Posted by William Suddeth on September 21, 2004 at 16:35:00:
Well said, Mr. Strange.
private investor - Posted by sue
Posted by sue on September 18, 2004 at 07:20:26:
Hi,
I have some really dumb questions; But I really don’t want to be thought , bold. My Dr. and I have some laughs in her office(I consider this friendly). She’s even called my home personally when she was sick and couldn’t keep our appointment(her secretary was working that day, it’s her job to cancel appts.). I call that, somewhat friendly. Now, my dumb question is, is she a good candidate to borrow private investment money from? What would be a good scenario to approach her with? I’m not too good with asking for money; I never got any yet, but perhaps I asked the wrong people. If I did get some cash; how would I document it. My thoughts would be to get it through her lawyer. Perhaps sign a contract privately between her and me with the terms written out(my best choice), or is this whole idea just not right with ones Dr. Quite frankly, I don’t see anything wrong with it. Also, why not ask business owners for private investment money? Even those you don’t know personally, that’s provided you have a profitable deal. I just have this fear of coming across as having some nerve to ask, and making someone quit annoyed with me. I have a fear of going into an office, my hat in my hand and a stern person looking with disgust down his nose at me and saying, YES, how can I help you. I really need some direction because I’m trying to hone my skills in a professional way. I was a real estate sales person some years ago.
Re: private investor - Posted by Lisa
Posted by Lisa on September 19, 2004 at 21:12:28:
OK…I AM a doctor and I’m also a newbie investor… So here’s my advice. She may feel she can’t go into a business situation with you, etc because of ethical boundaries. It’s ok to ask, but probably not a good idea to call her at the office, don’t schedule an appointment and then ask her, and if she says no, then take it at face value and don’t keep asking.
So when do you ask? I don’t know, but you may just call her nurse, tell her you have a personal matter to discuss with the doctor if she will call you at her earliest convenience. I have a patient who keeps pestering me about something she wants to sell me, and I have told her 3 times I’m not interested. I am about to fire her as a patient, because every time she comes in, she badgers me about it. NOT a good doctor-patient relationship. Also-from experience…just because she is a doctor does NOT mean she has extra cash lying around. I am trying desperately to get financing for a deal, but doctors’ student loans are the price of a second house these days-not to mention malpractice insurance costs, so lenders aren’t too keen on giving them more money.
Good luck.
Re: private investor - Posted by rdla
Posted by rdla on September 19, 2004 at 18:22:45:
Sue,
Don’t borrow money. Get investment money.
You should know first if she have investable money.
You should know how she is investing her investment money. With me the best is ask questions. Like the FF;
How do you do your RE investing now?
Dr smith if I come across good profitable RE transactions will you be interested.
How long is your RE investment plan? What kind of RE investing are you looking for? She might be looking for office bldg of land to build office bldg.
What will the investor think about you a far as money, handling money and handling real estate transactions?
Can you show them transactions that you have done before that shows decent profit if they ask?
Do you have references of people who did transactions with you before?
Prepare a plan you can show them how safe and profitable your deals are. Tell them you will not hold their money unless there is transactions and that will be handled with a title and escrow co.s if applicable ownerhip of RE will be under their names.
You should be able to show how safe their investment is. YOur facts and figures should be very reliable, she have CPA’s and lawyers.You should be able to show that your plan is more profitable than what they are doing now.
You should be able to show that they can trust your ability and character.
Most of the time you have to educate them first, don’t expect them to understand real estate transactions and how it’s done right away.
Best investors are those people who know you and trust you.
Best of luck,
RDLA
Re: private investor - Posted by James Strange
Posted by James Strange on September 18, 2004 at 09:04:22:
Have you ever heard the saying to find motivated sellers do things to get them calling you. If they call you they are open to doing a deal.
Now my question to you is does your Dr friend know that you invest in Real Estate?
Do they know about the deals that you have done?
I know that after I had two profitable deals under my belt I had money people calling me. They were motivated not me.
A side note is in order, a quick way to lose a friend is to lose there $$$.