Welcome to the Wisdom Lifestyle Money Show. I'm your host, Scott Dillingham. So today I had a great experience. I was at a Wealth Genius event presenting to, I mean, they sold more than 1,100 tickets. So I don't know how many investors were in the room, but a lot
Scott Dillingham:of people. So they invited me to speak and I was speaking about empowering investors for the right team. And I thought, you know what? Like I need to do a podcast about this because so many investors do not use the right team and they make all these mistakes and I see it time and time again. And really we want nothing more for the investor to succeed.
Scott Dillingham:We don't want you to have these problems. So I started off my presentation with a question.
Scott Dillingham:So I'm just gonna go through the presentation as if I'm presenting to you for the first time. Okay. So the question I have for you, kind of a silly question, but would you go to your dentist for braces? Now, a lot of people, even people in the room today, some of them thought maybe, right? So if you're somebody that has not had experience with braces, you're thinking,
Scott Dillingham:you know what, maybe you do go to a dentist. Right? Dentists are used to working in your mouth. They're used to small tools, devices getting in crevices, like all this stuff. Right.
Scott Dillingham:So it makes sense that a dentist could do braces, but for those that have had braces and, and or family that has had braces, you know, it's an orthodontist that you go to, you go to a specialist for your braces, not the dentist. Okay. But the problem with so many investors is we partner with unqualified people. So the question is why do we partner so easily with unqualified people? And the thing is, is a lot of it has to do with referrals, right?
Scott Dillingham:If somebody who's a friend or a family member or close to you, someone that you trust says use this person for XYZ service. We say, okay, I trust you. Let's do it. But that's not the best advice. Right?
Scott Dillingham:Let's say your best friend says, Hey, use Tom. Tom's the best realtor around. Tom helped me find my house. It was awesome. And Tom might be the very best realtor for a homeowner, but Tom is not going to understand your multifamily property investing needs and goals.
Scott Dillingham:Even if it's not multifamily and it's just a regular investment property, Tom's not going to get it. It's not Tom's specialty. So that's, that's the thing. So we need to really sit and think and try to understand where these recommendations are coming from. And if they're actually applicable to us.
Scott Dillingham:There's so much online. There's so many people claiming to be an expert. They sell courses. You can buy them a couple grand for the course. But the thing is when you really dig deep, you find out they live in their mom's basement.
Scott Dillingham:They don't even practice what they preach. Anybody can hop on social media and make videos, even podcasts like this one. Okay. So please, when you guys are hearing stuff out there, do your research, ask the right questions. And I don't want to get into questions yet.
Scott Dillingham:That's part of one of my tips that I'm going share with you here in a second. So tip number one that I have when you're building your team. And again, it doesn't matter what service you're looking for, whether it's realtor insurance, mortgage people like me and my team, right? Like it doesn't matter. Slow down.
Scott Dillingham:That's tip number one, down. Quite often waiting a day or two to decide if you're going to use somebody is not going to be detrimental to the success of your deal in your overall portfolio. Waiting a day or two is smart. So you can do some extra due diligence and make sure that people, the team, the referral, whoever it is that you want to work with to make sure that they are good for you. Okay, so tip number two, I kind of already sneaked out there was asking the right questions.
Scott Dillingham:So by asking the right questions of the service provider, you can really gain an understanding of where their mind is at. And if they are an investor just like you. So ask somebody. How many rental properties have you owned? Have you done this strategy that you're promoting to me?
Scott Dillingham:Have you purchased this product that you're suggesting to me as well? Right. These are good, solid questions that you should be asking that people just are not asking nowadays. They're just taking a simple referral and running with it, but it's a big mistake.
Scott Dillingham:And this is where I see so many investors fail. Okay. So I have a third tip and it's a question that you need
Scott Dillingham:to ask yourself. And that question is, are they actually an expert? Again, like I mentioned with social media and anybody, right? Anybody can do a podcast. Anybody can do a YouTube video.
Scott Dillingham:Are they marketing or are they an expert? That's what you have to sit back and decide for yourself because the truth is most people are marketers. Now let me elaborate. Let's say you're developing a property. Would
Scott Dillingham:you rather work for a lender or sorry, not work for a lender, but would you rather go to a lender? Who's maybe done some mortgage financing for developers or would you rather work with a mortgage agent team that is also real estate developers? Let me give
Scott Dillingham:you an example. Experts on our team, our developers that are on our mortgage agent team have developed over one. Sorry, let me rephrase that. They haven't developed. They've reviewed and or developed up to 1,250,000,000.00 in deals before they joined us as lenders.
Scott Dillingham:Now those deals to clarify, right? They didn't develop all of those, but they came across their desk and they could have pulled the trigger or they didn't and they reviewed these deals and said, no, this
Scott Dillingham:one doesn't make sense. This one does. I will move forward with this one. But 1,250,000,000 of deals hit combined. Cause we have three developers on the team combined hit their desks that they've reviewed.
Scott Dillingham:Now, can you imagine the expertise and the added value, a developer is going to give you on top of your mortgage financing. It's massive. And I got a perfect example. There's this prominent broker and I'm not going to
Scott Dillingham:say their name, but they're out West and they do a lot with multifamily and new construction for investors. There was this deal that they tried to process. The town that it was in was a bit rural and they couldn't find a lender. And then Jennifer on our team was introduced to the client and I gave her, you know, a list of lenders who I found in the area that should be able to help us. And one of the ones she called was like, you know what, we've already seen this deal.
Scott Dillingham:We declined it. And Jennifer's like, why did you decline it? And they're like, we don't do land deals. And it was about a $10,000,000 deal. Jennifer's like, this is not a land deal.
Scott Dillingham:And she explained the deal to them. How was service and all these different things and what was needed for the product to be complete. And the lenders like, Oh my God. Yeah. This is a deal that we can
Scott Dillingham:do. So really because
Scott Dillingham:permanent lender that does a lot of this type of lending, they don't understand the development process. They weren't able to communicate properly with the lender and that made them get their client's deal declined. And the client came to us and with the experience and expertise of having a developer on your side, they understood the project differently. And that moved things forward. Now at this date in time, full disclosure, we don't have an official approval, but the lenders very interested.
Scott Dillingham:They're running the numbers and it appears like we're going to have the approval. Okay. So I just want to clarify that. Don't like misleading anybody. Okay.
Scott Dillingham:Let's talk about buying in The States, right? If you're buying in The States, do you want to tap into all of these lenders that are coming out of the woodwork because buying in The States is such a giant wave of investors are going to The States. Do you want to get your financing from somebody who could do it or who they happen to partner with somebody to do it? Which honestly causes the fees and stuff to be quite high when you have external partners. But would you rather do that or would you rather work with experts on our team who have a combined 20 plus properties owned in The States already?
Scott Dillingham:Right. So you and from Canada. So you want to partner with somebody on my team over somebody random because again, they're experts. So that is the one thing that we try to do is whatever niche of a mortgage we're trying to offer to customers. We want our teammates to be able to say that they invest in that same product.
Scott Dillingham:Very, very different. Okay. Than most investors. Right. So let's say you like multifamily investing, right?
Scott Dillingham:Do you want to go to a lender that can just facilitate the financing for you? Who knows what pitfalls you might face? Or would you rather work with a team in full disclosure? I did not ask everybody on my team. I only asked a few people on my team, but the investor mortgage agents on my team have had over 1,800 tenants during their investing history.
Scott Dillingham:1,800. And again, that's not even the whole team. There's so many more. I bet you probably because one of my other really experienced mortgage agents, she does a ton of student properties and I didn't even include her. So like, honestly, I'm going to say there's probably a couple 100 more that I have not even accounted for here, but you want to work with experts that have this many tenants so they can advise you on different things you should be aware of.
Scott Dillingham:Right. Student rentals. And I already touched upon her, but we have experts in that niche too. Purpose built or properties that were renovated into student rentals. We've got it hundreds of units, right?
Scott Dillingham:Like hun and I'm not joking. Hundreds of units. What about flipping? Right? Lutely.
Scott Dillingham:We have flipped properties on our team and doing current active flips right now and work with special flipping experts that have courses and we educate them. And there's just so much that we do and extra value because we're investors first. So that's very, very important. Right. And where, where do we do this?
Scott Dillingham:Obviously we're in Canada. We've been in Canada for years, but we lend in USA as well and Mexico on top of Canada. So we're really North American wide lenders specifically geared towards and tailored towards real estate investors. So if you are a real estate investor or you're hearing this for the first time and you're, you're maybe not an investor, but you know, people that are, send them this episode, let them hear this. Right.
Scott Dillingham:Right. So next step is how do you build your team? Honestly, just check the show notes. Book a strategy call with someone on my team. When you click that strategy call link, it has a couple of different services, right?
Scott Dillingham:It's got residential, it's got commercial, it's got American based lending. It's got the development. The Mexico lending will be on there shortly. Currently it's soft launch. We haven't officially made it public.
Scott Dillingham:Actually, this is the first time I'm publicly talking about it. It was my presentation this morning and then that here now on this podcast. So you'll see that in there and then you could speak with an expert in those fields
Scott Dillingham:on my team. So it's super, super cool. But
Scott Dillingham:just quick tip. If you are booking a strategy call, make sure that you select the correct service. Right? So if you want to buy in The States, click The States, right? If you're looking for residential, click residential.
Scott Dillingham:You want commercial click commercial. We do see that where customers kind of pick the wrong bucket, but we've identified a very clear, so just pick the correct one. You'll get the right expert to speak to, and then they can help you on your investing journey. So I really appreciate you guys as always for listening. If this episode was useful to you, please share it with somebody.
Scott Dillingham:It's important. You could be helping them build their portfolio and save thousands and thousands of dollars in mistakes by building it with the correct
Scott Dillingham:lender. I appreciate you guys. Take care.