Derek Dombeck He is a creative-minded Real Estate Investor that has experience in almost every different aspect of residential real estate. I have also been a hard money lender for many years and I am able to help my clients with the way they structure their deals as we get them the funding they need. I really enjoy teaching and mentoring people and currently run three national mastermind groups along with a networking and advanced strategies event called; Generations of Wealth Voyage, which is held on a cruise ship in the wintertime. Check out GOWVOYAGE.COM
Episode Highlights Here:
Derek:
There are a lot of things that people don’t know about or consider in how to protect themselves if they’re the lender or to protect their lender if they are the borrower.
Pierce:
Let’s talk about the flip side, right? Let’s say you got capital. How do you, private lender? Did you read a book on this?
Derek:
I am currently writing a book on it. And the title is to be determined. So right now, I was approached and decided to write this book because we get this question so often, and it’s designed to be from start to finish. How do you take in the application? How do you underwrite everything? What’s every step along the way? How do you vet the deal? How do you vet the borrower? How do you run the valuations? Do you get appraisals? Do you get BPOS? All these things start to finish. And full disclosure, the book is kind of written to a certain degree to scare away the weak because there is a lot of stuff. I’ll tell you a quick story. I had friends of mine that were pretty new in the business. And they came to me one day, and they said; Hey, we bought this flip. And I said, well, how did you fund it? He said, well, our uncle gave us the money. And I said, What do you mean, he gave you the money? He said, yeah, he’s only charged like 2%. And we’ll just pay him back when we sell the house. And I said, Okay, fantastic. Did you protect your uncle? And they’re like, what do you mean? There’s no mortgage in place, there’s no note in place, there’s no property insurance, naming the uncle, you know, as a, you know, a mortgagee or mortgage or in case the place burns to the ground, what if they get sued, and they get a lawsuit. So they have an unencumbered, accessible, and transparent property that their uncle gave them a whole bunch of money on because of their family, and they did nothing to protect their uncle. So there are a lot of things that people don’t know about or consider in how to protect themselves if they’re the lender or to protect their lender if they are the borrower. And you should want to protect your lender if you’re trying to, you know, cultivate and grow a long-term relationship with a private lender. I don’t care if you do lose $30,000 on a deal. You should make your lender whole every time, no matter what it takes, because that is the lifeblood of your business. And we tell our borrowers all the time you are our second highest priority. Our first highest priority is our investors because, without them, we can’t lend to you. And you know, we’re very blunt about it. So yeah, I’d love to give that book away to your audience. It still needs to be published we’re working on when it’s going to come out in November or December. And so we’ll have some contact information for you just to shoot me an email, and we’ll throw you on that list and send it off to you.
Pierce:
And that’s Derek@bestreifunding.com. Correct?
Derek:
Correct. Yep, perfect.
Pierce:
He will put you on the list for the free E-book titled to be determined but essentially how to be a private lender, how to protect yourself, how to make sure that you crush it, and don’t get crushed.
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About Derek Dombeck
Derek Dombeck He is a creative-minded Real Estate Investor that has experience in almost every different aspect of residential real estate. I have also been a hard money lender for many years, and I am able to help my clients with the way they structure their deals as we get them the funding they need. I really enjoy teaching and mentoring people and currently run three national mastermind groups along with a networking and advanced strategies event called, Generations of Wealth Voyage, which is held on a cruise ship in the wintertime. Check out GOWVOYAGE.COM
