Table of Contents - #FreeFlowFriday: Needy is Creepy with Dave Dubeau
Welcome to Free-Flow Friday, powered by the Property Profits Real Estate podcast, I am Dave Debeau and I'm very excited to give you an over the shoulder learning experience around raising capital, as well as other tips, tricks and strategies to help you on your real estate investing journey. So let's start. Let's discover together.
Rejected, rejected, rejected.
What is the code that I can use to get people to reach out to me instead of me chasing after them? This is Dave Debeau and today I want to talk to you about one of the what I call foundational principles of my money partner formula, and this is all about creating a regular flow of inbound investor inquiries about your real estate investment opportunities. And I really think that these principles are vital if you want to be positioned in the right light in the eyes of your prospective investor partners so you don't have to be doing all that drudge work, of cold calling, of schmoozing, of dialing for dollars of endless networking and all of the rejection that that implies. So the foundational principle I'm going to be talking about today is what I call needy is creepy. And I think I can best illustrate this with a story, a couple of stories, actually.
Needy is Creepy
So the first one is an embarrassing story from my high school days, grade 12 to be precise. Now I can remember in grade 12, I was I was enthralled with this girl named Marnie. I thought she was the cutest thing on God's green earth. And I thought I thought about this girl. I watched her. I was too shy to approach her. And I can't remember how long was. But it's been a while now, probably two or three months. It took me to get the guts up to ask her out, only to be shot down in flames, which was devastating for a 17 year old kid at that time without much experience with the ladies. But when I look back at it, I mean, just the vibe I was giving out was pretty desperate, was pretty meaty. And that is creepy. I mean, women can just sense that from a mile away, that's for sure. Guys, we're not quite as dialed in, but you can sense that you can sense it when somebody is kind of desperate or needy. And that's just kind of a creepy feeling. And on the other hand, there was another kid in my school, not a really good looking guy, kind of funny looking, kind of chubby, kind of pudgy, not a jock, wore his hair in a weird way, kind of dressed funny. And this was difficult to do way up in Fort St. John would redneck community when I was growing up there. And this guy had no challenge, no problem with the girls. He just exuded confidence he had no problem talking to them. And he did far, far better than I did with the ladies. All right. And again, what did it come down to?
It comes down to confidence.
And that's a really a big thing. He didn't come across as desperate. He didn't come across as needy like I did. So how does this apply to attracting investors and raising capital? It's the same idea, right? If your perspective investor, if you're there, potential money partner feels or senses that you are desperate, that you're needy, that you have to have the money for your deal, then that's going to actually repel them. Now, I've got another painful personal story about this. When I was first figuring out how to raise capital for my deals back when I was doing rental deals, you know, I ran out of cash and credit after my first couple of deals, which I self financed. So I'd been around and I heard about a lot of the people trying to to do things to raise capital. And I heard, you know, what did you just got to get on the phone and you got to dial for dollars. So I tried that. I had a deal on the go. I needed the cash badly for this deal. I only had two weeks to come up with it or I'd lose the deal. So that's a bad place to be. I was kind of desperate, kind of needy there. So I picked up the phone and I cold called people and got rejected, rejected, rejected, rejected. So I quit. I couldn't handle that much rejection. So I can't say that I made hundreds of calls. I probably only made five or six. But after getting my tender tootsies stepped on and rejected five or six times, I said, OK, enough of that. Then I heard you turned every conversation into a real estate conversation. So I ran out and a network. I was part of B and I at the time, I was part of Toastmasters, part of the Chamber of Commerce here, went to all the meetings and talked up a storm about my deal and what happened. Zilch. Again, kind of exuded this needy this creepiness bottom line after trying a few other things as well. In desperation, nothing worked and I lost that deal.
What is the code?
And that's what really sparked me to figure out what is the code that I can use to get people to reach out to me instead of me chasing after them. So I already had a lot of experience with with marketing and with business in general. I thought, why not apply this to attracting investors and raising capital? So that's what I did. All right. So getting back to this needy is creepy. When your prospective investor feels or senses that you are needy, that you're desperate, that actually repels them, has the exact opposite effect that we're hoping for it. Also, when we're doing this old school stuff like dialing for dollars, cold calling, spamming people, emails that are on. Solicited all this kind of stuff is really bad positioning, it's very, very bad position because we are seen as an authority or as an expert in real estate investing, we are seen as somebody who's desperate for money to do a deal. Right. So it's almost it's the opposite of what we want to have. Not only that, when you're picking up that phone, when you're networking, when you're schmoozing, for most of us, that involves a lot of hard work and an immense amount of rejection. And at least from what I've seen, very, very few people can do that consistently long term and just keep on chugging with that. I know I'm not one of those people. So and that's why I feel that the whole idea of attracting people rather than pushing ourselves on them is so much more effective. OK, so that wraps up foundational principle. No one needy is creepy. I hope you found that helpful. Take care. Talk to. Well, hey there, thanks for tuning into the property profits podcast, if you like this episode. That's great. Please go ahead and subscribe on iTunes. Give us a good review. That would be awesome. I appreciate that. And if you're looking to attract investors and raise capital for your deals, that may invite you to get a complimentary copy of my newest book right back there. There it is, the money partner formula. You can get a PDF version at investor attraction book, dot com again, investor attraction book, dot com ticker.