How Do You Ask Someone For Private Money?
Posted by Patrick_Riddle
Filed under Private Money Monthly
This is one of the top questions asked by investors wanting to get private money for their real estate deals …
“How do you ask someone for private money?”
When I got started on my private money getting journey, I found myself dreading asking people for money. Money was just one of those subjects you didn’t bring up let alone go into explicit detail.
So, we were under the gun to get a deal financed, and I didn’t know what to do. I was in a very unmotivated flat out negative mind frame. I was sick and tired of asking people for private money! Doesn’t sound like a very good place to be, does it?
It was about that time when I knew something had to change.
Sooooo, I tweaked my approach. I remembered something that I had read from a book earlier that month (I’m an avid reader if you didn’t know it already) and like magic … EVERYTHING changed!
Check out the video now to learn “the difference that made that difference” …
Now you don’t even have to ask for private money … and you can still get it!
Isn’t that cool?
– Patrick & Trevor
Hi Patrick,
The question I’m getting from people that I talk to about private money is ” Why would I want to invest money in to your program that will be backed by real estate when the real estate market is so bad?”
I tell them that I buy property at a greatly reduced price which makes it a safer investment, even in this real estate market.
Is there a better way to answer this question?
Are you talking to people about the specifics of your investment program in a casual environment or in a formal appointment where you present your PowerPoint presentation?
One mistake I see many people make is talking about private money (their private lending program) at the wrong place at the wrong time.
I only ever talk big picture when introducing the idea … then if it piques their interest, they’ll ask some questions. That’s when I go for the formal appointment. That’s where I educate them on the process, our business model, and I qualify them at that point to see if they would even be a fit for it or not.
It’s easier to handle that objection doing it this way.
~ Patrick