Boy do I have something in today’s lesson that you can use to improve your own business! It’s actually 2 things that you can start using today...
I’ve got a couple of tasty templates to share with you – two very simple informational checklists I use and keep internally in all our private lender files.
Hey Moguls, Patrick Riddle here, and I use these 2 forms to:
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Stay organized with each private lender.
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Build rapport and credibility.
I want to share with you more about these forms and how you can use them.
You may want to download both of these customizable checklists now – and reference them as you’re reading this lesson. This way, the info I’m sharing about them will be clear.
Let’s get to it…
Form #1:
"Private Lender Loan Info Checklist"
Quite simply, this one's all about making sure you get (and keep) all the relevant info you need for each private investor you bring into the deal.
And not just their contact info (which matters, obviously) but how much they're investing in your deal, the basic terms, rate, payments, etc. and a checklist of docs you should make sure they've received as part of the deal.
To be clear, this is a per-deal type form. In other words, this form should be inserted into the deal folder for any and every deal you do involving a private lender.
Form #2:
"Follow-Up and Relationship-Building Checklist"
This one's all about making sure you're properly "courting" your new private lender prospects.
Courting?
Yep, you read that right...
Wooing a private money lender is the necessary process of earning (i) their attention, (ii) their favor and (iii) their trust.
Just like a romantic relationship, right?
Right. (Hopefully.)
And since we're ideally looking for long-term relationships with our private lenders (not one-night stands), it only makes sense to have some strategy for winning their heart. And I prefer a specific, step-by-step series of “romantic nudges,” if you will.
So, once someone agrees to fund a deal with me for the first time, I always like to send a short letter warmly welcoming them and reminding them that long-term relationships are important to me, and that serving them well is my top priority...
...followed by a few other things over time that do essentially the same, but in different ways.
So this second checklist is meant for your master file for each private lender prospect, and it's all about ensuring your follow-up letters have been sent, so that hopefully they’ll both (i) refer new lenders to your program and (ii) invest with you again and again.
In my opinion, this is a critical element to your success, not an optional action. Don’t overthink it, just do it.
You can download both of these customizable checklists here. You’re welcome and enjoy!
Talk to Me
Did you find these forms helpful? I'd love to hear about that in our comments section below.
Keep your paperwork organized so your business runs smoothly.
Woo your private lenders by building rapport.
Use my 2 customizable private lender template checklists for every deal.
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.