I posted in another thread how I was fortunate enough to raise enough PM to finance my first rehab.
These guys are doing me a huge favor and I'd like to say thanks in the way of a gift aside from getting them their return.
Is this something you have done in the past? Any ideas/ suggestions?
Best gift is loyally using their money over and over with successful deals. Other than that, depends on the investor. Bottle of Dom or a nice wine? Newest tech gadget? Referral?
@Taylor Shapiro best thank you is a legit referral. Im very interested in a private investor. any info would be greatly appreciated.
the best thank you is to make your monthly payments early and return the initial investment. You're putting their money to work. Maybe they should be thanking you.
I agree with a previous post. The best thank you is to be a great borrower. Make all your payments on time (even early), keep your lender up to date on your progress and don't jump ship the first time someone offers you cheaper money. A good lender provides more than money - good advice, new deal opportunities, additional contacts who have money, etc. The secret to success is surrounding yourself with good people and treating them well. It's not just about the money.
While I agree with the above commentary, sometimes you need to do more than just make your payments. That's expected.
A good bottle of wine or a nice dinner after the deal closes would certainly be appreciated. They should feel like they are more than just invesotrs -- they should feel like they are you friends.
On a scale of one to ten, with ten being the most important, maintaining our relationship with our borrowers ranks 1000.
Of course we expect to be paid on time and to be kept informed. That's normal business. But before we even do our first loan with anyone, we go out with and get to know them a little. Do they have the experience and integrity we're comfortable with? Are they comfortable with us? We continue to do this throughout our relationship. You should too, Taylor.
We're not looking to become friends with our borrowers. In fact, I strongly recommend against that, though sometimes it's inevitable. Handing someone a gift is a courtesy that doesn't promote a relationship. Offering them your time does.
I suggest you take your lender to lunch or dinner every once in a while and not just at the end of a transaction. A smart lender will do the same. Our borrowers and we look for excuses to get together and it shouldn't be expensive or burdensome.
When it comes time for a borrower to select a lender or for us to approve another deal, who do you think gets the nod?
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