Read more: Capture the next great fix and flip opportunity
Goodwin said he often works with first-time borrowers, who have only sold one house, bought one investment property, or just made their first deal. As an investor himself, Goodwin knows how tense this experience can be and how it “plays havoc with people’s nerves.”
“To be able to help somebody through that experience, to help them see a successful outcome – in a sense, change their financial situation – can be super rewarding,” he shared. “I’ve seen borrowers who came back six months later to say, ‘Hey, that first project was a success. I’m looking for my next project. It’s helping me build income for retirement or helping me move away from my full-time job and work for myself.’ During those moments, I don’t take it for granted that I’m helping people realize their dreams, and those are some of the best days I’ve had in this job.”
Goodwin pointed to the importance of leveraging data and technology to help originate and close loans faster. He said that in a competitive market, with so little inventory available, it helps investors to have a lender on their side that can close deals rapidly so they can win properties over other offers.
“For most investors, one of the biggest challenges is the dramatic lack of available houses in traditional outlets, like the multiple listing service (MLS). Owner-occupants are making sure that everything’s flying off the MLS. There are no courthouse auctions because, in many states, landlords still aren’t allowed to foreclose on residential properties due to moratoriums. Those types of things are leading to a lack of inventory for many clients who haven’t been able to adapt and find new methods of acquiring new properties,” he said. “For our clients, speed and dependability from a lending partner are often critical to getting a deal done.”