Podcast Summary: "LOAN GOAT CEO Milad Shamoun | Coffeez for Closers with Joe Shalaby Ep. 40"
Introduction
In Episode 40 of "Coffeez for Closers," host Joseph Shalaby welcomes Milad Shamoon, the Founder and CEO of Lone Goat Mortgage Brokerage. Milad shares his remarkable journey from serving as a Marine Corps sergeant to becoming one of California's top mortgage brokers. This episode delves into Milad’s transition from military service to entrepreneurship, his business strategies, challenges faced, and his vision for the future. Listeners gain valuable insights into leadership, resilience, and innovative approaches within the competitive mortgage industry.
Milad’s Early Life and Military Service
Milad Shamoon immigrated to the United States at the age of five and grew up in a Middle Eastern household where education and discipline were highly valued. His father, a veteran of the Iran-Kuwait war and a prisoner of war, instilled in Milad the importance of resilience and hard work.
At 18, Milad enlisted in the Marine Corps, where he rose to the rank of sergeant. The rigorous training and leadership experiences in the Marines shaped his disciplined approach to business.
Transition to Real Estate and Mortgage Industry
After leaving the Marine Corps in 2019, Milad obtained his real estate license. He excelled quickly, selling ten homes in his first year—a feat considered exceptional in the industry. Despite his initial success in real estate, Milad sought to pivot into the mortgage sector to explore new opportunities.
Notable Quote:
“We are a relationship-driven business. Because he has taken care of me and provided me value throughout the years and helped me grow, that is why I'm so faithful to sending all my non QM loans to Change Wholesale.” [35:44]
Founding Lone Goat Mortgage
Milad founded Lone Goat Mortgage in 2021 amidst a challenging market marked by rising interest rates. Instead of following conventional pathways, he differentiated his business by focusing on non-qualified mortgages (non-QM), catering to high-net-worth individuals and business owners who required specialized loan solutions.
Notable Quote:
“Non QM is your niche. You think about the wealthiest people, right? The wealthiest people, business owners, they write their income off. You write your income off, eventually you're not going to qualify for a Fannie Freddie loan.” [25:22]
Overcoming Challenges and Achieving Rapid Growth
Despite entering the mortgage industry during a downturn, Milad achieved a staggering 3,000% increase in revenue from his tax return of $40,000 in 2021 to $1.225 million in 2022. His relentless drive and innovative strategies allowed him to navigate and thrive even when the market was unfavorable.
Notable Quote:
"If I can't approve one of them, I will wire you $10,000. I don't even have $10,000. But they love that. They're like, wow, you're confident." [24:05]
Milad attributes his success to his ability to create opportunities and leverage relationships. By offering solutions that others couldn't, he built trust and established Lone Goat as a reliable name in the mortgage industry.
Business Strategies and Core Values
Milad emphasizes the importance of problem-solving, relationship-building, and thinking outside the box. His core strategies include:
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Leverage Relationships: Milad leverages his network to create opportunities, often offering assistance to others without expecting immediate returns.
Notable Quote:
“Leverage, not only loans, but leverage relationships, and every single person that you know.” [18:34] -
Non-QM Focus: By specializing in non-qualified mortgages, Milad caters to clients who need flexible loan options, setting his brokerage apart from competitors.
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Service and Community: Aligning with E Mortgage Capital’s pillars, Milad prioritizes service and community, believing that helping others leads to mutual success.
Notable Quote:
“If you can help realtors grow, they will never forget that.” [36:30] -
Continuous Learning: He advocates for ongoing education and learning from every interaction, ensuring continuous personal and professional growth.
Facing Adversity
Milad candidly discusses the hardships he faced, including financial setbacks and personal losses. In 2022, he experienced significant challenges such as a costly house leak, insurance delays, and the theft of his first Rolex. These experiences tested his resilience but ultimately strengthened his resolve.
Notable Quote:
“I realized that nothing in this life is easy. You have to take Ls, you have to take losses, you have to feel pain, you have to suffer.” [29:12]
Joining E Mortgage Capital
Milad joined E Mortgage Capital, recognizing the value of being part of a collaborative and high-achieving community. This move provided him with additional resources, mentorship, and a platform to scale his business further.
Notable Quote:
“The best move I made in the mortgage industry is joining E Mortgage Capital. You guys have an amazing platform, amazing people, amazing human beings.” [26:23]
Advice for Aspiring Loan Officers
Milad offers practical advice for new loan officers aiming for success:
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Learn Continuously: Absorb knowledge from every interaction and experience.
Notable Quote:
“Learn from every everyone that you meet. Learning and education is so important.” [29:12] -
Think Differently: Innovate and think outside traditional methods to stand out.
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Choose the Right Team: Selecting a supportive and knowledgeable team is crucial for long-term success.
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Be Resilient: Embrace failures as learning opportunities and maintain a strong work ethic.
Future Goals and Vision
Milad has ambitious goals for both his personal life and his business. Personally, he aims to regain his fitness and move his family to San Diego, providing them with stability and a higher quality of life.
Personal Goal: Slim down to 180 lbs and improve his health. [41:36]
For Lone Goat Mortgage, Milad seeks to grow his team to seven loan officers and collectively achieve $100 million in mortgage transactions by the end of the year. He is passionate about mentoring others, ensuring that his team members also thrive and succeed.
Business Goal:
“By the end of the year, I want everyone else. I've got a team of like six or seven loan officers under me right now. I want them to collectively do $100 million together.” [42:13]
Conclusion
Milad Shamoon’s story is a testament to the power of resilience, strategic thinking, and the importance of relationships in business. From his disciplined Marine Corps background to his innovative approach in the mortgage industry, Milad exemplifies what it takes to build and scale a successful business. His dedication to helping others and his unwavering drive make him a standout leader and an inspiring figure for entrepreneurs and professionals alike.
Final Notable Quote:
“Never heard of that one. Well, that's a good one. What's God gonna tell me when I'm in front of the pearly gates? I wish there was more you. I love giving back.” [46:32]
Key Takeaways:
- Resilience and Discipline: Military training can provide a strong foundation for business success.
- Innovative Strategies: Focusing on niche markets like non-QM can differentiate a business in a saturated industry.
- Relationship Building: Cultivating and leveraging relationships is crucial for sustained growth.
- Continuous Learning: Emphasizing education and adaptability leads to long-term success.
- Mentorship and Community: Being part of a supportive community enhances personal and professional development.
Quotes to Remember:
- “Nothing more than when someone says, you can't do this. It's impossible.” [16:00]
- “Only God can break me.” [34:39]
- “Think outside the box, because when you think outside the box, that's where the money is.” [40:17]
Milad Shamoon’s journey offers invaluable lessons for anyone looking to excel in business by staying true to core values, embracing challenges, and prioritizing service and community.