How to Squash this Common Private Money Getting Objection

September 25, 2009 | By | 6 Replies More

Have you done this with other private money lenders?

(this is an article/video that I put together for our Private Money Blueprint students … I decided to share this with ya’ll since we covered private money in Part 4 of the “How to Become a CIA” creative real estate investing series … enjoy!)

When getting started with private money, what if one of your private money prospects asks you …

“Have you done this with other lenders? If so, could you give me a few names that I could contact?”

How would you respond to that? What would you say?

If you’re like most, you’d probably end up looking a lot like this monkey … fumble on your words … stutter a little bit … and leave your prospect with a not-so-good feeling about you and your investment program …

BUT, have no fear … Patrick’s Here!

… lol … ok, maybe that was a little much … but really …

One of our students asked this question recently so I shot a quick video teaching you exactly what I’d say to handle the prospect’s true concern … their comfort level investing with you …

Click the video below to watch now!

(if reading in your email subscription, click here to watch the video)

My advice to you would be to study the script in the video so that you’ll be ready to fire when a prospect asks you this one …

Let me know how I can help you guys out … put your thoughts, questions, and whatever else is on your mind in the comment area below …

(you gotta check out this email I got last week from one of my students … From Spinning His Wheels to Closing Big Deals … how motivating is that!!)

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Category: Negotiating

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Comments (6)

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  1. Tim Cronin says:

    When you say we answered the question without really answering the question, sounds like good training to be a politician if re investing doesn’t work out. But from what I heard, you did answer the question, and truthfully, If that guy/girl is an investor and understands his/her money will be secured against undervalued re, then they should be sophisticated enough to see the value of your offer. I’d get references from my mentor.

  2. Hey, Patrick,

    Thanks for handling this objection. I get it every time I talk about private money with people. This is the hardest objection to face, because it seems like nobody wants to be your first “victim”. I’m still looking for mine… Anyway, I like the way you handle the objection.

    Patrick Henry

  3. Patrick Riddle says:

    Tim … yeah … I guess a better way of saying it would have been that we handled their underlying objection by answering the question in that manner… don’t know if I’m quite cut out for politics … lol .. I think I’ll stick to REI.

    Patrick … next time to get this objection, let me know how the script works out for you …

    ~ Patrick

  4. Julie says:

    Patrick – this is brilliant! And it’s a question we get asked EVERY time and never actually have a great answer for. We say yes, because we have used private money many times before, but we wouldn’t give people the names of our private lenders. Most of the people we’ve worked with would prefer not to be contacted. This answer addresses the real issue behind the question so it will work for first time private lender seekers and the ones with a bit of experience.

    But it is a really great way to answer their question without actually saying “Nope – it’s my first time but TRUST ME I will take care of you”. haha! :)

  5. Hey Patrick – I like the way you handle it – diverting but addressing the real question at the same time. Good to point out that the deal will/should stand on its feet, and they will have a chance to review it, so the question isn’t really about your skills or experience or trustworthiness, it’s really about whether it’s a good deal, and they can judge that for themselves.
    P.S. I can’t get the “add video comment” function to work. Any advice? does it only work with IE maybe (tried Chrome and FireFox)?
    .-= Eric Schwager´s last blog ..Cupertino and Mountain View among California cities with highest median home prices =-.

  6. Patrick Riddle says:

    Hey Julie … glad you liked it! Brilliant ehhhh … I like the sound of that :)

    Eric … you got that right … they can judge if it’s a good deal themselves …

    I would have loved to see your video comment. I hate that it didn’t work … I tried several months ago and couldn’t figure it out and forgot about it.

    I’ll ask my web dude about it today … thanks for your comments Eric!

    ~ Patrick