Our guest for this episode is Kevin Dureiko. He is the founder and fund manager of Birch and Dobson LLC, a private real estate debt fund located in Connecticut. Kevin will share with us in this episode the story behind their fund and how he first got into real estate through commercial lending.
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Kevin will also share his observations and realizations in the lending industry during this pandemic and how things impacted the industry and their business. He will give tips on making a pitch deck that will catch the lender’s or operator’s attention. He’ll elaborate on how their marketing changed as Covid started unfolding. Listen now and learn from Kevin’s experience in the lending industry!
Key Points From This Episode:
- Kevin relates the story behind the name and origin of his fund, Birch and Dobson.
- Why did Kevin choose to get into real estate through private debt?
- Kevin shares some tips on how to do a pitch deck that would merit the lender’s approval.
- Where do things sit today in the lending industry in the middle of Covid?
- The pandemic helped Kevin realize who they were competing against, which changed their marketing strategy.
- Kevin shares how the pandemic got them more focused on social channels.
- What does he see happening in the industry as we head into 2022?
- This year, Kevin wants to get into more mid-market deals where there’s a lot of value add.
“If somebody puts the time into putting the pitch deck together that I can understand, articulate and figure out what’s going on and within five, ten minutes, that’s the deal that I’m gonna look at, the other ones are basically gonna have to go on the back burner or bad enough, they’re going to the trash.” [00:07:19]
“When Covid first hit, nobody honestly knew what was gonna happen, so the lenders that were basically backed by Wall Street and big bank money, the money just disappeared. I would have frantic phone calls, ‘Hey, can you save this deal by next Tuesday?’ Being the Thursday beforehand, it’s like 14 days to underwrite, and you’re trying to get me to close in four. It’s just not gonna happen. I watched a lot of earnest deposit money, I watched a lot of just general money just disappear in like the first six months of what happened during Covid, and then we really got to see who is controlling the money.” [00:08:27]
“In the syndication space, my job is to lend money for syndicators like you to provide good homes for people at a rate that they can afford.” [00:11:54]
“We’ll wait, like everybody else. Not make anything too crazy. And then continue to reach out to capital investors that want to invest in our funds and just go from there. We know what we can provide, we won’t know what the Fed’s gonna do, so we’ll just sit around and we’ll wait for that.” [00:15:55]
Links Mentioned in Today’s Episode:
About Kevin Dureiko
Kevin Dureiko resides in eastern Connecticut with his wife Valerie and their young son Dallas. As a family, they enjoy the outdoors and travel, and are actively engaged in their community and church.
He is the founder and fund manager of Birch and Dobson LLC, a private real estate debt fund located in Connecticut.
Birch and Dobson was founded in 2007.
Kevin’s objectives as the Fund Manager are to source property secured investments that produce returns as expected by his capital investors. The fund and Kevin raise capital from accredited investors to place or purchase senior mortgages on investment real estate. A new $20,000,000 fund (Birch Dobson Lending Fund LLC) will begin taking subscribers in Q1 of 2022.
The main focus of the fund is lending to real estate investors with mortgages in the first position on value add syndicated multifamily properties, non-syndicated multi-family, and 1-4 family.
In addition to fund manager, Kevin is also retained by a $20B hedge fund as a monthly consultant to the private lending industry. This relationship is now on its fourth year.
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