In February 2021, I was featured in an article on DeBanked. The article, “Broker in Early Twenties Builds MCA Business in Less Than Three Years”, was written by Kevin Travers and is about my journey from being $10,000 in debt to collecting over $200,000 a year in commission.
How did this happen? I’ve been a fan of DeBanked for years. They were one of the first sites I studied when I started in this industry. I’ve been to broker fairs in both 2019 and 2020. Kevin reached out to see if I would be interested in doing an interview for a feature article.
Kevin starts with a mention of my early days in Staten Island. He mentioned how I went from making my first deals in Long Island City and starting my firm, FunderHunt. I remember that first month and closing those first couple of deals for thousands of dollars. I was amazed at how lucrative it was compared to my previous endeavors.
“But do the YouTube videos help him make deals? Of course they do, Karimov says, and he not only gets deals through his video platform but he also get questions from other MCA brokers who reach out for help.”
The article then moves on to how YouTube has helped me make deals. YouTube has really helped me become an authority in the field and a resource for others. I’ve been able to reach people through comments and texts to my personal phone number.
When I first got started in 2018, there was very little information out in the YouTube universe about business funding. There was a bit of information from people who have been in the game for a long time but there wasn’t much detailed information. I thought I could be the one to fill that gap so I started doing my daily recaps.
“It was a time to capitalize if your shop was strong enough to survive what Karimov called the “dark ages” for MCA. If you survived, you get to reap the reward of a capital-deprived market, he says.”
We can all agree, 2020 was an intense year. As mentioned in the article, we received a lot of applications last year. Unfortunately, not all of them were good, we had a lot that were declined.
I remember, before the pandemic, hearing all kinds of chat about whether or not MCA was dead. There were also a lot of funders that went out of business. Good shops, like mine, really profited but lesser funders just didn’t make it through. We went from having a healthy list of lenders to just a handful. You’ve heard of the 80/20 rule? Now it seems that we have really narrowed down our lender list to just that 20%, but that isn’t necessarily a bad thing because it does make some things easier working with fewer lenders.
Kevin brings up the new office in Miami. He joked a little that the move was about the weather, and hey, I’m not going to complain about 80° winters. Really there were other advantages that weren’t in the article. For example, taxes, I’m saving 8% right off the top for everything I make.
“Davron says he enjoys sunny days in Miami while it is twenty degrees in-between blizzards in New York. Though snow wasn’t the reason he moved, but instead the funding environment.”
There is a lot less competition around too. In New York you can find a shop every other block, maybe because it is the financial capital of the world. Here in Miami it is a different story, it is kind of rare to see someone that knows what a cash advance is down here.
Florida has so many more growth opportunities for shops compared to New York, it’s night and day.
I want to thank Kevin and DeBanked for the great job on the article. To read the full article, go here https://debanked.com/2021/02/broker-in-early-twenties-builds-mca-business-in-less-than-three-years/.