The Guide to Approaching Private Money Lenders
For many investors, private money is the key to success. It can be for you too, but you first have to get over your uncertainties. The only thing holding you back is fear and limiting beliefs.
Private money isn’t going to magically fall into your lap; you have to seek it out. Here are three simple steps you can use to secure a meeting with a private investor:
- Create a Spreadsheet of 50 Contacts. Comb through your contact list and write down 50 names that you would be interested in talking to about an investment. This is only to see if they’re interested, don’t overthink this step. If you can’t come up with 50 people, write down as many as you can initially. You will find the remainder during this process.
- Make the call! Make contact with those 50 people. Simply get on the phone, and ask if they would be interested in working with you. Provide them with some details, such as the minimum investment and return on investment. These don’t necessarily have to be exact figures. Again, don't overthink it. In this step, you’re simply qualifying your prospects. It’s about making connections. Ask them if they’re interested in the type of investment you’re looking to make. This step can go one of two ways: either the investor is interested, or they’re not. But what if they say no? That’s easy; just thank them for their time, and ask them if they know anyone else who would be interested. I promise, it’s nothing to be intimidated or embarrassed about. Want to know exactly what to say to a private investor? Download my FREE PDF: How to Set Up a Private Money Meeting.
- Set up a Meeting. If your contact is interested in your investment, congratulations! You’ve just established a lead. Now schedule a time to meet with them, preferably over coffee or lunch, to discuss the details.