The lending climate with conventional institutions in the current economy certainly does not rule in favor real estate investors or those that are just getting started in real estate investing. More so, the success of your real estate investing business is consistently at the mercy of the lending institution.
The lending climate with conventional institutions in the current economy certainly does not rule in favor real estate investors or those that are just getting started in real estate investing. More so, the success of your real estate investing business is consistently at the mercy of the lending institution.
As a result of the economic downturn, conventional lending institutions are increasing the criteria for lending, an effective private lending credibility kit is essential to taking control of your future. Private lenders are the lifeline to your real estate success and your portfolio should reflect your trustworthiness, your expertise, and your ability to create a win-win situation for both parties.
Tell Your Story
Write a Bio That Speaks: The bio that you include in a private lending credibility kit should tell a story about you, the highlights of your accomplishments, and be written in a conversational style that will create an instant rapport with the potential private lender. Telling your story allows the prospect to connect with your experiences and builds trustworthiness from the get go.
A bio that takes on the form of a generic resume will not only bore the prospect trying to decipher it, but it will also fail to reach your prospect on a personal level. No matter what the industry, people like to know that they are dealing with a real person and not a robot.
Promote Your Company
Project a Professional Image: The background of your company should represent your expertise in real estate and communicate to the potential lenders that they are dealing with a reputable agency.
This page of your private lending credibility kit should tell the private lending why your company stands out from all the rest. Highlight any professional accomplishments, awards, and/or affiliations associated with the real estate industry as well as a company mission statement and future goals for expansion.
Showcase Investment Properties
Create a Picture Portfolio: Include pictures of any previous investment properties along with a short description of the deal and include any private lender testimonials.
If you are new to real property investing, showcase properties that interest you along with a brief explanation of how you intend to acquire the properties and how it will benefit private lenders as well as your company.
Free Expertise
Offer Free Information: Provide examples of free expertise that you have previously offered to potential prospects. If possible include any feedback from the prospects that reflects the benefits they gained from tapping into your expertise. This can include tips and advice on working with private lenders.
Checklist
Show Concern for the Private Lender: Place a checklist in your private lending credibility kit which contains the necessary steps that need to be taken to complete the deal. This not only shows the private lender that you understand the process, but it also shows concern for the private lender's time.
Accreditations and Affiliations
Certifications: Highlight any real property certifications you have received and how it has helped you attain your goals. This can also include any experience with seminars and professional speaking engagements.
Company Affiliations: Include any professional affiliations that your company has earned such as the Better Business Bureau or any Real Estate Association Memberships.
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When I first got into real estate investing I was always using my own money to pay for everything including the 20% down payment of the purchase price, rehab costs, closing costs and all the other cost that came up unexpectly. It did not take long to drain my bank accounts with this plan.
