See how Derek Conorton went from facing bankruptcy to building an 8 figure real estate portfolio!
Most people who go bankrupt end up making sob stories out of their situation, let alone get back on their feet. Our guest today not only bounced back, but came back swinging and managed to outdo himself by building an 8 figure real estate portfolio.
His name is Derek Conorton, and he specializes in making deals that are off-market while having an eye for properties that have hidden value which no one else sees. Because he had so much to share with us, we let this episode roll on longer than our usual length of 20-30 minutes. So grab a coffee, strap in and enjoy!
Show Notes & Episode Guide
- 1:30 – Recap of Derek’s story of how his early mistakes led to him becoming bankrupt, and rebuilding things from scratch.
- 3:55 – Sahil asks Derek if he could go back, what he would’ve done differently to avoid going bankrupt so that others may learn (his response is gold!)
- 7:03 – Martin asks Derek what advice he has for someone who’s about to get their first investment property, and is actively looking for tenants.
- 13:00 – Derek and the boys share the best piece of advice when it comes to learning about entrepreneurship. Hink: Books will only get you so far.
- 13:20 – Sahil asks Derek what are some of the hidden costs and surprise fees that a new homeowner or property owner should look out for.
- 15:00 – Derek mentions some of the key things that lenders are looking for when they want to finance a deal. Without these value adds, you have no chance so be sure to take notes!
- 16:05 – Martin asks Derek about his system of finding “off market” deals and how he secures the financing for it.
- 16:45 – Sahil asks Derek about his opinions on fixed vs variable mortgage rates and the pros and cons of each. This is especially important now as some people are experiencing record high monthly payments and can’t make ends meet
- 18:30 – Martin asks Derek about using leverage to compound your property investments.
- 25:15 – Sahil asks Derek about his opinion on partnering with those who go out and find deals, but don’t necessarily have the cash flow to buy it themselves.
- 26:40 – Derek drops an important sales tip that will almost guarantee a more positive response from a prospect… even if they’re NOT in the market to sell their house! This is something that can be used in any industry.
- 34:00 – The catch-22 of finding and keeping great contractors that you can trust. Unless you can do the work on a property yourself, it’s important to know how you can trust and Derek gives some great advice on this topic.
- 36:40 – Derek reveals why he rarely bothers with home inspections, but be warned that this tip is NOT for newbies.
- 40:00 – Sahil asks Derek why he doesn’t bother with listed properties anymore.
- 42:30 – Derek talks about how a small mistake by an accountant nearly cost him $500k on a deal and how lawyer fees aren’t cheap.
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