What do Ashton Kutcher and Finding Private Money Have in Common?

If you read my last blog post about “using Twitter” and you are new to the whole Twitter experience you’re probably thinking, “ok great, but how do I use this in my business?”  Good question and one that I’m still trying to figure out myself.  As I mentioned, I’m pretty new to this whole social media thing and I struggle regularly with ways to use it in my business. 

Here’s what I have found.  The social media outlets are all based around building relationships and caring about others.  It’s not about worrying about your bottom line, but about providing valuable, quality information and content.  If you care about others whether it be buyers, sellers, or potential lenders and you provide good information to help enhance their lives.  You’ll build a following and they’ll tell their friends.

So, what’s all this have to do with Ashton Kutcher?  Read more

Using Twitter to find Private Money

Someone recently asked me if I use twitter, the popular social media site, to find private money.  I somewhat sarcastically dismissed the question as though it wasn’t possible.  Keep in mind that I’m not really that into twitter.  Yes, you can follow me on twitter (http://twitter.com/cortjones) and I will occasionally (usually at the urging of Mike) post something on there, but my belief is pretty much that I’m a busy person and so are all of you.  For the life of me, I don’t really get why people would care what I’m doing throughout the day.  I’m not really that exciting!

But, I’m wrong.  Yes, you can use twitter to find private money.  More importantly, you can Read more

The Top 10 Things To Consider When Creating Your Private Money Program

You need to have a private money program in order to be able to approach individuals to loan you money for your real estate deals.  This video highlights the top 10 items to consider when creating your program.  If you can address these questions, you are well on your way to obtaining all the funds that you need:

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The Top 5 Effective Marketing Techniques To Find Private Lenders To Fund Your Real Estate Deals

Marketing is always the key driver to running any business.  We always need to be thinking about how we can differentiate our strategies to get ahead and stay current.  A lot of my clients ask me all the time if there are any new methods to sourcing private money for real estate deals.  Sometimes there are new approaches and sometimes the old, proven methods still work best.  Below are the top 5 that I’ve seen the best results from when sourcing new private money sources:

1. Small Aggregate Lending Sites – These sites are put together and funded by other individuals who want to make a return on their money.  An example of this is Prosper.com.  This site will pool individuals’ money together and bet on you based on your profile to negotiate the interest rate, etc.  Their limit is $25K loans but these are great for funding renovation and/or holding costs when you buy a property subject to the existing loan, the seller finances the property on a first mortgage, or you want to renovate a rental that you have.  In today’s market another great strategy is making up the back payments on a foreclosure deal and taking it over subject to the existing financing. The great deal about these Prosper.com loans as they aren’t secured against the property.
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