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I met with a good friend today. He’s been a private lender for me a few times in the last 12 years.
He’s working on a new business model that requires a web site so I met with him to give him some ideas on things I thought would make it better.
He’s done the same for me over the years.
He introduced me to his new business partner and told him how we met. I had completely forgotten.
12 – 13 years ago, his business was really slow and he made a presentation at a local mastermind that I’m in.
He offered to teach a one day seminar for free to anyone that could get a group of at least 10 people together.I didn’t know him but I thought he would have an interesting talk so I put the word out on the internet about the seminar
I charged $10 to go and rented a hotel conference room69 people came in from all over Texas, Arkansas and Oklahoma…. with a one week notice.
That created some business for him — and we’ve been friends ever since.
Over the years, I’ve referred many people to him and he has referred many people to me.
When he needs help, he knows I’m here. When I need help, I know he’s there for me too.
If I think he is heading in the wrong direction I’d tell him so — and he would listen closely.
If he thought I were heading in the wrong direction, he’d tell me so — and I would listen closely.
If I needed to borrow any amount of money — I could make a phone call and borrow it from him with a 24 hour notice.
This is what relationships are all about. People helping people.
It does not happen over night.
You have to work at keeping it alive.
For all of you looking for find private lenders — my advice to you if to find and build good relationships first.
I can tell you from experience that about 20% of borrowing money from a private lender is the deal itself —
and 80% is the relationship or the “feeling” the private lender gets about you, your experience level, track record for good judgment, and ethics.You can have a fantastic deal — but if they don’t feel comfortable with YOU then you won’t be able to borrow a penny.
Even if the people you have good relationships with do not have any money to lend you, they may have a friend who does.
A referral goes a long way.So… think about what you can do to nurture a good relationship with all the people who come in to your life. There’s no telling what or where it could lead to.
Jackie
Very well said Jackie. I couldn’t agree more.
I really like your comment about 20% numbers, 80% relationship. Yes, profits and yields are important, but people like to invest in people. Especially now with all of the lying and incompentence in other areas where people can put there money, it’s really refreshing for investors to have a person they can trust and depend upon. They’ll bring money back to you again and again. They have with me too.
Customer service and relationships never become outdated or lose value.
Chad
Jackie,
This is what I truly appreciate about this website.
Even someone like me who is wanting to be given a chance to learn RE from some good, honest people who in return are willing to teach you no matter what level you are on.
Thank-you again for the warm welcome and I look forward in meeting you in Tampa.SusanNigh
Hi Susan,
Nice to see you on here. I’m glad to see you’re a member of this site now too. I love Jack’s material and the content on this site; they are awesome places to accumulate the foundations of knowledge you need. They are definitely well equiped to teach people at many levels, including those just trying to start out.Chad Carson
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