Lance Pederson of Verivest Talks Due Diligence In the Alternative Investment Space

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On this week’s episode, Lance Pederson, Founder and Managing Partner at Verivest, takes the time to speak to us about the value of due diligence and how it’s the cornerstone of all successful investors.
What I love about this interview is Lance’s story behind:

  • how he found himself on the property investing journey, 
  • how the post-COVID world has affected the way he thinks about investing; 
  • his company Verivest; and 
  • his advice to investors in the next five years.

Show Notes:

00:00:00 – Intro

00:01:45 – Lance’s Background

00:05:23 – Learning Good Money Habits

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Q: I’d love it if you could unpack who you are and a bit of your journey.

  • I think, like many entrepreneurs, my parents were business owners and entrepreneurs. So, for me, I never really knew anything different.
  • My dad had his own auto repair shop, and then he had a bunch of side hustles where he would buy cars, fix them up and sell them. He had a body shop too. He was always starting something, and the auto industry was his thing.
  • My mom had her own cleaning business and was a Mary Kay consultant.
  • My parents were always workaholics, so I was very independent early on and had the freedom to figure it all out.
  • My superpower was figuring things out fast, making observations and being inquisitive.
  • As I became an adult, I realised that I couldn’t work for other people. There’s this whole other world that expects me to conform, which I was just never interested in doing.
  • When I was around 20, I decided to move to the coast and be a small fish in a big pond.
  • I grew up in North Dakota, which is sort of in the Midwest. It’s cold, snowy and rural. No one lives there.
  • So anyway, I moved to the coast and ended up working for someone. That’s when I realised I couldn’t be an employee.
  • So, I left and started my own company – it was an IT services business.
  • People were waiting two weeks to have their services and computers fixed, and I decided that wasn’t good service. So, I just said, “why don’t we just use the internet to fix the problem?” I can fix 80% of the problems without ever leaving my house.
  • So, that’s what I did.
  • I started offering a monthly payment package to take care of their computer network. I hired many people, and we went from doing $0 in revenue to about $650,000 in year one.
  • I built it up to 35 people and $5 million in revenue in six years.
  • I was part of this global organisation, the Entrepreneurs Organisation, and had great mentorship.
  • That’s where I met my business partner, Matt Burke. Matt and I were sort of kindred spirits, and he was the leader in my forum group, so he was one of my mentors, and I really looked up to him.
  • After he talked me into selling my IT services business (he’s a good salesman), we became partners, and that’s how I got into the real estate, investing and lending space.
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