Talking to potential private lenders
Hey everyone,
I'm very new to REI and spend a good amount of time reading and learning as I am still a ways away from doing my first deal (A multi-unit owner occupied buy and hold). I'm finishing up college in spring 2016 and plan on making an investment shortly after, but my summer job for the past few years (and currently) is at a yacht club where I basically help people with their boats and make small talk. Over the years I have built some relationships here and am looking to ask some of the members of the yacht club to invest with me. I am 20 years old and most of the members are above 40, I have good standing with them but feel a little uncomfortable breaking the ice in terms of talking money. How should I approach them? What kinds of questions should I ask? Lastly, what is the process of paying back their investment with interest and how does that payment process work?
Thanks!