These People Could Be Your Private Lende...

money Hold on to your hats, my friends, because you’re about to be blown away by some powerful knowledge.

Hey guys, it’s yours truly, Patrick Riddle, back again to help you build an empire of private money lenders – some of which may be right under your nose – who would love to fund your deals.

Before we dive in, I encourage you to check out a previous lesson that ties into today’s lesson. In “A Brainstorm List for Private Lenders,” I invited you to my own personal brainstorming session to help generate a warm list of potential private lender prospects… like dozens of ‘em, actually!

And that was just the beginning….

Get Your Head Out of the Box

At the risk of flashing back to the emotionally scarring scene from the movie Seven, I adamantly encourage you – right now – to start thinking outside the box. I know it’s a clichéd phrase, but it’s a necessary practice for today’s lesson, so stay the course with me. I want you to consider possible places to find private lenders and also key people who can connect you to prospective lenders.

So where do you begin? Well consider these… think about your Christmas card list, where you go for happy hour and who you like to rock out with at concerts. Where do your children attend childcare? Do you have a trusted accountant? Who are your golf buddies?

There are so many places to find potential private lender prospects. You’ve just got to open your mind and your eyes to the possibilities.

Have you thought about your financial planner, accountant or life insurance broker? Who sold you your car? What about your acupuncturist or kids’ pediatrician?

Now Narrow Your Search

Once you’ve come up with a nice, toasty warm list of potentials, you can start narrowing your search. You’re off to a great start, but now it’s time to hone in on prospects who are already familiar with the real estate investment business.

give me ur money I’m talking about the agent who sold you your new home or the one who sold you your last one. What about the rep who sold you home insurance? These are some of the best prospects, because they’re already in the game. And if they’re not, they know the game well.

These contacts are strong because the chances of them getting on board with you and your business is much greater since they can recognize a great lending opportunity when they see it.

4 Tips to Get in Good with those Who’ve Got the Goods

So you know who to contact, right? Now you’ve got to find those key players. I highly recommend checking out your local Real Estate Investment Association meetings. Get to know the regulars and get inside their heads.

Ask engaging questions, open-ended questions, which means uncovering who, what, where, when and how. This kind of questioning creates meaningful conversations that can open a door for you to walk right into.
Consider becoming a volunteer at the meetings, so you can stay visible and give back to the group, which can put you in great standing with other members. Hand out business cards when appropriate and meet as many people as you can.
Become a powerful resource for others. When you are known as a reputable, genuine, influential resource, people will remember and call on you for advice and help and maybe deals.
Follow through swiftly when you’re given referrals. Referrals are a dream come true, so jump on them as soon as they come your way! Remember that you are a reflection of the person referring you, so respect them and act quickly and professionally – always.

Keep it Real

Once you’ve established a rapport with these key players, ask to stay in touch. Remember, word travels fast, so make an impression – a good one – and watch how quickly the ball starts rolling.

Keep in mind that networking is about being genuine and authentic, building trust and establishing relationships. It’s about how you can help others, not about how they can help you.