Private Money Power Persuasion Phrases that Convert Prospects to Lenders
Posted by Patrick_Riddle
Filed under Private Money Articles
Wouldn’t it be incredible if you could make a few simple changes in how you communicate your private money lending program and double even triple your conversion rate?
Heck yeah it would!
Well, I’m about to tell you – what took me years to learn through trial and error and countless hours of study in sales, marketing, psychology, persuasion, communication – 3 word-for-word “private money getting” power persuasion phrases … phrases that immediately disarm your prospect, gather needed information, and put you in the most powerful negotiating position possible: the reluctant role.
While these power persuasion phrases may sound simple, do not mistake associating simplicity with small value.
Remember as Albert Einstein said,
“Everything should be made as simple as possible, but not simpler.”
Or as Leonardo Da Vinci put it,
“Simplicity is the ultimate sophistication.”
Put these simple private money lending power persuasion phrases to work for you … and start getting the private money, the cash you need for your deals.
Private Money Lending Power Persuasion Phrases
Watch the video below …
That was a small clip from my private money getting presentation I did recently at Josh Brown and Lou Castillo’s event. I’ll be releasing more private money videos soon … so stay tuned!
Put your questions, comments, and feedback in the comment area … and let me know how I can help.
Happy Private Money Getting!
~ Patrick
P.S. Want more great private money getting videos? Click Here to Subscribe NOW!
Are You Making These Common Private Money Getting Mistakes?
Posted by Patrick_Riddle
Filed under Private Money Monthly
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
Have You Done This With Private Lenders Before?
Posted by Patrick_Riddle
Filed under Private Money Articles, Private Money Monthly
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.
Tim Bratz Case Study : Zero to Private Money in Less Than 6 Weeks
Posted by Patrick_Riddle
Filed under Case Studies, Private Money Articles
Several months ago, Tim sent me a message through Facebook. The subject line said, “Patrick Riddle’s Protege: Tim Bratz.”
Check it out …
That’s the kind of attitude I like to see! That’s the kind of attitude that begets success.
5 Reasons I Knew Tim Would Be Successful in Real Estate Investing and Getting Private Money
1) As soon as he learned that I lived in Charleston, he reached out and contacted me . . . showing initiative.
2) He quit his job to focus on real estate investing. Now, this isn’t something that I recommend to anyone BUT, Tim made an unwavering decision to become a real estate investor. It wasn’t simply a hope or wish. He went “All In” and as you’ll see in the video below . . . it’s paying off big time!
3) He recognized that he was at a stand still and that there was a missing ingredient. And that missing ingredient was having a mentor. As Tim said, “Someone who has been there and done that but also someone who I can associate with.”
4) “I’m willing to work for you free of charge.” Now, that clearly shows that Tim knows the value of having a mentor. He’s not one of the many out there that wants something for nothing. Hopefully, you aren’t either. That kind of mindset guarantees failure (and it’s all too prevalent in today’s world).
5) He also mentioned wanting to discuss his goals, being committed to becoming a real estate mogul and that he’ll do anything (ethical and moral) that it takes.
So, I decided to meet with Tim for a cup of coffee and check this kid out (he’s only 24! . . . which I like to see since I started in my early 20’s as well). And what do you know, he ended up being the real deal just like he said.
Shortly thereafter, he closed his first deal, joined the Private Money Blueprint Team, and has gotten private money commitments from multiple people. In other words, he hit the ground running and isn’t looking back.
Check out the video to learn more about his story . . . how he got his start, the frustrations and obstacles he encountered, closing his first deal, getting private money easily, and more.
If you want more great private money videos, subscribe to our youtube channel. Otherwise, you may miss out on a tip or technique that could mean the difference between struggling to finance a deal and having private money lenders beating down your door.
– Patrick & Trevor
Secret Ninja Strategy For Getting Private Money Revealed
Posted by Patrick_Riddle
Filed under Private Money Articles
One of the best types of private money prospects are people that know and trust you.
These are your family, friends, work colleagues . . . really anyone whom which you have a strong personal relationship.
But there’s a BIG problem with that type of prospect!
The problem is that most people flat out don’t want to ask people like that for private money. And it’s not even just that they don’t want to . . . they won’t even consider it.
. . . I can understand how you feel because I felt the exact same way when I first got started. And even though I hated doing it, I made myself due to the desperate need we had for private money. We NEEDED a financing solution for our real estate investing business. Conventional financing and hard money weren’t cutting it.
One day, my business partner brought home another great contract on a property in Summerville, SC and so the ball was back in my court to find private money to finance it.
I reluctantly started making a list of people to call and then, all the sudden, I thought of a different angle of how to structure the call . . . a different way to “sell” my program.
. . . and let me tell you . . . it made ALL the difference! You’ve gotta check out this secret ninja strategy for getting private money.
Watch the video below now . . .
If you want more great private money videos, subscribe to our YouTube channel. Otherwise, you may miss out on a tip or technique that could mean the difference between struggling to finance a deal and having private money lenders beating down your door.
Click below to subscribe . . .
– Patrick & Trevor
Are You Asking the Right Questions to Borrow Private Money?
Posted by Patrick_Riddle
Filed under Private Money Articles, Private Money Monthly
The most effective strategy to borrow private money is to ask your prospect the right questions. Questions that elicit motivation, questions that uncover goals, questions that make the prospect imagine themselves enjoying and benefiting from your investment program.
When you borrow private money, here are 5 questions to ask prospects . . .
(Quick Tip: Make sure to write down everything a prospect tells you when you’re going through these questions. This is valuable info!)
1) What experience do you have investing?
Find out if they are or have invested in CDs, mutual funds, bonds, stocks, real estate, race horses, or gold. This will help you get a good picture of the type of investor you’re dealing with, their expectations, how knowledgeable they are with investments, etc.
If they have any experience investing in real estate, you want to know the details. What did they like? What did they dislike?
The prospect’s answer will indicate whether they primarily move away from pain (losing money or earning meager returns) or towards pleasure (making more money/better returns/financial freedom). Note whether they move away from pain or towards pleasure. You will present your investment opportunity to them based on this information.
2) Are you happy with the performance of your investments (investment portfolio)?
Whether they are happy with it or not, you ask the same question next . . . “What average rate of return have you been getting from your investments?”
At this point, if they tell you a 20% annualized return, you can let them know it was nice talking with them and move onto the next prospect. You just saved yourself some time.
Let’s say the prospect said he or she was earning a 6% return on x-investment. At the end of your presentation, you could say something like, “Well, I’m not sure if we can do this or not but . . . what if we could offer you a 8% annualized return backed by real estate . . . would that be something that might work for you?”
3) Whether or not our program is a fit, is it important that you find the right investment opportunity soon?
If they say “no,” this may be a good person to add to your follow up list. You could also say something like this to them, “Sooooo if the money stayed in x-investment earning x% for say another 6 to 12 months, you would be fine with that?” Or, “If your money just sits there earning you nothing for x-time, you’re ok with that?”
If they say it’s important to find an investment soon, you have a green light to continue moving forward towards turning them into a private lender.
4) Are you more interested in making a quick buck or building wealth?
This is another way of asking if the prospect is interested in a short or long term investment. We would prefer that the person invest long term. So by saying “quick buck,” we’re already putting a negative connotation around that idea. The longer term you can negotiate, the better.
If you find out the prospect just wants to make a quick buck, it may be best to move on.
5) What would the right investment provide for you?
This question is key to get the prospect visualizing a positive experience with your investment opportunity. And we’re not even referencing our investment.
Get your prospect to imagine retiring one day with complete financial security, going on that dream family vacation, feeling safe and secure and your prospect will associate those feelings with your investment program.
Remember, borrowing private money is all about asking good questions. So ask good questions and then keep your mouth shut. The more you learn about your prospect, the better the chance of converting them into a private money lender.
– Patrick and Trevor