Initiating conversations about private money can be difficult, even scary. But there are tools at your disposal that can help you overcome that feeling and fully allow yourself to confidently share the benefits of private lending.
In this episode of Raising Private Money, join me and my students as we discuss how to navigate the discomfort of speaking with potential lenders and how to exude confidence by leveraging your relationships and knowledge!
Key Takeaways:
- Leverage your experience when convincing potential lenders.
- Be honest when you don’t know the answer to something and make sure to find the right information.
- Become really well-versed in the Where to Get the Money Now program to the point of confidence.
- Leveraging relationships to bolster confidence and trust.
- How to manage the fears that may manifest when looking for private lenders.
Check out my book: 7 Reasons Why Private Money Will Skyrocket Your Real Estate Business and Help You Build Incredible Wealth!
Get it here for FREE: www.jayconner.com/moneyguide
Timestamps:
0:01 – Raising Private Money with Jay Conner
0:56 – Not Enough Experience In Raising Private Money?
2:25 – Leverage Your Relationship
4:13 – Are Afraid Of Raising Private Money?
6:43 – Jay’s Free Money Guide: https://www.JayConner.com/MoneyGuide
Are You Afraid of Raising Private Money with Jay Conner
[00:00:00] Eric Camardelle:
I leaned on my partnership with you and your team. If anybody ever had any questions. About, how many deals have you done or how long you’ve been doing this? It was always been, oh, my team and I have been doing this for a while.
[00:00:16] Narrator:
If you are a real estate investor and are wondering how to raise and leverage private money to make more profit on every deal then your and the right place.
On raising private money, we’ll speak with new and seasoned investors to dissect their deals and extract the best tips and strategies to help you get the money because the money comes first. Now, here’s your host, Jay Connor.
[00:00:54] Jay Conner:
Excellent question. Who would like to give feedback on not having enough experience? Banjo and Erica?
[00:01:01] Eric Camardelle:
Yes, sir. So, from my personal experience when I first started looking for private lenders, using you’re Where to Get Their Money Now program and everything, I leaned on my partnership with you.
[00:01:16] Eric Camardelle:
If anybody ever had any questions about, how many deals have you done or how long you’ve been doing this, it was always been, oh, my team and I have been doing this for a while. And then for the whole the one in there that was talking about, what if I don’t know what to say, as you said earlier, you just.
[00:01:34] Eric Camardelle:
Tell ’em you either tell ’em you don’t know, or to be honest with ’em and just say, look, I don’t know. I’ll get that answer for you right away, or do what I did and just drill your program every day. And that way you know the program like the back of your hand. And talk to your parents about it.
[00:01:49] Eric Camardelle:
Talk to your wife, your kids, everybody talk to your dog about it.
[00:01:59] Eric Camardelle:
And just get versed in your program, so you’re confident as far as that goes. And if they start asking pointed questions about your experience, I always just lean on the partnership with you.
[00:02:18] Jay Conner:
So Crystal, how would you answer the question? What does it mean to leverage a relationship?
[00:02:24] Crystal Baker:
Leveraging a relationship simply means that you’re in a relationship with someone else. You’re gonna utilize that relationship to help bolster confidence and trust through the experience the other individual has. Like we’ve talked about, and one of them, they talked about a lot of fun things that I’ve always talked about when I talked to the students, but one of the, one of the big ones, if they’re in a relationship with you and I and or a JV relationship, it doesn’t have to be someone like particularly us, then you, it might be that other person has all of the experience and you don’t, but you in a collective have that amount of experience.
[00:03:03] Crystal Baker:
So if your partner has 30 years of experience and you have zero or six months, you’ve. My partner and I have 30 years of experience and my partner and I have completed X number of rehabs, 300 rehabs. So it’s, here’s the thing that matters. Oftentimes I’ll have students say to me but that’s not my experience.
[00:03:23] Crystal Baker:
Do you not have that person in your corner? Is that person not gonna hold your hand? Is that person not going to assure you that you do know what you’re doing? Because if you’re partners, then that’s your objective, right? That’s the point of the relationship. And thereby you can say that with confidence.
[00:03:39] Crystal Baker:
My partner and I do because my partner’s not gonna let me go willy-nilly. And do a bunch of stupid things because I don’t have the same level of experience. I’m leveraging their knowledge. I’m leveraging their history, I’m leveraging their experience. So that’s how you leverage that relationship.
[00:04:04] Jay Conner:
Beautiful. Chaffee, you have the honor of bringing us home and putting a bow on this.
[00:04:08] Chaffee Thanh-Nguyen:
Woohoo. Hey Jay. There are how do you say it? Many fears might be passing through everyone’s heads when they’re going to talk to people. I do just want to tie in a lot of these fears.
[00:04:23] Chaffee Thanh-Nguyen:
There’s just one thought I mean there are a lot of thoughts, only just one in particular, which is don’t expect any responses from. Go out there and share what you know, and let them respond and just address the responses as it happens. And what I find, Jay, when I’m working with a lot of people and over the, over the decades over the decade that I’ve worked with a lot of students, like around the world I’ve worked with thousands of students around the world.
[00:04:52] Chaffee Thanh-Nguyen:
And that too is that you tend to get what you expect. And when you expect people to say no, or when you expect people to reject you, you’re projecting that to them and you might get that back. So when you have no expectations or you expect them to be interested, then you’ll get that back as well.
[00:05:12] Chaffee Thanh-Nguyen:
And so don’t judge people because of your experiences and a lot of the fears that you are feeling. A lot of the fears that are coming up are your fears. They’re not the fears of the other person that you’re talking to. And because you have those fears, you’re projecting those fears, which then you might get that.
[00:05:31] Chaffee Thanh-Nguyen:
So again, a lot of times go out there and if you have that harder service like Crystal was talking about, and you truly, honestly are looking to share with people this information about how they can make more money safely and securely, then it doesn’t matter what their response is cuz you’re going out there and you’re educating and you’re sharing with people.
[00:05:53] Chaffee Thanh-Nguyen:
So what’s the fear of that? And so that’s, let me tie that all up and just say, a lot of these fears are your fears based upon your own experience. And when you change that mindset too, as Crystal said, from service from, sales to service, and you go out there and you serve people and you help people, then all these fears just disappear because you’re just going out there and you’re educating people.
[00:06:19] Jay Conner:
That’s awesome. Thank you so much, Chaffee.
[00:06:24] Narrator:
Are you feeling inspired by the knowledge you gained in this episode? Then head over to www.JayConner.com/MoneyGuide. That’s www.JayConner.com/MoneyGuide and download your free guide that shares seven reasons why private money will skyrocket your real estate investing business right now.
Again, that’s www.JayConner.com/MoneyGuide to get your free guide. We’ll see you next time on Raising Private Money with Jay Conner.