How To Survive Recession: The Key Pivots That Will Help You Overcome It

In this episode Dale walks us through the time where the FBI came knocking on his door regarding one of the loans he had underwritten. He takes us through his journey in becoming a mortgage broker, and how to pivot during a market crash by adding different verticals such as being a real estate agent/investor. He gives great insights on the current state of the market. And some of the things people should be thinking about with the amount of uncertainty in the market right now.

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// QUOTES

" Lenders are really creative compared to realtors"

"I stay really calm under pressure because I know I could figure it out. "

"As a realtor I am a dime a dozen. I think that people feel comfortable enough to be vulnerable and open up to me. My ability to connect with people leaves a lasting impression. "

"Sales is great to build something but you are still on the hamster wheel. Investing is the way to get to the next level."

" When networking I focus on quality over quantity. At an event of 400 people I am looking for the 4-5 people that have alignment. The idea is to learn more about them. Ask people if you want to 10X your business right now what do you need to get there. Look for common connections"

"If you are the smartest person in the room. Find another room that you are near the bottom. "

// CONCEPTS

• Being laid off is one of the best things that ever happened to him.
• Being a lender helps him with his real estate team in regards to getting loans
• The difference between a creative solid lender and one who is not is crazy
• Offline and online networking for me go hand and hand
• Note investing: This really works. I am making my 10% and it is truly passive.
• Interest only coming back means we are loosening standards. So be more cautious now

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// TIME STAMPS ⏲

0:00 - Introduction
0:54 - Crazy story
11:00 - Getting people to know like you and trust you propels your career forward
19:00 - The difference between a creative solid lender and one who is not is crazy
20:00 - Creativity skills, something you developed or something you were born with. “I like Problem solving” . I liked figuring out problems
25:30 - Matt’s deal story with Dale
29:30 - When doing an interest only loan calculate based on PITI as well and make sure it still cash flows
30:00 - Out of state real estate purchase in Las Vegas
33:00 - Parallels between previous market crashes and today.
36:40 - Still willing to buy with high interest loans as well as interest only loans
37:35 - Transition from mortgage broker/realtor to investor. He was a bit scared after the mortgage crisis
38:50 - Mortgage note is an investment where you are the lender
46:54 - You are always one relationship away from changing your life.
47:40 - Networking strategies - Go to targeted events
50:30 - The more people you help the more money you make

// TAGS

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