Question: “If I wanted to get started borrowing money from other investors, whether that means borrowing money from a friend or someone else that they met, what’s the best way to get started?”
Answer: “Great Question. Getting a supply of private money to use over and over again in your real estate business can mean the difference between big money in real estate, or struggling to even buy one property.
There are three basic parts to getting started in borrowing private money.
The first part is to get really clear on your offer. What will you offer your private lender? What I’ve offered in the past is 10% to 12% interest. I will ask for a 5-year renewal on the note which is secured to a piece of real estate. I will pay interest only most of the time.
The second part is to develop a pitch. Call it an elevator speech you can quickly tell to your prospect.
This video shows an example of an elevator speech.
The third thing to do is get out and use the elevator speech. When you meet someone and they ask you what you do, that’s a perfect opportunity to use that elevator speech.
I will sometimes go to networking events with that single purpose in mind.
Remember that implementation is the key. Actually do something with this information.
Could you use private money? Take the first step right now.
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