Tim Bell funding your deals 10

The next one, private lender questions and answers. These are questions and answers that you can read and prepare yourself. They're potential questions that private lenders may ask you and reasonable answers to those questions. That way you can prepare yourself for your presentation with your private lender or your discussion with your private lender. So read through the questions and learn those answers. Then the last one here answers the question, how do I find private lenders? Well, this is called the private lender, who do you know? Handout. Now, you will notice that this looks very much like if you've ever been in a multi level marketing company or a network marketing company, looks very much like the list that they give you at the beginning of your involvement with that network marketing company. Why? Because they want you to think about people that you know that you could put in your downline and in your network to build your network. Well, we're taking the same idea and we're applying it to finding private lenders. Okay? Now what I want you to do with this list is I want you to print it off. And then I want you to sit down in a quiet room, turn off the Internet, turn off your phone, turn off the tv, turn off the radio, turn everything off, sit down in a quiet room and read each line on this particular handout. Okay? So you start with the first one. The first one says, parents. Any of the people that you read or people with whom you have these relationships that you think might be a private lender, you would write on the right side of that handout. Okay, see, here's the thing. You need to realize the human brain needs specific instructions in order to come out with specific results. Okay? Your brain craves specificity. You may. If I say to you, who do you know that might be a private lender? Your first response might be, I don't know, anybody. Okay? That could be your first response. Reminds me of a student that I have in St. Louis, okay? She calls me up one day and we're talking about, and we're talking and we talk about a deal that she's got. She's got a great fix and flip deal in place. She has a hard money lender that will loan her 80% of the money, but she still needs 20% of the money. I said, you need a private lender. That's what you need. That would be terrific because they'll give you the 20%. She said, no, no, no, Tim, you don't understand. She said, I grew up poor. I've always been poor my whole life. I barely scraped together the Money to afford to talk with you and to be in your program. I don't know anybody with money. I said, that's okay. I want you to suspend that belief for a minute. I'm going to send you this form. I want you to go through it, I want you to go through it carefully, and I want you to read each one. And I want you to come up with some people that you think might be private lenders for you. Okay? She did that, she sat down, she went through it, she came up with three people, only three people out of this big, long list as to people who might be private lenders for her, only three. She went that same week and she presented her transaction, her deal, to all three of those private lenders. And all three of them agreed to loan her the money. Yeah. Wow. This from a person a week before that said, I don't know anybody who can be a private lender for me. I don't know anybody with money. So again, you have to do this process. The process works, but you've got to have faith in the process and you've got to actually do it. Now, as you go through this list, you can see it starts out with what the police officers call the usual suspects. Parents, grandparents, sisters, brothers, aunts, uncles, cousins, relatives, things like that. And then it goes on to other people you might know. Again, the purpose of this is to jog your memory about people with whom you have specific relationships. That way you can think about that person, you can put a name with that relationship. Okay. That's what it's for. By the way, if there's two of you, if you have a spouse or you have a business partner or something like that, I suggest that you do this process together at the same time, because you'll often inspire each other to come up with other people that you might know, your partner might know, people that you have forgotten about, and vice versa. Okay? So make sure you do this now. Again, as you go through this list. It sounds pretty reasonable. And then it gets weirder and weirder as you go through the list. You know, optometrist, jeweler, dentist, pediatrician, a neighbor. And then it gets even weirder. People we met camping, people who repaired our TV, people we went to the races with, the JC's president, people we pay bridge with, does our income taxes, gave me a speeding ticket or a parking ticket. I have one student who actually was pulled over by a highway patrolman. And being the positive guy that he was, at the end of the process, he got a ticket and he handed the highway patrolman his business card. Well, a couple weeks later, the highway patrolman called him and wanted to do a real estate transaction with him because he needed to sell his house. Yeah, so? So you never know. Okay, Again, it gets weirder and weirder and weirder as you go down the list. But it's important that you go through the list again. Somebody I respect, somebody that people always seem to like, someone who holds a responsible position, that's stressful, wants to have freedom, you know, Again, it just gets stranger and stranger and stranger as you go through the list. But go through the list, it will help you remember and think about people that you know who may be private lenders for you. As you read each one on the left, if you think that they might be a private lender for you, write their name in the box on the right. At the end of the process, you're going to have a long list of people who might be private lenders for you. Again, private lenders are the greatest thing in the world, but you got to go out and find them, okay?