So you’re not sure if being a Private Lender is right for you. You’re still unsure if this is legitimate. You don’t understand this business. But you know you need to invest. However, you also hate “T & T’s” (Tenants and Toilets), you despise Wall Street and the losses your stock portfolio suffered in ’08 & ’09. While you’ve never heard about Private Lending, you know you need to change how much you have in the stock market. All of these statements probably ring true for you, and you want answers, because now is the time to make a change, before the stock market crashes again!
Here’s how you know if you’re a candidate to become a Private Lender:
1) You’re too busy to actively manage your portfolio – you’ve ‘given’ it to someone who is in the business of managing a portfolio;
2) You think that depositing your funds in a bank and receiving 1% is pathetic! In fact, you know that you LOSE money this way;
3) You have an underperforming IRA and MUST do something different, start by turning it into Self Directed IRA;
4) You’re looking for assets that have consistent returns, and you don’t trust the stock market anymore;
5) You LOVE Real Estate, but have no idea how to rehab a house, nor do you have the time;
6) You’re ready to step up your game this year, and while you may not know too much about being a Private Lender, you’re fascinated by everything you read about it;
7) The idea of being a Private Lender and getting 8%-10% return is so enticing that you forget your fears, and dive into learning more;
8) The concept of “Be The Bank” makes perfect sense. After all, how many landlords do you see that own buildings on every corner, in every town, here in the US? (That’s a trick question: Banks own the buildings, so they’re like landlords to themselves. But they’re banks. They make big money!)
If you resonate with the thoughts of becoming diversified, of stepping-up your game THIS YEAR, of learning something that might be new, of learning about Trust Deed or Private Mortgage Investing, or of just making more money in your portfolio, then yes, you are a candidate. I’ve linked to a bunch of helpful pages and outside resources in this post to help those of you that are on the fence. You have the tools now to decide if you should learn more. So do it!! Aaahhh, but ‘What are my next few steps?” you might be asking. Read on…
1) Find someone you know that’s doing it!
2) Ask them how they started, and what you should do to start.
3) Read EVERYTHING you can find about being a Private Lender, the read my previous post again! Do those steps.
There it is: How to see if you’re a candidate to becoming a Private Lender, and the first few steps you need to take to actually become one! As you learn more about this type of investing through Trust Deed and Private Mortgages, you’ll get more comfortable. You’ll make more money. And MOST importantly, you’ll have security in your portfolio that you’ve never had before.
After all this: What’s the biggest fear you have about becoming a Private Lender? Is it really going to stop you from learning more?? I hope not, but let me know!