Brain Pick a Pro Podcast

In this episode, we have Keith Baker from The Private Lender Podcast. Keith's podcast is about providing knowledge and insight from successful lenders, real estate investors, and other professionals that enables successful lending.

In today's show, he talked about private lending, things he looks at when making a deal, note servicing, and a lot more.

Topics:

• Who Keith is
• How he got into private lending
• What The Private Lender Podcast is all about
• On the mechanics
• Things he looks at when doing a deal - the people - the process - the property
• On financing deals
• Recommended RMLO
• On third-party note servicing
• Recommended note servicing
• What he looks for in a person when doing deals
• What he looks for in the process
• What he looks for in a property
• About the property
• About equity participation
• On using self-directed retirement accounts

Quotes:

• "It's not always win win win. Sometimes, you're going to lose money.
• "It's a business. It's a grind."
• "You got to do in real estate what you enjoy doing. Otherwise, you won't be in it very long."

In this episode, Larry invited Paul Ritter. With over 25 years of experience in the mortgage and credit enhancement industries, Paul Ritter has developed a software which invokes mortgage-underwriting guidelines that is very useful for anyone looking to buy a home, wants to run "what if" scenarios, and is especially useful for lease option transactions.

He has formerly owned and operated several mortgage companies. He is currently the owner of Credit Investigation Service that specialises in credit enhancement for the real estate industry. He also owns a screening company which provides the front-end piece to evaluate potential tenant/buyers. He is also an expert in building business credit.

Paul is FICO certified, an expert in his field, and a national sought-after speaker.

Topics:

• The ultimate lease option strategy

  • Screening service

  • Credit repair

• Types of seller financing

• His services and how they work

• How investors can benefit

• Debt-income ratio worksheet

• On credit repair

• On tenant screening

• Why lease option is valuable

• Script on what to say to a prospective tenant buyer

Quotes:  "My job is to tell you how long is it going to be for them to be mortgage ready and what needs to happen in order for them to go from where they are to where they need to be." "You don't want to set them up to fail. You want to set them up to succeed."

Robert Syfert has been in real estate full time for about 4-5 years now. For over a decade, Robert has been involved in all aspects of real estate. His introduction started in the early 2000s, working as a loan officer and eventually coming to own his own branch. From 2007 to 2014, Robert was an investment advisor in charge of portfolios valued in excess of $2 million and he personally handled more than 300 estates.

It was natural with this background that Robert found a passion in real estate investing. He began investing in real estate throughout the Detroit Metro area. Within a short time, his portfolio grew to over 30 rental properties to now where he has sold over 220 investment properties, and managed over 400 rental units. Real estate investing is his full time profession.

After years of being one of the leaders in the real estate investing industry Robert started Investorpo to offer investors access to the tools, processes, and talent needed to succeed in today's competitive investing industry.

Topics:

• Robert's background
• What his team looks like
• Buying over the phone
• What his VA does
• On hiring people
• Their typical deal
• Their system
• How he compensates his acquisition people
• Finding their boots on the ground people
• Ways to find your boots on the ground people
• Tasks of a boots on the ground person and how they are compensated
• Making their phone ring
• About InvestorPO
• On automation
• Advice for people who are new and those who are scaling their business

Quotes:

• "He is basically separating the suspects from the prospects and then pushing them out to the right person."
• "Everyone is a sales person."
• "Nothing will stop you to get started."
• "The fortune is in the follow-up."

Mitch Stephen is a self-taught real estate entrepreneur. He has purchased over 1000 houses in and about his hometown of San Antonio, Texas. He specializes in owner financing properties.

He has also perfected a method of achieving cash-flow without having to be a landlord and without having to rehab properties. Mitch has also mastered the art of raising private money and the classic "Nothing Down" deal. He has pioneered the idea that you don't have to give discounts to sell your notes.

Topics:

• Who Mitch is
• How he got into real estate
• On continuous learning
• His main strategy
• The downside of not being a buy and hold guy
• How he makes up for depreciation
• On starting a hard money loan business
• The hardest thing for a person to do in terms of private money
• Protecting his lender
• On refinancing
• Downpayment he usually requires
• Where he finds most of his deals
• What his team consists of
• How he pays his acquisition people
• On servicing

Quotes:

• "You never stop learning in this business."
• "You don't know what you don't know."
• "It's amazing when you make up your mind that that's how it's going to be, then it starts happening."

Michael Blank is a full-time entrepreneur, investor, author, coach, and leading authority on apartment investing in the United States. He has helped students buy over 2, 000 units in multifamily investing. He is passionate about helping people become financially free in 3-5 years by investing in apartment building deals with a special focus on raising money.

Through his investment company, Nighthawk Equity, he controls over $24 million in performing multifamily assets all over the United States and has raised over $6 million. He is also the author of the new best selling book, "Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate – Even Without Experience or Cash."

Topics:

• Who Michael Blank is

• How he got started in real estate

• The reason he wrote his book

• The law of the first deal

• Why he prefers multifamily over single family

• Who multifamily or apartment investing is for

• Getting started with apartment investing

• 2 major things one should overcome:

  • lack of experience

  • lack of money

• Using the right language

• Building a team around you

• Raising money proactively

• Finding deals

• Capitalization rate

• Different cap rates

• Buy and sell investor versus buy and hold investor

• Different classes of properties

• Finding a good property manager

• His thoughts on student housing

• Steps you need to do in the first 90 days

Quotes: "It doesn't really matter what size you start up." "Using the right language which you get through the education." "You can do stuff without having your own cash." "Real estate is a numbers game."

In this episode, Larry invited a friend who is a private money guy. Jay Conner has rehabbed 300 houses over the last 14 years. He has also been involved in over $52 million in transactions.

Jay has completely automated his 7-figure income business to the point where he only works 10 hours per week. This has been his setup for the past 7 years. Jay is a leading expert on private lending and is a contributing author to the best-selling book "Real Estate: Getting Deals Done In The New Economy."

Topics:

• Jay's backstory
• On rehabbing 300 houses
• How he started with traditional funding
• Discovering private money
• What private money is
• Different ways of doing private money
• 3 main categories where you can find private money lenders
• Creating his private lender data feed
• One way he doesn't have to ask for money
• Why you should not put money in a house you don't own
• On doing a private lender luncheon
• On doing business with private lenders
• Reasons for using private money
• Rundown of the different terms
• Credit repair program
• What his typical deal looks like

Quotes:

• "It's a whole lot more fun to start up a company than it is to shut down a company."
• "Go where the money is."
• "Don't put money in a house that you don't own."

Tom Olson is a very active real estate investor working in the Northwest Indiana Area. Tom is also the owner of Good Success Mastermind, a mastermind group for elite real estate investors.

Tom and his teams at Olson Group provide lending, turnkey, and active turnkey investment opportunities to today's smart investors. Tom and his teams manage his rental portfolio which includes traditional rentals and short-term vacation rentals.

Tom has been a real estate entrepreneur for over a decade now and has been a part of over 1, 500 real estate transactions. Tom and his team at Good Success lead the Community Go Giver event each year to help showcase how people like Tom and companies like Olson Group are having a positive impact on their community and to also encourage other real estate investors to do the same.

Topics:

• How he got into real estate investing

• On having the right mindset

• Working in construction at a very young age

• How the crash affected his construction business

• On moving to Gary, Indiana

• Implementing EOS

• What EOS does for your business

• 3 main departments in a business:

  • Sales

  • Operations

  • Finance

• The BRRR method

• Turnkey versus active turnkey model

• Where he is getting most of his deals from

• What his team looks like

• What Good Success is all about

• What stewardship is

Quotes:

• "You can do this on your own with your own personal residence when you start if you have the right mindset."
• "Momentum is the key."
• "Business is all about the people."
• "I would rather have 10 ways to find 1 property than only 1 way to have to find 10 properties."

In this episode, we invited Troy Fullwood. Troy Fullwood is a real estate investor known throughout the United States for his speeches, workshops, and seminars. He has been traveling all over the country to teach people how to invest their money and get out of financial constraints.

He shared what's going on in the notes space as well as some valuable knowledge in real estate investing.

Topics:

• Who Troy Fullwood is and how he started
• What NPL is
• How he developed a relationship on Wall Street
• Buying NPL
• His mantra
• What matters most to him
• All about the notes space
• Why he chose the notes space
• Some of the challenges he encountered
• Designing your note so it will be sellable
• On having a plan B
• Making sure your loan is Dodd-Frank compliant
• Finding RMLO
• Servicing laws

Quotes:

• "Stay hungry. Stay humble."
• "You can never buy time."
• "Create a note so that you have an exit strategy."

In this episode, Larry talked to his friend, Eddie Speed. Eddie has dedicated his professional life to the seller financing and non-performing note industry. Over the years, he has introduced innovative ideas and strategies that have positively impacted the way the industry operates today.

Eddie founded NoteSchool, a highly recognized training company that specializes in the teaching of buying both performing and non-performing discounted mortgage notes. He is also the owner and president of Colonial Funding Group LLC, which acquires and brokers discounted real estate secured notes.

In addition, he is also a principal in a family of private equity funds that acquires bulk portfolios of notes. He has been a leader and innovator in the note business for over 30 years now.

Topics:

• Moving from an automatic no to yes

• Who Eddie Speed is

• How he started buying notes

• Understanding the note market

• The kind of changes he witnessed over the years

• What he's doing in today's market

• Other ways of getting the same effect with zero interest

• Different ways of structuring zero interest

• Why he is not a big fan of land contracts

• The kind of marketing for seller financing

• Buying and selling properties on terms

• Financing zero percent

• Note Architect Software

Quotes:

• "We serve the best when we like something we are doing."
• "Trees don't grow to the sky."
• "You have to believe that it can be done."

Links:

• NoteSchool
• Note Architect Software - Referral Code: Goins

In this episode, we invited Lane Kawaoka from Hawaii. Lane is a Licensed Professional (PE) Civil/Industrial Engineer, entrepreneur, and expert real estate investor. He is the co-owner of MPFE Investments and host of the real estate podcast "Simple Passive Cash Flow Fund."

Topics:

• How he got into real estate
• The 50% rule
• What capex is
• On Return on Equity (ROE)
• Networking with other investors
• Investing passively
• Finding someone you want to invest with
• Limited partnership
• Things to look for when looking at a sponsor
• His deals
• On assisted living
• Doing syndication
• Structuring the returns for their passive investors
• Accredited and sophisticated investors
• His advice on how to look for this type of deals
• Recommended conferences

Quotes:

• "Get up and fly to a conference."
• "Figure out what you have to work with."