There are two different types of postcards you can send related to private money: one to your internal list of potential private lenders and one to folks that have already loaned money secured by real estate to see if they might be interested in loaning money on properties you buy.
For both of these mailings, we follow the same basic steps that are described in the Postcard for Private Money Checklist.
In the checklist we walk you through selecting the mailing list you will mail to and preparing the postcard to send.
You can either send the postcards out using the self service US Postal Service or have your mailing house do the mailing for you using the checklist.
Of course, we remind you to remove anyone that is not interested in receiving future postcards from you so that you do not mail them next time you do a mailing.
Until my next post,
James
I think it is best to deal with potential concerns as early as possible and your private lenders may want to know what happens if they run into an emergency. The question and my answer that I want to share with you today from my private lending FAQs deals with that.
The question is: What if I need to get my money back in an emergency before the term is up?
And here is my short answer:
Since I am confident that, with the attractive interest rate I am offering, that I can find another private lender to replace you as a lender, I feel comfortable telling you that if an emergency came up and you needed access to funds, we could replace you with another private lender within 60 days.
Until my next post,
James
Here’s the very next question in our series on private lending FAQs. The question is: What if I don’t like the property you are asking to borrow from me on?
And, here is my answer:
If we present you with a particular property and, FOR ANY REASON, it just is not a good fit for you, then you can pass.
Unlike other investments where you turn over your money to someone and they make the decisions on where to invest it for you, we believe you have the right to cherry pick the best properties for yourself.
If you prefer to lend only on properties in a certain price range, in certain neighborhoods, at certain loan to values, or painted a certain color… that’s fine. You have the right to pass or play on any property we present.
Until my next post,
James
In this post, I continue to provide you with sample answers to questions you will likely need to answer if you are raising private money to use with your own deals. Today, I will be sharing with you the answer to the Private Lending FAQ of: Who pays the closing costs when I lend you money?
Here is my answer:
Just like when a bank makes a loan, they expect the buyer or the seller to pay the closing costs. It is no different when you are the lender, either we as the buyer or the seller of the property will pay the closing costs.
As a private lender, you will never have to pay closing costs.
Until my next post,
James
