Are you interested in learning how to market yourself as a private money lender in Detroit? If you are in real estate investing or want to be, there are many ways to make money.
It is a difficult industry to achieve success in, but determination and the proper use of your resources are the best tools you have.
Common Ways to Make Money Investing in Real Estate
Common ways to make a steady income with real estate are renting out properties you already own or flipping houses. You probably already know about these methods or are possibly already using them. But the more you diversify your business model, the more you can increase your chances of success in the real estate investing industry.
But what about private money lending? This is basically loaning your own money to other investors so they can buy an investment property. If you have the desire and resources to lend your own money, you’ll need to market your service just as any other business would.
How to Market Yourself as a Private Money Lender
If you are getting into private money lending in your real estate investing business, you will want to consider the following tips and techniques to better market your services.
Talk to other real estate investors. When trying to market yourself as a private money lender in the real estate circles, you’ll need to get to know other investors. This not only opens the door to opportunities regarding selling to (or buying from) some of these investors in the future, but it also gives you valuable insight into how they are succeeding in their business. Many investors are not private money lenders, but some are. Learn the ins and outs of the business by bending the ear of seasoned real estate investors and market your services to them at the same time.
Put up a website. If you are wanting to strike out on your own and build a brand for private money lending, you’ll need to build your own website. It really doesn’t matter which web hosting solution you use, as long as you end up with a professional-looking site. Include a logo for your business to give it an added professional touch. You can include a form on your website to collect prospect names and email addresses. You’ll also want to tap into the power of social media by creating targeted Facebook ads and writing posts as often as possible to let people know what you do and how to contact you.
Place an ad. A popular avenue to make deals in the real estate business is to place classified ads in online communities and traditional newspapers. Well, the same is true when you are trying to market yourself as a private money lender. Placing an ad stating that you are offering “alternative forms of real estate investment funding” is a good way to start. This tells potential investors that you offer other ways to get a loan for investing than a traditional bank or credit union. One of the best places to start marketing yourself as a private money lender in Detroit is Craigslist.
Write an eBook. If you are a decent writer, you can write a short eBook about a real estate investing topic you know well. With an eBook, you can provide links to your business or private money lending website and your associated social media pages. You can also talk about other topics that are of interest to your clientele or prospects. You can offer this eBook for download on your website in exchange for a visitors email address.What a great way to generate leads for your private money lending business in Detroit,Michigan.
Get to know the real estate agents in your area. You may think of real estate agents as your competitors. But they can actually do you a big favor and contribute to your marketing efforts. Just give them your business card and tell them to refer customers to you who cannot afford traditional financing. You’ll be surprised how well you can work with “your competitors!” Make sure to let them know to pass along the benefits of using a private money lender versus more traditional lenders.
Know Your Target Market
These are just a few tips and tricks that you may want to try when learning how to market yourself as a private money lender in Detroit,Michigan. There is no right or wrong way to do it, so long as you learn who your target audience is and find out where they may see your marketing efforts. Test as many marketing channels as you can and then do more of what works.