654: Private Money Explained Part 3: The "Credibility Pieces" Lenders Love to See
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 28 August 2022
⏱️ 57 minutes
🧾️ Download transcript
Summary
Finding a private money lender is far less complicated than people think. Striking up a ten-minute conversation could be enough to find your next round of private money. At least that’s how it worked out for Josiah. Josiah is a small business owner, running a pool cleaning business while building up a small portfolio of rental properties. He sees dozens of new faces every day, and those new faces directly translate into new opportunities.
After hearing our past episodes with Amy Mahjoory, Josiah took some of her tips and began pitching his deals to everyone he encountered. Now, he’s got some private money lenders lined up for his new multi-unit, four and a-half acre, short-term rental real estate deal. We told you—raising private money is a lot easier than most people think! But we’re not just talking to Josiah today. We also have Amy back on the show for part three of her private money masterclass.
This time, Amy talks about building the “credibility pieces” that give private money lenders confidence in you, your team, and your deal. These range from presentations to deal reviews, calculators, and more. These private money tools took decades to build and Amy still uses them today! Interested in testing out some of Amy's private money-raising tools? Check out the BiggerPockets Real Estate Podcast show page for links!
In This Episode We Cover:
Josiah’s "pool guy to private money" story and how anyone can find private money in their area
The FACT framework recap and using it to establish a system for finding private money
Building rapport and creating credibility by showcasing yourself, your deals, and your team
The sixteen “credibility pieces” Amy uses every day to engage more private money lenders
How to be prepared when private money lenders ask you specifics about a certain deal
A brief lesson in how to escape a bear “attack” from Rob Abasolo
And So Much More!
Links from the Show
Get Your Ticket for BPCon 2022
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts
Get More Deals Done with The BiggerPockets Investing Tools
Find a BiggerPockets Real Estate Meetup in Your Area
BiggerPockets Podcast 636 with Amy Part 1
BiggerPockets Podcast 637 with Amy Part 2
Coaching with Amy - PML Excel Course
Books Mentioned in the Show:
Long-Distance Real Estate Investing by David Greene
Lend to Live by Alexandria Breashears & Beth Johnson
Raising Private Capital by Matt Faircloth
Connect with Amy & Josiah:
Josiah's Instagram: @josiahhein
Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-654
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Transcript
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| 0:00.0 | This is the bigger pockets podcast show 6.54. |
| 0:04.6 | So I'm getting the commitment but I'm still building rapport and trust and I'll explain to you how the flow of money works. |
| 0:09.4 | But right now don't even worry about it. We'll cross that bridge when we get there. |
| 0:12.9 | Once somebody invests with you and they process the wire that's set for the fact framework, the transaction piece, |
| 0:20.0 | then we really want to take a step back and look at how we nurture our network. |
| 0:25.6 | So how do we follow up with our private money lenders so that two things happen. |
| 0:30.3 | Number one, they reinvest and number two, they increase their investment amount. |
| 0:35.2 | What's going on everyone? This is David Green live from the Smokey Mountains. |
| 0:39.4 | Actually it's not live to you but it's live to me. |
| 0:42.0 | I'm here looking at cabins and checking on some of the ones that I just bought and getting to do a bigger pockets podcast from the area. |
| 0:48.9 | I'm joined by fellow Smokey Mountain investor and my co-host for the podcast Rob Abasolo. |
| 0:55.4 | Rob, how's it going today? Hey man, I am barely making it, making it through the day. You know what I mean? |
| 1:01.8 | I totally understand. I made a joke on Instagram the other day about this as a bear market and it got quite the response. |
| 1:08.7 | Apparently dad jokes are making a comeback here. |
| 1:11.1 | Oh yeah, they've been popular since 1972. I don't know why that was the invention of them but yeah, they've been big for a while. |
| 1:17.7 | I actually done some research on this topic now that I'm a father. |
| 1:20.2 | I just didn't know they were big outside of dads. |
| 1:22.5 | People that are not dads are really like in dad jokes these days. |
| 1:25.5 | You know what? It's cool to be a dad man. It is so cool. You should try it sometime. |
| 1:29.3 | Yeah, dadbods. You got dad jokes. |
| 1:32.3 | I will hopefully not have a dad bod in the next couple of months man. I've been hitting the bike every single day and a little by little. |
| 1:39.3 | I'm tripping away. I'm going from dad bod to... |
... |
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