Friday, May 28, 2010

Potential Private Lenders

Let's face it, the reason most investors don't have any
private lenders is fear. It's as basic as that. It's a fear
of the unknown. How do I know that? I've been there
too. I was comfortable doing things the way I had always
done them. I went to the bank, I jumped through their
hoops of proving I was qualified for their loan, they gave
me the money, and I paid them back the way they said. It
was a familiar routine in my business of buying and selling

However, when I became a full-time investor and wanted
tons of quickly accessible cash, the bank's painstakingly slow
process was no longer acceptable.

Even when I knew for certain what I wanted, I procrastinated.
I was not able to do nearly as many deals as I wanted
because I waited so long to take action. The thing is, if there
is something you are afraid to do, you can always find a
reason to not do it.

Sometimes we won't even admit to ourselves that we are
afraid. We just can't get to it because we are too busy, too
tired, or focused on other "more important" issues.

But then, that didn't solve the whole problem. I was still too
shy to approach people who I knew would benefit from my

I remember sitting in my doctor's office and being too
uncertain of myself to tell him about my program. I didn't
have the nerve to ask for the money. That day, we both lost.
I wanted money to run my business and he missed out on
earning a tremendous interest rate.

Once I recognized what was holding me back, I became
educated in learning how to get what I wanted and how to
handle private funds once I got them. That gave me the
foundation of knowledge.

I am so grateful today that I got a solid real estate education
so I can now confidently let potential private lenders know that
I have a great opportunity for both of us!

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