We follow up with our members regularly…

I sent Jacob an email asking if I could help him with anything and here’s his response…

——–
“Very refreshing. Thank you for this. 

I have figured out how to compile my mailing list at the court house (there were 33 private loans in my county in the month of September). This doesn’t include family trusts.

Do you mail to family trusts or the rep for the family trust or do you exclude their info from your mailing lists? 

If you have any more info on exactly how you convert a private money lead from – a person calling about my letter - to someone who’s funding my next deal. I would greatly appreciate it. There seems to be a dark spot with regard to that process for me. 

Thanks for everything! You’re the man, so glad I found you.”

——–

Congrats on using the PMOD process to find 33 private lenders in your area through public records! Nice work Jacob!

Ok, on your first question, I only mail to private individuals who are lending money… and exclude trusts, businesses, etc.

By targeting individuals who are private lenders, you can typically get better terms.

The Conversion Process: Private Money Through Public Records

As far as the “conversion process”… once you start getting calls from private lender prospects, how do you convert them to funding your next deal?

Here’s  how…

First, contact them to set up a “get to know you” meeting. This could be over a cup of coffee (my preference) or over lunch.

Getting private money is all about personal relationships… so in this meeting, you’re just looking to find out more about the prospect, their hobbies and interests, focus/niche in real estate, goals, etc.

This is NOT the time to go into detail about your private lending opportunities.

When the prospect shows interest in learning more about what you do, it’s time to go for the formal appointment… where you show them my private lender PowerPoint presentation (right click and “Save link as…” to download). This is where you go over all the details.

Make sure to customize the presentation to suit your biz… based on your niche, how you structure your private money loans, etc.

Now it’s time to show ‘em your presentation…

This is where you educate the prospect on your business, the current market, why you borrow from individuals, general guidelines on the private lending opportunities you offer (not a specific deal at this point)… and the most important part… you “diagnose” your private lender.

After that, you know exactly how to present the prospect with the perfect investment… based on their personal goals and needs.

Every time you come across a deal that matches with your prospect (range of funds, availability, terms), pass it by ‘em.

And like they say, “The fortunes in the follow up!”

With each follow up, you build more rapport, trust, and credibility… and before you know it, BOOM!

You’ve got a private money lender on board… ready to fund your next deal.

Happy Private Money Getting!

- Patrick

you’ve gotta check this out <—– click here

He shows us around his place on  Isle of Palms, tells us about one of the greatest investments he ever made (that doesn’t cost a dime) and talks about the most difficult year of his life.

You’ll learn about the struggles he went through, tough decisions he had to make, and how he got through it.

Make sure to watch the entire video.

The message here is very important. And I know it will help you.

Let us know what you think.

Thanks.

- Jen
PMBP Member Experience Team

I’ve been investing full-time for almost a decade now and still learn a ton of new stuff from deals that I do, from successful students and other industry experts.

With what’s going on right NOW in today’s market, there’s a BIG opportunity to implement this new flipping strategy… PLUS there’s not much competition yet.

And BTW, this has nothing to do with short sales and foreclosures

Watch the video below…

Now that you know about the opportunity with these high-end home situations… if you’d like to learn more, get registered for this in-depth webinar training. You’ll learn how to do these deals even if you don’t have any money or good credit.

Enjoy

- Patrick

P.S. – As I mentioned in the video, keep an eye out for emails with more training and tools on this new flipping strategy.

Next I’ll show you how to find these deals (and you’ll get to download a proven direct mail template for FREE)… AND then I’m gonna teach you exactly what to say when talking to these homeowners. Something to look forward to.

In the meantime, to learn more about this new flipping strategy, get registered for this web training.

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A Note From PrivateMoneyBlueprint.com – Advertisers and Recommendations - From time to time we’ll let you know about certain resources that we feel may help you reach your goals in real estate or life. All resources are ones we’ve personally looked at and reviewed before we felt confident to recommend them to our readers like you. With recommendations like this you should assume we are compensated in some way when you decide to buy, and just like with anything… you should do your own due diligence before you invest in anything to make sure it fits your goals.  Thanks for being an PMBP supporter and fan!

WHY?

Why the heck do you want to be a real estate investor?

To become wealthy, rich, to make a crap load of money… well, money is just a means to an end… what end?

What’s your “why?”

Earlier this year, our PMBP team studied Jim Collin’s book together, “Good To Great”… and it rocked our world!

One of the exercises had us clearly define our “why” (aka our mission) and our company’s core values.

If you think this stuff is of little importance… I can attest differently. And so can Jim Collins, Verne Harnish, author of “Mastering the Rockefeller Habits,” and Tony Hsieh, CEO of the billion dollar online shoe and clothing retailer.

Your “why” is the rocket fuel in your furnace of achievement… and your core values provide you with a set of rules for making decisions… which make doing business and living life a heck of a lot easier!

I updated our “about us” page over on our new PMBP blog with more info on the team (myself, Trevor, Charity, Tim), what we stand for, and how we plan on impacting the REI education industry in a BIG way.

Head on over and check out our “why” and much more:

Carve out some time today to do a “why” and “core value” brain dump. Just grab a pen and pad and start writing whatever comes to mind.

What’s YOUR “why?” What do YOU stand for?

Patrick

How to pay off your private lender

Step 1 - Satisfy the documents properly

You need to get both the promissory note and mortgage or deed of trust satisfied.

In South Carolina, to satisfy a note, you write “Satisfied Paid In Full” across the top and have the lender sign and date it. No witnesses or notary is necessary. And to satisfy a mortgage in SC, you write the same thing across the top, have the lender sign and date it, get two witnesses to sign and date as well… and file it at the courthouse.

But each state is different. So contact your closing attorney or title company to find out how to satisfy these docs in your area.

Step 2 - Get a testimonial

Social proof is huge in getting private money. And that’s what a testimonial gives you. Especially one from a private lender you’ve worked with before.

It can be written or even better, a video. Also, get a picture with your lender. You can use this in your private lender presentation, credibility kit, etc.

Step 3 - Send your private lender a 1099

If you’re private lender receives more than $600 bucks in interest income (if it was a debt investment) in a year, have your accountant send the lender a 1099.

You only send a 1099 if the lender actually receives the income (not if it’s accruing).

If it’s an equity investment, your private lender should talk to his or her own accountant to find out how it affects their taxes.

Step 4 - Ask for referrals

There’s no better time to ask for referrals than when you’re paying off a private lender. And referrals are like GOLD!

Many times they come “pre-sold” and are much more likely to lend on your deals much quicker than your average prospect.

Always ask for referrals!

… and that’s it.

Your private lender is paid off properly and you’ve got an awesome testimonial AND referrals to follow  up with.

Happy Investing!

- Patrick

Anyway, I had heard about him through the grapevine and when I found out that he moved to Charleston, I knew I had to meet this guy…

… so I asked him the *magic* question.

Fast forward to today…

If you’ve been afraid to make an offer because…

(a) you don’t have a buyer lined up

(b) you don’t have a funding commitment yet

… this is gonna be a BIG eye-opener for you

Tips For Making Offers On Real Estate

Watch the video below…

If you have any questions on the clauses that I went over, toss ‘em in the comment area. Let me know how I can help.

And like I mentioned in the video, check out this technique that triples the amount of offers you get accepted. It’s pretty darn clever.

Happy Investing!

- Patrick

P.S. – It’s been beautiful in Charleston lately. If you ever visit, make sure you hit up the Windjammer on Isle of Palms. I’m there pretty much all the time now that I only live a block away… so you’ll prob see me there. Check out the view

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A Note From PrivateMoneyBlueprint.com – Advertisers and Recommendations - From time to time we’ll let you know about certain resources that we feel may help you reach your goals in real estate or life. All resources are ones we’ve personally looked at and reviewed before we felt confident to recommend them to our readers like you. With recommendations like this you should assume we are compensated in some way when you decide to buy, and just like with anything… you should do your own due diligence before you invest in anything to make sure it fits your goals.  Thanks for being an PMBP supporter and fan!

Check this out…

There’s a powerful way to use this kind of info to help you handle a common objection from private money prospects.

The Third Party Story – Objection Handling Technique

Let’s say your meeting with a private money prospect, and they find it hard to believe that now is a good time to buy real estate. Most would respond by telling them why it makes sense to invest today.

So, it’s you telling them.

A much more effective way to get that same message across is to use a third party story… where someone else (a third party) is telling them that it makes sense to invest today.

Frankly, it’s more believable. Because anything that comes out of your mouth, self interest is involved. Not so when it comes out of someone else’s mouth.

Make sense?

When meeting with private money prospects, use Buffet’s comments about investing in single family homes to handle the common objection: it’s not a good time to buy real estate today. Quote Buffet in your private lender PowerPoint presentation, your credibility kit, post the video to your blog.

Happy Private Money Getting!

- Patrick

You need to check out this incredible story about a 14-year-old girl who just bought a house in Florida.

Isn’t that amazing? As soon as I heard about it, all of the excuses I have been telling myself not to do one thing or another over the last few years came to mind. It’s a true testament to the thought that anyone can make what they want out of life happen if they just go for it.

Leave your thoughts and comments below.

Happy Investing!

- Jen

PMBP Member Experience Team

She isn’t a Realtor (so she doesn’t have access to MLS) and was just using free sites online like Zillow… which can be WAY off sometimes.

So, I gave her an idea on how she could get access to MLS data… by bringing a Realtor onto the team.

Of course, it has to be a win-win for all parties in any relationship and we figured out an easy way to do that.

Here’s what she did…

Heather’s marketing plan generates a good number of seller leads. She does bandit signs and direct mail to out of state and apartment building owners.

Many of leads that come in do not have enough equity or the owners aren’t motivated enough.

… hmmm lot’s of left over seller leads… people who want to sell but don’t make sense for Heather to buy… what to do?

She structured a strategic partnership where she sends her Realtor all the leads she’s not interested in, in exchange for a CMA (comparative market analysis) for any property.

The Realtor is extremely happy.

And…

Heather gets good MLS data to evaluate her deals.

A true win-win.

And if you’re thinking, “Well, that’s great for Heather but I don’t have any seller leads to offer to a Realtor.”

Stop invalidating every good idea you hear… just because it doesn’t currently fit your situation exactly.

Be creative.

What other “value” can you offer a Realtor in exchange for comparable sales info?

(this is one of those rhetorical questions to make ya think)

If you’ve been trying to do this biz all by yourself, it’s time to make it a group effort. Beacuse like I always say, “Real estate investing is a team sport.”

Start building your REI team today.

Happy Investing!

- Patrick