b'How to Legally Raise Private Moneycan do is step up your communications with investors. For instance, if you were holding quarterly meetings before, you might start holding monthly or even weekly meetings with investors. Many of your investors are smart business owners and may offer solutions you had not considered. The more involved you let your investors become, the less likely they will be to blame you for not preventing it if the worst, such as a foreclosure, occurs. To be a successful syndicator, you will need to master this skill or partner with someone who has good communication skills. You should develop a written investor communication program that will help keep investors informed. Informed investors are happy investors. Uninformed investors are nervous.Industry Experience or KnowledgeThe most important skill youll need is knowledge or experience in the investment opportunities you are offering, whether real estate or another industry. You have to understand how to generate a profit with your idea or investment strategy and how you will share that profit with your in-vestors. Additionally, you have to be able to explain it to your investors in simple, plain English. If you havent acquired industry experience on your own, you should initially partner with someone who has and who is willing to mentor you, or hire consultants or coaches to help you learn how to leverage this knowledge into making a living for yourself.Whenraisingmoney,itsimportanttoshowprospectiveinvestors, through the biographies of your team members, why they should trust you with their money in this type of investment. If you and your team members dont have prior experience, raising money will be difficult. Your family and friends may still believe in you and take a chance, but acquain-tances and strangers will typically look for a track record with similar in-vestments before making their investment decision. Business Administration & Tax PlanningIn addition, a basic understanding of business administration, includ-ing bookkeeping/accounting, cash flow management and marketing, is important. If you dont have these skills, team up with others who have previous business experience or a degree in business administration, or 16'