The Progressive Property Podcast Rob Moore on Investors
Jun 15, 2020
15:42
Today Kevin McDonnell is handing over to Progressive Property Co-Founder Rob Moore, who will be deep diving into what you should and shouldn’t do in finding the right people to partner up with, and making sure they are serious investors.
KEY TAKEAWAYS
- You need a good qualification process - you need proof of funds. If you are pitching a joint venture, you need to know they are sophisticated investors or high net worth. This is a legal requirement, but also allows you to know whether they have the money upfront before you go too far and find out too late that they don’t.
- Get to know their expectations- are they ready and know what they are looking for? Yield, ROI, capital gains. Everyone has an idea of what they want, and you need to know what it is before you start looking, else you could be wasting your time.
- Where do you source your ventures? - business meeting, high level functions, clubs. 80% of Rob’s best investors who are realistic and not too demanding have come from these sources. Where you find investors can often pre-qualify them as being serious.
- How to get the best investors - the best investors are ones who are hands off and won’t micromanage you, letting you get on with the job. You have to set the boundaries of what is ok and what isn’t. Sometimes people will want to look over your shoulder, so you may decide they are not the right investor for you to work with.
- Don’t let investors own you- those with the money in the deal can sometimes make you run around the country looking for deals for them, but nothing is ever good enough! Let them know that you have other investors waiting to take up those deals and create scarcity.
BEST MOMENTS
- “Let investors know you have other investors”
- “Set some rules- how are you going to set contact?”
- “Just because they have the money, doesn’t mean they have the power”
- “The only thing that will change someone's expectations is proof”
VALUABLE RESOURCES
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
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