Private lending programs for real estate investors include a number of key elements.
My coaching students understand and I kind of beat them over the head a few times that there are two primary elements to a private lending program and then there are additional elements that are very important.
Without the first two primary elements getting done and getting done properly, you don't have a chance of getting the loan.
Two Primary Elements The rest of the various elements do not matter if you do not get the business plan and the credibility kit right.
In many cases, they can be kind of combined into one.
If you think of it that way, that's fine.
These two elements are so essential to a private lending program; you really cannot worry about the rest of it until these two elements are really in place.
Business Plan We'll do a very similar program to this and we'll deal with the business plan and the elements of a business plan.
We will make sure that it's solid in terms of talking with private lenders, so they can believe your business plan, they can understand it, obviously, and it becomes a key element to overcoming and developing a trust relationship with that person.
Credibility Kit Basically, as far as developing a private lending program, you're going to need a solid and believable business plan.
You're going to need a credibility kit that establishes you as an expert in this field of real estate investing.
We're going to go through all the pieces and the elements to help you do that.
Beginning a Marketing Plan Obviously, once you've created a business plan, you then have to start to market to find the potential private lenders.
You need to develop a marketing plan.
That marketing plan will include all kinds of different pieces, including possibly post cards.
You can do high net worth individuals.
It would include seminars.
Seminars could be in group settings, luncheons, breakfast meetings, or they could be on a one-on-one type of thing where you meet with somebody for a one-on-one type of breakfast meeting.
I personally have done a number of group settings and I'm pretty good at group settings, but as the years have gone by I have relied more and more on breakfast meetings.
One-On-One Meetings I really love getting out early.
I love meeting with somebody for a half hour or 45 minutes at a restaurant.
You can get fairly uninterrupted time.
In this day and age it's impossible to get uninterrupted time with cell phones, Blackberries, and all the other things that interrupt people, but you can get a fair level of high quality one-on-one time with somebody.
Again, I tell my coaching students that if I get 45 minutes or anybody gets 45 minutes with another individual and walks them through their program and they have a fairly good quality of interaction during that meeting, there is a high likelihood that when you get up from that breakfast meeting, you know at that point whether that individual is going to do business with you or not.
I'm not guaranteeing that person will do business with you.
There's certainly no guarantees, but you'll have a very, very good sense of whether this is somebody you want to business with.
I think the other party would also have the same.
I rely very heavily on breakfast meetings.
I think it's a wonderful way to network and to develop your business.
My coaching students understand and I kind of beat them over the head a few times that there are two primary elements to a private lending program and then there are additional elements that are very important.
Without the first two primary elements getting done and getting done properly, you don't have a chance of getting the loan.
Two Primary Elements The rest of the various elements do not matter if you do not get the business plan and the credibility kit right.
In many cases, they can be kind of combined into one.
If you think of it that way, that's fine.
These two elements are so essential to a private lending program; you really cannot worry about the rest of it until these two elements are really in place.
Business Plan We'll do a very similar program to this and we'll deal with the business plan and the elements of a business plan.
We will make sure that it's solid in terms of talking with private lenders, so they can believe your business plan, they can understand it, obviously, and it becomes a key element to overcoming and developing a trust relationship with that person.
Credibility Kit Basically, as far as developing a private lending program, you're going to need a solid and believable business plan.
You're going to need a credibility kit that establishes you as an expert in this field of real estate investing.
We're going to go through all the pieces and the elements to help you do that.
Beginning a Marketing Plan Obviously, once you've created a business plan, you then have to start to market to find the potential private lenders.
You need to develop a marketing plan.
That marketing plan will include all kinds of different pieces, including possibly post cards.
You can do high net worth individuals.
It would include seminars.
Seminars could be in group settings, luncheons, breakfast meetings, or they could be on a one-on-one type of thing where you meet with somebody for a one-on-one type of breakfast meeting.
I personally have done a number of group settings and I'm pretty good at group settings, but as the years have gone by I have relied more and more on breakfast meetings.
One-On-One Meetings I really love getting out early.
I love meeting with somebody for a half hour or 45 minutes at a restaurant.
You can get fairly uninterrupted time.
In this day and age it's impossible to get uninterrupted time with cell phones, Blackberries, and all the other things that interrupt people, but you can get a fair level of high quality one-on-one time with somebody.
Again, I tell my coaching students that if I get 45 minutes or anybody gets 45 minutes with another individual and walks them through their program and they have a fairly good quality of interaction during that meeting, there is a high likelihood that when you get up from that breakfast meeting, you know at that point whether that individual is going to do business with you or not.
I'm not guaranteeing that person will do business with you.
There's certainly no guarantees, but you'll have a very, very good sense of whether this is somebody you want to business with.
I think the other party would also have the same.
I rely very heavily on breakfast meetings.
I think it's a wonderful way to network and to develop your business.
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