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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.
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Due Diligence & Lending Out Of State with H. Quincy Long
A Conversation With My first Private Lending Mentor
I 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.
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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 l...