How many no’s before a yes?

[Brett Deas]

I recently launched a fund for my vacation rentals deals. We have a pretty significant portfolio and are building more this year. 

We have used over a million dollars from investors in the past for individual deals, but ever since launching the fund it has become extremely hard to raise money compared to past deals, but we changed our terms to be more favorable to the LP’s. 

I’m wondering for anybody else out there who has or is trying to raise money, how many No’s should I expect before a yes? I’m still unsure if I am not talking with enough people or I need to change the structuring of the fund in some way.