Scott Dillingham: 00:21

Welcome to the Wisdom Lifestyle Money Show. I'm your host, Scott

Scott Dillingham: 00:24

Dillingham. So today I had a great experience. I was at a Wealth Genius event presenting to I mean, they sold more than 1100 tickets, so I don't know how many investors were in the room, but A

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lot 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. We don't want you to have these problems. So I started off my presentation with a question.

Scott Dillingham: 01:06

So I'm just gonna go through the presentation as if I'm presenting to

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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?

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So if if you're somebody that has not had experience with braces, you're thinking, you

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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 the stuff, right?

Scott Dillingham: 01:38

So it it makes sense that

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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?

Scott Dillingham: 02:10

And the thing is, is a lot of it has to do with referrals. Right? If somebody who's a friend or a family member or close to you, someone that you trust, says use this person for x y z service, we say okay, I trust you, let's do it. But that's not the best advice, right? 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 gonna understand your multi family property investing needs and goals.

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Even if it's not multi family and it's just a regular investment property. Tom's not gonna 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: 03:04

There's so much online, there's so many people claiming to be an expert, they sell courses, you can buy them couple grand, you know, for the course. But the thing is when you really dig deep, you find out they live in their mom's basement. They don't even practice what they preach. Anybody can hop on social media and make videos, even podcasts like this one. Okay?

Scott Dillingham: 03:25

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. That's part of one of my tips that I'm going to share with you here in a second. So tip number 1 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.

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Slow down. That's tip number 1, slow down. Quite often, waiting a day or 2 to decide if you're gonna use somebody is not gonna be detrimental to the success of your deal in your overall portfolio. Waiting a day or 2 is smart, so you can do some extra due diligence and make sure that people, the team, the referral, whoever it is that you wanna work with, to make sure that they are good for you. Okay, so tip number 2, I kind of already sneaked out there was asking the right questions.

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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? Have you purchased this product that you're suggesting to me as well? Right?

Scott Dillingham: 04:43

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 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 to ask yourself and that question is, are they actually an expert? Again, like I mentioned with social media and anybody, right?

Scott Dillingham: 05:08

Anybody can do a podcast, anybody can do a YouTube video. 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 you rather work for a lender or sorry.

Scott Dillingham: 05:29

Not work for a lender, but

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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

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you an example. Experts on our team, our developers that are on our mortgage agent team, have developed over 1 sorry, let me rephrase something. They haven't developed. They've reviewed and or developed up to 1,250,000,000 in deals before they joined us as lenders. 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 one doesn't make sense, this one does.

Scott Dillingham: 06:15

I will move forward with this one. But 1,250,000,000 of deals hit combined, because we have 3 developers on the team, combined

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hit their desks that they've reviewed. Now, can you imagine the expertise and the added value a developer is gonna 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 gonna 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.

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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 I found in

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the area that should be able to help us. And one of

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the ones she called was like, you know what? We've we've already seen this deal. We declined it. And Jennifer's like, why did you decline it? And they're like, we don't we don't do land deals.

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So it was about a $10,000,000 deal. Jennifer's like, this is not a land deal, and she explained the deal

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to them, how was service, and all these different things, and what was needed for the product to be complete. And the lender's like, oh my god. Yeah. This is a deal that we can do. So, really, because this prominent 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.

Scott Dillingham: 07:53

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 and time, full disclosure, we don't have an official approval, but the lender's very interested, they're running the numbers, and it appears like we're gonna have the approval. Okay, so I just wanna clarify that. I don't like misleading anybody. Okay, let's talk about buying in the States, right?

Scott Dillingham: 08:19

If you're buying in the States, do you want to tap into all 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 wanna get your financing from somebody who could do it, or who they have 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: 08:51

Right?

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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

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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 very very different, okay, than most investors, right? So, let's say you like multifamily investing, right? Do you wanna go to a lender that can just facilitate the financing for you?

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And who knows what pitfalls you might face or would you rather work with a team? In full disclosure,

Scott Dillingham: 09:34

I did not ask everybody on my team, I only asked a few people on my

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team, but the investor mortgage agents on my team have had over 1800 tenants during their investing history.

Scott Dillingham: 09:47

1800. 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 gonna say there's probably a couple hundred more that I have not even accounted for here. But you wanna work with experts that have this many tenants so they can advise you on different things you should be aware of.

Scott Dillingham: 10:12

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, 100 of units, right? Like, hun and I'm not joking, 100 of units. What about flipping, right?

Scott Dillingham: 10:28

Absolutely, 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? 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: 11:20

Right? So next step, how do you build your team? Honestly, just check the show notes. Poke 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: 11:30

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. Actually, this is the first time I'm publicly talking about it. It was my presentation this morning and then then here now on this podcast. So you'll see that in there, and then you could speak with an expert in those fields

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on my team. So it's super super cool. But,

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just quick tip if you are booking a strategy call make sure that you select the correct service, right? So if you wanna buy in the states, click the states, right? If you're looking for residential, click residential. You want commercial, click commercial. We do see that where customers kind of pick the wrong bucket but we've identified it 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.

Scott Dillingham: 12:25

So I really appreciate you guys as always for listening. If this episode was useful to you, please share it with somebody. It's important. You could be helping them build their portfolio and save 1,000 and 1,000 of dollars in mistakes by building it with the correct lender. I appreciate you guys.

Scott Dillingham: 12:43

Take care.