I'm one of the "Find a Lender" lenders, here are my thoughts

[Erik Browning]

Pro's: 

It's great to have BP as a trustworthy partner to give clients a level of trust that they will be taken care of. BP cosigns our ability to operate and vets us both on the phone and online prior to featuring us. If we do a bad job, then it looks like BP also does a bad job. Neither party wants that.

I've helped out a handful of people that found me on the platform and heard a variety of unique and exciting stories from real investors that need some help with their situation. Whether it's a refinance on a balloon payment coming due or as simple as an active duty military person wanting to house hack their first home. Really rewarding when I can help them meet their goals.

The cost of the service is pricey, however it can pay itself off if you are helping folks consistently.

Most of the clients that come in are not qualified or don't actually want financing, however there are some folks that are indeed serious.

Con's:

Incorrect phone numbers and email addresses

Delusional keyboard warriors threatening to start being an investor. These folks are imagineers that have a real estate empire in their own heads.

Many folks that fill out the "Find a Lender" form just want to talk to someone for educational purposes and are not interested in actually purchasing a property. Instead of reading one of the many books and podcasts BP publishes on the foundational elements associated with REI, they would prefer that I take 1-2 hours out of my day on the phone to explain everything. I'm a complete stranger. Although I'm happy to talk about REI (it changed my own life), the purpose of the platform is to facilitate financing, not to be a full time educator. This happens so frequently that changed my lender page description's first line to read, "SERIOUS INQUIRIES ONLY."

Dopamine hits. In the age of same day delivery and on-demand streaming, filling out a form gives newer folks a hit of dopamine and makes them feel like they are doing something positive in their lives. How do I know this? Well, I've done it myself and so have you, if you're being honest. "Learn to code and create a coding portfolio to get a $100k job in just 18 weeks!" Regrettably, I've filled out that form many years ago and ultimately decided that's not what I want to do with my life just 30 seconds after filling it out. When folks fill out the find a lender form that have not put in the simple research into what it takes to buy a house or investment property, the euphoria quickly fades and they go back to work and forget they ever filled it out.

New client inquiries from the "Find a Lender" platform keep coming in the middle of the night when I'm sleeping and cannot reach out immediately. I've set up a Zapier zap to text my phone whenever I get a new client message because folks are very impulsive (see above about wanting education and dopamine hits). The impulse and question they have quickly subsides once they get off of the BP platform and they go back to their late night cocktail, TV show, or go to bed and forget they even filled out the form. Again, many folks are just looking to talk to someone about HOW TO START investing in real estate instead of having a basic foundation of what is feasible - and they want the money right now. Often times, folks have little to zero income, little to zero capital, and want me to sell them the dream of purchasing real estate with no money and no job. I'll leave the dream selling to David Greene and Tom Cruz.

Fake leads. I've sent support a number of bots or fake leads with false information. 

Our job as lenders is to provide education for clients for THEIR SPECIFIC scenario, not to educate the population as a guru on why they should get into real estate investing. Folks will need to decide on their own if REI is right for them and have a basic understanding of how it works - it is very personal to them. I am not a guru or a podcast host, just a resource to help you carry out your plan