(L-R) President Elect Sean M. Teaford, Guest Speaker Deepta Hiremath, President Dr. Sherman Leis. Photo by Past President Richard M. Trivane. |
Anyone
who has ever watched Shark Tank can recognize when someone has it and when
someone doesn’t. Even with a great idea the entrepreneurial spirit is not
always present. As soon as Deepta Hiremath began presenting yesterday at our
Rotary meeting I could tell she had it.
Our
guest speaker two weeks ago who spoke about the mortgage market and the
potentially drastic changes on the horizon and how the process for people to get
mortgages in the future will differ from today’s market. However, that doesn’t address
the distressed mortgages and struggling families that are already in the
marketplace and are trying to find a way to get their heads above water. This
is where the focus of our discussion was yesterday.
Deepta
owns and operates a real estate hedge fund by the name of King Peak LLC. While
that term has fallen from favor in recent years there are still people out
there running hedge funds that exemplify the four way test. Those people are not focused solely on the bottom dollar but are also looking for a mutually
beneficial arrangement that is fair for all parties concerned. While the
objective of any business is to be profitable it doesn’t mean you can’t help
people along the way.
It
is no secret that as a result of the crash in 2008, over-leveraged banks have
been selling off second mortgages at drastic discounts in order to recoup
guaranteed money which can be funneled back into the capital reserve. Who buys
these mortgages? Debt collectors and entrepreneurs like Deepta.
While
credit collectors will commonly flip the paper using high volume deals without
any thought given to the lives and livelihoods that those mortgages represent,
Deepta invests more than her money into these transactions. She invests her
time, her energy, and her heart. Deepta focuses on the mortgages that commonly
have the most devastating impact… second mortgages.
Due
to the steep discount at which she purchased the paper, it opens up the
opportunity to help and try to work with homeowners so that they can remain
homeowners. She evaluates many of these mortgages on an individual and very
personal basis and tries to find the best solution for everyone. Given the
margins and the huge number of buyers, Deepta is almost guaranteed a profit.
She doesn’t need to take the extra step but she does because she knows that
what she holds in her hand is more than just paper.
It
is part of the American dream to have the spouse, the house, and two and a half
kids but sometimes we all need a little help to maintain that reality especially
in these still trying times. As Rotarians we try to do right by others and
ourselves every second of every day and while sometimes we may falter and show
our human shortcomings it helps to have a business plan which helps us to live
those principals. We can learn a lot from Deepta as well as other intelligent
and driven entrepreneurs like her which will not just help to reinforce the
Rotary principals but also as a reminder to ourselves of what can be done when
we embody those principals.
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