EP 191: MINISODE How to Get Over the Fear of Using Other People’s Money
Aug 17, 2021How do you build the confidence you need to work with private money partners? According to host Liz Faircloth, that’s the million dollar question. In an industry where women are overly cautious, it can be challenging to overcome the fears associated with using other people's money in your deals. In today’s minisode, Liz shares six strategies to overcome fear and build confidence when it comes to using other people’s money.
We know that education is critical in anything we do. However, Liz often sees women overeducating themselves on topics like private money. To simplify the process, Liz shares several topics that women should be focusing on when it comes to learning about private money partners, including the difference between debt and equity and how active or passive your lenders need to be. In addition, knowing your market and your niche inside and out will naturally build your confidence and make it easier to answer the questions private lenders tend to ask.
Tune into this week’s minisode to learn more about Liz’s six surefire ways to build the confidence you need to incorporate private money partners into your deals.
Quotes
• “So how do you build your confidence? That’s the million dollar question. And how do you do it in a way that doesn’t take 10 years?” (2:58-3:04)
• “Equity can be a great tool and so can debt, but you need to know the differences, and you need to know the differences between active and passive as you’re educating yourself.” (04:46- 04:54)
• “If you're not confident in your area, you’re not confident raising private money, you’re not confident in the team, of course you're going to have a ton of fear….So, you want to mitigate your risk and you want to make sure you’re educated and you know your market inside and out.” (05:14-05:30)
• “You don't need to know everything, but you need to know enough to speak about it confidently and also to present deals to private money partners.” (05:50-06:00)
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