Getting a potential money partner to say yes

[Andres Cardenas]

There’s this older gentlemen that refills the vending machines at my work, after a few conversations with him I found out he owns them and actually has a vending machine business and owns a couple sfr free and clear . We were talking about business and real estate going back and forward sharing ideas, and he mentions that he’s pretty much looking to completely retire but would still like some income.

Right away I’m thinking of all the possibilities, heloc on one of his houses, seller finance if he’s looking to get rid of one, combine hard Money with his money, etc. He’s probably in his 60s give or take so I’m thinking something like flips or brrrr would appeal more to him since I can pull/make the money back in about 6 months vs a long term play.

Any tips or advice? I feel like we can really benefit off each other considering he’s older wanting more time on his hands and I have the hustle and the time. How did you get your potential lender to say yes to you? Thanks in advance!

[Daniel Haberkost]

@Andres Cardenas so I second what @Moises R Cosme said, I would be careful about asking for more too quickly.

So it’s clear he can help you, but what do you have that he needs? That’s what you have to figure out. Have you done deals or are you brand new? Approaching other investors for money goes much better when you’ve at least started your business with a deal or two. Bringing him a (good) deal would likely be the best way to ask the question.

To answer your question, the private lender I’ve used is someone I’ve built a relationship with over the last two years. And that relationship is not predicated on me trying to get money from him. He’s a friend/mentor and over time it organically got to the point where he’s helped me with funding several times.