Tap This: 1 Easy Source for Private Lender Referrals

In order to raise money from private money lenders, you’ve got to somehow come in contact with those potential lenders. But where are they? Well, I’ve got a great way to get other people to consistently refer potential lenders to you. Sounds awesome, right?

Ready source of warm private lender referrals

There’s an amazing source that’s available for you to tap into, and it provides a ready source of warm private lender referrals.

Here’s the scoop…

Join a business group called BNI (Business Network International). BNI chapters are found all across the country, and there’s sure to be one in your area. Check out their site and create a search for your town or city.

Here’s a quick overview

Lemme throw out some amazing info…

There are more than 170,000 BNI members worldwide, making it the largest business networking organization in the world. (Blows your mind, right?!) Last year alone, BNI generated 5.4 million referrals resulting in $6.5 billion in business for its members. The organization offers members the opportunity to share ideas, contacts, and most importantly, business referrals.

You have a corner on the market

In any one BNI chapter they will allow only one member from each type of industry. For instance, there cannot be two accountants, or two plumbers, or two chiropractors, or two insurance agents, and so on. This means in the chapter you join, you will be the one and only real estate investor present in the group. It’s like having a corner on the market. You’re very own corner, all to yourself. (Cue the devilish laugh now!)

The main purpose of the group is to share referrals with one another, either at the regular meetings, or even outside the meetings. This gives you an open opportunity to present your need to connect with potential private money lenders through this highly effective networking system.

When you attend a meeting, you’re expected to share referrals, as is everyone else. This is a great way to help in the community at large, while at the same time, creating a steady stream of good quality referrals that you can groom into your own private lenders.

Power networking

This is what we refer to as power networking. It’s almost effortless, because everyone is there for the same purpose – to obtain referrals. That’s why you’re there; that’s why the others are there. You don’t have to cross the rapport barrier in that type of environment. It’s a selfless endeavor in the fact that you’re looking to connect with professionals from other industries whose information you can share with your friends and clients. It’s a two-way street.

Prepare your elevator speech

It’ll be critical for you to have your two-minute elevator speechdown pat, because you’ll have many opportunities to stand up and tell people about your industry and what you can do for your clients.

Don’t have an elevator speech? It’s a good thing you’re reading today (you can thank me later)…

Patrick’s Elevator Speech:

Hi. I’m Patrick Riddle. I buy, sell, and lease real estate and use cash from everyday people to do so. Typically we work with people who are frustrated with losses in the stock market, and people who are just sick and tired of low returns from traditional investments. We offer good investment opportunities backed by real estate. Does that make sense?

And there you have it.

Look, if you’ve never heard of BNI, do you research and weigh out whether or not this would be a good move for you in your business.

Enjoy,

Patrick

Questions, comments…

Some of you investors may already be BNI members. If so, we’d love to hear about your experiences. How has it benefited your business? Share with others by leaving your comments below.