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Funding on your own for the first few real estate deals might work. But what about the deals after that? One challenge for many newbie real estate investors is raising money to fund deals one after another. Add to that is the struggle of establishing...
Funding on your own for the first few real estate deals might work. But what about the deals after that?
One challenge for many newbie real estate investors is raising money to fund deals one after another.
Add to that is the struggle of establishing one's credibility.
As new investors, how do you compare with others having a ton of experience and expect people to know, like, trust, and decide to do business with you?
That seems to be daunting.
Why you've got to listen to this episode:
3Rs Read, Resource, Reflect
Read:
Resource:
Reflect:
"The only way to avoid criticism is to say nothing, do nothing, and be nothing." - Aristotle
In today's episode, our guest Dave Dubeau shares with us his 5-part money partner formula that does away with mounting sporadic and crazy marketing. Instead, do more with building relationships, leveraging your low-hanging fruits, thereby setting a wellspring of a relentless flow of real estate investor leads. The kind that comes to you and not have you chasing after them.
Dave Dubeau is the creator of the Money Partner Formula, and he works with mom' n pop real estate investors and helps them get started with raising capital. He's a best-selling author and speaker based in Beautiful British Columbia, Canada. He began his real estate investing career in 2003 doing 18 deals in 18 months and nowadays he invests passively in multi-family properties.
Get a complimentary copy of his newest book and connect with Dave Dubeau, Money Partner Formula at: https://moneypartnerformula.com/
Business Optimizer:
Connect with Paul Copcutt:
Topics Covered:
05:59 - Getting clear on these big concepts for a real estate investor raising money for the first time
10:17 - Which should come first -- the money or the deal?
10:47 - Asking without begging: the 5-step process you can do to raise funds
13:19 - Staging a 3-step warm-up campaign
16:54 - Steps you can do when the warm-up campaign turns into investor meetings
18:46 - Two reasons for not putting your best deals as case studies
20:46 - Getting real estate investors to sign up for an expression of interest for upcoming deals
21:47 - Talking about good marketing
23:31 - What you do next when a hot deal is ready
24:12 - Getting everything moves faster
25:34 - Dealing with more than eager real estate investors
26:27 - Creating credibility around yourself even when you've done only one successful deal
29:06 - Recommended ways to get testimonials and referrals
30:36 - How to 'rejection-proof' yourself
34:50 - A favorite brand that does a good job in its branding and messaging
35:48 - Book resource he recommends around mindset
36:23 - Favored tool for finding freelancers
Key Takeaways:
"Instead of us chasing after them, Why don't we get them while they might not chase after us, but why don't we get them coming to us, putting up their hand and self-identifying, saying, Hey, Paul, this real estate thing you're doing, I'd like to find out more. Tell me about that. Because that conversation's a complete 180 from us desperately needily creepily calling people up." - Dave Dubeau
"I refer to this as constant consistency. Ed-you-taining communication, constant, consistent ed-you-taining communication. That's my definition of good marketing. Because again, we've got to remember who's getting this stuff. They aren't real estate weirdos like us. They don't want to know every single thing there is to know about real estate in the market and all this kind of stuff. They want to get the gist. They want to know that we know our stuff. And ideally, they'd like to be entertained because we are an entertainment society. Now we've got very short attention spans. So if you don't grab them, if you don't get them somewhat interested, you're going to lose." - Dave Dubeau
"What I recommend is never stop. Always be raising capital. And that doesn't mean that people are cutting the checks left, right, and center. It means that you're having a consistent flow of inbound investor inquiries, leading to investor meetings, leading to expressions of interest, leading to you having an ever-growing group of investors in the wings. Ready to go, ready to jump on your next deal." - Dave Dubeau
"Different ways to be seen as much more credible and trustworthy. Branding having sharp, professional-looking materials goes a long way. Speaking knowledgeably about your real estate investing strategy and your market, dressing professionally when you're talking with people about investing with you. Get interviewed on podcasts; that's a great way to be seen as an authority; speak at your local real estate investment club. Be seen, be heard. And the more you do that; the more your credibility will go up. And you don't have to have a ton of experience under your belt." - Dave Dubeau
