Matt Rodak is the Founder of Fund That Flip, which provides short term loans for people flipping houses or doing new construction projects. They partner with experienced borrowers who are looking for capital providers to help them scale up their businesses.
Here are some power takeaways from today’s conversation:
How they run their business in two channels
COVID’s impact on the business
Controlling what you can control
The airplane analogy
The crazy trip Matt took with his wife
Episode Hig...
Matt Rodak is the Founder of Fund That Flip, which provides short term loans for people flipping houses or doing new construction projects. They partner with experienced borrowers who are looking for capital providers to help them scale up their businesses.
Here are some power takeaways from today’s conversation:
How they run their business in two channels
COVID’s impact on the business
Controlling what you can control
The airplane analogy
The crazy trip Matt took with his wife
Episode Highlights:
About Fund That Flip
Fund That Flip finances loans through two channels: a crowdfunding platform where accredited investors can invest as little as $5,000 per deal in our projects, and institutional whole loan buyers, like hedge funds and credit funds as well as insurance companies that also participate and purchase loans they've originated.
COVID’s Impact on the Business and The Airplane Analogy
During the COVID season in March, the industry got jammed up across the board. They went from originating tens of millions of dollars to ZERO. And there wasn't any light at the end of the tunnel, particularly in April and May. So they just had to control what they can control.
They have grown quickly over the past three or four years by 5,000% to 6,000%. They've been on the Inc 500 list for last two years. And it's messy when you're growing that fast.
It's like you're building an airplane mid-flight. They've got two options. They either land the airplane and fix everything but risk never getting the airplane off the ground again. Or they can keep flying the plane, piecing different parts on and duct-taping things where things break.
One of the fortunate things about COVID is it forced them to land their plane that caused them to stop. And this gave them the opportunity to really look at what parts of their process they could re-engineer, where are their bottlenecks, where are the inefficiencies, and where they're not communicating well as a team.
Control What You Can Control
They doubled down on their retail side and they found that the retail investors were continuing to look for alternatives to the stock market in real estate. So they almost doubled their retail investor base in three months. They improved their investor experience and their marketing activities.
Resources Mentioned:
Fund That Flip
Follow Matt Rodak on LinkedIn.
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