Jogging the memory for potential private money lenders
Yesterday I was thinking about the fact that there are so many people I could be reaching out to regarding private money lending. The conversations are easy to have, so I just have to keep having them and creating more opportunities to give my private lender presentation (by the way, you can get your own presentation to customize from my private money mentor and pal Patrick Riddle here – opt-in required). I was sitting at my desk looking at my Endless Referrals book (another great one from author Bob Burg) and had an idea.
I went through a quick exercise called a memory jogger which is often used by anyone who focuses on warm market prospecting for their business. It was a really useful exercise and as a result I’m remembering so many people that I never thought about before. The key is to not qualify or make a judgment about whether the person could be a lender or not. Just write the names down.
If you’re trying to think of people whom you can speak with about private lending for your real estate deals, here’s a memory jogger that I think you’ll find useful. If you have other categories to suggest adding please do!
Relatives
| Your Mom | Your Dad | Your Sister(s) |
| Your Brother(s) | Your Niece(s) | Your Nephews(s) |
| Your Grandson(s) | Your Granddaughters(s) | Your Grandfather(s) |
| Your Grandmother(s) | Your Son(s) | Your Daughter(s) |
| Your Mom’s Sister(s) | Your Mom’s Brother(s) | Your Dad’s Sister(s) |
| Your Dad’s Brother(s) | Your Male Cousin(s) | Your Female Cousin(s) |
| Your Favorite Aunt | Your Favorite Uncle | Your Mother-In-Law |
| Your Father-In-Law | Your Sister-In-Law(s) | Your Brother-In-Law(s) |
Friends and Acquaintances
| Your Best Friend | Your Other Friend(s) | Next Door Neighbor(s) |
| Other Neighbor(s) | Mom’s friend(s) | Dad’s Friend(s) |
| Son(s) Friend(s) | Daughter(s) Friend(s) | Your Boss |
| Favorite Co-worker | Other Co-Workers(s) | Your Boss’s Boss |
| Twitter Friend(s) | Facebook Friend(s) | Myspace Friend(s) |
| Linked-in Friend(s) | Forum Friend(s) | Social Networking Friend(s) |
| YouTube Friend(s) | Your Business Owner Friend(s) | Your BNI Group |
| Grammar School Friends | High School Friends | College Friends |
| Chamber of Commerce | Toastmasters | Community Service Friends |
| Fraternity Friends | Sorority Friends | Your Teacher(s) |
| Your Christmas Card List | Friends from Church | Spouse’s Best Friend |
| Sent You Christmas Card | Sent You Birthday Card | Who Calls You At Home? |
Social Contacts
| Who do you play cards with? | Who do you play golf with? |
| Who do you play tennis with? | Who do you work out with? |
| Who do you go Bowling with? | Who do you go to concerts with? |
Real Estate Contacts
| Who Sold You Your House? (Realtor) | Who Sold You Your House? (Old Owner) |
| Who Sold Your Old House? (Realtor) | Who Bought Your Old House? |
| Who Gave You a Mortgage? | Who Sold You Home Insurance? |
| Real Estate Investing Association Contacts | Real Estate Investing Forum/Community Contacts |
| Who Do You Work With At Your Title Company? | Your Real Estate Attorney |
Other Business Contacts
| Who Helps You With Childcare? | Who is Your Accountant/CPA? |
| Who Do You Work With at the Bank? | Who is Your Doctor or Chiropractor? |
| Who Sold You Life Insurance? | Who Sold You Car Insurance? |
| Who Sold You Health Insurance? | Who Sold You An Annuity? |
| Who Sold You Your Car? | Who Sold Your Spouse a Car? |
| Who Cleans Your Teeth Every 6 Months? | Who Is Your Financial Advisor? |
Related posts:
- Learning how to secure private money lenders
- Private money progress!
- Private money magnets
- Private money momentum
- Private Money and Self-directed IRAs
Category: Funding deals, Networking, Private lending, Uncategorized, financing
Awesome Info…Keep it coming. Kat.
Thanks Kat!
This is really, really good advice and great questions you have that stirs the memory banks up. I will love to hear how many names you come up with.
Matt Rosen´s last blog ..17 Ways To Build A Wholesale Buyers List
Hi Matt, I’m not done yet but it looks like I’ll have ~300 names when I’m done. I still have to go through my social media friends…and I do mean friends…not the ones who I’m connected to but never had a conversation with. LOL! If I remember, I’ll tell you the final number once its complete.
This is a post to print out and keep next to your computer. It’s one of those exercises that makes you realize how many more acquaintances you have then you could have imagined.
tweet tweet!
Scott Costello´s last blog ..MLS Offer Week- Pulling Comps
This is great info Shae. I typically think of family and friends as people to contact for private money. I will be referring back to this post.
Esi´s last blog ..Esi Benedict – The Best and Brightest Women in Real Estate Investing
Great list Shae!! I couldn’t think of anybody to add!! The biggest & easiest source of partners and private lenders for us lately has been our local real estate investing clubs. People there are already interested in real estate so it’s an easy sell in terms of the vehicle then you just have to sell them on you.
Awesome post!! Definitely a keeper.
Julie Broad´s last blog ..No Vacancy! And Tips to Increase the Rent You Charge
Wow Shae! That list seriously kicks some butt.
LOVE it!
~ P-Rid
Patrick Riddle´s last blog ..Esi Bendict – The Best and Brightest Women in Real Estate Investing
@Scotty, yes absolutely! The very first time P-Rid prompted me to make a list of people, I came up with about 50 and even that was a challenge! The memory jogger is a huge huge help!
@Esi, glad you find it helpful!
@Julie, I agree that other real estate investors are great for this…they already get it! Phil & I are doing the same thing and investing in other investors with our self-directed IRA.
@P-Rid, thanks bud! Welcome back from vacation
Awesome, useful content once again Shae!
Thanks for reminding me of some of the potential partners and lenders. I have a pretty big list but after reading this will have to go back and add more!
Yaaaay – sources to work with and to make money with!
Thanks again Shae!
Dave Peniuk´s last blog ..No Vacancy! And Tips to Increase the Rent You Charge
Thanks Dancing Dave! You can add to your list “Fellow Wipeout Canada Contenders” or… “Everyone who laughed at me for wearing my wife’s shirt for my audition”
Great Post Shae. This list definitely reminded me of some people that I have overlooked or need to reconnect with. Have you looked into or had any success with finding investors among your contacts on Linked-in? I have been working on some strategies and have been gaining some traction. Just wanted to get your opinion on connecting with potential investors via Social Media. Do you think it’s possible? Have you had any success?
[...] An Effective Strategy To Finding Potential Private Money Lenders Posted by: rein | Category: Real Estate Investing, private money [...]
Thanks Shae!
I can’t imagine WHY anyone would laugh at me for wearing my wife’s workout shirt?? I looked GREAT in it!
Dave Peniuk´s last blog ..No Vacancy! And Tips to Increase the Rent You Charge
@Khary, I actually haven’t looked into finding investors using LinkedIn…not yet anyway. I used LinkedIn with my 9-to-5 for years so I haven’t fully transitioned my profile or made attempts to connect with other real estate investors there.
That being said, I think it can be done successfully. I’m doing real estate business with people who I met on blogs, Twitter, and Facebook so no reason I couldn’t do the same with those on LinkedIn!
@Dave, you did look pretty fab!
Shae,
This is an absolutely awesome list. And you know what? I just had this same EXACT conversation with Kathy on the way to Rehoboth Beach. I said “You know, I’m thinking we know a whole lot more people that we could talk to about private money than we are thinking right now.”
And then I started rattling off people I knew and she did the same. We’re going to start talking to more people definitely.
It’s amazing what happens when you actually take a minute and think to yourself “there ARE more people I can be talking to.”
Carey_PA´s last blog ..Possible wholesale deal Atm meeting
Great list, Shae! It’s funny once people actually know what you do, then the possibilities are endless. Complete strangers have contacted me regarding the possibility of lending money. I think those who can spot opportunities and put deals together will be able to find funding no matter what. Looking forward to following your adventures in the private lending world, I may learn a thing or two from you!
@Carey, yes it really is amazing. I’m going to be having a LOT more conversations
@Rachel, I think you’re right! Of course in your situation, you’re the lender yourself right?
But, of course!
p.s. Some folks have told me I’m crazy for not actively pursuing private lending opportunities. Though, I’m kind of weary about leverage – sometimes it can backfire. Think I’ll take it one step at a time and read your adventures first!!
Rachel, I don’t know why you would need to pursue those opportunities based on what your strategy is….
I’m not weary about leverage at all, but I’m careful about TOO much leverage because like you said, it can get you into trouble.