Are you interested in working with private money lenders to fund your deals, but you’re not sure where to find them?
Well, that’s exactly what I’m covering in today’s lesson…
Hey Moguls, Patrick Riddle here to talk with you about an interesting tip you probably haven’t even thought about for finding private lenders.
But I’m actually flipping the script—this happens to be a great way to get other people to consistently refer potential lenders to you.
Intriguing, right?
And don’t worry, I’m also sharing exactly what I say when I do have the opportunity to speak with these potential lenders.
Let’s get to all the awesome I’m serving up…
Tap this source
Okay, so here’s the great place I bet you haven’t considered that’s ripe with warm private lender referrals…
BNI: Business Network International
Yep, you can find BNI business group chapters all across the good ole U S of A, and there’s most likely one right in your own backyard. (I mean, not literally in your backyard, that would be weird, but in your area is what I’m saying.)
Anyway, just check out their site and search for your town or city.
The Cliff’s Notes version
So, the organization offers members the opportunity to share ideas, contacts—and most importantly—business referrals.
Want to know why I suggest BNI as an awesome resource?
Well, take a gander at this amazing info…
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BNI says it’s the largest business networking organization in the world
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There are more than 220,000 BNI members worldwide
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There are 8,000+ local chapters worldwide
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In 2017, BNI member referrals generated $13.6 billion (that’s BILLION with a B!) in revenue for member businesses
1 isn’t the loneliest number
And check this out—you’ll be able to corner the market by joining a chapter…
Here’s how: BNI only allows 1 member from each type of industry per group.
In other words, there can’t be two electricians… or two veterinarians… or two bakers… or two insurance agents… or two ice cream flavor testers (What? It’s a real job. I think. At least it should be!).
So what this means is that you will be the only real estate investor in the group that you can join.
And, as you can probably tell by now, the main purpose of BNI groups is to share referrals with your fellow group members…
All of a sudden, you’ve got a highly effective networking system at the ready, where you can discuss your need to next with potential private money lenders.
Talk about the perfect opportunity, right?!
Just remember, that when you attend a meeting, you’re expected to share referrals—as is everyone else.
Think of it as a you scratch my back, I’ll scratch yours scenario.
But more than that, it’s really a great way to offer help in your community… while at the same time, creating a steady stream of good quality referrals that could very well become you next private lenders.
Power networking
This, my friend, is what we like to call power networking.
It’s basically effortless because everyone who’s there has the same goal: to get referrals.
See, you don’t have to worry about the rapport building aspect in that type of environment… just like the other members, you’re there to connect with professionals from other industries whose information you can share with your friends and clients.
It’s an awesome win-win.
You’ve got 30 seconds
Okay, it’s super important for you to have your elevator speech ready. And not just ready—perfected.
See, you’ll have a bazillion opportunities to stand up and tell people about your industry and what you can do for your clients...
So when you’ve got all those eyes and ears trained on you—make your words count!
No need to freak out about what to say, check out my elevator speech (you’re welcome).
“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…
So, I suggest you do a little research to learn more about BNI and decide whether it would be a good addition for your REI business.
Talk to Me
Are you a BNI member and your business has benefited because of it? Tell us about it in the comments section below.
Research BNI as an organization and search for local chapters to decide if you should join.
Make sure your elevator speech is well-rehearsed so you can bust it out at every opportunity.
Never stop networking—you never who your next private lender might end up being.
Patrick Riddle
has been investing in real estate ever since he got the bug in college at Clemson University and - to his parents dismay - dropped out of college to dive full-time into real estate at the age of 22 with a couple friends/partners from school.
The first few deals were rough for them, mainly using their own cash, credit, and hard money loans. But, soon he found out that was a rough and unsustainable way to build a real estate business.
After "on the job" learning through the school of hard knocks at first, he found the key that helped their company get deals done more quickly, with higher profit, less risk, without having to go to banks or use their own cash.
Fast forward to today, their company has closed over 130 real estate transactions and has put over $6 million in private money into their own transactions.