Lessons Learned from a $500,000 Rip-Off with Daniel Wood, Ep. 287

Have you ever been ripped off? 

 

This is the greatest fear of most real estate investors. Unfortunately, Daniel Wood knows all too well what it’s like to be taken by a charlatan investor. He hired a “coach” for his first deal and was promptly ripped off for $400,000 pounds or about $500,000 USD.

Now, Daniel Wood is a specialist in raising capital for real estate (or "finance for property" as they say across the pond). Over the past decade, he has raised over $10 million pounds (~$12-13 million USD) for property investments. He launched Momentum Property Education to help others navigate real estate investments, raise capital for deals, and grow a portfolio.

Being based in Sweden, the local regulations made it difficult to invest in his country, so he chose the UK as his focus. In this episode, he shares how he was ripped off for $400,000 pounds, how he invests from afar, vetting partners and team members, and how he raises capital for deals.  

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Key Insights

 

Investing in UK vs. Sweden and why  Getting started in real estate investing and getting ripped off for almost half a million dollars Restructuring his debt when faced with bankruptcy, while not letting his investors down Tips on vetting team members and how he chooses his partners

 

We trust but verify our partners through a detailed process.

 

Daniel walks through the criteria he analyses when picking a partner  Must have at least 10 years of experience Current licensing and insurance in place Have a full team Good local reputation  Excellent references 

 

Working with partners who have built their own business are in a better financial position and have the ability to bring their own credibility to the table. 

 

Protecting yourself when putting together a deal Recognizing the red flags when vetting a potential partner  The properties that Daniel invests in and why The project management process he has created and how it works

 

We incentivize our contractor and project manager by offering a bonus if the project comes in under budget or early, or a penalty if it comes in late or over budget.

 

Ways to source capital in 4 categories:  Your own money Investors Corporate Investments Creative capital (crowdfunding, cryptocurrency)

 

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Momentum Property Education