Do you know how important the questions you ask private lending prospects are?
And look, it’s not just about asking smart questions… it’s about asking the right questions.
Why?
Because if you ask the right questions when talking with a private lender prospect, you will reveal their pain.
I know, sounds rough. Maybe even mean. But neither is true… hear me out.
When I say we want to know their pain, what I’m really saying is this – perhaps they’ve invested before and it didn’t go well…
- Did they get burned on another REI deal maybe by unsecured property?
- Are their stock market returns crappy?
- Do they have money in a conventional bank that’s only growing at a wimpy 3% rate?
See, when you ask the right question, you’ll find out their needs.
Don’t get me wrong, what they want is helpful too… but your focus should be on what they need.
“Often the thing that brings you the…
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.