Reed Myers on Private Lending, Mortgage Funds, and Predictable Returns - EP37

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In this episode, Reed Myers joins the show to break down how he built a nationwide private lending business while operating from Hawaii. Reed is the principal of Myers Capital Hawaii and Myers Investment Group and has spent his career working across commercial lending residential lending bridge loans and private mortgage investments.

Reed walks through his early start in real estate including working inside a family mortgage business and later gaining experience with a real estate investment trust before returning to grow the lending platform full time. He explains how Myers Capital evolved from strictly commercial lending into a diversified operation that now works with investors across dozens of states.

The conversation dives deep into private lending fundamentals including how bridge loans work how short term loans are structured why loan to value matters and how lenders think about risk differently than property owners. Reed shares how his firm evaluates asset types ranging from one to four unit properties to multifamily mixed use special use assets and even land in select markets like Hawaii.

Steven and Reed also compare private lending to traditional real estate ownership discussing the tradeoffs between equity appreciation and predictable cash flow. They talk about why many investors are shifting toward private credit how mortgage note investing works and what investors should understand before participating in lending opportunities.

The episode also covers business growth marketing automation and how modern tools including AI and software systems are changing the way lending businesses operate and scale. Reed explains how his team uses education case studies and long term relationships to stay top of mind with borrowers and investors alike.

This episode is ideal for real estate investors private lenders and anyone interested in mortgage funds private credit or alternative ways to earn returns without dealing with tenants renovations or property management.

Guest information and contact details below.

Reed Myers
 Principal Myers Capital Hawaii and Myers Investment Group

Website for borrowers
 https://www.myerscapitalhawaii.com

Website for passive mortgage investors
 https://www.passivereturn.com

Email
 reed@myerscapital.com

Social media
 LinkedIn Reed Myers
 Search Reed Myers Myers Capital Hawaii on LinkedIn

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🎙 About Steven Weinstock
Steven Weinstock is a real estate investor and founder of WeCapital and the Goethals Capital Fund. Since 2001, he has built a diverse portfolio of residential and multifamily assets while helping investors access passive income through strategic real estate opportunities. On this podcast, he shares real-world insights on investing, capital raising, and what it really takes to build and scale in today’s market.

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Transcript

0:00

Hello and welcome back to another episode of The Wealth Talk with Stephen Weinstock. I'm your host and I've been in real estate 25 years, started purchasing single family homes, multi-family. Now I run a fund in order to buy private debt and credit. For today we have Reed Myers here. He's gonna tell us a little about himself, but we do have a sponsor. The sponsor is Cable. NOI that spells C-A-B-L-E like cable TV. NOI, Net Operating Income, cablenoi.com. Cable NOI helps apartment owners with 20 units or more generate new income from cable and internet providers like Spectrum, Charter, AT &T, and Verizon. There is no wiring required, no cost to the owner, and no interaction with tenants. Cable NOI negotiates directly with the cable providers and pays owners a per door fee, sometimes up to $250 per unit, plus an ongoing revenue share. This is not a bill back. It is not an expense. There is no downside. All they need to get started is the property address and the unit count, and they will tell you if your property qualifies. You can learn more at cable.com. Okay. Today I am happy to introduce Reed Myers, principal of Myers Investment Group and Myers Capital Hawaii. Reed, thank you very much for coming on. Yeah, thanks for having us, Steven. Appreciate it. okay, so we just met. I don't know really much about your personal background, but based on your company or one of your company's names, Hawaii, I'm going to guess you are based in Hawaii. That's right. Yep. Honolulu. Okay. So I'm here in New York. I'm in Brooklyn, New York, and we've had below freezing temperatures the last three weeks. So I'm sort of a little jealous of you right now. And I sort of hate you a little, but I think we're okay to go. Reed, first of all, tell me how you got into real estate in the first place. Yeah, sure. Outside of college, I basically... Decided kind of my upperclassmen years decided I wanted to get into real estate in some way shape or form so I really just started actually drafting real honest letters about I Almost was willing to work for free almost just so I could gain experience so I sent out letters to a lot of the top developers in the area that I grew up in which is in the upstate of South Carolina and I was fortunate enough to get some job offers that way and ended up working for a real estate investment trust for the chairman of that company and basically got to help him on a lot of the deals doing investor relations, analysis, pro forma, things like that. And that was kind of my first foray. Wow. what was, did you ever have a job before that as a kid, anything like that, any jobs? so Myers Capital is actually a family company. I helped when I was in high school. I hated it. I didn't really, you know, didn't really understand it. We're a mortgage company started in 1998 and you know, I was just doing a lot of the file pushing and grunt work and there wasn't a lot of like tangibility for it for me, you know, growing up. So I was like, okay, I want to get into real estate, but I don't want to do mortgages. I kind of just tried to go my own path. that worked for a while up until basically right before the recession, capital started drying up, as you probably know. And a lot of our deals just got put on ice. everything just came to a grinding halt. So I actually came back to my family company, just think of it be temporary. They were starting to grow quite a bit at the time. As an adult, after having the background working for the REIT, I really started enjoying it a whole lot more. So, you know, it stuck with me. I started at the bottom, you know, taking loan apps, processing loans, underwriting. Eventually I got my mortgage license and this was like post Dodd-Frank. So when it was all difficult and everybody was getting out of the industry, I was actually getting into it. And it was kind of one of those things everybody was complaining about Dodd-Frank and getting their NMLS license and everything like that. And that's pretty much all I've known. I've never, I wasn't really in the mortgage industry full time during subprime. So, but yeah, I mean, it's, it's stuck with me after that and I really started to enjoy it. started to get success. Started to really like, like helping my clients, my borrowers and yeah, things just kind of rolled from there. What aspect of the mortgage business were you in at that time? Was that a mortgage broker? So you're dealing with investors? Are you dealing with homeowners? Are you dealing with commercial properties, multi-family properties? What were you dealing with at that time? Yeah, so at that time originally Myers Capital started purely as a commercial real estate lender. So we would bank some of our loans, we would have correspondent lines, things like that. Over the years, it started just kind of organically. We started getting a lot of requests from our own clients saying, hey, you know, thanks for helping me with the building. Can you do my home? I really want to, you know, take some cash out on that, get a nice whatever it was at the time, you know, 5%, 30 or fixed rate and max that thing out and use that to roll into my next multifamily. And we're like, yeah, we don't really do that sort of thing. But the organic demand was there. So it was kind of like. we just made a decision that we shouldn't be leaving all this on the table and we should try to help our clients full service. So that's when we started kind of doing residential lending as well. Yeah, but it didn't start that way. you mentioned lending. So you guys would actually keep these loans on your books. You would get, I think you mentioned you would get warehouse lines and you would recycle the money and I guess sell off these loans and they'll go into bonds or to private equity. Yeah, yeah. On the commercial side, sometimes it was brokering. If the property warranted, we did a lot of small balance commercial lending. So if it warranted taking a bank route, we would have banking relationships and it would purely just be a pure broker play. But in other creative scenarios where they needed more of a bridge loan, where the property's not stabilized, we would bank it and keep it on our books. On the residential side, of course, we're not keeping those on our books. you know, selling it to agencies or intermediaries. Yeah. So on the bridge loans you keep on the books, I guess typically those would be higher interest rates. They would have shorter terms, I guess three months to 18 months, 24 months, stuff like that. And you guys would enjoy that 10 % plus interest rate. At least that's what it would be today. I guess maybe back then when things were lower. maybe you're getting eight or nine, I could just assume. Obviously you guys would charge the points and the fees so you bank that as well. Very cool. Very cool Tell me about Myers Capital Hawaii. Is this a separate company? Is this part of the lending? Is this part of the brokerage? What is that other than? You know having the word Hawaii in there Yeah, Myers Capitals basically are where you go to borrow money, right? So it's borrower facing. When I, you know, as I started, you know, getting some success in South Carolina. Basically, I'm from Hawaii. I was actually born here. So I wanted to move back here kind of in my later 20s and I decided, you know, okay, I think I have a decent sense of the mortgage industry. Let me see if I can make it back in my home home, right? So I moved back out here, you know, 15, 16 years ago, opened up a branch, started from nothing, no clients, no real relationships to speak of. And then... uh grew from there. the meantime, uh basically my father retired and I started trying to manage both of it all from Honolulu. And yeah, it uh was a challenge, because what really helped it, had all of our long-term clients and relationships throughout the East Coast, kind of mid-Atlantic throughout the Southeast. So, As technology improved, things like that, we ended up shutting down our actual brick and mortar office locations. We used to have offices in Virginia and in the Carolinas. And then now our only actual office is in Honolulu. So we still do a lot of business on the East Coast. It's just tough. It's better this time of year when we only have a five hour time difference. once we spring forward, because we don't work on our daily savings time. That's right. You guys end up being about six hours ahead of us. it makes it more challenging, but we make it work. And then we have now, you we have staff kind of scattered throughout the mainland as we call it. So that helps as well. Yeah, well, you know, just speaking of time zones, I'm here in New York, like I mentioned. When I travel, I guess, east and I go to Europe, I go to Israel lot. I really enjoy the time difference because Israel is, for example, seven hours ahead. guess Europe would be five hours ahead or parts of Europe. So when I get to travel over there, I get to wake up, you know, eight, nine o'clock, whatever it is in the morning. And I have like a whole day almost like four p.m. where my phone is not buzzing because it's in the middle of the night, wherever I'm from. And I get to really enjoy my day, like totally phone closed or in my pocket. And then the issue is once four o'clock, it's nonstop. And I found myself sometimes falling asleep, let's say at 11 p.m., but having to wake up an hour later for a scheduled Zoom call for my time zone. Although recently I traveled to, I was in the West Coast of Mexico, guess, in Cabo, and I was there for the Passover holiday. And it was actually very tough because I would wake up eight or nine o'clock and my phone is just, where are you? What's going on? You know, we own property. I'm heavily involved in the property management aspect of it. So it was just a real, very hard to balance. But You have to brick your phone, brick your phone, Steven. It's like, there's like those apps, right? They just shut it down and then it's like not going to take a sec, kind of just like shutting it off, but not quite. Yeah. keeping my phone on silent and no vibrates, but I find myself taking it out like every like three minutes out of my pocket. I still just have like tons of stuff popping up. And yeah, yeah, it's something, you know, I guess we are no longer nine to five office animals. We are really working all the time. Are you guys involved at all in the ownership aspect of real estate? Are you guys strictly in the lending, brokering aspect? Yeah, it's mostly just in our family though. Occasionally we might have some investors that we'll maybe do a JV or something on, but it's not like a material part of our consistent business and operations. uh are busy constantly, I guess on the sales and marketing side, know, always whether it's working with existing borrowers, trying to get new borrowers. I mean, you guys are really running a factory, so to speak, you really always trying to get new people, new eyeballs, new investors to, you know, deal with you guys as opposed to, I own 400 units. I don't think I'm buying anything for the next two years and I could just sit and chill, so to speak. Yeah, yeah. Yeah, I mean, there's there's always transactional parts to it, you know, but just like, you know, any business, it's about keeping in touch of, you know, being top of mind with your clients, past clients, always be promoting, you know, even like this, you know, whoever is going to see this at some point, you know, I might connect with them in some way, or form, maybe not today or tomorrow, maybe a year from now. That's kind of the beauty of it. But yeah, we spent a lot on, you know, continually working our marketing to provide value to everybody that's within our realm. So a lot of, we spent a lot of time, you know, drafting curated bespoke emails on not just loan products and like, boom, here's a rate, you know, let me close your loan. It's more about like, here's how we helped the real estate investor solve this challenge. And they were in this state in Pennsylvania or Virginia or South Carolina or Hawaii, and, and bring some unique structure to it. Like, this is the challenge that we found, and this is how we solve. it, right? So just trying to give those situations, you know, just like case studies or some people call them tombstones, but we put a lot of, we spend a lot of time and effort on it, but I think it has good effects because we always get, and we're always adding pretty consistent about adding. I don't know how much you want to go into detail about running a business, we're always very consistent about whoever reaches out to our company in any way, or form, phone, LinkedIn, DM, we're always adding them into our database and hoping they find value in the content that we're putting out. Most of it's by email. They can always unsubscribe, obviously, if they don't, it doesn't connect with them, but we find a lot of... good effects with that. But it does take a lot. I we have a whole small marketing team. We've got a marketing manager. We've got SEO in-house. Now we've got a software engineer that's helping us automate a lot of these things, bringing AI into it. So it's really exciting. I love what's happening right now with all the different softwares and AI and a way to add things and automate things. It's... It's making it a whole lot easier in some way, or form, but sometimes it's also like taking up a lot more time where I still like to get on the phone and speak with clients as well, help our loan officers kind of get more familiar with dealing with tougher deals, things like that. but this is the life of a small business owner, right? I had a guy on the podcast a little while ago and he was explaining to me, you know, we were talking about AI and, maybe at that time I was using AI, just, you know, chat GPT, help me write some emails, you know, basic stuff, you know, maybe sort of like as a better search engine. But he really was telling me how he incorporates, you know, AI, chat GPT type of products. along with automation and scripts. And he really broke it down for me. said, just for example, if you have to respond to some automated, what was it, Zillow emails that come in 10 minutes a day, 10 minutes a day, it's fine. It's not necessarily time sensitive. You could do it every day at any time of the day. But it's 10 minutes a day. It comes out to 50, 60 minutes a week. You know, uh, you know, started breaking it down where it's, whatever, a hundred hours a year. And, know, when it breaks, when he breaks it down like that, it really hit me. And he said, you could spend like 20 minutes or an hour, using chat GPT or Gemini to help you learn what options are available to automate it. And, you know, I've used it, you know, I've used chat GPT to introduce me to something called Google scripts. And Google, you know, it basically taught me how to send automated emails that come in instantly, or if I want to have a buffer of, wait 10 minutes and then send it, depending on which state they came in, who else gets a copy of it, automated follow ups. And it really saved my 10 minutes a day, which 10 minutes a day, you know, we laugh at, but when it comes into hours and hours a year, it really changed the way I look at some of these new software, like you say. I'm also all in on this and I'm really enjoying it. In my old life, back in 1998, I was working in online advertising. And this was before Google was around. So this was Yahoo and Excite and Lycos. I'm not sure how old you are. You look like you're 12 in this picture, in this video. You know, these were, you know, I had an early adoption to online and marketing and using, you know, that today over the years, it's really remarkable on how some of this has changed. people, investors come to you, what kind of properties do they own? What kind of properties won't you lend on? Heavy industrial so I run a debt fund basically. These are the loans that we bank keep on our books In that arena what kind of? Differentiates us is you know we're we lend in quite a bit of states So we'll end in about 44 states depending on the asset class and kind of the situation All from Hawaii now still maybe a good 70 % of our businesses away Now we'll end up get very creative. We'll do all your basic food groups, your one to four units, your multifamily, your commercial properties across like mixed use, special use, light industrial, things like that. We'll also in Hawaii, where a lot of the values in land, an average home, single family home on Oahu, for example, is about a million, 1.1. A good 70, sometimes 80 % of that value is all in the land. The house isn't anything special. So in Hawaii specifically, where we're very familiar with the markets, we'll get even more creative. We'll lend on raw land in certain situations. So it doesn't even have to have a horizontal development component to it. So a lot of people come to us for that. There's not a lot of people lending on land, but there's still a lot of nuances to navigate through. There are risks with that. But. On the mainland, as we call it, we will get creative with uh horizontal development projects, some small subdivisions, things like that. And then we'll look at special use. I sized up a deal yesterday that was kind of a hotel golf course in Virginia. We looked at senior care, home facilities, things like that. And occasionally, occasionally we'll do some second lien and MES financing. Very interesting. Any states that you would not lend them, no matter what? Yeah, I mean typically they're the ones that require a license if you're gonna direct lend, you know for the most part uh We don't lend in Alaska, California, Nevada, Arizona North South Dakota Not really Wyoming and Montana So these are more licensing, not necessarily the market itself. A little bit of both, but yeah. New York you would London, New York City, stuff like that. And New York, honestly, I'm not too familiar with. we're very cautious. And this is just a slam dunk, real bread and butter, boilerplate situation. Yeah, we don't do that. myself, even though I'm born here, raised here and still live here, other than some small stuff I happen to own, I don't invest here in New York City. It's not something I enjoy. I did invest here back in, what was it, 03, 04 and 05. I did very well with the appreciation, but the management and the regulation, and this is back then, it was very uh rough on me. Yeah. I started out in New Jersey just because I couldn't afford New York. And when I made some money, I came to New York where I started investing, but I just didn't enjoy it. And I stuck to New Jersey for a big chunk, really up until 2017. What else are you doing besides uh lending, keeping money on the balance sheet? When you guys are lending some of your own capital, so to speak, I assume you're raising money from debt funds, family offices, stuff like that. Yeah, mostly individuals. mean, we work with a lot of our investors, our LPs are actually old clients, know, just people we have relationships with. So we have a fund, you know, that we manage. We also do first trustees or we call them direct investments. So you can actually own the whole note, the whole mortgage itself or a fraction thereof. We'll still manage everything. Obviously, we'll originate it. We'll do the underwriting. We usually come to our pool of investors when we've already lent them the lent the borrower the money. So it's something that we've already put our money where our mouth is. We have no problem keeping the loan on our books. It's just now we're opening it up to our pool of capital investors and they can participate if it's appropriate for them. Very interesting. I run a mortgage fund and I got into it. I guess I want to say by mistake. Again, my background is owning property, managing the property, hoping for the big pop, maybe selling it, refinancing, getting my capital out. And over the last couple of years where some of the equity markets, buying deals didn't really pencil in, I would... lend or get involved in really just investing in first position liens. Somebody was putting together a million dollar mortgage. I had a hundred grand sitting around, you know, not being utilized. I would contribute to that million and, you know, we would either do some sort of note splitter agreement or some LLC between the five of us and we would own the loan. And I really enjoyed it, especially someone involved in ownership. and dealing with property management, other than, I guess, the initial underwriting, the management of these assets was a lot, I hate to use the word easier, but just a lot less. And I wasn't dealing with code enforcement, I wasn't dealing with tenants, I wasn't dealing with renovations, I wasn't dealing with a lot of that. And at the same time, I'm not getting that big pop. when the property doubles in value or triples in value at certain times. But I have a predefined interest rate that I'm earning. It's typically a 12-month, 18-month deal. It's taxable. There's no tax gains that could be played with. But it is consistent. And some of the rates I'm getting is the 10 to 15 % range monthly payments. I started enjoying it. And here and there, every time I had some money floating around that wasn't being utilized, I would contribute to those types of deals. about a year ago, maybe a little less than a year ago, I opened up a fund where I raised money from my investors who on the equity side, who, you I haven't bought anything in a while and, they call me up, hey, what's going on? have some money. I want to, you know, you're not bringing me a deal. And I tell them, I don't have an equity deal right now. However, I have these mortgage notes that I'm buying and they're coming from lenders like you. These are brokers and lenders who are basically approving the loan, whether I get involved or not. So they're doing the underwriting, the appraisal, the borrower profile, all that stuff. And then what they do is they shop it around to different private equity funds to, I guess, redeploy the capital. So I've been a little picky on where I put this money. For now, I'm just doing it in New Jersey, loans at a million dollars or less, typically one to fours. I always love that asset class. One to fours just are, in my opinion, the most liquid type of real estate. They retain the value. There's a double pool of buyers willing to buy it, investors and homeowners. So with my funds, I've been focusing on those. A great LTV, 65 % or lower LTV. So I feel pretty safe. And when these brokers or lenders approve these loans, they'll reach out to me and they'll probably reach out to a million other guys like me. And I will buy these notes. It's $400,000. It's paying 13 % over the next 12 months. I'll put up the money. I am the lead holder. A lot of times I get a deed in lieu of foreclosure at the same time. And I'm really enjoying those monthly payments. And obviously the broker or their original lender keeps the points and the fees upfront. That's how they keep their lights on. And I'm getting the 12 % or 13 % interest, which I'm really enjoying. And it's really opened up a new avenue for me. So you're buying actually notes that are already performing or are these MPLs? So no, definitely not NPLs, although it's a great business. just, not in that business. These are notes that, hey, the broker will approve it yesterday and it didn't fund yet. And now they're gonna reach out to their group of people, private equity funds to buy it, so to speak. Once in a while, I'm coming in a week or two after it funded, most of the time before it funded. Sometimes, you it's happened, you know, just, you know, maybe like a month or two. But for the most part, it's at the time of funding. A lot of times I'm wiring the funds to the title company for the closing. And, yeah, so these are with the hope of always performing loans. know, these are 65 % loan to value. These are not homeowners. It's always investors. A lot of them have construction holdbacks. So, you know, the loan might be 600,000, but just 200,000 held back. And based on the draw schedule and the work completed, more money is being uh released from escrow, et cetera. yeah, NPL is good business. It's actually not a business I know about. And I don't know, maybe you have to be a little more talented to make money in the NPL business. Yeah, I don't know, we don't do that. So I mean, you got to know the ins and outs obviously of the litigation side of things and you got to know your markets. uh Correct. My goal is to never foreclose on the borrower. I don't want to. Although we set ourselves up where we have the deed and little foreclosure. Again, these are not homeowners, so the foreclosure process is a bit easier. And for the most part, even when we run into trouble where somebody is late or stops paying, it's typically they're in touch with us. And it's usually, hey, we have a sale. to pay this off and it's just taking longer or hey, we have a refinance and it's just taking longer. So typically, you if it's a 12 month loan, the ones that get into trouble, we usually paid off in 14 months, 15 months. And obviously we recoup any of those late fees and missed payments at the time of closing. So again, my goal is performing loans, you know, simple, steady and you know, something I don't have to lose sleep at night about. Okay, Hawaii. I'm jealous about Hawaii. I'm looking at that background. Is that a virtual background? That's real. we had terrible weather the past three or four days. So, terrible means it was dark and cloudy and windy. They shut down schools on Monday. So my boys had to stay home and cold, meaning like don't need AC at night. I think I mentioned in the intro of this podcast that I'm beginning to hate you. So yeah, I actually just shoveled a little snow out of my driveway earlier, just so you know. And this is snow that's been sitting there for the past two or three weeks, but it was ice, so I couldn't shovel it. But it got a little warmer this morning to about 33 degrees. So it made it little easier to shovel. Yeah. What do do for fun outside of real estate? I don't know. What's outside of real estate? Are you watching any good TV, reading any books, traveling? I mean, okay, I have two young boys, so I spent a lot of time with them. They both play baseball. They're five and eight. And so we're, you know, just busy doing. A lot of the parenting activities and then things with the school. My wife helps run our business and manage our properties. So we're pretty integrated with that. It's always like one of those things where, we're always talking about, did you get this? Did you take care of that? Did you handle the payroll? And she does payroll for our companies. But you got to separate that, right? got to eventually, we're not talking business. We got to talk personal and family and things like that. It always overlaps, you know. On that, know, traveling, actually, we got a big trip planned this summer. Like, I hope we can pull it off, but we're planning to go to the Northwest and spend a whole 30 days in a motorhome and kind of travel and hit some of the parks. I'm hoping I can let go, but I'm already looking at like, okay, I need to get a hotspot. You know, does this motorhome have, you know, satellite, Wi-Fi, things like that? But the goal is to let go a little bit, you know. Yeah. travel is big for us. lot of people in love to travel. It just takes a lot to get out of here, you know? Yeah, I traveled to Mount Rushmore about eight years ago. I went from Denver, drove up, and there was a lot of time where there was no cell phone service. So I'm not sure if things changed in the last five or six years on those empty roads, but be prepared to be in some dead zones. assume. Good luck. Good luck. Tell our audience how they could reach out to you. I'll put it in the show notes, but websites, email addresses. phone numbers, whatever you want. Sure, yeah. So anybody looking to borrow money, so you would want to go to MyersCapitolHawaii.com. We're currently revamping our other websites. yeah, so MyersCapitolHawaii.com would probably be your main go-to if you are looking for a loan or want to inquire or run some scenarios by us. Or of course, you can shoot me an email. It's read, R-E-E-D, at MyersCapitol.com. Myers is M-Y-E-R-S. If you're interested in learning about, you know, passive mortgage investments, how that works, how it might be a benefit to your portfolio. I would check out Myers Investment Group's website, which is passivereturn.com. And we got a lot of good content on there and happy to share what we're doing and most importantly, see if it's a good fit for you. Okay, Reed, thank you very much for coming on. know you're dealing with the fallout of having to shut your air conditioner off last night, but okay. mean, it's February and you're mentioning the word air conditioning. But in all seriousness, thank you very much for coming on. I appreciate it. This has been another episode of The Whelp Clock with Stephen Weinstock. Please like, share, subscribe, leave some comments. I will respond to them, maybe. Thank you very much. Thank you very much. All right, thanks, Steven. Appreciate you having us.