Today I wanted to share with you some new tips for finding cash investors. If you’re not sure why you might need cash investors or who these people are, I’d suggest you first take a look at our Cash Investor information page.
As we’ve discussed previously, cash investors are people who have some money sitting in the bank that you want to use to buy properties when you find them well below market value.
Today we’ll think about a different way to reach people that could be potential candidates for being cash investors. In other words, people with money. There are many different ways to do this, but today we’ll just focus on one.
You might think of places that people with money spend their time. People with money usually like to hang out with other people with money and anywhere that makes them feel elite. One example is country clubs.
Often people with money are members of country clubs and go often to play golf or have lunch with friends. These places are not cheap to join. So you know you’ve got a fairly targeted audience.
How can you use this knowledge to reach some of these people?
Well, one way would be to scope out areas that most members pass through such as lobbies and see if there are any kind of advertisements, flyers, or business cards around. If there are, then you may have a shot at putting some of your own ads in those areas.
Even if you don’t see any other ads, it wouldn’t hurt to talk to someone there and see if they’d let you leave some flyers or business cards around.
If you happen to be a member at one of these clubs yourself, then make sure they’re aware of that as that may give you some extra pull since the staff and management generally try to keep members happy.
But what if there is no spot to put ads and the management/staff are not very accommodating?
Well, one option would be to put out bandit signs on the roads leading to the clubs. You especially want to focus on any areas near the country clubs with stop signs where people going to or coming from the club will have to stop and will have time to see them, write down information, or call the number on the sign.
I wouldn’t recommend putting these on the property of the country club as the owners probably won’t tolerate this and might complain to local authorities. And even if it’s not on their property they may still complain.
Before putting out bandit signs anywhere, you should check with your local authorities to see if it’s legal to do so. In some areas it’s not and you can get fined. One thing you can also do is look around and see if you see other signs and if you do, either it’s legal or not strictly enforced. Whatever the case, realize there are some potential risks with putting out signs and if you choose to put them out, you do so at your own risk.
Besides directly putting out ads, you may find that country clubs could be a good place to network and you may find cash investors simply by striking up a conversation with people and telling them what you do.
If you’re not a member of a local country club, you might check into it and see if it’s something you could afford and whether it would be worth it. If you play golf, often non-members can pay per game, which could give you some networking opportunities. There may be occasional events and things for non-members to attend as well.
I’m sure this is something that could work better at some country clubs than others. And maybe you won’t use any of these specific ideas, but maybe it’ll give you another idea for something you could try. Part of marketing is being creative and looking for opportunities, or sometimes creating opportunities.
If you use this idea, please let me know how it works for you. As always, let me know if you enjoyed this article or if you have other ideas that have worked well for you.
Until next time, happy investing!
P.S. For more tips on marketing, check out The Real Estate Investor’s Missing Manual – How To Effectively Market Your Business.