Private Money Monthly Insider Interview w/ Wil Christenson

Yo Private Money Monthly (PMM) Members,

Each and every month, you’re gonna get access to an “Insider Interview” where I go behind the scenes with a real world real estate investor who is killin’ it in today’s market.

This month, we’ve got Wil Christenson with us.

To give you a small glimpse into Wil’s life, he…

- works for himself… and has been for over 6 years

- does what he wants, when he wants

- easily gets private money for his deals

- cashes five-figure checks from his real estate deals like clockwork

- and loves every minute of it!

Grab your pen and pad and get ready to take notes. Here’s your PMM Insider Interview…

(this is a “wmv” file… so you’ll need windows media player to view… also, to see the full video, you may need to double click it above)

Congrats on your successes Wil!

… and thanks for sharing those awesome tips with us. We appreciate it.

Important: Be on the lookout soon for info on our next PMM group call. This is where you’ll learn what’s new in getting private money, updates on regulation changes and the SEC , answers to your personal questions, and much more!

Talk soon,

Patrick

… aka P-Rid

P.S. - How can we help you? Leave your comments, questions, and feedback in the comment area before ya go.

P-Rid’s Private Money Millions Series: Private Money on a Silver Platter

Buenos dias fellow private money getters.

I’m coming at ya with more from my Private Money Millions Series (have you checked out Part 1 yet, “How to Explode Your Private Lending Program w/ a Newsletter” … if not, do that first) …

Referrals are like getting private money handed to you on a silver platter and are extremely POWERFUL. Getting referrals puts you on the fast track to unlimited funds for your deals. How?

Let me explain …

To sell anyone anything (in our case, selling a private money prospect on the idea of lending us their investment funds), there is typically a process of converting a prospect’s mindset from unmotivated and skeptical to a motivated buying mindset … let’s call it the “buying process”.

A cold prospect – someone that you do not know nor have any relationship with – begins unmotivated and skeptical. The process of converting them over to a client is MUCH more difficult than say a warm prospect or referral because you start with absolutely zero rapport, credibility, and trust.

A warm prospect – someone you know and have a relationship with – starts further along the “buying process” than a cold prospect. There is already some rapport, credibility, and/or trust inherent in the situation since you’re not Joe Blow off the street who they’ve never heard of.

Warm prospects are the easiest place to start in your private money getting efforts, and, once you get going, getting referrals literally opens up the flood gates of private money to your business.

One of the big reasons why is that the rapport, credibility, and trust that the referral has in the referrer is transferred from the referrer to you and your private lending program. Thus, eliminating in many cases the skeptical mindset that keeps people from lending to you or even meeting with you in the first place.

So, your referred prospects come to you as far along in the “buying process” that the rapport, credibility, and trust (that was transferred over to you) takes them. I’ve had private money referrals where all I did was show up to have a check handed to me. No presentation, no questions, no objections.

Now that’s the POWER of a referral!

So, the next question would be …

How do I Ask For and Get Private Money Lender Referrals?

There are two specific times in the private money getting process that I like to ask for referrals. Below, I’m gonna tell you when to ask and exactly what to say … I’m gonna give you exact scripts that you can immediately “plug and play” into your business.

1. Ask for referrals once you’ve presented your Private Lending PowerPoint presentation, followed up with the prospect with several lending opportunities, and they still haven’t jumped on a deal with ya.

At this point, you’ve established a relationship with the private money prospect, BUT, for whatever reason, the prospect hasn’t jumped on a deal.

Here’s what you want to do …

After you pass the next deal by the prospect, if they say, “No thanks,” say …

“Well, I understand. Even though this is a great investment opportunity, I know that it’s not right for everybody.

Would you even like for me to continue contacting you with these opportunities?

(if yes) … Ok, then it’s obvious <Insert Prospect’s First Name> that you understand why our lending program makes sense, why it makes sense to invest with us …

I’m not sure if this is you, but … who do you know that may be interested in an opportunity like this? … you know, a great investment opportunity …

(at this point, specify how many referrals you want and name off any groups, organizations, etc that you know the prospect is affiliated with)

<Insert Prospect’s First Name> let’s see if we can list 3 people if … that’s ok with you … people from your church or neighborhood, people that you work with or who attend Rotary with you?”

And then, pick up your pen, look down, and SHUT UP.

No matter how long the silence. Do not say a word.

2. Ask for referrals once you’ve borrowed some dinero from a private lender AND you’ve either made several interest payments to them or you’ve paid them off in full.

Depending on how you structure your private money loans, it will depend on how soon after signing up a new lender you should ask for referrals.

Personally, I do not like to ask a new private lender for referrals until they’ve seen actual results, until they’ve received interest payments or been cashed out in full (if the interest accrued until the loan was paid in full).

So, imagine having a private lender who has been in your program long enough to see and feel some results.

Call ‘em on the teléfono (yep, just added another word to my Spanish repertoire) and say this …

“Hey <Insert Private Lender First Name>, this is <Your Name>, did I catch you at a bad time?

(if no) Great. Well, I wanted to ask you a few quick questions about your experience with our investment program. Would that be ok with you?

Thanks. I appreciate it.

First off, how has your experience investing with us gone so far?

(if their experience has been enjoyable/positive, focus on asking additional questions that get them talking about those benefits and then say …)

I’m glad to hear that <Insert Private Lender First Name>.

Well, who else do you know that may be interested in an opportunity like this? … someone who would also enjoy <Insert the Benefits the Prospect Mentioned>  …

(specify how many referrals you want and name off any groups, organizations, etc that you know the prospect is affiliated with)

Let’s see if we can list 3 people if … that’s ok with you … people from your church or neighborhood, people that you work with or who attend Rotary with you?”

And then, you know the drill …

Pick up your pen, look down, and SHUT UP … (or in Spanish) … Cierra La Boca!

No matter how long the silence. Do not say a word.

With your new list of private lending prospects, strike while the irons hot! Set aside time the next day to set up the formal appointment.

Hasta luego,

~ P-Rid

P.S. – Stay tuned for more action in the Private Money Millions series … Part 3 “The Secret Sauce to Get to ‘YES!’” coming soon.

Let Billionaire Warren Buffet Handle That Objection for You

Few people know about this highly effective technique, but I learned it years ago in my studies of psychology, communication, neuro-linguistic programming, sales, etc.

Before I share it with ya …

Have you ever been stumped by an objection raised by a private money lending prospect? or maybe you weren’t stumped, but didn’t get through to the prospect and persuade them to become your private lender. Has that ever happened to you?

Let’s face it. It’s happened to all of us.

But, if you’re sick and tired of letting objections handle you (instead of the other way around), you’re about to learn a POWERFUL technique that can change that.

So, listen close.

How to Use a “Third Party Story” to Smash Objections

OK, 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, why it is a good time to buy real estate now.

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?

So, here’s an easy way to use a third party story to handle the common objection: it’s not a good time to buy real estate today.

And we’re going to bring in billionaire (and arguable the most successful investor of our times), Warren Buffet, to handle this objection for us.

Check this out …

Click here for the entire article.

Let Warren Buffet Handle That Objection for You

Here’s how:

• Plug the pic above into your private lender PowerPoint presentation
• Add it to your credibility kit
• Post it on your private money getting website (if you use ours, this is easy since we built the sites off Wordpress)
• Include the article in your monthly or quarterly newsletter
• Send a link to the article to your friends on Facebook and followers on Twitter with the caption, “If Warren Buffet is buying real estate today, I am too. Check this out <insert link>”.

So, when that objection comes up – it’s not a good time to buy real estate today – tell them you’re simply modeling success. You’re modeling how billionaire, Warren Buffet, invests today.

And that my friend is a highly effective strategy for handling an objection … using a third party story.

Now for the interactive part

= > What other ways could you use this article to get more private money?

= > How and where do you plan on using third party stories in the private money getting process?

Leave your thoughts, questions, and comments before ya go.

Happy Private Money Getting!

- Patrick

P-Rid’s Private Money Millions Series: How to Explode Your Private Money Lending Program with a Newsletter

Hola Amigos!

P-Rid here with Part 1, How to Explode Your Private Money Lending Program with a Newsletter, in the Private Money Millions Series.

What is a Private Money Newsletter?

A private money newsletter is an excellent way to build trust and rapport with your prospects and get mucho dinero faster and easier because of it.

And I’m not talking about an electronic newsletter (however email news letters are highly effective and cheap as well!); I’m talking about a physical snail mail newsletter.

Now, if you’re strapped for time and cash, an e-newsletter is better than nothing, but a physical newsletter is beneficial for many reasons which I’ll cover momentarily.

What To Include In Your Newsletter?

But first, here are a few ideas for what could be included in your private money newsletter:

• Sample Deals – Show your private money prospects the type of properties you purchase and what the

   

  

  potential returns would be.

• Real World Deals – This is even better than a sample deal because it’s shows what you’re doing, not what you intend to do. If you didn’t use a private lender in your “real world deals”, show what a private lender would have made.

• Articles – You could either write articles on the bene fits of private lending or cut and paste from articles you find online (make sure to give credit to the author if you cut and paste). Include any articles that build value in real estate investing and private lending.

• Testimonials – If you’ve never used private money before, get some testimonials from anyone you’ve done business with and use them to build your character and reputation. You could also use testimonials from any buyers and sellers you’ve worked with. Here’s a great tip for ya when getting testimonials: make them results based.

• Real Estate Market Statistics – People love statistics… and if you’re the one bringing them to them each month they’ll be more apt to open up and read your newsletter.  Also, another benefit of this is that you’re seen as the expert in your area and your credibility goes through the roof.  You can even get other investors and realtors on your newsletter when you give out quality content like this to them for free… and over time you’ll build a great relationship w/ them and convert a good percentage into private lenders (or at the very least buyers of your properties).

  A great free source for real estate market stats that you can regurgitate and put in your newsletter is John Burns Consulting.  Join their free monthly market stats reports and you’ll get a ton of value out of it.

• Fotos (aka pictures … still working on my Spanish … had to “google” that one) – Remember the old saying, “A picture is worth a thousand words”? Well, kee p that in mind here. Use pictures of any properties you’ve purchased, people you’ve done business with (buyers, sellers, lenders), or if you’re a newbie, pictures of the type of properties you’ll be purchasing.

Why a Private Money Newsletter Leads to More Money Faster and Easier

1. More “Touches” Builds Greater Trust and Credibility – In marketing, a “touch” is anytime you put your marketing message in front of your prospect. It coul d be through a TV commercial, newspaper ad, a newsletter, etc. And giving them something tangible, say a physical newsletter that’s mailed out monthly or quarterly, is a powerful “touch”. 

   Also, just the act of continually getting in front of your prospects eyeballs shows that your business is active, you’re doing deals… and you’re making things happen.  This builds massive credibility as they see each and every month the progress you’re taking… and they feel they want in on the action.

2. Online Biz Makes Owners Lazy – Many busines ses are abandoning direct mail and are doing all their marketing online. BUT, direct mail is still a killer strategy to get your message in front of prospects … use it to set yourself apart from the competition.
3. People Still LOVE Getting Things in the Mail – There’s something about getting “stuff” in the mail that people just love. Having your newsletter in hand makes it much more likely that it will get read AND it …
4. Gives Prospects an Easy Way to Spread the Word about Your Private Lending Program – It gives your prospects “something” to show people and ask their opinion about, it gives them something tangible, something re al. This brings your private lending program from the intangible, from just an idea, to something they can look at, touch and feel.

So, Action Steps…

1. Try out the resources below (yes, we do make money off of some of them if you use them… but, they are resources we personally use and like. If you enjoy our free info we’d appreciate it if you use the links below if you’re going to try out those services … and sign up for a service to deliver your email newsletter.
2. Set a monthly date for when you’re going to send your newsletter out.  I like the first week of the month.  Once you pick a date stick to that date so your prospects/newsletter subscribers expect it each month.
3. Start gathering people into your newsletter. Now, you need to start getting people into your newsletter. Start with your family, friends, and people you know. Ask them if they’d like to be updated on what you’re doing in your biz and on the real estate market.  A great way to get them on the newsletter without “selling” is to ask the m for “advice”.  Like… “Hey, I’m starting up a once a month newsletter on our local real estate market and what we’re doing in our business… would you mind if I put you on the list so you can give me feedback on what you like and dislike?”.   That way they’ll get on and give you feedback… but also they’ll see the action you’re taking and will likely become interested.

   Also, put a newsletter signup box on your website (Aweber will create one for you)… that advertises real estate market statistics for your local area and real estate news and advice.  And/or… advertise a free report.

4. Ask for referrals. Make sure in your newsletter at the bottom of each issue you add a phrase that says…

   “Like what you see in our monthly newsletters?  Excellent! Forward this email to people who you know will benefit from it. They’ll appreciate you a ton!”

   That way your current newsletter subscribers are advertising your newsletter for you.

5. Give them great content like we mentioned above. But, DON’T sell people into your program or offer any specific investments.  What you’ll want to do is chart deals you’re doing, give content, build credibility and trust… and in each issue put a blurb in it saying something like…

   “Want to learn how to work with our investment company to make passive profits?  Click here“.

   Then, that can take them to a video on using IRA’s to invest in real estate… or to a page that briefly explains that you work with people every day in your community who want to get the benefits of real estate but who don’t want to actively invest in it themselves.  Then, pass them through your Private Lender Questionnaire which qualifies them so you know whether or not they’re an accredited investor that you can talk to.

   Chat w/ your attorney about the specifics… not everyones state laws are the same.

We’ve had students who have emailed us saying that they’ve had people on their newsletter list for months… sometimes well over a year before they decided they wanted to invest with them.  So, for all of the prospects who aren’t 100% serious about private lending quite yet… get them on your newsletter and provide them a ton of value and build credibility with them over time by showing that you’re taking action and running a real business.

It’ll be much more powerful than you think!

Recommended Resources to Get Your Private Money Newsletter Up and Running

Alrighty… now that you realize the importance of a newsletter (gives you an excuse to get in front of your prospect and it builds credibility over time)… here’s a few resources we think you’ll enjoy

Direct Mail Newsletter Resources:

• No Hassle Newsletters – This service gives you “done for you” physical newsletter templates and ideas so you just have to plug in your content and run.  It isn’t the cheapest in the world… but their templates and instruction are awesome. Check them out if you want… well worth the monthly cost if you implement it.

• 1-800-Postcards – A good print shop for good quality and economical printing. They can print up your newsletters for you… or just head down to your local Kinkos or Staples and have them do it for you.

Email Newsletter Resources:

• Aweber - The email service that we personally use to send our newsletters out. They have very high deliverability, have a ton of really great email templates to choose from, and are affordable… very affordable.  I’ve tried 4 different email services… and Aweber is by far the one I liked the best.  Sign up for a Free Trial

• Constant Contact – This is another email service… a lot of my friends use them… and like them. I personally prefer Aweber… but, this is another service to try out to see if you like it. They also have great email newsletter templates for you to choose from so you can be up and running your email newsletter within minutes.

• Online Slideshow Service – I never did this… but one of our Platinum Students has been sending people from his email newsletter to an online slideshow that documents the property rehab and sale they just completed… from start to finish so the newsletter subscriber (prospect) can see right there that the project is real… and that you as the investor are active and doing deals. This builds huge credibility and is professional.

Well, that does it for Part 1, How to Explode Your Private Money Lending Program with a Newsletter.

Buenas Noches

~ P-Rid

P.S. - Check out Part 2 in the Private Money Millions Series: Private Money on a Silver Platter… we’ve got a couple killer scripts for ya… and they’re muy caliente!

Real Estate Investor Business Card Examples – How To Design And Where To Get ‘Em

Alrighty, everyone says… “You need to have a business card if you’re going to be a successful real estate investor!”.

Well… that’s partly true.

NO, you DON’T need a business card to be successful… if you take the right actions and use other types of marketing really well… you may not need a business card.

But, SHOULD all real estate investors and “private money getters” have a business card?

Yep.

And… is there a RIGHT and WRONG way to make your business card and put the information on it that can make or break whether you’ll get a call from that card?

Yep.

Check out the video I made for ya this week… (I know, I’m sort of a nerd… I should have edited out the mess up at the start w/ the music being on… but hey… thats me… like it or not

(click play to watch… then check out the resources below the video)

The Resources:

1. The Low Cost (yet quality) Route - I get all of my day to day business cards made at Vistaprint… w/ the discounts they give out sometimes I can get a box of 250 cards for under $20.  I’d suggest checking them out first… and at least getting a double sided card that you can use as your main biz card.When you click the link blow, I know “free” sounds good… but you get what you pay for.  Don’t go for the free ones… click the “Get Started” link under the Premium Business Cards option… you can do double sided, colored, the thickest stock, all for very very cheap… thats the route I go.

   VistaPrint Cards Go Here… It Takes 15 Minutes To Create Your Card << Here’s a quick example of what you can put on the back of your business card to drive people to your private money education based website:

   
   (this is a picture of the back of the cards that I bought at VistaPrint)

2. The Nifty $100 Cards – Okay, after you get your “day to day” cards above… you may think about a bit more creative way to catch peoples eye… get people to read your card… and get noticed.  Now, be careful where you use these… I would personally only use these types of “gimmick cards” to get motivated sellers… birddog referrals… and possibly buyers.  For me… if I’m getting private money I’d rather use a professional looking business card which builds more credibility.But, this companies $100 cards are really slick… pretty darn affordable for what you get… and I talked to the business owners and got a coupon code for you if you decide you want to get those $100 Business Cards.

   Use the Coupon Code: PMBP12

   That coupon code will give you $12 off of your order… which basically makes the typesetting free for ya (it’s about a 10% discount

Enjoy

That’s a fast crash course to getting your real estate investing business card up to snuff… and a few resources to save you some time in your research.  Just a quick note… if you use our link in the VistaPrint link to get cards… we do make a few bucks.  If you value our information and are going to buy the cards through VistaPrint anyway (I truly do buy my biz cards there)… we’d appreciate ya using our link . If you’d rather not use our link… google it and you’ll be good to go.

Here’s to a great year! Keep shooting in your questions to us through the contact page above.

- Trevor

Are You Making These Common Private Money Getting Mistakes?

Hopefully, you either haven’t yet made or never will make these private money getting mistakes.

One of the best ways to learn something new, is to learn what NOT to do. In this instance, mistakes to avoid.

Learn from these common private money getting mistakes so that you get private money for your deals safer, easier, and faster.

3 Private Money Getting Mistakes You Must Avoid

1) Advertising Directly for Investors Without Registering with the SEC

Here’s an example of how NOT to advertise to get private money:

Investors Wanted!

10% Returns Backed By Real Estate

Guaranteed!

Contact us at xxx-xxxx

If you were to run an ad like this in your local newspaper, that would be considered a general solicitation. And without registering with the SEC, that could land you in some big time trouble.

Here are a couple tips …

Never, and I mean never, say that an investment is guaranteed. That could get you in major hot water with the SEC … not where you want to be. Like Benjamin Franklin said, “Nothing is certain but death and taxes.”

I recommend that your primary strategy for finding private money leads is to network at REIA meetings, chamber of commerce, rotary, small business associations, BNI, and other similar organizations.

But, for those of you who still want to advertise, here’s how to structure your ad so that you stay SEC compliant.

Position your ad as if you’re teaching how to become a private lender rather than directly offering an investment. For instance …

Learn How to Make Great Returns

Backed by Real Estate

Contact us at xxx-xxxx

That would not be considered a general solicitation.

2) Presenting a Specific Deal During the First Appointment

The private money getting process we teach our Private Money Blueprint students entails getting a prospect into a formal appointment and presenting your private lender PowerPoint presentation.

During the presentation, rather than presenting a specific deal, go over general terms for your private lending program.

You see, it’s much easier for someone to object to a characteristic of a specific deal than to an ongoing investment program.

If you present a deal at this point, your prospect may not have the required funds, may not like the property, may not be able to meet the time frame needed to fund the deal.

However, once you sell someone on your investment program and you find out exactly what range of funds they have, time frame available, expectations from a good investment opportunity, etc., you can transition to passing specific deals by him or her; deals that match the information you already elicited.

3) Telling Instead of Selling

To get private money, it’s not about you telling a prospect about you, about your company, about your real estate investing strategy, about your private lending program.

True, that’s part of it. But only part.

You’re selling an idea; an idea of how to make a good return on investment dollars. And the best way to sell that idea, believe it or not, is by asking good questions; the type of questions that elicit information about your prospect’s pains and goals.

Here are some good examples of questions to ask when borrowing private money.

Making mistakes in the private money game can cost you dearly. By steering clear of these 3 common mistakes, you’ll be on your way to getting private money safer, easier, and faster …

Happy Private Money Getting!

If you guys and gals have any questions, put ‘em in the comment area.

- Patrick & Trevor

How to Use Facebook and Twitter to Get More Private Money

Ok, I know what you’re thinking …

“Yeah right Patrick. Anyone who thinks they can use Facebook and Twitter to get private money is full of crap.”

… and I don’t blame ya.

I thought social media marketing – using Facebook and Twitter to generate leads for business – was just a bunch of hype too. I thought it was a complete waste of time.

But, that didn’t stop me from testing these new marketing platforms out for myself. And I’m sure glad I did.

Check out the video below to learn how to use Facebook and Twitter to get more private money for your real estate deals …

Good stuff, ehhh?

If you’d like to connect with Trevor and I, here are our links …

Friend Patrick on Facebook

Friend Trevor on Facebook

Follow Patrick on Twitter

Follow Trevor on Twitter

And if you’d like to do a little social networking while you’re over here, put your Facebook and Twitter links in the comment area below.

Let us know how we can help you guys and gals out …

Happy Investing!

- Patrick & Trevor

Private Money Q&A Call Recording – October

Whew…. this Q&A call was a great call… a ton of questions… and we only had 1 caller drop off the line before the end… because we just sat there and answered questions for our students the whole time… cool stuff.

Anyhow, the video is in Windows Media Video format… so it may play a bit slow. We’re working on a better version here in a bit.

Enjoy

(the video may take a minute or two to load… so be patient

>> Click Here To Get It Before Wednesday 10/14 <<

How to Convert Wannabe REIs to Private Money Lenders

Check out this question we recently got from one of our Private Money Blueprint students …

Great question Mike!

Check out the video below to get the skinny on Mike’s question …

Leave your questions, comments, and whatever else is on your mind below …

We’re here to help!

- Patrick Riddle

Have You Done This With Private Lenders Before?

When getting started with private money, what if one of your private money prospects asks you  …

“Have you done this with other lenders? If so, could you give me a few names that I could contact?”

How would you respond to that? What would you say?

If you’re like most, you’d probably fumble on your words … stutter a little bit … and leave your prospect with a not-so-good feeling about you and your investment program …

BUT, have no fear … Patrick’s Here!

… lol … ok, maybe that was a little much … but really …

One of our students asked this question recently so I shot a quick video teaching you exactly what I’d say to handle the prospect’s true concern … their comfort level investing with you …

Click the video below to watch the video now!

My advice to you would be to study the script below so that you’ll be ready to fire when a prospect asks you this one …

<< Private Money Script for Squashing this Objection >>

“I’m newer to this but my mentor has been doing it for many years.

Often times when people ask that question, I’ve found that what they want is to feel comfortable about the investment … one thing that I want to make sure that you understand is that you’re investing in a property … a property that is significantly undervalued. So your security is the property itself.

And you will get a chance to make sure the deal provides you all the comfort needed for you to feel safe and secure. Does that make sense?”

Then, if he or she asked again to speak to some of your investors say …

“I’m in the process of qualifying several lenders at this time to get started with me. So far, I haven’t needed extra funds but I’m coming across so many good deals right now that it’s time to build the team to take advantage of this incredible buyer’s market.

You know, this opportunity is definitely not for everyone so I understand if it’s not for you.”

Let us know how we can help you guys out … put your thoughts, questions, and whatever else is on your mind in the comment area below …

- Patrick & Trevor

NOTE: Since March 2009… our students have reported back (this is only what they’ve reported back to us) over $4.75 million in private money “got” to close their real estate deals.  If a few hundred thousand or million bucks to make offers would make a difference hop aboard the “PMBP train” while this buyers market is still here.

We’ll help ya get there <<

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