18 Questions to Uncover Private Lenders Under Your Nose

Hey guys, I’ve got a good one today…

In my last blog post I gave you 44 specific ideas for people in your sphere of influence who could be possible private lenders and challenged you to take action on that.

But that’s the beginning… now I’d like to give you some questions to encourage you into thinking of even more contacts in a creative, out-of-the-box way for possible places you can uncover private lenders that may be closer than you think.

Why didn’t I think of them?

This is all about helping you create a robust list of warm private money prospects – people who may have IRA money or ‘mattress’ money that you’re not aware of – people who would love to be your funding partner in your REI business.

Ask yourself these questions and start building your list:

• Who sent you a Christmas card or who is on your Christmas card list?
• Who do you go bowling with?
• Who do you go to concerts with?
• Who do you work out with?
• Who helps you with childcare?
• Who sold your spouse a car?
• Who is your accountant/CPA?
• Who do you work with at the bank?
• Who is your financial advisor?
• Who is your doctor, dentist or chiropractor?
• Who sold you life, car or health insurance?
• Who sold you an Annuity?
• Who sold you your car?
• Who do you play golf or tennis with?

The final four

Good questions so far, right? Well, I’ve grouped the next set of questions together… see if you can figure out what they have in common:

• Who are your Real Estate Investing Association contacts?
• Who sold you your house?
• Who sold you home insurance?
• Who sold you your old house?

So, do you see why these are grouped together?

It’s because the answer to each of those questions is someone who already knows the REI business. Make sense now?

In addition to your warm list of prospects from your inner circle – some of the best prospects are people who understand the REI game. That’s powerful because they already have a terrific foundation of understanding transactions, so it’ll be much easier to get a ‘Yes’ from them. One big source of private money that people don’t think about is other investors – and when they see a good lending opportunity that you’ve presented to them, they often jump on it.

Here’s how to capitalize on this…

Head to a REIA meeting and go out of your way to meet and get to know new people. When you’re there, have your radar on and ask good, engaging, open-ended questions. You could possibly tap into great opportunities with other attendees as private money lenders.

Here’s proof that it works:

A good investor friend of mine did just that at a recent REIA meeting. He met a gal and they got to talking… by asking the right questions, my pal learned that this lady had some property in Memphis (where he lives) and in South Carolina (where yours truly lives). My friend asked to stay in touch with her and offered his help with any deals she had where he lived, but also said he knew me in S.C. and could put she and I in touch. She handed him her business card, which said – you’re gonna love this – “Private Lender.” BAM!

That’s a perfect example of how connecting with as many people as possible and asking the right questions can help you uncover a private lender in unexpected ways.

If you’d like to instantly find people who are already private lenders, check out this free video presentation.

Then, once you have a list of warm private money prospects, it’s time to hop on the phone and set up a time to meet with them. Get to it!

Whatcha think?

Do you have another question you can add to our list that will help investors think of other people who may be private money prospects? I’d love to hear it in the comments section below.