Posted by IB (NJ) on July 29, 2005 at 20:05:16:
So this is a good course? I get a lot of unsolicited mail from him.
what is the best course for getting private $? - Posted by chris
Posted by chris on July 29, 2005 at 14:12:01:
I read alex guravich has a course, and may purchase that. Any better courses available?
Re: what is the best course for getting private $? - Posted by Brent_IL
Posted by Brent_IL on July 31, 2005 at 19:21:51:
Courses might be helpful, but remember that private money comes from individuals and not an institution. That will affect the way that you make your approach. Money people have two decisions to make. Before they can evaluate your deal, they have to believe that they can trust you.
Folks hand over their money when they feel in their hearts that you will return both it and the inducement offered at the time that you promise them that you will. Some people like spreadsheets, graphs, and pro-formas. Others are satisfied with a firm handshake and a direct look in their eyes (Slightly exaggerated). Some are comfortable with a note; some want the allure of LLC membership.
Once potential money lenders are mentally satisfied that you will perform as you say, they look at the risk/reward.
In my experience, risk is usually down-played by non-professional financiers. They don?t know enough about what they don?t know. It isn?t your job to enlighten them.
Again, solely in my experience, it is absolutely necessary to tailor your offer to the expectations of the person doing the lending. Ask questions of your prospect to gain an understanding of what he or she is looking for. Then, offer marginally more than was expected. It is very possible to have a viable project go unfunded because the incentive presented is perceived to be too high to be true.
On the other hand, a guy trading actual currencies because futures are too tame might look at a deal for one or two percent if the time frame was short enough.
Like the buy/sell part, it?s all negotiation. Find out what people want and find a profitable way to give it to them in a manner that they can envision actually occurring.
not a course, but two books - Posted by Anne_ND
Posted by Anne_ND on July 30, 2005 at 06:20:08:
“Marketing to the Affluent” and “Selling to the Affluent” are two books by Tom Stanley (author of “The Millionaire Mind”, etc) that I found very eye-opening. You can get them for free at your local library, or buy them cheaply.
I’ve found that one of the best ways to get money is to ask. You’ll be surprised at the answers sometime.
good luck,
Anne
Re: what is the best course for getting private $? - Posted by Jon
Posted by Jon on July 29, 2005 at 15:30:35:
Alex’s course is good. Its cheap.
Alan Cowgills “Private Lending Made easy” has ton of marketing info.
Re: what is the best course for getting private $? - Posted by John B. Corey Jr.
Posted by John B. Corey Jr. on July 29, 2005 at 15:00:43:
I have not purchased a course focused on Private Money so I can not really say what is best.
I do know that you can find a lot of useful tips here if you search the site. The price is right.
The biggest issue for raising private money is finding investors who have money and then being able to address their concerns for why you would be a safe investment.
Hence it is less about a course and more about process and message. Prospecting and having a compelling message that addresses the risks.
Any course that actually helps you find the funding for one deal can pay for itself. So using that logic paying for a course is money well spent if you follow through.
John Corey
Chelsea Private Equity LLC