Today on the show we welcome Ian Walsh who is a partner at Hard Money Bankers. Ian is responsible for underwriting loans for a large portion of their market, and he joins us today to give us a glimpse into the mind of a private lender. It is crucial to keep the potential risk in focus throughout the process and he explains why remaining slightly skeptical is wise.
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In the lender role, speculation and guesswork are unadvisable, and Ian walks us through the process of studying the data to avoid overpaying on a property. He weighs in on the anticipated downturn, including how he is preparing for the worst and why he believes it will be different from the 2008 recession. His philosophy of keeping things simple and sticking to what works has certainly paid off, so tune in to learn more!
Key Points from This Episode:
- The impact that reading Rich Dad Poor Dad had on Ian’s perspective on real estate.
- Entering the field on a wholesaling basis and starting a company based on this model.
- Learning that property management is the hardest part of real estate.
- Thoughts on how a private lender should analyze and consider a project.
- Being careful not to overthink and overcomplicate a deal.
- Guidelines to ensure that you are not overpaying on a property, including studying the data.
- Avoiding speculation and guessing as a private lender.
- Where Ian finds the best data and the need for information to be displayed visually.
- Remaining skeptical and always considering your risk in the worst-case scenario.
- Why Ian considers himself to be an investor rather than a banker at heart.
- Being aware of the coming downturn and why it will be different than in 2008.
- Growing on the strengths that have brought you success in the first place.
[bctt tweet=”I don’t like to speculate as a lender. That’s not what I do, I look at the data and go, this is what I have. — Ian @hardmoneybanker” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Ian Walsh
Ian Walsh has been a full-time real estate investor since 2008. He entered the industry by building WeSellHomes2Fix. From there he built a property management company that was sold in 2014. During his time in the Philadelphia investment market, he partnered with Hard Money Bankers and has since underwritten all of the loans in the Eastern Pennsylvania, New Jersey, and Delaware markets.
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