The “Diagnosis” Technique for Getting Private Money

Alrighty, I have a new video for ya… an advanced private money getting technique.

Just like a doctor diagnoses his or her patients, you should be diagnosing your private money prospects.

In this tutorial, you’ll learn not only “why”… but specifically how to diagnose your prospects and get more private money more easily.

Average investors who try to get private money (key word “try”) don’t do this… which adds to the reason that they’re average.

Check out the video below to learn the “diagnosis” technique…

Makes sense, doesn’t it?

Now that you know the power of the “diagnosis” technique, it’s time to put it to work for you.

Toss your questions, thoughts, whatever is on your mind in the comment area below.

Happy Private Money Getting!

– Patrick

How to Structure Private Money Loans

There are two primary ways that private money loans are structured… as an equity or debt investment.

Private Money Loan Structuring – Equity vs. Debt

With an equity investment, you’re giving your private lender a portion of the ownership in the property. What portion? It’s up to you. But, I’ll give you an example from one of our students below.

With a debt investment, your private lender is paid a specific rate of return. This is how I’ve structured most of my private money loans. Why? Because most of the time, it’s more profitable. And by retaining 100% ownership of the property, you remain in full control.

Neither structure is right or wrong… just different.

How PMBP Student Justin Wilmot Structures Loans

Justin Wilmot, one of our students kicking serious butt in the Florida market (he’s done more than a dozen deals in the last year since getting started), structures all of his deals straight 50/50 partnership with his private lender.

So, he chose the equity investment route.

… and he never has to worry about financing again.

He brought in one private lender with deep pockets and started doing deal splits. It worked out great for him and his lender so they decided to go into business together.

With cash to close deals at Justin’s disposal, he simply focuses on finding and closing great deals.

How PMBP Student Rob Russell Structures Loans

Rob Russell, one of our Platinum students in Oregon, structures his loans completely different. He chose to go the debt route.

He offers anywhere from 5 to 10% interest per annum and consistently gets private money on the low end of that range. Whoohoo!

Rob shared a cool story about a “Loaded Dentist” recently who contacted him through his PMBP website. After chatting a couple times and meeting, he had a commitment for private money at 7% per annum… no fees, no points, no hoops, no B.S.

Also, you may be wondering…

How Does Your Private Money Lender Get Paid?

It’s negotiable.

Do whatever makes sense based on your deals, your business model.

If you’re doing long term private loans (anything over a year), maybe you distribute the interest earned or profits over time… through monthly, quarterly, or annual distributions.

For short term loans, you could let it accrue until you cash it out.

It’s up to you to determine.

Got a comment or question?

Toss it into the comment area… let us know how we can help.

– Patrick

P.S. – In our full Private Money Blueprint system, module 4 is called The Nuts and Bolts: The Essentials and Specific Steps to Every Private Money Transaction. We cover – step by step – exactly how to close a transaction and give you all the paperwork… and that’s just one small component of our overall private money getting system.

P.P.S. – Need some inspiration? Check this out 🙂

3 Steps to Your First Private Money Appointment (plus free script)

No matter where you get a private money lead from – your “warm” contacts, networking, public records – the first major step is getting an appointment.

In that appointment, use the private lender PowerPoint presentation to…

• Educate the prospect on your business model and niche
• Explain why it makes sense to invest in real estate and why you borrow from private individuals
• Handle questions and objections
• Find out your prospect’s investment experience, what return is expected from a good investment, the range of funds available… ultimately, find out your prospect’s needs and goals

The presentation does all of this for you. All you have to do is customize it to suit your business.

After the appointment, follow up with your prospects and pass deals by them that meet their needs and goals.

Now that you understand the process and the presentation, it’s time to get your first appointment.

3 Steps to Get Your First Private Money Appointment

1)  Do NOT Disqualify Anyone

This is very important… one of the biggest mistakes you can make is to disqualify someone because you don’t think they would be interested or because you don’t think they have available investment funds.

At this stage in the game, you’re just looking for practice; you’re looking to plants seeds and spread the word that you’re both a real estate investor and that you have good investment opportunities.

2) Make Your List

Pull out a sheet of paper. Now, write down the first 5 people that come to mind who you could set up an appointment with from your “warm” contacts – people you have a personal relationship with.

And remember, do NOT disqualify anyone.

Could be your brother, sister, cousin, mom, dad, best friend, neighbor, someone you went to high school with, someone from college, someone you work with, son, daughter, another investor, someone you met at REIA, church, rotary, your boss, aunt, uncle, social media friends, insurance agent, Realtor, mortgage broker.

Write down the first 5 people that come to mind. Do it NOW!

3) Make The Call

Alrighty, time to set up your first appointment…

It’s going to be a heck of a lot easier than you think… and using the script below, the meeting you set up will have absolutely zero “sales pressure”.

So, you and your prospect will enter the meeting comfortable and at ease.

Here’s your script to get your first appointment:

Hey <Prospect>,

Did I catch you at a bad time?

Great.

I’ve been getting into real estate investing and have a new presentation on my business. I would really appreciate it if you would help me out and let me show it to you sometime.

I value your opinion and would love some good constructive feedback from you. I’m not selling anything.

Could you help me out with this? It’ll only take 30 or 45 minutes.

Thanks, I really appreciate it.

When would be a good time for us to get together? Where would you like to meet?

Sounds great.

See you soon.

With this script, we’re setting up the appointment based on getting the prospects honest opinion and feedback. So, there’s no pressure. By asking for “help”, we’re bringing in a powerful ingrained human need… the need to reach out and assist others who ask for help.

Many times, half way through the presentation, the prospect will look up at you and say, “You know. I may be interested in this.”

Now you’ve made it the prospect’s idea that their interested in your private lending opportunities… and that’s the most powerful way to sell anything.

And even if the prospect isn’t interested right now, you got practice, you planted a seed (that could come to harvest down the road), and you took action towards your goals…. to get private money for your deals.

Use your first appointment as momentum to set up 5 more. Once you start consistently meeting with prospects and following up with specific deals, it’s only a matter of time.

Now, go get your first appointment.

– Patrick

P.S. – Got a comment or question? Toss it in the comment area and let us know how we can help 🙂

P-Rid’s Private Money Millions Series: The Secret Sauce to Get to “YES!”

Hola Amigos!

P-Rid here to deliver the 3rd and final Part, The Secret Sauce to Get to “YES!”, in the Private Money Millions Series.

Have you been spreading the word about your private money lending program, presenting great deals to your prospects, following up with them… AND still NO private money?

If so, you’re probably just missing one of the essential ingredients to the private money getting recipe …

I call it, “The Secret Sauce.”

How does a private money prospect go from being on the fence, from giving you another “no thanks” to enthusiastically saying, “YES, I want to fund your deal!”?

Do you think it’s … something you say, something you do?

What is the Secret Sauce to Get to “YES!”?

Here’s a clue from renowned persuasion expert, Robert Cialdini …

“Human beings have been hard-wired to want what is going away. And far more people are motivated by the thought of potential loss than potential gain.”

– Influence: The psychology of Persuasion by Robert Cialdini

So, in other words, people assign greater value to opportunities that are less available. When something becomes scarce, there’s an inner urge that compels people to action.

That’s the principle of scarcity in action; that’s the secret sauce!

Has your private money getting recipe been missing this vital ingredient?

How to Add the Secret Sauce to Your Private Money Getting Recipe

Here are a few examples how to employ the principle of scarcity to get your private money prospects to “YES!”

“We’re only looking to bring in a few (probably less than 5) highly qualified private investors into our company.”

“We’ll have an investor lined up to fund this deal by next Monday. So, if you’re interested, you’ll definitely need to act fast.”

“I have another investor interested in this lending opportunity, but I thought of you, and wanted to give you the first shot at it.”

In the example’s above, you’ll find that two primary motivating factors are at work …

1. Limited Number
2. A Deadline

What other ways can you add in the secret sauce in your private money getting? What other areas of your real estate investing business can you sprinkle in this needed ingredient to get more “YESES!”?

Put your thoughts, ideas, questions, and comments below. We would love to hear from ya..

Well, hope you guys and gals have enjoyed the Private Money Millions series.

Adiós and Happy Private Money Getting!

~ P-Rid

Michael Mackay + Private Money Blueprint + One Week = $1.25 Million in Funds Raised

For me, the most gratifying part of being a teaching faculty member at Private Money Blueprint is hearing success stories from students.

And what a success story this is!

Michael Mackay sent us this email update only a week after plugging into the PMBP System…

Sounds like a plan Michael!

See ya at the top 🙂

– Patrick

… aka P-Rid

P.S. Are you interested in easily getting private money for your deals? If so, check out the Blueprint. It’s a step-by-step money-getting system that allows you to simply focus on closing deals and making cash profits.

** These private money results are not typical. The “average” person doesn’t take any action, and therefore, gets no private money.

3 High Impact Places to Get Private Money

Let’s face it …

Some places are better (and easier) to get private money than others.

So, you may be thinking, “what are the best highest impact places to easily get private money?”

In a moment, I’m gonna share 3 of these places with you in a video I just shot for ya. .

So, get out your pen and pad because class is in session. Prepare to get schooled.

3 HIGH IMPACT Places to Get Private Money Now

Watch the video NOW!

So, now for your homework …

Pick out 1 of these places and GO! Set a date for when and do it. Action is the key here.

So, networking is a GREAT way to get private money. And is the primary way that I’ve gotten most of my private money ($6 million plus).

But, as I mentioned to you at the end of the video …

How many of you want to get private money without networking?

How many of you don’t have family and friends with extra money to fund your real estate deals?

If that’s you, we’ve got somethin’ for you too.

So, keep your eye out soon for a brank spankin’ new in-depth presentation on an old (but little known) private money getting method that we’ve perfected over the last 8 months.

You’re gonna LOVE this!

Talk soon,

Patrick

P.S. – What other spots have you found to be HIGH IMPACT places to get private money? Be a giver. Share ’em in the comment area.

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

Buenos dias fellow private money getters.

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

Private Money Blueprint Testimonial – Ray Smith $250,000 in cash

Lol… man… this never gets old 🙂  We got an email from a student the other day who… well you can see for yourself what he’s already done after getting and implementing the specific step by step action plans… and by using the exact “cut and paste” templates and scripts we gave him… check out his email below (we took a picture of it directly in my inbox).

Check it out… (hint: Ray has got over $250,000 in private money using the PMBP system… now he can close deals without banks and can put cash in his pocket more quickly and more easily. )

Can You Use $250,000 To Make Offers Without Talking To A Banker, Without Credit, And Without Experience? Not A PMBP Student Yet?  We Don’t Only Teach You How… We Give You Our Proven Tools, Templates, Scripts, Marketing, (even website)… Go Here <<<<

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 <<

How Do You Ask Someone For Private Money?

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

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