Are you finding it difficult to get private money?
Well, Patrick Riddle here, and I’ve been there too...
See, the financing techniques I was using when I first started (conventional financing, hard money, partners) just weren’t working for my goals…
And after trying and failing to get private money… getting “no” after “no…” I almost quit.
For real.
But… thankfully, I learned about a law that literally changed my business and my life for the better.
And I want to share it with you…
This will change you for the better
So, I learned about this law from one of my mentors, Jim Rohn…
And it completely changed the way I approached getting private money.
Here are 2 huge things it did for me:
-
gave me confidence and belief in myself that I didn’t have before
-
made it easier for me to get private money because of my new mindset
So…
This is what Mr. Rohn shared with me that changed my business and life:
“When you do something often enough, a ratio will appear.”
Probably not the earth-shattering advice you expected, right?
But stay with me…
What he’s talking about is the Law of Averages.
You baseball fans know it as the batting average…
You step up to bat, swing 9 times and miss each time… then on your 10th swing, your bat connects with the ball and you get a hit… and the Law of Averages kicks in.
And here’s why that’s HUGE…
Once a ratio starts, it tends to continue.
Step up to bat 10 more times… and you’ll likely get another hit.
So, how does this relate to investing?
Think about it this way…
If you’re new to getting private money, it may take you 10 appointments to land your first private lender…
But, then you can expect to get another one from your next 10 appointments, right? Right!
And here’s the beauty of it…
With repetition, your ratio can be increased.
Consider this… in baseball, when a player hits 3 out of 10, they get paid millions of dollars! Said another, more shocking way: strike out 7 times and get paid millions.
Crazy to think about, huh?
Here’s the rub…
Most people won’t even step up to the plate at all… or if they do, after one swing and a miss, they quit!
That just isn’t going to make you successful in life… this business… or any business for that matter.
To put the Law of Averages to work for you, get up there and swing… continue to schedule appointments… continue giving your private lender PowerPoint presentation… keep talking about your opportunities.
And remember, once the ratio begins, all you have to do is meet with “x” number of people, and you’ll get another private lender.
That’s just how it works. So make it work for you.
This simple law gave me the confidence and belief to keep swinging… and it can do the same for you too.
I’m listening…
Got any tips for reaching out to private lenders? Share below…
Continue reaching out to private lenders and setting up appointments.
Give your private lender presentation as often as possible to start the ratio.
Let the Law of Averages go to work for you.
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.