“Honey, is that a fake Russian policeman at the door?” Ryan Walsh, a hard money lender in New Jersey, wasn’t convinced that going into business with his brother was a good idea after hearing this story. Listen in to hear what happens, what did convince Ryan to get in the game, and how a sibling team took lending to the next level.
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Time Stamped Show Notes:
- 00:45 - Introducing Ryan; a hard money lender in New Jersey
- 01:05 - Hard money lenders are like the modern-day, legal, loan sharks
- 02:00 - How it works; they’re like venture capitalists that work in real estate
- 02:55 - Ryan’s CSIRE story
- 03:30 - He is partnered with his brother, who started in property management; 5 years ago his brother wanted him to join his real estate business
- 04:55 - A Russian guy worked with them and tried to pick up a tenants 13-year old daughter; he got fired and came back in a fake Russian police uniform
- 06:30 - He showed up at his brother’s doorstep saying he was owed money; his brother called the police
- 06:45 - His brother later gets a small claims court letter; he goes, tells the story, and they tell his brother to pay the guy half what he thinks he is owed
- 07:45 - This is the story his brother tells him to convince him to join the business
- 08:15 - Another CSIRE story
- 08:20 - Years later, his brother got into lending and had time and freedom; this was attractive to Ryan and he jumped in
- 08:40 - His first deal was a triple Daisy Chain, which is when a property exchanges hands 3 times without any move-ins
- 12:05 - How to reach Ryan: (201)345-1036 firstname.lastname@example.org; they operate from D.C. to New Jersey and have a network anywhere else, too
3 Key Points
- Hard money lenders are like venture capitalists for real estate.
- Daisy Chains can happen!
- Defend yourself.