Part of this program is we're going to be doing a whole teleseminar course on defining your private lending program, meaning all of the various factors that are involved, not just interest rates.
Obviously, that's part of it.
You want to know the terms that you're going to use.
Are you going to short-term, long-term? Are you going to offer different pieces of collateral, just real estate, or personal pledges, or all the various other pieces that might be involved? Loan to Value Ratios We're going to talk about loan to value ratios.
What loan to value ratios are you going to lend up to 7% to 80%.
Believe me, there are 10 or 15 different elements that you need to think through and work through to develop your unique private lending program.
It might be similar to mine.
That's up to you, but it will be a program that is yours, and you need to think it through.
As part of that call I will probably give you a number of pieces of homework that you would do.
You would address all these various issues so at the end of those calls, you would have a very well-defined private lending program that you could then talk to other people about and tell them, "I'm going to offer this interest, this term, this collateral," and just go down the list of various pieces that you're going to offer private lenders.
Group or Individual Presentations Are you going to do group presentations or individual presentations? You need to figure out what your strength is.
If you're comfortable talking in front of groups, that's wonderful.
That's a very powerful way to get started.
If you can talk to elderly groups, professional groups, accountants, any of these types of things, small groups of 5 people, 10 people, you can get up to 20 or 30 people.
Just try to get in front of as many people as possible.
Obviously though, most people are not going to be interested in your program but a few will and those are the few, once you've identified them, you need to kind of nurture those people along and develop those relationships.
Figure Out What Works for You Group speaking is something some people are comfortable with.
Others are not.
That's fine.
You need to figure out what works for you.
If you want to do one-on-one or smaller networking types of relationship meetings, that's fine.
Again, as I said I have migrated from group meetings to one-on-one meetings.
I've just found it better.
I find my closing ratio is much higher when I can do a one-on-one type of thing.
Again, whatever works for you.
Obviously, that's part of it.
You want to know the terms that you're going to use.
Are you going to short-term, long-term? Are you going to offer different pieces of collateral, just real estate, or personal pledges, or all the various other pieces that might be involved? Loan to Value Ratios We're going to talk about loan to value ratios.
What loan to value ratios are you going to lend up to 7% to 80%.
Believe me, there are 10 or 15 different elements that you need to think through and work through to develop your unique private lending program.
It might be similar to mine.
That's up to you, but it will be a program that is yours, and you need to think it through.
As part of that call I will probably give you a number of pieces of homework that you would do.
You would address all these various issues so at the end of those calls, you would have a very well-defined private lending program that you could then talk to other people about and tell them, "I'm going to offer this interest, this term, this collateral," and just go down the list of various pieces that you're going to offer private lenders.
Group or Individual Presentations Are you going to do group presentations or individual presentations? You need to figure out what your strength is.
If you're comfortable talking in front of groups, that's wonderful.
That's a very powerful way to get started.
If you can talk to elderly groups, professional groups, accountants, any of these types of things, small groups of 5 people, 10 people, you can get up to 20 or 30 people.
Just try to get in front of as many people as possible.
Obviously though, most people are not going to be interested in your program but a few will and those are the few, once you've identified them, you need to kind of nurture those people along and develop those relationships.
Figure Out What Works for You Group speaking is something some people are comfortable with.
Others are not.
That's fine.
You need to figure out what works for you.
If you want to do one-on-one or smaller networking types of relationship meetings, that's fine.
Again, as I said I have migrated from group meetings to one-on-one meetings.
I've just found it better.
I find my closing ratio is much higher when I can do a one-on-one type of thing.
Again, whatever works for you.
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