PLP-080 Due Diligence & Lending Out Of State with H. Quincy Long

PLP 80 | Due Diligence

PLP 80 | Due Diligence

 

When looking at a private loan or lending to somebody, doing due diligence is of utmost importance. You need to keep yourself safe and keep your money even safer. H. Quincy Long, the Chief Executive Officer of Quest Trust Company, talks about his due diligence process when he makes a private loan. He also talks a little bit about lending across state lines, some of the good and the bad there, and what he does to help mitigate risk and make himself feel comfortable with making that loan across state lines. Quincy has been a licensed Texas attorney since 1991 specializing in real estate, and has been a fee attorney for American Title Company. He is also the author of numerous articles on self-directed IRAs and other real estate related topics.

Listen to the podcast here:

Due Diligence & Lending Out Of State with H. Quincy Long

A Conversation With My first Private Lending Mentor

PLP 80 | Due DiligenceI have a very special guest, Quincy Long, the Founder and Creator of Quest Trust Company. As many of you know, that is the self-directed IRA custodian that I use because they’re in my hometown. The whole reason why I am a private lender is because of Quest Trust Company and all the great education and networking that they have provided their clients over more than a decade now, a lot longer than that. I’m going to have Quincy talk about his due diligence process when he makes a private loan. We also get to ask him a little bit about when he lends across state lines. What are some of the good and the bad there? What he does to help mitigate risk and make himself feel comfortable with making that loan across state lines. This episode is sponsored by Quest Trust Company and their Self-Directed IRA Expo, which will be held in my hometown, Houston, this August 23rd through 25th, 2019. You can go to PrivateLenderPodcast.com/expo to get the links to the ticket and use PLPodcast as your discount code. You will receive 25% off of your tickets. I’m excited to have one of the smartest people that I know in the real estate investing world and probably on the planet in general. Let’s go ahead and get to the brass tacks and the interview with Quincy Long.

I’m honored to have Quincy Long from Quest Trust Company on the show. Quincy, welcome to the show.

Thank you for having me.

Normally I would ask for your origin story, your comic book story or where you came from. I know you used to be a title attorney. You probably tell your story best. Tell us how you got to where you are now.

It’s an interesting thing. I’m a serial entrepreneur. When I first started the company or the predecessor to the company, what I did is I was a fee attorney for American Title Company. I closed lots of real estate transactions and had a self-directed IRA. The guy that says I’m not only the president of a hair club for men, whatever he says, I’m a customer. I had a self-directed IRA and I had all these real estate contacts. One day my third-party administrator at the time said, “We wanted to sign affiliate offices throughout the country.” I said, “Sign me up. I’m bored with what I’m doing.” I had no idea that was my interview. Fast forward, here I am after many long years and lots of twists and turns with Quest Trust Company at Texas Trust Company in direct custodian.

I fault you for getting me into private lending because it was at the predecessor company, it was in ‘08 or ‘09. I came to the free education that you were putting on in that little triangle room that held about twelve people.

That was a while ago. We got most of the first floor of the building now.

I know Quest Trust is pretty much the first floor. Your education room is huge with lots of IT and everything. It was those classes that I went to and took my wife to and say, “We need to do this self-directed thing. It got me going and here we are over a decade later.

Better than the bank, right?

That’s it. I always like to ask people, “Who is the bigger crook, the man who robs the bank or the man who owns it?”

I’m going to say the man who robs.

The man who robs because what he does is illegal and what the owner does is completely legal. Why not as normal citizens, people out there, we can run the same game with the same rules that the banks do?

PLP 80 | Due Diligence

Due Diligence: A far more important due diligence task is to do due diligence on the person you’re interacting with.

 

Once I figured out how the banks made money, I said, “That sounds like a good plan.”

It’s a pretty good business model. I wanted to bring you on because one of the facets that I like to talk about is the due diligence when looking at a private loan or lending to somebody. I always give credit to Quest for shaping my criteria, which came from getting the return of your investment first before you get the return on it. If you don’t mind, I would like the Lender Nation to hear from my mentor about due diligence and where you start.

The first thing you said is correct. You’ve got to do due diligence or as I put it, you’ve got to do the due. What a lot of people miss and including me, I’m talking from the school of hard knocks here, is that you’ve got to do two different kinds of due diligence when you’re talking about lending. The first should be obvious for the audience, which is you do due diligence on the property, on the repairs to be done with the property and the deal itself. The second and far more important due diligence task is to do due diligence on the person you’re interacting with, whether that’s a loan or a real estate transaction or a private entity investment or whatever.

Your most critical due diligence is the person. A lot of people miss that. I’ll give you one example without berating the point. I had a deal that didn’t go quite according to plan. This guy kept pushing me to loan him money and I kept saying no because he would give me these stupid deals. He finally came up with a nice house in Kingwood, northeast of Houston. He wanted $215,000 and I said, “No, I will loan you $200,000.” That was fine. We did the deal and my deed of trust was recorded. Unbeknownst to me, four days later, he went to a different title company and using the gap in recording, borrowed another $215,000 from somebody else.

Ten days later, he sold it to homeowners with 30-year financing saying he was going to pay me off and forgetting to mention the other $215,000, plus I later found he co-ventured the transaction with another bidder at the foreclosure sale and took $100,000 from him. All in all, he took $465,000 from people for $100,000 investment. I knew that there are other incidences, but that reinforced for me the need to do due diligence. What happens, especially when you’re new in investing, you meet these guys and you think, “They’re great. They’re wonderful. I can lend my money to them.” They don’t do the checking and the due diligence that they should do, then it leads to some unpleasant circumstances.

I love that example. I’d like to key in on that one that you gave. In terms of looking back, looking forward, what steps could you or would you have taken knowing what you know now?

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I always advocate doing a little checking. For example, you want to check for lawsuits in the county where you’re doing the deal and if the person or entity is somewhere else, also the county there. That’s one thing you do. In this case, he had one lawsuit that I did find. I was like, “People can get sued and it was dismissed or settled.” By the time I checked them out, I had found criminal cases against him and found more than one civil lawsuit. Mind you, I foreclosed on the property. My lien was first. I got the property and the title company defended me. It turned out fine for me but thought about if you’d have been that second hard money lender. You check out of your IRA for $215,000 that didn’t have title insurance, that would be a little bit of a problem because you would lose. They’ve got their money back because of the title insurance. That’s one thing. When I was checking out after all this blew up, I started calling around people and they go, “That guy’s a crook. He did this to me or he did that.” I thought, “What?” That’s another thing you should do is you check around. We live in a small world and if you start screwing people, then it will get around.

Another thing that I like to talk about when we’re talking about due diligence on the person is I always type in their name, followed by scam, fraud or terms like that. You’d be amazed what comes up when you do that. It’s a small world and Google can figure out what you’re doing. You take everything with a grain of salt because anybody can say anything about anybody. The old phrase, “Where there’s smoke, there’s usually fire,” is true. That’s my take on the personal due diligence. The property due diligence is obvious, in my mind. You check the comps and don’t rely on somebody else to give you the comps. I’ve found a lot of private lender or borrowers, they run these ridiculous comps. I’m not an appraiser, don’t get me wrong, but I can tell if you have a subdivision and they’re using comps from the subdivision across the freeway, that’s not a comp. You also have to check whatever the comps are. When I say comps, you’ve got to verify if this house over here has marble and your house has laminated countertop.

You’ve got to be careful. I’ve had a lot of people try to pull the ball over my eyes on comps and repairs. That’s my weak link to be fair are repairs because I don’t know the value of the repairs. Generally, I am going to get somebody to do the comps or the appraisal that is at least familiar with repairs to the property. That’s all I can do because the most important thing that I go for are two things. I don’t ever lend to somebody that I have never met and don’t know. I don’t have to. I have plenty of deal flow. Although I lend all over the country, I don’t lend where I don’t have boots on the ground. When I say boots on the ground, I don’t just mean the borrower. There has to be some other person that I know and trust in the area. If something goes wrong, then I can at least send them over and take a look at the property and see what’s going on.

One of the things that I’m gearing up towards in future episodes is lending out of state when you’re not physically there. One of your friends, Scott Carson, invested in notes all over the country and he has teams that he uses like you would in Houston. If you’re doing a deal in Houston, you know some appraisers because of your affiliation with the real estate community. You’re going to know some contractors. You’re going to know some people who can guide you along the way or give you some advice or at least some counsel. Let’s walk through when you loan out of state and talk about that person or that team that you have, those boots on the ground as you said.

I’ve got two different ways, one where I screwed it up and then one where it succeeded much better. In the situation where I screwed it up, this is many years ago, so forgive me for this. I shouldn’t be on a podcast telling people how I messed up.

I did a couple of episodes ago where I talked about how I lost $18,000 on a second position lien. It got completely wiped out with a friend. I fully express my goof-ups, my mistakes and what you were thinking and hope that the audience doesn’t repeat it.

PLP 80 | Due Diligence

Due Diligence: Don’t ever do a deal without knowing that there’s somebody else there that can check on it.

 

This would fall in the category of what were you thinking? I did a loan. At the time, I had nobody in South Carolina or maybe it was North Carolina, I don’t even remember at this point. I did a deal with a guy who is supposedly arranging hard money loans and supposedly had all this experience and everything. He set up this hard money loan. He said that he would hold the escrow funds for repairs and if something went wrong, he would take care of it. All the typical stuff. Something went wrong. He dispersed the repairs and the repairs were not completely done. The sink wasn’t even hooked up. The borrower defaulted and I was like, “Take care of it.” He said, “Don’t you need to send the notice of default?” I said, “You said you would take care of it so to take care of it.” He said, “Okay.” He calls legal aid, the one where you hire lawyers and pay them monthly.

Legal Shield or some other ones.

It’s one of those. They assigned me to a lawyer who it turns out has never done a foreclosure ever. This was not a good experience. This was many years ago. Long story short, I ended up having to manage the repairs from a distance myself. I took a deed in lieu of foreclosure because the attorney was worthless. I sold it for $8,000 or $9,000 loss, which is one of my few losses in the 401(k) plan. That was not the right way to do it. On other times, I haven’t had to take much property back out of state simply because I’ve learned my lessons. Some areas that I have invested in are Richmond, Virginia. It comes to mind where we have the Jim Ingersoll and the Richmond mafia as we call them. I’ve done some wonderful deals there but I never do a deal without knowing that there is somebody else there that can check on it. I’ve done a couple of deals with a real estate investor up there and everything was good. I always call my buddy, Jim, or somebody else I know and trust and say, “What do you think of this area?” I did that and rejected a small deal in Richmond, not because I thought the guy was a crook but because I didn’t like the report on the area. It’s critical that you check out these deals and learn to verify then trust, not trust and verify.

Never trust, always verify. That’s my motto.

Not too bad of an experience. I don’t think I’ve ever taken one back myself out of state because I’m more careful in that way.

Is this an investor friend that you rely on in the Richmond area to give you that information?

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I have probably 20 to 30 people in the Richmond, Virginia area that would do me the favor of driving by the house and at least assessing it or doing whatever. I find that to be critical. Going back to the due diligence. The most important aspect of any private hard money loan is not the property, even though you think it would be. It’s the person that you’re loaning the money to. If you’ve got somebody that has particularly survived the downturn and did not defrauded everybody and walked away from stuff, that’s the borrower you need.

I want a borrower who will cut their throat to make me whole because they know as soon as I get stitched up, I will loan them money again.

Integrity is everything.

Integrity not only to other people but integrity to oneself because that’s where it all starts and flows out. I like the fact that you said you Google people’s names. That’s one of the tricks that I do as well. One of the first websites that come up is the Ripoff Report. You will see the coaches or the consultants that people were upset against. If someone asked me, I don’t normally require background checks because like you, I loan mostly local in my backyard to people I know. In a sense where you don’t, if you’re loaning out of state, then I would suggest or require a background check in their local county, federal, deficiency judgments, lawsuits.

Everybody’s going to have their own criteria. I loan more on people that I know, like and trust. If you’re coming to me for the first time for a loan, we better have known each other for a few trips. We had gone to Financial Friends Network trips or something like that. I don’t open my checkbook and do it to anybody.

You laid it out simply and said it beautifully. People always come as soon as they hear you have a self-directed IRA or that you’re a private lender, the hand is out and “What are your terms?” I was like, “You’ve got to romance me a little bit.” We need to know a little bit more about each other because the way I look at it is the same as you do. There’s the property and the person. I look at the person first, but I also look at their process. If somebody is a landlord and they want to start flipping, not with my money. If they want to go in and say, “I’m going to flip this house,” there are plenty of hard money brokers out there that would be more than happy to help them out and to help them be successful.

PLP 80 | Due Diligence

Due Diligence: The investor mindset is something completely different than your average human being. It’s not better or worse, it’s just different.

 

If the borrower is going outside of his normal area of expertise, that’s no good. I had a deal one time where I loan money to a guy. He had borrowed money from me quite successfully for three or four loans. They were always on pretty houses and he would live in California and doing this in Houston. He came upon this property that had four very small houses on one lot. They were in the less socioeconomically advanced areas or the hood. I said, “I don’t know about this. I like the borrower but not the property.” Luckily, I got a personal guarantee from his rich daddy. When the loan went south after he made all of his payments, every one of them, he thought I’d take the property back. Instead, I had my attorney write a letter to him and his daddy saying, “I’m going to sue you in Houston and domesticate judgment where you’ve got millions of dollars in California.” A week later, I got a check.

Imagine how things happen that quickly. That is funny. You took out a personal guarantee from the dad. That was one of your rules that you taught me early on was if you’re lending to an entity, make sure you get a personal guarantee. That is one thing I have always stuck by that I learned from you at Quest and it’s a great solid piece of advice.

The other thing is if it starts going south, start taking action immediately because you can always stop something once you start it, but you can’t finish it until you begin it. That’s one of my little catchphrases there. That goes with landlording, lending and a lot of other things. If you think it’s going south, start the process and then stop it later if it works out.

It’s a lot easier to call the attorney the day of the auction in the morning and say, “No, it’s all good, cancel it,” than it is to go six or however many months with a bad note. My landlording experience, I was so kind I gave somebody a few months of free rent. He filed for bankruptcy. It was very kind to me and that was my lesson learned. Fortunately, I didn’t learn that lesson on a note or a loan, but going back to what you teach at Quest is start immediately. The day that payment is late, start the process because you can always stop it.

A friend of mine put it this way, “If you’re going to have to rip off a Band-Aid, you better do it now because it isn’t getting better.”

Outside of colleagues, investors or friends, are there any other people that you recommend having as boots on the ground, realtors or appraisers for example?

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I have tended not to use realtors. I make sure appraisals are done but I don’t know the appraisers. I always check the appraisal over because I know enough to know how to look at an appraisal but not an appraiser. A realtor can be quite useful if you know one in the area. I think investors think differently than realtors do typically. There are realtors that are investors, but investor mindset is something completely different than your average human being. It’s not better or worse, it’s different. I tend to have due diligence partners that are investors like me. That’s the way I like to use personally.

Likewise, because I’ve had some people reach out to me and said, “Do you loan in Illinois, Kentucky, Iowa?” I tell them not yet. I’m still learning how to crawl before I walk across state lines. It’s all about comfort for me because I’m not there. I like to see and touch the property. I like to drive by it myself. I’ve invested in some less than desirable areas but I knew that going into it and when I drove through the area, everything seemed to fall in line.

I’ve made some good money in less desirable areas too. At this point, if I drove through a less socioeconomically advanced area, I’d probably have this target drawn on the back of my head on my bald spot. If I’m driving down through there in my Lexus, it takes a certain type of personality to do that, which I no longer have. I have, like you made in the past, a lot of successful real estate deals in those areas. It’s just at this point in my life, it’s not something I should or want to do. You make an interesting point. A lot of people say, “Let’s loan just in the local area.” That’s a perfectly valid theory, but in some sense, you’re limiting yourself to good deals. In order to lend out of state or out of your area, you do have to have a network. One famous saying is, “Your network is everything.” It’s the most important aspect you can have as a real estate investor. It’s not money, it’s an investment network where you can get advice and hear the word of experience because you know what experience is. It’s what you get right after you need it.

If you have a network you can rely on other people’s experience but then also you meet people from other states and other areas. One time, when we had the flood a few years ago in the Houston area, I haven’t invested since the flood Harvey in the Houston area because there were some disruptions in the real estate market as you can imagine with all those flooded homes. I still haven’t returned to lending in the Houston area. I go to other parts of Texas and various other states where I have the boots on the ground. It allows you to have a broader spread of where you lend. Usually, diversification is a good thing. I would encourage anybody to build a network. Come to the Financial Friends Network, come to the Quest Expo and meet other people. Don’t jump into bed with them right away but be there.

Networking is not collecting somebody’s card and sticking it in the folder. Networking is a process. It’s like a baby. You have to nurture it and raise it up and meet people and not be shy. Don’t give them a business card that says ExxonMobil Corporation engineer. I don’t care about your engineering. If I want to see a real estate investor, I want to see you be not shy. I want to see you wear a bright pink shirt in meetings. I put it this way and I’m a church-going man. Everybody in my church more or less knows what I do. I never say a word about it. It’s got to be obvious to people what you do without you having to brag on. You’ve got to have an elevator speech. There are 100 things you do to build your network. That is where the center of real estate investing is. It’s building a network.

I don’t think anyone in the Houston area has gone and done more than you in providing opportunities for investors, lenders and borrowers to come together and network. You’ve already plugged the Expo, but you have this thing. One of my favorite events at Quest is Fright Night. You get to dress up people in Halloween. It’s always in October. You have people come up on stage and tell their horror stories of deals gone badly. Normally at networking events, it’s all positive and raw. That’s why I love this. I know this is real. Mistakes do happen. No investment is 100% sound. I don’t care if it’s a CD or if it’s government-backed. I’m sorry but I don’t have a whole lot of faith in any government, except to do the wrong thing at the wrong time.

PLP 80 | Due Diligence

Due Diligence: There’s always risk in everything, but the best use of self-directed IRA is to invest in what you know best.

 

Having FDIC insurance doesn’t make me feel that much better. There are risks in stocks, bonds, real estate, but mitigating your risk, knowing the game upfront and more importantly, knowing the people that can help you upfront. As you said, experiences are what you get after you need it. Quincy has a lot of cool little terms and phrases that he will throw out. Fortunately, he’s built Quest Trust Company up to where he doesn’t have to teach very many classes anymore. I remember a time when you were hustling every Tuesday and Thursday night and Saturday afternoon. He’s still teaching. While we’re on the Expo, let’s talk about that because in 2018, you had your first one up in Dallas. I was lucky enough to be able to get a booth and attend. It blew my mind. What an incredible weekend.

In 2019, it’s in Houston, which makes me even happier. It’s not just for real estate. There are a lot of real estate-centric topics. I’m going to say something maybe a little bit off-color to some people, but I won’t curse. I remember taking a class and your brother, Nathan, was teaching years ago. Nathan was talking about at the time one of Quest’s most successful investors was not a real estate investor. It had nothing to do with properties but worked with horses. He was able to purchase horse semen with his IRA and turn around and make profits by selling it to other people to inseminate their mares. It was funny because here’s a whole room full of real estate people and you can tell the air went right out of the room like, “Do I need to get into horses?” It was a funny moment and Nathan was like, “No, I’m dead serious.” I like self-directed IRAs because I can make private loans out of it, but I can also invest in LLCs, private companies. There’s a whole smorgasbord of things that the IRS will allow you to invest in and Quest is there to help keep you safe.

The thing is you talked about there are always risks in everything and you’re right. The best use of the self-directed IRA is to invest in what you know best. In your case, it’s private money lending. In doing that, you ameliorate or reduce your risk and are able to diversify. That’s an important aspect of self-directed. Nobody’s going to give you the investments. That’s up to you to find the investments, but at least you can control it rather than giving it to a fund manager, which is always looking brilliant when the market is going up. What happens when it’s going down? You stick with it, according to them.

Why do brokers make money when the market goes down? They didn’t make anybody any money. We didn’t lose as much, therefore we deserve our bonuses. That always never clicked in my head. The other thing that you mentioned is diversity. That’s why I’m looking at going across state lines because as you know, Houston we’re very dependent on energy, oil, gas and we can throw renewables into that as well. I know you remember the 1980s. It was not a happy time.

Three to four houses in a row, owned by the government. It was wild.

Interest rates on retail mortgages are 12% to 16%. It was nuts. I tend to shy away from the coast thinking about lending out there because of the volatility aspect. That’s not to say that there aren’t people that can do it there and know how to do it successfully and can hedge those bets for market downturns or swings. They said that diversification in a city that’s not dependent on energy. Maybe it’s tech or healthcare or some other industry. I probably don’t want to get on a conversation about manufacturing in the United States at this point but whatever that industry may be, diversify away from it. Everyone in Houston knows that there’s a pretty good chance that if they’re related to oil or oil services, their chances of having to find a new job every few years is pretty high. That helps us because we can show them how to make private loans and use that money with that old 401(k).

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There you go, with the old 401(k), that’s exactly right. Let’s be clear about one thing. I did want to clarify this. I have no problem with people investing in the stock market. It’s just not what I do and therefore is what I choose not to invest my money in something that I don’t know and understand and can’t control. When I have to take a property back with my private money loans, I usually make money, sometimes a lot of money. That’s because I’m controlling risk by investing in what I know best, which in my case personally is real estate.

I’m right there with you. I still have some of my portfolios. Back to your diversification, I think it pays to have some money on Wall Street or in banks or some other vehicle. It doesn’t have to be real estate or bonds or stocks necessarily, but to have your eggs a little bit, not a whole lot. Most of my money is with Quest, except for my current 401(k) that I can’t touch yet. I’m hoping maybe later I will be able to. I have already stipulated I’m going put 10% of that back for stock market stuff. I’m going to try to time the market with a little bit of that money. The rest of it is going to go into real estate and hard loans because I understand it. I can mitigate the risk upfront. If I don’t like the deal, I can lower my loan to value, require more skin in the game from the borrower if it’s a dodgy deal.

One of my best deals, I told the borrower, “If this thing appraises at $150,000, I will loan you the $70,000.” It was a small strip center over in Texas City and the appraiser came. His dad was a commercial appraiser. I said, “You can’t use your dad. You’ve got to use an independent third-party.” He was like, “That’s fine.” He picked the appraiser. He paid for it and the property came back appraised at $305,000 as-is. I looked at him and said, “You can default on this loan. If you could bring deals like this, I will loan to you.” That was the quickest $70,000 that ever left my hand. I based on that commercial appraisal. Let’s talk about the big party that’s going to go down on August 23rd to 25th at the Royal Sonesta in Houston. That is the Quest Expo.

That should be quite an experience. One of the things that’s important is not only are you going to run into 300 to 500 of your co-investors or people that are knowledgeable. You’re also going to have a series of great vendors and education that will be number one quality education. There are no sales whatsoever from the stage. I don’t say I have competitors but other companies offer similar services. You go to some of their meetings and it’s all sales to the back of the room. Quest has never done that because I don’t like it. It takes away from the education aspect. We charge a little bit for the tickets because it costs over $100,000 to put on one of these events. Remember that if you’re trying to build a network, there are going to be people from all over the country that are flying in to come to that event and vendors that you can rely on and talk to get some information to see what they do and see if you want to use their services. It’s going to be an incredibly important event for people to attend if they want to build a network and get great information without being sold to constantly.

I can vouch for that, as much as the education classes I’ve gone to at Quest. Unfortunately, not as many these days but never a sales pitch. If somebody has a service or a product you’re interested in after the fact, that is welcome. You can contact them but nothing is sold. Nothing was sold on stage at the Quest Expo. Even the lunches were incredible. There were a lot of great vendors. I’ve interviewed some of them after the Expo. You’ll meet them. Larry Goins is one of them. The first bit of real estate education I ever bought came from Larry Goins. When I saw him, I almost bear-hugged him and said, “I’m not letting you go until you get on my show.” It’s going to be even bigger this 2019. It was a good size in 2018 I thought. The first-time inaugural event. It’s going to be even bigger. You have graciously provided our audience with a discount, 25% off your already reasonable ticket price, using the code PLPodcast. I highly recommend if you’re even considering real estate or expanding your network, you need to come out August 23rd to Houston, the Quest Trust Company Expo.

You will have a lot of people from Houston. People are so interested in this event that they’re flying in from all over the country to attend it. If they go somewhere where people find the value so high that you go and fly somewhere and pay for hotels and flights to go there, it ought to be an event that you probably should be at.

PLP 80 | Due Diligence

 

Not only do people come in from all over the country, but I also met people from across the world. There were some people from New Zealand and England as well. It’s a great time. You will get to see the man himself. Are you going to speak, Quincy?

Yes, I’m sure they already have me assigned a topic. I always think it’s amazing that I’ve been so busy the night before and when I had several months to prepare for this speech. I rarely prepare for anything anymore because it doesn’t do any good. It puts stress on me. I’ve done this enough. I usually wing it. There’s the old joke that how would I have known months ago that I was going to be so busy the night before? I’m an attorney and therefore, I’m often doing it at the last-minute deadline and attorney loves a deadline.

I would say that’s accurate. Go to PrivateLenderPodcast.com/expo. You’ll get all the information you need there. Quincy, I want to thank you for coming on. More importantly, I want to thank you for all of what you’ve done to the real estate community in Houston. There would be no Private Lender Podcast if there was no Quincy Long and Quest Trust Company. Thank you.

There you have it, Lender Nation, the interview with Quincy Long from Quest Trust Company. If you want links or more information about Quincy, his lending criteria, go to Quest Expo that’s coming up this August 23rd through the 25th, 2019 at the Royal Sonesta Galleria in Houston. Come on out, I’ll be there. Stop by and say hello. I’m going to be giving away coaching sessions and all types of stuff. I’m going to be giving out some discounts for Quest fees as well. They usually give me a few discounts to hand out. Come stop by, say hello and while you’re at it, go to PrivateLenderPodcast.com and sign up for the application guide and checklist. I did that in the previous episode, walk you through bit by bit the application process. It’s a little guide to help you work your way through it and get the documentation you need to keep yourself safe and keep your money even safer. That’s going to do it for this episode. I appreciate you taking time out of your day to read this. It means a lot that you keep reaching out to me. I can’t say thank you enough. The good, the bad and the ugly, I want to know it all. I want to know what you liked, what you disliked. Drop me an email at Keith@PrivateLenderPodcast.com. Until I see you in the next episode, I wish you all safe and prosperous.

Important Links:

About H. Quincy Long

PLP 80 | Due DiligenceH. Quincy Long is the Chief Executive Officer of Quest Trust Company and works in the Houston corporate office. Quincy has been a licensed Texas attorney since 1991, specializing in real estate, and has been a fee attorney for American Title Company.

In 1990, Quincy received his Doctor of Jurisprudence from the University of Houston, and continued his education, receiving his Masters of Law in 1997. He has sat on the board of directors of the Realty Investment Club of Houston (RICH), the second-largest real estate club in the country, and maintains the title of Certified IRA Service Professional, CISP.

Quincy is also the author of numerous articles on self-directed IRAs and other real estate related topics, many of which can be found on the Quest Trust Company website, and in addition, Dyches Boddiford and George Yeiter, CPA, co-authored with Quincy to write the book “Real Estate Investment Using Self-Directed IRAs and Other Retirement Plans.”

Widely known for his enthusiasm, attention to detail and knowledge of the Self-Directed retirement industry, he is one of the most sought after keynote speakers in the nation. Quincy can often be spotted in his office reading and learning more to prepare for one his many, highly attended lectures on topics including self-directed retirement plans, real estate, unrelated business income tax, land trusts, mortgage foreclosures, etc. Quincy enjoys reading, hiking and spending time with family and friends in his free time.

 

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About the author, Keith Baker

My ultimate goal is to create an economy for Real Estate (and other) Investors where banks are no longer needed. An economy where every day people look to each other for leverage and support. During the day I am an insurance adjuster for the oil field, where I handle millions of dollars of other people's money (OPM), and by night I invest in Real Estate and host this podcast. I hope you have an excellent experience and find real value within this website and the Private Lender Podcast. Please leave comments or submit your questions on the Contact Page.

I wish you prosperous, safe and happy lending and investing!

Thanks for listening

-k

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