How To Reverse The Private Money Equation
Posted by Patrick_Riddle
Filed under Private Money Articles
Hey, I’m coming at you today from my second home, Starbucks 😉
I remember meeting one of my private money lenders here. He overhead me talking on the phone, struck up a conversation, and BOOM!
Not only did he lend me private money, he referred two other people to me who became lenders.
When I got started though, I fumbled and stumbled my way into getting private money, did a lot of things wrong… but tweaked my approach, my technique so that other people would ask me for more info on my private lending opportunities.
I reversed the private money equation!
Instead of selling people on lending me their money, I say and do things in certain ways to get other people asking me to lend me their money.
Wouldn’t that be nice?
Well, it’s pretty darn simple when you implement these two ninja techniques in the videos below…
Good stuff, ehhh?
So what questions do you have? Thoughts?
Join the community here at PMBP and leave a comment before you go.
– Patrick
Hello Patrick.
I have a invitation to meet with real estate investors
here in Arkansas tomorrow.I don’t have the business cards.
Do you think I should go?
Orson.
Thanks Patrick… Good stuff! Simple & effective.
I like that.
Lance
Thank you Patrick!
Very informative and useful videos.
Pretty slick!!! How can I get a hold of you?
Hi Patrick:
I like your ninja ideas, especially the phrase on the back of your card. What does the front of your card look like today?
Hey Patrick this awesome stuff thank you for kindness with your creative techniques is so effective
thanks again
Steve
Great information Patrick! This will really be helpful.
This is great simple and worthwild info to use and make the private money experience just a liitle simpler. thanks for the tips and keep them coming.
JIM
this sounds good however, I have been asked “how is this legal in Fl. is this not a ponzi scam? I let them know that there is broker, lawer, title company for escrow involved and they are still not sure. what am I doing wrong?
Hey Orson, yes definitely go to the meeting. It’s ok not to have a biz card… the most important thing when getting started is just to take action, regardless of whether or not you have a biz card, a business set up, a website, etc. And if you want to get biz cards for your next meeting, here’s a tutorial with some more tips for ya… http://www.privatemoneyblueprint.com/members/real-estate-investor-business-card-examples-how-to-design-and-where-to-get-em/959/
Lance/Vladimir/Steve, you’re welcome. Glad you guys enjoyed.
Daniel, the best way to get a hold of me is either here in the comment section (if you have a question about this post) or shoot an email to support [at] privatemoneyblueprint [dot] com.
Hey Jim, the front of my biz card for my investment co has my biz name, logo, phrase “we buy, sell, and lease houses” and my contact info. It’s pretty simple. For more info on biz cards, check out the link above.
Chris, great to hear that this is really helpful. Now put it into action.
James, yeah techniques like this definitely make it easier to start the private money getting process. You’re welcome. I’ll keep ’em coming.
Joel, there are different legal ways to borrow money… and use it to invest in real estate. In my biz, I focus on 1 to 1 transactions… where only one private lender is used per property and they get a mortgage (or deed of trust depending on your state) that secures their investment.
There are other strategies too like syndications, pooling where you can bring in multiple investors per property. With any strategy, you just need to make sure you’re doing things SEC compliant. So we always suggest to get with a legal professional and get advice based on your biz model, area, etc.
In reference to “what am I doing wrong?”… just focus on building relationships with your private money prospects, continually educate yourself, network with link minded people… and don’t let negative people (who think everything is a scam) get you down.
There’s plenty of money out there for good deals and investors running reputable businesses.
– Patrick
Hey Patrick,great stuff!! What happens if..you find someone interested in lending you money they write you a check for x to get started but you have’nt gotten in touch with an SEC Attonery so you can comply with the rules, can you still use the money?
Thanx Patrick. I needed that script. I was experiencing a large amount of anxiety because I was afraid I would say something wrong. I feel tons and tons more confident. And I wasn’t sure about the powerpoint and you came through on that also. I can’t tell you how much it helped. Thank you thank you thank you!
Hey, we always suggest getting with an attorney first… to advise you based on your biz model, area, etc.
You may be in an area where as long as you only use 1 private lender for a property and secure ’em with a mortgage (or deed of trust… depending on your state), you’re good to go.
But you should always seek legal council and treat your REI biz like a “real business” to make sure you’re good to go.
– Patrick
Hey Maranette,
You’re welcome.
I love hearing that you’re feeling tons more confident. Now get out there and put this info and tools to work for ya.
… and let us know how we can help.
– Patrick