet, then a gushing stream, and finally a mighty river. So, write your elevator speech down now and start practicing it.
Ahh, the sound of money trickling in your direction. You can do this… I know you can! For more information, read my article Private Money For Real Estate Investing .
Now, go make more offers!
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Tom Dunn is a successful real estate investor and author of the popular DealFiles Real Estate Investor Stories free newsletter. You are welcome to share this report, unedited and in it's entirety, with anyone you like. You may not remove this text. © 2007 by Tom Dunn. Website: http://www.dealfiles.com e-mail: firstname.lastname@example.org