WEBVTT - Community Uplift: Eddie explains how mission-driven real estate can transform communities. 0:00:00.720 --> 0:00:03.480 Welcome to the show. I'm Rashan McDonald, the host of 0:00:03.560 --> 0:00:06.960 money Making Conversations Masterclass, where we encourage people to stop 0:00:06.960 --> 0:00:11.000 reading other people's success stories and start planning their own. Now, 0:00:11.240 --> 0:00:13.120 you don't want to miss an episode of Money Making 0:00:13.160 --> 0:00:17.400 Conversations Masterclass, So right now follow a subscribe to Money 0:00:17.440 --> 0:00:20.560 Making Conversations. It's free and you can find it on 0:00:20.600 --> 0:00:25.080 the iHeartRadio app, Spotify, Apple Podcasts, or wherever you get 0:00:25.120 --> 0:00:28.800 your podcasts. Now, sit back and listen as we unlock 0:00:28.840 --> 0:00:33.600 the secrets to their success on Money Making Conversations Masterclass. 0:00:34.400 --> 0:00:37.720 My guess is the founder and chief executive officer of 0:00:37.760 --> 0:00:41.120 the Benoi Group. The company has become a national leader 0:00:41.159 --> 0:00:45.560 in designing, developing, and managing complex projects ranging from mixed 0:00:45.640 --> 0:00:50.160 income affordable communities and independent senior living to mix use, 0:00:50.840 --> 0:00:55.960 workforce and multifamily anchored master plan developments. The commitment is 0:00:56.000 --> 0:00:59.720 sustainable housing for low to moderate income earners. Please welcome 0:00:59.720 --> 0:01:04.120 them Money Making Conversations Masterclass. Eddie Benoir Junior, How you 0:01:04.160 --> 0:01:05.000 doing Eddie? 0:01:06.600 --> 0:01:09.680 I'm doing well. I'm doing well. Rashan, thank you for 0:01:09.680 --> 0:01:10.720 having me on your show. 0:01:11.040 --> 0:01:13.240 Now, I appreciate that and respect the fact that you've 0:01:13.280 --> 0:01:16.120 taken time to come on on a show, because show 0:01:16.160 --> 0:01:19.000 I want to spotlight what you've been doing with the community, 0:01:19.040 --> 0:01:21.240 what you've been doing with your life, and the best 0:01:21.280 --> 0:01:23.640 of When we get started, Eddie tell us about the 0:01:23.680 --> 0:01:24.440 ben War Group. 0:01:26.840 --> 0:01:30.720 Ben War Group, So we actually were established in twenty sixteen. 0:01:31.920 --> 0:01:35.200 We used to be part of a previous partnership that 0:01:35.560 --> 0:01:38.600 I was part of from two thousand and one to 0:01:38.720 --> 0:01:42.520 two thousand and ten. I'm sorry, we're established in twenty ten. 0:01:42.600 --> 0:01:46.000 It has been sixteen years since we actually transitioned to 0:01:46.080 --> 0:01:49.760 the ben War Group. And we're headquartered in Atlanta, Georgia. 0:01:50.640 --> 0:01:53.680 But we actually have a gemographic footprint of about nine 0:01:53.720 --> 0:01:59.000 to ten states, primarily the southeast, couple station Midwest, and 0:01:59.040 --> 0:02:02.680 in the southwest of the country. And you know, our 0:02:02.720 --> 0:02:09.160 business is primarily focused on multifamily and multifamily anchored mixed 0:02:09.200 --> 0:02:13.000 use communities that are developed through public private partnerships with 0:02:13.160 --> 0:02:16.880 different municipalities throughout the different states that we focused on. 0:02:17.440 --> 0:02:21.240 So we develop on and operate our own portfolio of 0:02:21.360 --> 0:02:23.840 assets throughout our geographic footprint. 0:02:24.639 --> 0:02:27.280 You know, when I read your introduction, it had a 0:02:27.320 --> 0:02:30.800 lot of different I guess pillows when you talk about 0:02:30.880 --> 0:02:36.200 multifamily anchored master plan developments. We talk about affordable housing 0:02:36.320 --> 0:02:40.720 or load of moderate income earners. We talked about senior citizens. 0:02:40.919 --> 0:02:44.760 Let's talk about the senior citizens projects or housing projects, 0:02:45.040 --> 0:02:48.079 and what is the model that you use for your 0:02:48.160 --> 0:02:51.480 company to ben one group to develop a revenue on 0:02:51.560 --> 0:02:53.120 an annual basis with your company. 0:02:55.639 --> 0:03:00.680 Well, with the senior projects, they're considered independent senior living 0:03:00.720 --> 0:03:05.200 properties where the residents are typically sixty two and older, 0:03:05.360 --> 0:03:08.639 at least one person who's the head of household if 0:03:08.680 --> 0:03:14.160 there's a couple living on the property. We target more 0:03:14.360 --> 0:03:19.119 low to moderate income earners. So some people fall under 0:03:19.160 --> 0:03:21.960 the lower income category. And then there are those who 0:03:22.000 --> 0:03:24.760 are not under the low income category that are moderate 0:03:24.760 --> 0:03:28.080 income that are anywhere from eighty percent to one hundred 0:03:28.120 --> 0:03:30.760 and twenty percent of the area median income who are 0:03:30.800 --> 0:03:33.000 not able to get any form of subsidy from the 0:03:33.000 --> 0:03:36.160 government from a rental standpoint, but also don't have that 0:03:36.280 --> 0:03:40.840 much more income to afford housing that is earmarked primarily 0:03:40.880 --> 0:03:44.440 for seniors, but also that is affordable to them. So 0:03:45.040 --> 0:03:48.640 where we target that income band for those seniors in 0:03:48.760 --> 0:03:52.840 order to offer them similar housing options. 0:03:53.280 --> 0:03:56.320 And that's the key right there, because you know, I 0:03:56.800 --> 0:03:59.840 always tell when I was growing up. I was born 0:04:00.000 --> 0:04:02.600 a child, grew up in the sixties, you know, as 0:04:02.640 --> 0:04:06.240 a teenager in the seventies, and went to college as well. 0:04:07.680 --> 0:04:09.400 There are more older people now than when I was 0:04:09.400 --> 0:04:13.760 growing up. So is that a good thing for your business, Eddie? 0:04:14.080 --> 0:04:17.800 Or a situation where you don't have enough to be 0:04:17.920 --> 0:04:19.600 able to cover the need. 0:04:22.320 --> 0:04:26.160 The demand is extremely high, especially for the baby boomers now, 0:04:26.240 --> 0:04:32.400 many people are really building affordably priced housing. Again, that 0:04:32.560 --> 0:04:35.160 depends on what region, what market you're in as far 0:04:35.200 --> 0:04:37.920 as what's considered affordable right of course, if you're in 0:04:37.960 --> 0:04:40.760 a rural area is different than being in the metropolitan area. 0:04:41.400 --> 0:04:47.440 And so that income band, that demographic you know range 0:04:48.040 --> 0:04:53.520 is really suffering from a huge need from a housing standpoint, 0:04:53.520 --> 0:04:58.000 whether it's from a rental standpoint or from a ownership standpoint. 0:04:58.880 --> 0:05:01.440 Many people are not looking at the folks that are 0:05:01.480 --> 0:05:06.120 between that fifty five to eighty five that is probably 0:05:06.160 --> 0:05:09.800 still earning some former income or maybe retired, but they 0:05:10.000 --> 0:05:15.480 still want the ability to live close to the metropolitan 0:05:15.520 --> 0:05:19.440 areas or within the suburban areas, but are not necessarily 0:05:19.440 --> 0:05:22.720 in a position to afford a lot of the new 0:05:22.760 --> 0:05:26.000 inventory that's being built because the cost of housing is 0:05:26.040 --> 0:05:26.640 just so high. 0:05:27.520 --> 0:05:29.960 Please don't go anywhere. We'll be right back with more 0:05:29.960 --> 0:05:33.440 Money Making Conversations Masterclass. No need for you to do 0:05:33.520 --> 0:05:36.880 me a favor right now to follow our subscribe to 0:05:37.000 --> 0:05:40.280 Money Making Conversation. It's free and you can find it 0:05:40.320 --> 0:05:45.080 on the iHeartRadio app, Spotify, Apple Podcasts, or wherever you 0:05:45.120 --> 0:05:48.640 get your podcasts. Please do me that favor, follow or 0:05:48.680 --> 0:05:55.720 subscribe money Making Conversations. Welcome back to Money Making Conversation 0:05:55.839 --> 0:05:59.400 master Class with me Rashaun McDonald. See I'm right there, 0:05:59.440 --> 0:06:02.880 I'm right. I'm your customer, Eddie, you know, fifty five 0:06:02.880 --> 0:06:05.400 to eighty five right there? Okay, how do. 0:06:05.360 --> 0:06:06.720 You I'm my customer tooth. 0:06:06.760 --> 0:06:09.120 Oh, that's right, Which means that you're going to build 0:06:09.160 --> 0:06:13.640 a lifestyle that's comfortable for both of us. 0:06:12.880 --> 0:06:15.679 Exactly what it needs to be an environment where both 0:06:15.760 --> 0:06:19.960 people can actually live in the same under the same roof, 0:06:20.320 --> 0:06:23.840 meaning the same building, enjoying the same amenity, even though 0:06:23.880 --> 0:06:26.239 they may be within different income. 0:06:26.400 --> 0:06:28.760 Then then let's talk about that. Because you was talking 0:06:28.760 --> 0:06:31.520 about pricing, because always the key what do you get 0:06:31.520 --> 0:06:33.760 for your money? And so because I'm gonna talk about 0:06:33.760 --> 0:06:36.160 the different pillars, but I had to start in the 0:06:36.240 --> 0:06:38.800 area that hits home for me, which is that fifty 0:06:38.800 --> 0:06:41.440 five to eighty five. Also, that's the age group that 0:06:41.600 --> 0:06:45.240 some people give up on. And also some people don't 0:06:45.279 --> 0:06:48.520 plan for because as you know, when we plan for retirement, 0:06:48.560 --> 0:06:51.040 we don't plan for retirement to take care of our parents. 0:06:51.240 --> 0:06:53.560 And next thing, you know, that's what we're doing, is 0:06:53.600 --> 0:06:56.400 taking care of our parents. And it's it the lifestyle 0:06:56.520 --> 0:07:00.360 that's affordable to what they want to live. And so 0:07:00.760 --> 0:07:02.960 when you start talking about numbers, we talk about the 0:07:02.960 --> 0:07:05.160 word affordable. Are you in a position to be able 0:07:05.160 --> 0:07:08.680 to tell my audience what is the word affordable and 0:07:09.040 --> 0:07:11.280 how that it breaks down for them if they want 0:07:11.320 --> 0:07:14.680 to potentially to contact or can someone contact your company 0:07:14.840 --> 0:07:15.800 to get that information? 0:07:17.720 --> 0:07:20.440 Yeah, somebody can contact the company to get the information. 0:07:20.600 --> 0:07:22.800 But I'll just give just more of a high level 0:07:22.920 --> 0:07:26.520 we can talk about affordable. You have two different you 0:07:26.600 --> 0:07:29.800 have two different categories. We have what it's called the 0:07:30.200 --> 0:07:33.160 affordable with the capital A and that's for those who 0:07:33.200 --> 0:07:37.200 are making anywhere from no income up to sixty percent 0:07:37.520 --> 0:07:40.600 of the area meeting income and where they live, and 0:07:40.680 --> 0:07:44.600 so they are considered low income earners, and there are 0:07:44.640 --> 0:07:48.440 regulations in place that stipulates how much of their income 0:07:48.840 --> 0:07:54.800 can they pay from a rental standpoint for housing. Okay, Typically, 0:07:54.920 --> 0:07:56.960 you know, hood will stipulate for them not to pay 0:07:57.000 --> 0:08:01.680 more than thirty percent of their income. Now, some of 0:08:01.720 --> 0:08:05.280 them will have certain forms of rental subsidies from the 0:08:05.360 --> 0:08:08.440 different housing authorities that will support them, or they have 0:08:08.560 --> 0:08:11.440 vouchers that are a portable from one state to another, 0:08:12.480 --> 0:08:15.000 but there'll be subjects to waiting list if they're moving 0:08:15.040 --> 0:08:18.680 from one city to another city. Okay, and it's also 0:08:18.720 --> 0:08:24.239 based on availability. Those who make more than the sixty 0:08:24.240 --> 0:08:27.920 percent area meeting income fall under what we call the 0:08:28.000 --> 0:08:32.080 small A is forced affordabilities concerned. Right, those are the 0:08:32.160 --> 0:08:36.240 moderate income earners, and depending on the city that they 0:08:36.280 --> 0:08:39.800 live in, that may go anywhere from eighty percent of 0:08:39.880 --> 0:08:42.920 the area meeting income to one hundred and twenty percent 0:08:42.960 --> 0:08:45.600 and even one hundred and forty percent of the area 0:08:45.679 --> 0:08:52.080 meeting income. So we look at merging both that income 0:08:52.160 --> 0:08:55.040 band from zero to one hundred and twenty to one 0:08:55.080 --> 0:08:57.959 hundred and forty percent area meet income and figure out 0:08:57.960 --> 0:09:02.040 which the proper mix that allows project to be financially feasible. 0:09:02.480 --> 0:09:04.880 So we can do a deal that has a mixed 0:09:04.920 --> 0:09:09.320 income component with low and moderate income earners and even 0:09:09.360 --> 0:09:11.960 those who are beyond the one hundred and forty percent 0:09:12.600 --> 0:09:17.199 area meeting income that can live there and still afford 0:09:17.440 --> 0:09:21.080 a rent level that is lower than what the competition 0:09:21.520 --> 0:09:22.040 is offering. 0:09:22.280 --> 0:09:23.679 You know, before we go to break, I want to 0:09:23.679 --> 0:09:26.800 ask you this question, Eddie about vision. You know a 0:09:26.800 --> 0:09:30.040 lot of people have called me a visionary renaissance man 0:09:30.040 --> 0:09:32.760 because I'm willing to pivot when I do. If I 0:09:32.800 --> 0:09:35.000 see it's not going right, I will pivot, Eddie, I 0:09:35.040 --> 0:09:37.960 would understand that that is not the path I should continue. 0:09:38.200 --> 0:09:40.240 I'm not a hard headed guy when it comes to 0:09:40.280 --> 0:09:44.200 making business decisions. How has your original vision evolved in 0:09:44.240 --> 0:09:49.040 your company grown? And also how it has it remained 0:09:49.120 --> 0:09:52.800 unchanged at the core because they're a core business model 0:09:52.880 --> 0:09:55.600 or how you operate, but there are also some business 0:09:55.640 --> 0:09:58.640 parameters that you alter. How have they been changed or 0:09:58.720 --> 0:10:00.480 evolved over the years. 0:10:01.720 --> 0:10:05.400 Well, the vision and the mission never really changed from 0:10:05.440 --> 0:10:08.840 twenty ten when we're established a binoire group. Again where 0:10:08.960 --> 0:10:13.560 not separated from my previous partners. It's just that we've 0:10:13.600 --> 0:10:18.680 continuously looked at our litmus tests. Has been our why 0:10:19.520 --> 0:10:22.400 why do we do what we do? And so every 0:10:22.440 --> 0:10:27.880 deal that we actually pursue has to pretty much be 0:10:27.960 --> 0:10:31.080 weighed against our why as a company. And that's what 0:10:31.280 --> 0:10:34.400 really keeps us from being distracted. That's what keeps us 0:10:34.440 --> 0:10:39.000 from taking unnecessary risks. It keeps us from It keeps 0:10:39.080 --> 0:10:44.440 us really relatively focused and determined in what we're trying 0:10:44.480 --> 0:10:48.560 to do, even though our business is very cyffical, and 0:10:48.600 --> 0:10:51.800 so you've got to withstand a lot of the headwinds 0:10:51.840 --> 0:10:55.560 that are unanticipated. But it's the same thing when we 0:10:55.600 --> 0:10:58.200 sat down and came up with our mission statement in 0:10:58.280 --> 0:11:02.120 twenty ten. It has not changed whatsoever, and we believe 0:11:02.200 --> 0:11:03.960 that we've been able to follow it. 0:11:05.360 --> 0:11:08.040 Wow, and I respect you for Atlanta. I've talked to 0:11:08.240 --> 0:11:13.319 Eddiebinwall Jr. He's the Entrepreneur of the Year presented by 0:11:13.400 --> 0:11:16.480 the Atlanta Business League. If you have questions, you want 0:11:16.480 --> 0:11:18.680 to speak to him for zero four a eight zero 0:11:18.840 --> 0:11:21.840 nine two five five four zero four for zero four 0:11:21.920 --> 0:11:25.080 eight a zero nine two five five. But before we go, Eddie, 0:11:25.120 --> 0:11:28.280 could you tell everybody how they get in contact contact 0:11:28.280 --> 0:11:31.960 with you via website, a social media or an actual number. 0:11:33.960 --> 0:11:36.360 Yeah. Sure, they can get in touch with us. Our 0:11:36.360 --> 0:11:40.520 website is ww dot benwar group dot com. That's th 0:11:40.640 --> 0:11:42.800 A G B E N O I T G R 0:11:42.920 --> 0:11:45.720 O U P dot com. Or they can follow us 0:11:45.800 --> 0:11:50.520 on LinkedIn Eddie Binwall Jr. On LinkedIn or on I 0:11:50.679 --> 0:11:52.000 G wait. 0:11:52.480 --> 0:11:54.520 We'll be right back with more money making conversations. I 0:11:54.559 --> 0:11:55.599 got a lot of things to ask. I want to 0:11:55.600 --> 0:11:59.520 talk about his leadership, philosophy, changes and resilience, innovation in 0:11:59.600 --> 0:12:04.440 different differentiation, team building, impacting legacy. I got a lot 0:12:04.480 --> 0:12:07.199 of questions for you, Eddie. Don't you go nowhere? Entrepreneur 0:12:07.280 --> 0:12:09.520 of the Year. On this rainy day, brother, We're going 0:12:09.559 --> 0:12:12.840 to change some people's lives. Money Making Conversations Master Class 0:12:13.080 --> 0:12:16.520 hosted about Rashaan McDonald. We'll be right back. Please don't 0:12:16.559 --> 0:12:18.960 go anywhere. We'll be right back with more money making 0:12:19.000 --> 0:12:26.760 conversations Masterclass. Welcome back to money Making Conversations master Class 0:12:26.920 --> 0:12:32.360 hosted by me Rashan McDonald. Let's get back into it. Leadership, Eddie, 0:12:32.480 --> 0:12:36.080 that's key man. As you get older, it changes. I 0:12:36.160 --> 0:12:39.480 know I was a little stronger with my words when 0:12:39.480 --> 0:12:42.360 I was leading people. I thought I needed to move 0:12:42.400 --> 0:12:46.000 them with volume. They're move a lot faster. What is 0:12:46.000 --> 0:12:48.400 your role, How do you do How is your leadership 0:12:49.000 --> 0:12:51.599 practices changed? Always been the same throughout. 0:12:51.360 --> 0:12:56.679 Eddie, No, it's definitely changed over the past three and 0:12:56.720 --> 0:13:00.959 a half decades instead of being in the business. But 0:13:01.000 --> 0:13:04.079 one of the things that I know that inconsistent is 0:13:04.080 --> 0:13:08.560 the ability to maintain at least, you know, transparency and 0:13:08.679 --> 0:13:13.839 honesty with those who report to you directly and to me. 0:13:13.960 --> 0:13:17.800 I think that is the best form of communication or 0:13:17.800 --> 0:13:20.959 relationship that you can have with your leadership, and that 0:13:21.040 --> 0:13:24.079 kind of just trickles down within the organization at the 0:13:24.120 --> 0:13:25.080 different levels. 0:13:25.840 --> 0:13:27.520 You know, I had a I always tell people I 0:13:27.559 --> 0:13:29.280 try to be honest on this show, Eddie when I 0:13:29.320 --> 0:13:33.160 talk about my experiences as an entrepreneur a small business owner, 0:13:33.640 --> 0:13:36.199 and I will tell you that, like I said earlier, 0:13:36.520 --> 0:13:40.199 I'm not a hard headed person, but I have been 0:13:40.240 --> 0:13:43.800 a hard headed person and looking at my business model, 0:13:43.840 --> 0:13:46.960 it was not working for me and it got to 0:13:46.960 --> 0:13:50.000 a point where I was basically using my savings to 0:13:50.080 --> 0:13:52.640 run my business, which is a bad business model. And 0:13:52.720 --> 0:13:55.120 you a test to that, because you know, if you're 0:13:55.480 --> 0:13:58.320 using your person revenue, where's the revenue coming to replace 0:13:58.400 --> 0:14:01.120 the revenue you're taking away from your person? When you 0:14:01.160 --> 0:14:03.440 look at the philosophy as you're talking listening to people 0:14:03.520 --> 0:14:07.120 on the who are listening to us, what advice would 0:14:07.160 --> 0:14:09.960 you give to them when it's not going right? Like 0:14:10.000 --> 0:14:14.079 you said, your revenue can be seasonal or ebb and 0:14:14.160 --> 0:14:17.080 flows with the injurty or sometimes how do you adjust 0:14:17.120 --> 0:14:19.600 to that eddie because you know it's going to happen, 0:14:20.080 --> 0:14:21.480 but you have to prepare for that. 0:14:22.120 --> 0:14:25.560 Talk to us, yeare are a lot of people who 0:14:25.680 --> 0:14:29.960 actually Rashaan will treat budgets based on how they would 0:14:30.120 --> 0:14:34.160 like the outcome of the year to be. Yeah, and 0:14:34.200 --> 0:14:35.800 they're like, look, I'd love to make a couple of 0:14:35.800 --> 0:14:37.480 million dollars, so I'm going to make a budget for 0:14:37.520 --> 0:14:40.440 a couple of million dollars as opposed to really figuring 0:14:40.480 --> 0:14:44.960 out the path to making that too million dollars in revenue, 0:14:45.800 --> 0:14:48.840 and it's not achievable. They're lying to themselves. They're not 0:14:48.880 --> 0:14:52.160 honest with themselves. The other part is there are people 0:14:52.160 --> 0:14:56.800 who like to hire folks who are have the same 0:14:57.840 --> 0:15:01.280 kind of skill sets that they have, that think like 0:15:01.360 --> 0:15:04.200 they do, because that's the type of people that they like, 0:15:04.640 --> 0:15:07.320 and so they think that's the best thing to hire 0:15:07.400 --> 0:15:09.800 and work with. People who are like them. Well, that's 0:15:09.840 --> 0:15:13.560 not necessarily true. You really want to bring people who 0:15:13.640 --> 0:15:15.480 think a little bit different than you are, who are 0:15:15.520 --> 0:15:18.280 even smarter than you are, and that can bring different 0:15:18.320 --> 0:15:21.200 points of view, different approaches to the business, that can 0:15:21.280 --> 0:15:25.080 challenge even your thought process even if you're being hard 0:15:25.080 --> 0:15:28.360 headed about something, and they can help you see things 0:15:28.400 --> 0:15:31.280 from a different set of leanness. They could bring different 0:15:31.320 --> 0:15:34.480 subject matter expertise to the table to make you to 0:15:35.040 --> 0:15:39.480 even extend your capacity as a person, as an individual, 0:15:39.480 --> 0:15:41.960 as a leader, or even as a company. And so 0:15:42.480 --> 0:15:45.120 you know, to me, I think those are very essential 0:15:45.600 --> 0:15:48.360 when you have a business, when you have a company 0:15:48.400 --> 0:15:51.440 that you're looking to scale and grow. But also that 0:15:51.800 --> 0:15:55.200 allows you to be to create some flexibility and be 0:15:55.320 --> 0:16:00.479 nimble to withstand just the hard times in the business 0:16:00.520 --> 0:16:04.760 and be honest with yourself as to what does it 0:16:04.840 --> 0:16:07.840 really look like, what can we really achieve in twenty 0:16:07.880 --> 0:16:10.520 twenty six, What can we really achieve in twenty twenty seven. 0:16:11.720 --> 0:16:14.560 You know, it's really interesting that you where you're approaching 0:16:14.560 --> 0:16:17.800 that When I look at myself, the classic statement I 0:16:17.840 --> 0:16:19.920 always tell people is you don't want to be the 0:16:19.960 --> 0:16:23.040 smartest person in the room all the time. And that's 0:16:23.200 --> 0:16:25.960 I believe that. In a wrap up, that's what you're saying. 0:16:26.280 --> 0:16:28.120 You know, don't hire people that think like you all 0:16:28.160 --> 0:16:31.240 the time, think differently, challenge you to be the better 0:16:31.320 --> 0:16:34.160 you challenge your company to do the better things that 0:16:34.200 --> 0:16:37.840 will win long term and not necessarily short term, because 0:16:38.200 --> 0:16:42.000 bring a third eye to your process and you're not 0:16:42.080 --> 0:16:44.680 always looking through the same lens at the same things, 0:16:44.680 --> 0:16:47.480 which means you might be achieving the same goals, which 0:16:47.720 --> 0:16:50.800 may not be a benefit to your overall company results. 0:16:51.120 --> 0:16:54.080 Earlier we talked about in our conversation, we talked about, 0:16:54.400 --> 0:16:58.160 you know, the independent senior living to mix use properties. 0:16:58.400 --> 0:16:59.920 One thing I want to get to is the most 0:17:00.120 --> 0:17:03.920 pay family anchored master plan development. That sounds huge to me. 0:17:04.520 --> 0:17:07.400 How does your company make those decisions and how big 0:17:07.400 --> 0:17:11.320 can these properties become? Our development's become, Eddie. 0:17:12.640 --> 0:17:16.400 Are usually projects like that that are mixed use are 0:17:17.400 --> 0:17:20.520 awarded to us through a competitive process where we submit 0:17:21.160 --> 0:17:26.280 a response to an rfp RQ and we're selected amongst 0:17:26.560 --> 0:17:29.720 a group of other developers throughout the country that are 0:17:29.920 --> 0:17:33.000 actually buying for the same project. And usually there's a 0:17:33.200 --> 0:17:36.200 best and final and you get selected and those deals 0:17:36.320 --> 0:17:39.879 are only done through a public private partnership with the 0:17:39.960 --> 0:17:44.200 municipalities or the public agency that's actually issuing that RFQ 0:17:44.400 --> 0:17:48.359 or the RP. And so the capital structure or what 0:17:48.440 --> 0:17:51.919 we call the capital stack is usually very complicated in 0:17:52.040 --> 0:17:56.160 order to build the different components of the mixed use development. 0:17:56.600 --> 0:18:01.080 So when we talk about multi family anchored project, we 0:18:01.200 --> 0:18:05.119 may have the multi family component, may be one building 0:18:05.200 --> 0:18:08.680 could be a senior independent senior living deal, the other 0:18:08.760 --> 0:18:12.760 one can be just regular multi family. Then we will 0:18:12.800 --> 0:18:17.720 have some commercial retail space under the buildings or maybe 0:18:17.960 --> 0:18:23.440 standalone commercial retail space that supports not only the residents 0:18:23.480 --> 0:18:27.240 that we're bringing to this mixed use community, but also 0:18:27.280 --> 0:18:30.359 the residents that are legacy residents that already live within 0:18:30.400 --> 0:18:36.680 that neighborhood and so we're bringing retail support to them 0:18:37.040 --> 0:18:41.360 that ordinarily didn't exist. Then we may have a pad 0:18:41.600 --> 0:18:46.960 that's available for some office development, hospitality, or hotel, or 0:18:47.000 --> 0:18:51.960 even home ownership within the same community. Wow. 0:18:52.359 --> 0:18:54.760 You know, when I think about what you're saying, that 0:18:54.920 --> 0:18:59.120 think about you know, the neighborhood, the communities. I grew 0:18:59.200 --> 0:19:02.480 up in a a neighborhood, low income neighborhood, the Ward 0:19:02.560 --> 0:19:05.640 in Houston, Texas, and I always tell people we moved 0:19:05.680 --> 0:19:08.000 to a bevernor hood, better neighborhood, but I didn't know 0:19:08.000 --> 0:19:09.800 because when I walked out the front door, it was 0:19:09.840 --> 0:19:11.879 black people there too, so I just thought I was 0:19:11.880 --> 0:19:14.399 in another neighborhood. The house was a little bit bigger, 0:19:14.440 --> 0:19:16.320 I would tell you that, Eddie, but it wasn't that 0:19:16.400 --> 0:19:18.280 much bigger. But I lived a good life because my 0:19:18.359 --> 0:19:21.399 parents gave me an opportunity to be myself. And I 0:19:21.440 --> 0:19:23.600 think that's really key when we say that, you know, 0:19:23.640 --> 0:19:25.879 when you start talking about it. That's why I wanted 0:19:25.880 --> 0:19:30.080 to bring up the pillows of what you're doing at 0:19:30.160 --> 0:19:34.480 the Benuar group. You're actually changing lives, man, You're creating legacies, 0:19:35.000 --> 0:19:38.680 and that is something when you wake up in the morning. 0:19:38.840 --> 0:19:42.240 Sometimes you don't realize it till you realize it. Talk 0:19:42.280 --> 0:19:45.320 to us about what you do from an emotional standpoint, 0:19:45.600 --> 0:19:48.960 because you really are, Eddie, impacting the community, not only 0:19:48.960 --> 0:19:52.160 in the state of Georgia, but many states well. 0:19:52.200 --> 0:19:57.080 We typically go in areas that are been overlooked, were 0:19:57.440 --> 0:20:03.920 considered difficult to develop, stay away from, or that are 0:20:04.040 --> 0:20:08.439 subject to some form of gentrification because they're now a 0:20:08.480 --> 0:20:13.600 desirable area because of their location or proximity to high ways, 0:20:13.720 --> 0:20:20.600 to amenities, businesses, and maybe certain municipalities, and so we 0:20:20.680 --> 0:20:25.400 typically go in first, where people will shut away from 0:20:25.640 --> 0:20:29.680 those locations. But we view ourselves as going in first 0:20:29.720 --> 0:20:36.320 but being more catalytic, and that would allow other developers 0:20:36.400 --> 0:20:39.200 and builders to come in. Once they realize that we're 0:20:39.200 --> 0:20:42.040 willing to make that kind of investment in a large 0:20:42.080 --> 0:20:45.919 way in that community, not only within what we're developing, 0:20:46.000 --> 0:20:48.600 but also what we're doing outside the four walls of 0:20:48.640 --> 0:20:51.720 our development right, then that gives them some form of 0:20:51.720 --> 0:20:55.159 confidence to say, hey, if different war group can do this, 0:20:56.000 --> 0:20:59.439 then we should we should do it also. You know, 0:20:59.560 --> 0:21:03.679 it's just that that impact is huge. It can't just 0:21:03.840 --> 0:21:08.040 be for you're on the community that you're building, and 0:21:08.160 --> 0:21:11.080 it can't stay within the four walls with Sean. It 0:21:11.160 --> 0:21:14.159 has to expand by the four walls. That's where the 0:21:14.200 --> 0:21:18.879 true transformation comes. The transformation is not before you can 0:21:19.359 --> 0:21:22.960 get transformation from a physical standpoint as far as physical 0:21:22.960 --> 0:21:25.720 buildings being done. You've got to change the mindset and 0:21:25.760 --> 0:21:30.880 you've got to at least restore establish the confidence as 0:21:30.880 --> 0:21:34.640 it relates to other investors, builders and developers to come 0:21:34.680 --> 0:21:35.600 in that area too. 0:21:36.400 --> 0:21:41.399 You know, I in closing here, Eddie, I wanted to 0:21:41.400 --> 0:21:44.480 bring you on the show because, just like you said, 0:21:44.600 --> 0:21:48.400 we just grinders. Man. You know, sometimes we don't even 0:21:48.480 --> 0:21:51.800 see how we may change, but we understand. I tell 0:21:51.840 --> 0:21:55.439 my staff that that every day we're going to change 0:21:55.480 --> 0:21:58.400 or impact somebody's life life. So I want what they 0:21:58.440 --> 0:22:01.440 do to be as perfect as they can accomplish that day. 0:22:02.160 --> 0:22:05.959 And housing, quality housing. I grew up in a two 0:22:06.000 --> 0:22:10.560 bedroom shotgun house, Eddie, six sisters, two brothers, two parents, 0:22:10.880 --> 0:22:16.280 and so I know what quality housing looks like because 0:22:16.720 --> 0:22:20.199 I started someplace where I didn't have quality housing. And 0:22:20.280 --> 0:22:22.960 like I said, you're going and being inviting into communities 0:22:23.000 --> 0:22:28.159 where people don't think that opportunity can exist. In closing, 0:22:28.840 --> 0:22:31.040 what do you see the ben Wire Group in the 0:22:31.040 --> 0:22:33.760 next five to ten years and what are your top 0:22:33.840 --> 0:22:35.000 priorities moving. 0:22:34.720 --> 0:22:39.040 Forward in the next ten years. I see us probably 0:22:39.240 --> 0:22:43.200 just in a dozen states that it'll be you know, 0:22:43.280 --> 0:22:47.680 maybe from Texas as far as western Texas, but in 0:22:47.840 --> 0:22:51.120 as far as north and maybe Maryland, and we'll continue 0:22:51.119 --> 0:22:53.120 to do the same type of projects that we're doing 0:22:53.280 --> 0:22:56.920 that really are in alignment with our mission and our 0:22:56.960 --> 0:23:00.880 top priorities, you know, right now, is to act partner 0:23:01.359 --> 0:23:06.240 and mentor smaller developers that are looking to scale within 0:23:06.960 --> 0:23:10.680 their cities and that don't have the financial worth thought 0:23:10.760 --> 0:23:14.360 to do such and partner with them and leverage our experience, 0:23:14.440 --> 0:23:17.480 our balance sheet to help them grow so they can, 0:23:17.920 --> 0:23:21.000 you know, next five to ten years, be on their 0:23:21.040 --> 0:23:24.240 own without having to have you know, partners, and just 0:23:24.320 --> 0:23:27.520 kind of just showing them the roadmap on what it 0:23:27.560 --> 0:23:30.560 really takes in order to not only shape their deals 0:23:30.560 --> 0:23:33.479 but be successful at it. There's a lot of people 0:23:33.560 --> 0:23:37.240 who who are aiming to grow in this business, but 0:23:37.320 --> 0:23:39.800 it is a very difficult road to navigate. 0:23:41.080 --> 0:23:43.320 Any you a special brother man. Thank you for coming 0:23:43.320 --> 0:23:46.560 on Money Making Conversations master Class one more time. Can 0:23:46.600 --> 0:23:48.879 you give out the contact information so people who are 0:23:48.880 --> 0:23:51.520 listening to the show can reach out to you. 0:23:50.960 --> 0:23:56.040