Silent-Partner Search & Funnel: How do you find silent-partners?

Question

A funnel is a system of how your search starts with many potentials and funnels down to a few actuals. This concept has been used in regard to finding deals a lot on BP. I'm wondering if and how any of you use a funnel when searching for silent-partners to invest with.

-How do you first reach out to people? (for example, I call or message those I know and think may be good candidates)

-What do you communicate with your first contact?

-I'm interested in what you give or show to these two types of people:

1) Those who have expressed interest in being a silent-partner with you but don't know the first thing about REI.

2) Those you are interested in having as silent partners, and you want to introduce them to the idea.

-How does your funnel end?

My funnel concludes with me asking for and receiving from the potential silent-partner: a completed balance sheet from my lender, last two years' tax returns, and credit score. I pass this info on to my lender to see if the person would qualify for a loan that meets my investment strategy criterion.

I found myself developing some basic info to include in an intro packet (ie an email with links &/or pdf's) and a more complete packet (i.e. an email with more links & pdfs) for those who saw the intro packet and wanted more info to make their decision. In the midst of this, I thought I'd ask y'all so as to not reinvent the wheel.

Grant Shipman · Answer

@Antoine Thanks for chiming in with your thoughts. I have similar thoughts as you as to what I want to accomplish with those two groups of people- what do you give/show these two groups of people to accomplish those goals?

Antoine Martel · Answer

I reach out to people I know or other real estate investors and first thing I do is explain to them what I do in real estate and how I got started and what i'm doing now.

1. For these people, you need to walk them through step by step with that you are doing. They need to understand as much as possible and they need to feel comfortable enough to invest.

2. Same thing as #1, tell them about your deals and about your business and what you do. Get them comfortable with the process before showing them a specific deal so that they understand what kind of deal that you'll be doing.

I think that a phone conversation is the best way to get people interested in what you are doing. Everyone has 1000 emails everyday, but they have 2-5 phone calls. IMO you have better odds with the phone calls and you can answer way more information with just a one hour call.

Silent-Partner Search & Funnel: How do you find silent-partners?

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