Monday, April 2, 2007

Private Money and Real Estate Goals

One of the goals for my business was to find sources of private money for financing real estate purchases. I had put on a seminar and made a presentation to a few people but didn't get much interest. I had gotten a little discouraged by this since one of my weaknesses is approaching people one on one and asking them for something (one of the reasons I was not successful at Amway). However, on a whim, I called one of the people that had responded to my ad, but didn't attend the seminar. The gentleman asked if I could meet with him personally and I did last week. Friday he called and decided to provide $75k in funding from his IRA to houses I might buy.

So now I have well in excess of $900k in funds available to me for real estate purchases. I posted about the other funding here.

Looking at my real estate goals for the year, I seem pretty well on track. We have 2 houses purchased (A third home under contract is looking less and less likely to close due to an IRS lien). But after one quarter, I feel good about our progress.

Keeping goals in front of you all the time certainly helps you to stay focused.

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