When you are trying to pitch potential investors a deal, you have 20 seconds to catch their imagination. In that 20 seconds, you need to address the investors' "What's in it for me" mentality. You need to talk to their reasons "why" they need the money. You need an "elevator speech".
Here's an example:
I have the perfect deal for someone with $75,000 in your IRA looking to earn 15% APR over the next 6 months. You can earn 15% APR on a sustained basis if you choose. You won't need to keep reworking your IRA money anymore. All of our deals are validated by third party appraisals and third party rehab costs. The projects are run by a very experienced rehabber who has done 8 house rehabs on budget in the last 24 months. I have a flyer with all of the benefits on the table. I will be in the back of the room. My name is Lance. Come see me during the break.
Let's break it down. This pitch is very specific:
"someone with $75,000 in your IRA looking to earn 15% APR over the next 6 months. You can earn 15% APR on a sustained basis if you choose." - You are giving them a choice on how they can earn their 15%.
"You won't need to keep reworking your IRA money anymore." - You are presuming that there is a problem.
"All of our deals are validated by third party appraisals and third party rehab costs." - You don't go into detail but you assure them that there is nothing to worry about. You have the bases covered.
"The projects are run by a very experienced rehabber" - You are selling people the experience or your team. People feel secure with experience.
"who has done 8 house rehabs on budget in the last 24 months." - this solidifies your statement of experience.
"I have a flyer with all of the benefits on the table. I will be in the back of the room. My name is Lance. Come see me during the break." - You're not waiting for a phone call; you are ready to talk right now.
Be sure that your elevator speech addresses at least some of the benefits of control, low risk and high return. If you get their attention, they will come talk to you and then you can highlight the features of your deal. The key is to grab their attention. Once you have accomplished that, you can go over the particulars of the deal.
Author Resource:-
Lance Edwards is living proof of his mantra that you don't have to "graduate" from single family to multifamily - you can start with multifamily; using none of your own money and not dealing with tenants and toilets. For FREE information, visit http://www.ApartmentWealthMachine.com.
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