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Speaker 1: For the people that are like getting ready now comes

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Speaker 1: six months from now, there's going to be so much

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Speaker 1: opportunity to come in and pick up those on sale assets.

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Speaker 2: Not everybody was born with a silver spoon in their mouth.

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Speaker 2: Some people actually have to work for it, like me

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Speaker 2: and like my new guest, I'm talking about Lena Jetty.

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Speaker 2: She went from working as a nine to five hupical

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Speaker 2: person to owning your own business, to jumping into real

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Speaker 2: estate investments and now has done over one billion dollars

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Speaker 2: in multi family investments.

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Speaker 1: It might seem overwhelming, and it might seem scary, and

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Speaker 1: it is because it's like taking a single sip out

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Speaker 1: of a fire hose. But it's like that for all

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Speaker 1: of us, we're just comfortable doing it because we do

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Speaker 1: it afraid.

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Speaker 2: Anyway, how did she make the shift from working and

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Speaker 2: trading her time for money to now buying and selling

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Speaker 2: over one billion dollars in multi family and more importantly

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Speaker 2: helping lots of other people, hundreds of thousands of other

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Speaker 2: people to do the exact same things.

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Speaker 3: Should I start with single family or multi family in

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Speaker 3: the work? Yes, They're like, what do you mean?

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Speaker 2: And like where did she get the idea? How did

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Speaker 2: she get a partner, how did she get the money,

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Speaker 2: and how she get to where she's at today, laying

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Speaker 2: down the exact clues that she's left behind so you

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Speaker 2: can follow them to achieve the same thing if you

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Speaker 2: want a right vena. Yes, I'm excited for this, me too.

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Speaker 3: Thanks for joining me, Thank you, thank you for having me.

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Speaker 2: I don't get a lot of people coming in studio,

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Speaker 2: so when I do, it's I really enjoy it.

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Speaker 1: I think doing live podcast recordings are like so much

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Speaker 1: better than doing zoom. Yeah, everyone like lowered the bar

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Speaker 1: during COVID, and I feel like this is just it's

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Speaker 1: so much better energy.

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Speaker 2: It is, and it's hard to do it over zoom

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Speaker 2: because of the lag. Yes, and so you don't know

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Speaker 2: where you can like interrupt people, and it's less like organic.

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Speaker 3: I totally agree.

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Speaker 2: It's like question answer, question answer kind of thing. So

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Speaker 2: I like to talk to I like to talk about

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Speaker 2: disrupting markets. In my career has been alternative to say

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Speaker 2: the least, and I like to talk to people who

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Speaker 2: are doing things alternative as well. So forget the go

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Speaker 2: to school, get a good job, save for fifty years. Yeah,

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Speaker 2: that was never going to work for me. I think

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Speaker 2: of the big legacy institutions we want to disrupt, so media,

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Speaker 2: which I'm trying to do here, education, which I'm trying

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Speaker 2: to do as well. Health. I'm not doing that one.

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Speaker 2: Finance definitely, and you're certainly somebody who's done something different

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Speaker 2: over a billion dollars of transaction in real estate and

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Speaker 2: multifamily space specifically. So I want to talk about that.

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Speaker 2: I want to talk about the appetite for multifamily. I

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Speaker 2: want to think about what your strategies were for getting

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Speaker 2: to where you're at, where you're going, how you think

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Speaker 2: about the big global macroeconomic picture into that, and then

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Speaker 2: where people can get started they if they if they're

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Speaker 2: attracted and did something like this, but let's start before that.

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Speaker 2: So one thing I saw you know in your information

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Speaker 2: is you're really focused on building a network of people.

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Speaker 2: I've often said I learned. So I had to two companies.

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Speaker 2: I sold off a fortune five hundred exit, I had

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Speaker 2: built fixed and flipped over a hundred properties. I had

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Speaker 2: sold my business. I was retired, I was done, and

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Speaker 2: then two thousand and eight came wipe me out and

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Speaker 2: I had to start all over. And what I learned

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Speaker 2: at that point was that everyone says it takes money

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Speaker 2: to make money, but I had no money. As a

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Speaker 2: matter of fact, I was now millions of dollars in debt,

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Speaker 2: and it wasn't the money that I needed. It was

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Speaker 2: the relationships that I had generated and cultivated, and it

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Speaker 2: was the mental skills that I had acquired, and using

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Speaker 2: the skills that I had and the people that I knew,

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Speaker 2: I was able to get it back pretty quickly. But

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Speaker 2: everyone focuses on the financial side, which is the hardest

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Speaker 2: one and maybe the least effective of the three.

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Speaker 3: Yeah, I agree with that.

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Speaker 1: So I think that people think that money is the

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Speaker 1: end gold, and it's not. It's just a tool to

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Speaker 1: get what we all really want, which is control of

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Speaker 1: our time.

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Speaker 2: Right.

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Speaker 3: We want to have freedom, right.

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Speaker 1: And I think about it now because I'm like, yeah,

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Speaker 1: I don't want to do that, and then I'll have.

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Speaker 3: Someone on my team beate but blah blah blah, it's

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Speaker 3: going to be this much. And I'm like, I just

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Speaker 3: don't want to do it, and they're like.

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Speaker 2: What do you mean, so you don't want to do

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Speaker 2: something to get money?

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Speaker 1: Yeah, I mean, like there are some people I just

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Speaker 1: don't want to spend time with and so I don't

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Speaker 1: want to do business with them, so I won't do it.

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Speaker 1: And it's like really interesting because like, once you get

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Speaker 1: to that level, it's very freeing, right because now I

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Speaker 1: only do the things I want to do with the

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Speaker 1: people I want to do them, and I just don't

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Speaker 1: waste my time with the rest of it. And I

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Speaker 1: love being able to do that because there was a

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Speaker 1: time not that long ago where I was like, oh,

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Speaker 1: I have to do anything to make sure that like

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Speaker 1: we're getting one step ahead and one step ahead and

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Speaker 1: one step ahead. And so for me getting to level

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Speaker 1: where I'm just like no for no other reason than

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Speaker 1: I don't want to. Yeah, And to me, that feels exciting, right,

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Speaker 1: that feels like, Okay, I've made it, now check. And

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Speaker 1: I think that the one mistake, if I look back,

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Speaker 1: the biggest mistake I made was underestimating the.

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Speaker 3: Power of those relationships.

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Speaker 1: A lot of people are really surprised to find out,

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Speaker 1: like I've never paid for like a mentorship or any

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Speaker 1: I've never paid for a VIP ticket at a conference

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Speaker 1: still even.

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Speaker 3: Now, well, and now it's because.

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Speaker 1: I'm invited to those rooms, right, Like I'm invited to

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Speaker 1: speak at those conferences like.

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Speaker 2: Oh my, and I still pay for masterminds and stuff,

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Speaker 2: but you do.

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Speaker 3: Yeah, so I'm in those.

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Speaker 1: I'm already in those masterminds, right, like Pace Marby who

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Speaker 1: was a guest on your show, Like, I'm in his

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Speaker 1: community and I'm in.

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Speaker 2: Trying I am too. I go speak at masterminds, but

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Speaker 2: there's other masterminds I want to get into. It's how

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Speaker 2: I've built my network. So I get paid to speak

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Speaker 2: at a lot of masterminds. So I'm in those rooms,

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Speaker 2: but I still invest because there's other rooms I want

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Speaker 2: to get into.

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Speaker 1: I want to build my network, so I will invest

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Speaker 1: in those. It's not that I won't, it's the ones

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Speaker 1: that I want to be in. I haven't figured out

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Speaker 1: how to get into them yet.

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Speaker 2: I think I want to talk about relationships, but just

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Speaker 2: back to buying time. If I can take my money

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Speaker 2: and buy someone's ten thousand hours, Oh, I do that

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Speaker 2: all day, which is why I've been a big reader.

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Speaker 2: Like imagine reading a book in ten twelve hours and

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Speaker 2: compressing someone's life into that absolutely, and so being able

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Speaker 2: to get into a room forty grand for a year

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Speaker 2: I make one deal makes me millions back, right, So

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Speaker 2: I think about I think about like that, but anyway,

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Speaker 2: keep one on the relationships.

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Speaker 1: Yeah. So well, the reason I had never paid for

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Speaker 1: a mentorship or like a VIP ticket or anything was

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Speaker 1: because I thought what was behind the paywall was just knowledge.

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Speaker 3: I thought it was like, I'm going to learn about

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Speaker 3: NI and right equity multiples.

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Speaker 1: It's like I was like, you know, you can just

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Speaker 1: google that, and I was right, I could, and I did.

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Speaker 1: But what I realized now looking back, right like connecting

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Speaker 1: the dots in hindsight, is that cost me so much

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Speaker 1: more time, Like that was the easy button, and I

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Speaker 1: didn't push it because I didn't realize that it was

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Speaker 1: easy button. Now looking back, I'm like, oh, money loves speed.

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Speaker 1: This is the way to be speedy toward what I'm

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Speaker 1: trying to do. And so if I could go back,

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Speaker 1: I would do that differently. Like right now, I'm part

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Speaker 1: of masterminds that I've been invited into because I share

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Speaker 1: and I do education in them, and so for me,

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Speaker 1: those are really important that now, and then next level

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Speaker 1: for me is identifying those ones that I'm not part

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Speaker 1: of yet and how to get into them.

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Speaker 3: That's the thing. So I really there's one person I

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Speaker 3: really want.

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Speaker 1: To mentor me, and I emailed him and I was like, hey,

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Speaker 1: what would it cost to get one on one mentorship?

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Speaker 1: Like money is no object here, and they responded back

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Speaker 1: very nicely saying we don't do that, which is funny

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Speaker 1: because I've done that like a million times, Like, oh,

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Speaker 1: I don't do that. So I'm going to re email

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Speaker 1: them again. Because everyone has a number for this, I

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Speaker 1: just haven't found.

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Speaker 2: The Yeah, but some people are like you, We're like

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Speaker 2: I just don't want to do it. I just don't

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Speaker 2: want to do it. I would say that I have

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Speaker 2: joined multiple masterminds, where now the person that ran the

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Speaker 2: mastermind is now one of my good friends. Yeah I

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Speaker 2: was mentioned earlier. I don't want to drop the name now,

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Speaker 2: but someone who come through my coaching program, multip people

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Speaker 2: that went through my coaching program. Now we're good friends

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Speaker 2: and they don't pay me anymore. Now we're just good friends.

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Speaker 2: I would even say we're peers, right, So it can

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Speaker 2: work both ways, but that's where you are today. Success

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Speaker 2: leaves clues, so people look at you and go, well,

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Speaker 2: that's cool for you, vinga you can get into any

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Speaker 2: room that you want, But what about me? So let's

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Speaker 2: go back to sort of the beginning, like you were

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Speaker 2: just getting going into this whole multi family space and

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Speaker 2: you had to go out network? How did you build

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Speaker 2: your network? And I guess at what point did you

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Speaker 2: realize how important that network was to you?

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Speaker 3: The first time I did a deal and I come.

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Speaker 2: But even before that, how do you even know what

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Speaker 2: kind of to do a deal? Did you? Do you

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Speaker 2: have somebody that influenced you, that was get in front

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Speaker 2: of you.

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Speaker 1: Yeah, so I definitely had someone who I still am

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Speaker 1: friends with and we actually like co invest into each

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Speaker 1: other's deals to this day, who showed me the ropes

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Speaker 1: and he.

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Speaker 3: Partnered with me on that first deal.

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Speaker 1: And I had to raise one point two million dollars

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Speaker 1: in capital.

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Speaker 3: On your first deal, my first deal, which.

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Speaker 1: Is so funny because I'm like, oh, that seems so easy,

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Speaker 1: I missed the good old days of when that was easy.

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Speaker 2: It seems hard for a first deal.

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Speaker 1: Though it was hard for my first deal. I cried

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Speaker 1: every day for six weeks. I thought I put my

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Speaker 1: family into financial ruin. I thought I had messed everything.

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Speaker 2: Up because you hit your friends and family list.

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Speaker 1: Oh yeah, And I went through the friends and family

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Speaker 1: list very quickly and all of them.

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Speaker 3: Said like, oh my gosh, that's amazing.

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Speaker 1: I totally support you, but come to me when you

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Speaker 1: do your second deal, or your third deal or your

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Speaker 1: fifth deal. And I thought there was no way I

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Speaker 1: was going to close that deal. I thought we had

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Speaker 1: just lost whatever that ernest money was, like, maybe like

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Speaker 1: a one hundred two hundred thousand dollars.

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Speaker 3: I thought we just lost it.

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Speaker 1: And at that time, I'd never lost that much money.

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Speaker 1: And when this was almost ten years ago, and ended

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Speaker 1: up closing it. But I networked so poorly back then

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Speaker 1: because I didn't realize how valuable it was going to be.

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Speaker 1: So I would network and I would meet someone and'd

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Speaker 1: be like, oh, it's great to meet you, and then

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Speaker 1: I just go on about my way and if organically

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Speaker 1: we cross paths or we ended up at the same conference,

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Speaker 1: then great. But I never proactively reached out to build

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Speaker 1: those relationships in an intentional way because I didn't know

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Speaker 1: I needed to do that. And I also didn't know

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Speaker 1: who I was speaking to, so my message wasn't clear. Right.

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Speaker 1: I talk a lot in the MULTIPI community. We talk

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Speaker 1: a lot about the investor avatar, and it's because I

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Speaker 1: firmly believe that if you speak to everybody, you speak

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Speaker 1: to nobody, and the way I'm going to talk to

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Speaker 1: you about multi family investing is going to be very

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Speaker 1: different than I'm going to talk to a physician or

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Speaker 1: an engineer, or a small business owner or a stay

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Speaker 1: at home parent. Like they all have different needs and

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Speaker 1: different pain points, and if you don't understand who you're

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Speaker 1: speaking to, you can't speak to them appropriately.

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Speaker 2: And you know.

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Speaker 1: It's easy for me to say that now because we've

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Speaker 1: raised I actually added it up, so over all of

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Speaker 1: our deals, we've raised three hundred and seventy four million,

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Speaker 1: three hundred and fifteen thousand dollars from retail investors. And

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Speaker 1: the principles are the same whether you're raising one point

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Speaker 1: two or three hundred million dollars. It doesn't change, but

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Speaker 1: it becomes a muscle that you exercise and you start

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Speaker 1: seeing the patterns of how investors show up and what

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Speaker 1: their pain points are and how you can help them

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Speaker 1: solve that problem.

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Speaker 2: So you had you had a relationship because somebody brought

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Speaker 2: you a deal that you parted on your first one,

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Speaker 2: and I just want to I just want to nail

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Speaker 2: that point for everybody, right, every deal that I can

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Speaker 2: think of in my whole career has come from somebody

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Speaker 2: that I know. Yeah, I mean where else would it

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Speaker 2: come from? Yeah, they don't. Hundred people don't cold call

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Speaker 2: you the spam and say I got a deal for your.

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Speaker 3: May they do, but you shouldn't listen to those.

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Speaker 2: Yeah, if you get up by somebody on social media

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Speaker 2: and saying I'll invest your crypto for you, don't, don't

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Speaker 2: do that. But yeah, so it comes through your network, right.

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Speaker 2: So that's that's the one piece I always want to

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Speaker 2: hit on. And whether you go out to your local

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Speaker 2: networking events, your chamber of commerce, you go to events

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Speaker 2: like you have I have, Like you need to go out,

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Speaker 2: you need to meet people. You can do it online,

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Speaker 2: it's better.

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Speaker 3: In person, I agree, be in the right rooms.

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Speaker 2: Yeah yeah, what about pouring value into those relationship?

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Speaker 3: Yeah?

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Speaker 1: Okay, So I love this question because this is the

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Speaker 1: thing that probably is the biggest pet peeve to me

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Speaker 1: is and I'm sure you get this right, like you

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Speaker 1: get something goes Mark.

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Speaker 3: I really love what you're doing. How can I add

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Speaker 3: value to you?

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Speaker 2: Oh my gosh, Yes, I want to.

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Speaker 1: Stick a rusty fork in my eye when someone says

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Speaker 1: that to me. Right, Because I know the intention is good.

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Speaker 1: I know it comes from a place of really trying

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Speaker 1: to build a genuine relationship. But it is mentally exhausting

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Speaker 1: for you to ask me how you can add value

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Speaker 1: to me. Now I have to do the mental work.

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Speaker 2: Yeah, and I don't even know who you are.

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Speaker 1: I was thinking about like who you could possibly be,

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Speaker 1: and what your skill set is and what my needs are.

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Speaker 1: And now I have to spend this time to tell

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Speaker 1: you how to help me. It's counterproductive. Instead, what I've

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Speaker 1: found is the most successful when someone really wants to

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Speaker 1: lead with value and like people like us, we like

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Speaker 1: put out endless amounts of content, right, Like you could

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Speaker 1: consume one hundred hours of content of just one of

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Speaker 1: us speaking.

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Speaker 2: Right.

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Speaker 1: So it's like, spend like fifteen seconds looking at like

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Speaker 1: the last three things I post it, find out where

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Speaker 1: you can like in road in, find out like I'm

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Speaker 1: very clear about my values what's important to me, and

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Speaker 1: then figure out where we align and tell me or

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Speaker 1: show up and deliver the value that's going to get

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Speaker 1: my attention.

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Speaker 3: Yes, and so don't and don't message me asking me

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Speaker 3: Can I pick your brain?

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Speaker 2: No?

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Speaker 1: You cannot. Can I take you up for a cup

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Speaker 1: of coffee. No, I will buy my own coffee so

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Speaker 1: that I don't have to spend an hour of my

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Speaker 1: time doing this thing. But it's because there's no relationship

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Speaker 1: and there's no exchange of value. I don't think it's

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Speaker 1: going to be impactful. Instead, like I host meetups where

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Speaker 1: you can come and meet me and ask me a

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Speaker 1: million questions. I will stay there untill three in the

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Speaker 1: morning answering them. But I'm not going to I'm a maximizer, right,

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Speaker 1: Like that's part of my top strength and my clipt

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Speaker 1: and strengths assessment, and so I want to make sure

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Speaker 1: I'm impacting.

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Speaker 3: As many people as possible at once.

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Speaker 1: So those are the things I would say are not

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Speaker 1: the way to leave with value.

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Speaker 2: We'll come back to that because this is a trend

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Speaker 2: that will carry through. And when you buy I saw

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Speaker 2: you know when you're buying your I think you called

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Speaker 2: the Cinderella method. And so even as a real estate investor,

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Speaker 2: we're looking for projects we can bring value to. Yes,

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Speaker 2: it's always the same. If you want to make money

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Speaker 2: in this world, you provide value. That's it. If you

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Speaker 2: work at McDonald's, you're providing value to one person at

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Speaker 2: the counter by pushing buttons that would probably rather just

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Speaker 2: deal with an iPad. So not a lot of value

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Speaker 2: you're putting into the world. If I want to make

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Speaker 2: more money, I solve bigger problems, and even all the

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Speaker 2: way at a multi family deal, I'm still looking for

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Speaker 2: something I can add value to.

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Speaker 3: Yes, that's actually our strategy is.

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Speaker 2: Like all value add and so I think this is

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Speaker 2: just a key piece that we'll bring this trend this

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Speaker 2: all the way through. But the key first of all

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Speaker 2: is relationships. Knowing people, get out of your zone, go

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Speaker 2: meet people. Second, add value into those relationships so that

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Speaker 2: you can start to cultivate those I try to make

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Speaker 2: myself accessible too. I speak at a lot of conferences

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Speaker 2: and I'll stay there all night answer questions. But it's

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Speaker 2: like get me there. Yeah. You know, someone just the

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Speaker 2: other day a message to my team and asked if

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Speaker 2: they could get a one on one call with me.

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Speaker 2: They'll pay whatever I want, you know. And I'm doing

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Speaker 2: this small little intimate mastermind event. I have a ranch

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Speaker 2: in Austin and I'm like, hey, there's a couple tickets

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Speaker 2: left if you want to come hang out with me there,

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Speaker 2: Like you can get access to me but like I

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Speaker 2: don't have time for a phone call either.

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Speaker 3: Yeah.

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Speaker 1: And it's always the people that are like no, I

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Speaker 1: don't want that that also want to take your time

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Speaker 1: for free. Yeah, and it's like I have young kids,

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Speaker 1: like I want to hang out with them. I don't

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Speaker 1: want to spend time with a stranger who is not

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Speaker 1: led with any kind of value.

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Speaker 2: Now let's let's let's keep moving forward. So you got

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Speaker 2: your first deal someone someone brought you a deal to

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Speaker 2: partner with them. You had to go raise money. Tell me, so,

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Speaker 2: had you ever done real estate previous to that? How

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Speaker 2: did that deal come up? And I mean, how did

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Speaker 2: you decide to do that deal? How is it structured?

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Speaker 2: And yeah and so forth.

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Speaker 1: So, yes, I had done real estate prior to that.

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Speaker 1: So I'm the daughter of immigrants. You know, my parents

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Speaker 1: like typical story. They came here with like twenty six

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Speaker 1: dollars in their pocket and like a dream for their

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Speaker 1: future children.

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Speaker 2: How many kids?

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Speaker 3: Just two of us.

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Speaker 1: So it's my sister and I And my sister's actually

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Speaker 1: my partner at five awesome.

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Speaker 3: So yeah, I get to work.

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Speaker 1: With her, which is amazing because she's also you know,

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Speaker 1: my best friend and I.

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Speaker 3: So my parents My mom.

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Speaker 1: Actually started investing in real estate like thirty five years

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Speaker 1: ago now thirty thirty.

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Speaker 2: Five years ago, and she stuck with it.

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Speaker 1: She did, but she always invested in single family Yeah.

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Speaker 1: So you know, I did go to college. I got

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Speaker 1: my degree in finance. I graduated when I was twenty

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Speaker 1: years old and was like, oh, I'm like an adult

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Speaker 1: with a degree now and I'm going to go do

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Speaker 1: something amazing. Yeah, and my mom was like, why don't

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Speaker 1: you work for the family business. I was like, I'm

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Speaker 1: an adult with a degree. I don't need to work

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Speaker 1: for the family business.

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Speaker 3: So I went and I worked.

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Speaker 2: What was that was that like the rental property?

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Speaker 1: Yeah, they had like single family long term rentals.

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Speaker 2: Yeah.

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Speaker 1: So I grew up around seeing that model, and then

401
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Speaker 1: I went. I graduated college and I went and worked

402
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Speaker 1: in corporate real estate. I worked at like some of

403
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Speaker 1: the largest firms. I was on the management team for

404
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Speaker 1: now I think the asset's worth like one and a

405
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Speaker 1: half billion dollars. At the time, it was like one

406
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Speaker 1: point two and I was working at a W two.

407
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Speaker 1: And then I paid taxes as a married couple for

408
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Speaker 1: the first time with my husband and I who we

409
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Speaker 1: were both W two earners, and I remember we paid

410
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Speaker 1: at that time, it was like two hundred thousand dollars

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Speaker 1: in taxes. And I called my mom and I was like,

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Speaker 1: what just happened?

413
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Speaker 2: Mom?

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Speaker 3: Like, so I know we paid all these taxes, Like

415
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Speaker 3: what has happening? You didn't tell me about this? And

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Speaker 3: she was like, oh, yeah, you should quit your job.

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Speaker 1: And I was like, and like, you know, I'm Indian,

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Speaker 1: like this is very not usual. Like usually it's like

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Speaker 1: do you want to be a doctor or an engineer? Right,

420
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Speaker 1: and those are your choices, right, And so my mom

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Speaker 1: was like, quit your stable W two job and start

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Speaker 1: investing in real estate for yourself. She's like, the irs

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Speaker 1: doesn't reward you for being an employee.

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Speaker 3: It rewards you fort Yeah, she did.

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Speaker 1: Actually, I think she might have been like the first

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Speaker 1: person to read it because that's when she started investing,

427
00:17:11,920 --> 00:17:14,160
Speaker 1: was back then, and that and the millionaire next door,

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Speaker 1: So those were like her two bibles she went by.

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Speaker 3: And so I was like, Okay, well this seems legit.

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Speaker 1: And so I quit, and you know, I head full

431
00:17:24,119 --> 00:17:26,359
Speaker 1: buy in from my husband too, and I quit, and

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Speaker 1: I started investing in single family homes because I thought

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Speaker 1: that was the only way like I didn't know I

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Speaker 1: could ever own a multi family asset. I thought only

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Speaker 1: like Oprah could own.

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Speaker 2: So what did you start with single family homes? By

437
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Speaker 2: you bought some rentals?

438
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Speaker 3: Yeah, I bought some condos.

439
00:17:40,320 --> 00:17:43,200
Speaker 1: I still own some of them today, which is I

440
00:17:43,240 --> 00:17:46,040
Speaker 1: hate owning them. But that's a different story, just because

441
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Speaker 1: it's not at scale and I'm like being bothered for

442
00:17:48,200 --> 00:17:50,760
Speaker 1: like a two hundred dollars problem and I don't care.

443
00:17:51,880 --> 00:17:53,080
Speaker 3: Again, not worth my time.

444
00:17:54,280 --> 00:17:58,560
Speaker 1: So anyway, I bought single families condos, and then I

445
00:17:58,600 --> 00:18:01,920
Speaker 1: started buying. I discovered wholesale properties were and I never

446
00:18:01,960 --> 00:18:05,280
Speaker 1: wholesale properties, but I bought from wholesalers, and so there

447
00:18:05,359 --> 00:18:08,160
Speaker 1: was a week where I put like five houses under contract.

448
00:18:08,200 --> 00:18:09,720
Speaker 2: I want to I want to stop you there before

449
00:18:09,720 --> 00:18:11,480
Speaker 2: we get too far out through your career. A couple

450
00:18:11,520 --> 00:18:14,480
Speaker 2: of things I want to pull out here for everybody listening.

451
00:18:15,440 --> 00:18:17,480
Speaker 2: I've often said I have kids as well. I love

452
00:18:17,520 --> 00:18:20,359
Speaker 2: my I have two daughters. I think everyone should have

453
00:18:20,440 --> 00:18:25,440
Speaker 2: kids because it makes you less selfish. True, I mean

454
00:18:25,480 --> 00:18:27,720
Speaker 2: it should most most people, and a few of my

455
00:18:27,720 --> 00:18:29,560
Speaker 2: friends recently just had kids, and I gave them the

456
00:18:29,840 --> 00:18:31,800
Speaker 2: best piece of advice that I got, which is you

457
00:18:31,880 --> 00:18:33,560
Speaker 2: had your chance. It's all about them.

458
00:18:33,720 --> 00:18:33,960
Speaker 3: Yeah.

459
00:18:34,000 --> 00:18:35,240
Speaker 2: And the reason why I want to pull this out

460
00:18:35,280 --> 00:18:39,600
Speaker 2: real quickly is my dad was a contractor self employed,

461
00:18:39,760 --> 00:18:42,920
Speaker 2: business owner, whatever, right, And I think that's what I

462
00:18:43,000 --> 00:18:45,080
Speaker 2: just saw. My dad just went and made money, and

463
00:18:45,119 --> 00:18:46,040
Speaker 2: I just went and made money.

464
00:18:46,119 --> 00:18:46,439
Speaker 3: Yeah.

465
00:18:46,560 --> 00:18:49,000
Speaker 2: The thought of getting jobs doesn't cross my mind. I

466
00:18:49,040 --> 00:18:50,480
Speaker 2: just go make money, right, And I think it was

467
00:18:50,480 --> 00:18:52,679
Speaker 2: because it was modeled. And the reason why I'm asking

468
00:18:52,800 --> 00:18:56,199
Speaker 2: this is I think a lot of what you know,

469
00:18:56,240 --> 00:18:59,560
Speaker 2: we're our audience that we're hitting, are thinking about themselves,

470
00:19:00,119 --> 00:19:03,760
Speaker 2: like should I do this, should I go make this money?

471
00:19:03,800 --> 00:19:08,040
Speaker 2: Should I take this RISKI selfishly, but what kind of

472
00:19:08,080 --> 00:19:10,119
Speaker 2: example are you studying for your kids?

473
00:19:10,359 --> 00:19:10,879
Speaker 3: Yeah?

474
00:19:11,000 --> 00:19:13,320
Speaker 1: I mean that's really the question you should be asking.

475
00:19:14,240 --> 00:19:17,160
Speaker 1: I asked that to myself every single day. I wonder

476
00:19:17,200 --> 00:19:18,359
Speaker 1: if I'm ruining them or not.

477
00:19:18,880 --> 00:19:21,240
Speaker 2: Well, but I mean, like your mom was out there

478
00:19:21,400 --> 00:19:24,399
Speaker 2: doing it and she modeled that for you, like my

479
00:19:24,520 --> 00:19:26,560
Speaker 2: dad modeled it for me, and now you're modeling it

480
00:19:26,600 --> 00:19:29,159
Speaker 2: for your kids versus like you can go get that

481
00:19:29,280 --> 00:19:30,880
Speaker 2: job at that nine to five and you can play

482
00:19:30,880 --> 00:19:33,800
Speaker 2: it safe, and you could work as a wage slave

483
00:19:33,880 --> 00:19:37,000
Speaker 2: for forty years and see your kids two weeks a

484
00:19:37,119 --> 00:19:41,240
Speaker 2: year on vacation, or you could go build your own

485
00:19:41,280 --> 00:19:43,639
Speaker 2: future and then model that for your kids. And I

486
00:19:43,640 --> 00:19:45,240
Speaker 2: guess that's the kind of point that I think about,

487
00:19:45,400 --> 00:19:47,960
Speaker 2: where it's like it's bigger than just me and what

488
00:19:48,040 --> 00:19:50,479
Speaker 2: I'm trying to do. Like what role am I studying

489
00:19:50,560 --> 00:19:52,640
Speaker 2: for my kids in this world? Am I showing them

490
00:19:52,640 --> 00:19:55,080
Speaker 2: how wealth is generated? Am I showing them all ternative methods?

491
00:19:55,600 --> 00:19:57,280
Speaker 2: Your parents showed that to you, just like my parents

492
00:19:57,280 --> 00:19:59,040
Speaker 2: showed it to me, which I'm sure even though you

493
00:19:59,119 --> 00:20:01,800
Speaker 2: went and got a job in the beginning I tried it,

494
00:20:01,600 --> 00:20:04,840
Speaker 2: it highly impacted your outcome. A lot of what we

495
00:20:04,920 --> 00:20:07,119
Speaker 2: learn I mean about diet and health. I mean it

496
00:20:07,240 --> 00:20:09,399
Speaker 2: just comes from our parents. Yeah, And so anyway, I

497
00:20:09,440 --> 00:20:10,600
Speaker 2: just want to hit that point. I think it's a

498
00:20:10,600 --> 00:20:13,960
Speaker 2: super important for everybody listening. This isn't just about.

499
00:20:13,560 --> 00:20:14,520
Speaker 3: You, No, it's not.

500
00:20:14,560 --> 00:20:17,760
Speaker 1: And you know, it's funny because my parents left their

501
00:20:17,760 --> 00:20:20,520
Speaker 1: home country with the twenty six dollars that they came

502
00:20:20,560 --> 00:20:23,359
Speaker 1: here with just for a chance at being able to

503
00:20:23,480 --> 00:20:26,600
Speaker 1: do what they did and what my sister and I

504
00:20:26,640 --> 00:20:27,440
Speaker 1: have now done, And.

505
00:20:27,400 --> 00:20:29,600
Speaker 2: So you can do what you're doing exactly.

506
00:20:29,160 --> 00:20:31,760
Speaker 1: Like they laid a foundation for us so that my

507
00:20:31,840 --> 00:20:33,760
Speaker 1: sister and I could like take it and scale it.

508
00:20:33,800 --> 00:20:36,560
Speaker 1: And I hope that my kids take what we're doing

509
00:20:36,560 --> 00:20:39,280
Speaker 1: for them and then go even further. Like that's the hope, right,

510
00:20:39,359 --> 00:20:42,960
Speaker 1: is that the next generation does better and outperforms and

511
00:20:43,080 --> 00:20:46,960
Speaker 1: is more successful and is more impactful and changes more things.

512
00:20:48,080 --> 00:20:50,199
Speaker 1: And the interesting thing about my household is so my

513
00:20:50,320 --> 00:20:53,600
Speaker 1: dad is a PhD in metallurgical engineering, so like he

514
00:20:53,680 --> 00:20:57,080
Speaker 1: did all the schooling on level ten, right, and he

515
00:20:57,160 --> 00:21:00,840
Speaker 1: worked at a W two and so I actually had

516
00:21:00,880 --> 00:21:02,320
Speaker 1: both modeled for.

517
00:21:03,400 --> 00:21:05,880
Speaker 3: Yeah, it's exactly what it is. It's like rich Dad Porda.

518
00:21:06,000 --> 00:21:08,720
Speaker 1: And luckily in my case, rich Dad and port Dad

519
00:21:08,760 --> 00:21:11,560
Speaker 1: were married to each other, which is great because I

520
00:21:11,600 --> 00:21:13,600
Speaker 1: got a chance to see.

521
00:21:13,320 --> 00:21:14,240
Speaker 3: Both of them.

522
00:21:14,520 --> 00:21:16,240
Speaker 1: And you know, my dad worked really hard, and I

523
00:21:16,480 --> 00:21:18,280
Speaker 1: actually asked my parents about this. Now I talk to

524
00:21:18,280 --> 00:21:22,320
Speaker 1: them about this often, and it's really interesting to like

525
00:21:22,359 --> 00:21:24,960
Speaker 1: look back on it, and I think my dad would

526
00:21:24,960 --> 00:21:27,600
Speaker 1: have liked to have started a business, but I think

527
00:21:27,760 --> 00:21:30,840
Speaker 1: the risk was too high for his appetite at that

528
00:21:31,160 --> 00:21:33,879
Speaker 1: for both of their appetite at that time, because they

529
00:21:33,880 --> 00:21:36,080
Speaker 1: didn't have like a social safety night here, right, like

530
00:21:36,119 --> 00:21:39,120
Speaker 1: they were the first ones to be here all alone.

531
00:21:39,200 --> 00:21:41,679
Speaker 2: And your dad's job probably gave your mom the safety

532
00:21:41,720 --> 00:21:42,280
Speaker 2: night she needs.

533
00:21:42,320 --> 00:21:44,960
Speaker 3: That's exactly right. So it was a partnership, well, it

534
00:21:45,080 --> 00:21:46,000
Speaker 3: really was a partnership.

535
00:21:46,000 --> 00:21:49,760
Speaker 1: They've been married for forty four years this year, and

536
00:21:50,000 --> 00:21:53,520
Speaker 1: it was like a very symbiotic relationship because my dad

537
00:21:53,560 --> 00:21:55,000
Speaker 1: traveled like forty five weeks.

538
00:21:54,800 --> 00:21:55,239
Speaker 3: Out of the year.

539
00:21:55,480 --> 00:21:59,040
Speaker 1: He was gone a lot, and my mom was basically,

540
00:21:59,160 --> 00:22:02,040
Speaker 1: you know, raising these two little girls all by herself.

541
00:22:02,520 --> 00:22:06,040
Speaker 1: And she is somebody who's like, I cannot just sit

542
00:22:06,080 --> 00:22:08,520
Speaker 1: and not contribute to the household in a meaningful way

543
00:22:09,200 --> 00:22:12,920
Speaker 1: outside of you know, obviously raising their children. But she

544
00:22:12,960 --> 00:22:15,800
Speaker 1: wanted to contribute financially to the household, and so she

545
00:22:16,720 --> 00:22:19,880
Speaker 1: learned about like the tax efficiency of rep status and

546
00:22:20,160 --> 00:22:22,000
Speaker 1: you know, we would live in like every house for

547
00:22:22,080 --> 00:22:24,119
Speaker 1: two years and then move and then they'd sell it

548
00:22:24,160 --> 00:22:26,800
Speaker 1: so that they could sell it without the capital gains implications.

549
00:22:27,119 --> 00:22:29,560
Speaker 1: And she learned about all that before there was internet

550
00:22:29,600 --> 00:22:33,680
Speaker 1: and before there were like masterminds, before these communities existed,

551
00:22:33,760 --> 00:22:36,119
Speaker 1: there was just books. Yeah, right, exactly, it was just

552
00:22:36,200 --> 00:22:39,040
Speaker 1: books and like at the library, wasn't even like websites

553
00:22:39,160 --> 00:22:41,240
Speaker 1: or anything. And so she learned all that like the

554
00:22:41,240 --> 00:22:45,280
Speaker 1: good old fashioned way, And but having my dad's job

555
00:22:45,400 --> 00:22:49,359
Speaker 1: gave her the financial stability and the safety net that

556
00:22:49,440 --> 00:22:51,359
Speaker 1: she needed to go out and do this thing, which

557
00:22:51,680 --> 00:22:54,359
Speaker 1: then in turn made his job more fruitful because they

558
00:22:54,400 --> 00:22:55,480
Speaker 1: were so tax efficient.

559
00:22:57,200 --> 00:23:01,439
Speaker 2: When I was a kid, very young, early elementary, my

560
00:23:01,600 --> 00:23:03,960
Speaker 2: parents tried to buy a property and fix it and

561
00:23:03,960 --> 00:23:06,880
Speaker 2: flip it. Yeah, and they didn't do good on it. Yeah,

562
00:23:06,880 --> 00:23:10,040
Speaker 2: and they never tried it again, never, never tried again.

563
00:23:10,200 --> 00:23:14,199
Speaker 2: So now my parents own multiple rental properties, but it

564
00:23:14,240 --> 00:23:16,320
Speaker 2: was most of my life they didn't mess with that.

565
00:23:16,359 --> 00:23:18,840
Speaker 2: So you know, it could go either way. So let's

566
00:23:18,880 --> 00:23:20,520
Speaker 2: talk about this. So then you jumped in, you start

567
00:23:20,520 --> 00:23:25,040
Speaker 2: buying condos, you start buying single families. Tell me how

568
00:23:25,080 --> 00:23:26,960
Speaker 2: you got started so somebody else can follow this path.

569
00:23:27,000 --> 00:23:29,280
Speaker 2: So what I say I said earlier successfully is clues.

570
00:23:29,480 --> 00:23:31,560
Speaker 2: And what I think too many people make the mistake

571
00:23:31,920 --> 00:23:34,240
Speaker 2: is they go, oh, look what Vena's doing. I'm going

572
00:23:34,320 --> 00:23:37,159
Speaker 2: to do exactly what VENA does. But what they need

573
00:23:37,200 --> 00:23:39,600
Speaker 2: to do is they need to do what VENA did. Yeah, right,

574
00:23:39,720 --> 00:23:41,280
Speaker 2: And so it's like, no, no, you can't do what

575
00:23:41,320 --> 00:23:43,920
Speaker 2: I do, yea, like you can't just like watch whatever

576
00:23:44,040 --> 00:23:45,520
Speaker 2: UFC and go I want to go jump in the

577
00:23:45,600 --> 00:23:47,080
Speaker 2: ring like them. Well, you have to take the path,

578
00:23:47,359 --> 00:23:49,080
Speaker 2: so let's let's talk through this sort of path.

579
00:23:49,160 --> 00:23:52,600
Speaker 1: Yeah yeah, so okay, started with single families.

580
00:23:53,359 --> 00:23:55,400
Speaker 3: Actually, if I could go back, I wouldn't have started there.

581
00:23:55,440 --> 00:23:57,840
Speaker 2: And did you buy like something local because like people

582
00:23:57,880 --> 00:23:59,960
Speaker 2: like I have to live buy my property in case something.

583
00:24:00,359 --> 00:24:02,560
Speaker 1: Yes, I was living in DC at the time when

584
00:24:02,600 --> 00:24:05,800
Speaker 1: I was acquiring, and then I started buying in Dallas,

585
00:24:05,800 --> 00:24:08,280
Speaker 1: which I live there now, so I did start buying locally.

586
00:24:08,320 --> 00:24:09,760
Speaker 3: My first multi family.

587
00:24:09,480 --> 00:24:12,080
Speaker 1: Deal was in Dallas, but I think that was actually

588
00:24:12,160 --> 00:24:15,480
Speaker 1: more coincidental than planned or I don't know. It's hard

589
00:24:15,480 --> 00:24:17,439
Speaker 1: because maybe if someone had brought me a deal in

590
00:24:17,560 --> 00:24:20,320
Speaker 1: like Michigan, I would have been like, no way because

591
00:24:20,440 --> 00:24:23,280
Speaker 1: I can't see it, and so I don't actually know

592
00:24:23,320 --> 00:24:25,000
Speaker 1: if that would have changed it or not. So maybe

593
00:24:25,040 --> 00:24:29,040
Speaker 1: happy accident that it was in Dallas. But what I

594
00:24:29,080 --> 00:24:32,720
Speaker 1: would do differently, or if I was starting from total scratch,

595
00:24:33,200 --> 00:24:36,520
Speaker 1: I would consume all of the free content I absolutely could.

596
00:24:37,119 --> 00:24:39,640
Speaker 1: I would find the people who have done the thing,

597
00:24:40,160 --> 00:24:43,000
Speaker 1: and then go find whatever consolidated information they have, whether

598
00:24:43,040 --> 00:24:45,720
Speaker 1: it's like a course or a book, or a class

599
00:24:45,880 --> 00:24:48,560
Speaker 1: or a community, and I would join all of the

600
00:24:48,560 --> 00:24:50,600
Speaker 1: ones that resonated with what I wanted to do and

601
00:24:50,640 --> 00:24:52,879
Speaker 1: like were in alignment with me, and if I were

602
00:24:52,960 --> 00:24:55,399
Speaker 1: joining a community. This is the biggest mistake I think

603
00:24:55,440 --> 00:24:59,400
Speaker 1: people that join the multipi community make is they watch

604
00:24:59,480 --> 00:25:03,520
Speaker 1: the video in two days and they go, Okay, that's it,

605
00:25:04,320 --> 00:25:07,560
Speaker 1: and like, it took over fifty years of experience and

606
00:25:07,720 --> 00:25:09,639
Speaker 1: over a month for us to record that, and it

607
00:25:09,680 --> 00:25:12,320
Speaker 1: took you less than twenty four hours to watch them. Yeah,

608
00:25:12,359 --> 00:25:14,720
Speaker 1: you didn't get everything from them. I guarantee you that.

609
00:25:15,080 --> 00:25:18,919
Speaker 1: So that's like one, but two is not leveraging the community.

610
00:25:19,520 --> 00:25:22,399
Speaker 1: You should be talking to at least like five to

611
00:25:22,440 --> 00:25:25,040
Speaker 1: ten new people from the community itself. You should be

612
00:25:25,080 --> 00:25:28,400
Speaker 1: meeting on a zoom with them every week every week.

613
00:25:28,480 --> 00:25:29,720
Speaker 2: So what you're saying is you actually have to do

614
00:25:29,760 --> 00:25:31,280
Speaker 2: a little bit of work. You do have to do.

615
00:25:31,400 --> 00:25:33,520
Speaker 2: You know when I was when I was actively buying

616
00:25:33,560 --> 00:25:36,720
Speaker 2: and selling and fixing and flipping properties, I would look

617
00:25:36,720 --> 00:25:38,959
Speaker 2: at over one hundred a week. Oh yeah, I mean

618
00:25:39,000 --> 00:25:41,560
Speaker 2: you got to you're looking for a needle in a haystack. Yes,

619
00:25:41,800 --> 00:25:43,200
Speaker 2: And people would be like, oh, Mark, I want to

620
00:25:43,200 --> 00:25:44,760
Speaker 2: do what you're doing. And they would say, Mark, I

621
00:25:44,800 --> 00:25:46,280
Speaker 2: want to do what you're doing, and they'd go look

622
00:25:46,320 --> 00:25:48,080
Speaker 2: at three or four properties and say I can't find

623
00:25:48,080 --> 00:25:48,480
Speaker 2: a good one.

624
00:25:48,560 --> 00:25:51,680
Speaker 3: I'm like three or four, you haven't even started, Like.

625
00:25:51,640 --> 00:25:53,840
Speaker 2: You got to dig through hundreds of properties, right, and

626
00:25:54,160 --> 00:25:56,679
Speaker 2: then back to kind of the course thing. You know,

627
00:25:56,920 --> 00:25:59,600
Speaker 2: there's three levels of learning, right, one learning information, to

628
00:25:59,760 --> 00:26:02,560
Speaker 2: do the information, and teaching it. So like I use

629
00:26:02,600 --> 00:26:04,800
Speaker 2: that stuff as like a workbook. Yeah right, so like hey,

630
00:26:04,840 --> 00:26:06,719
Speaker 2: let me let me go through module one and let

631
00:26:06,720 --> 00:26:08,960
Speaker 2: me do module one's work, and then I'll go get

632
00:26:08,960 --> 00:26:12,399
Speaker 2: module two. Yeah, kind of a thing as well. Yeah, okay,

633
00:26:12,440 --> 00:26:14,600
Speaker 2: So you would suggest if someone want to get started now,

634
00:26:15,200 --> 00:26:17,040
Speaker 2: just to go do the research. There's plenty of free

635
00:26:17,080 --> 00:26:20,240
Speaker 2: information out there. What I like to say, because I'm

636
00:26:20,280 --> 00:26:23,320
Speaker 2: mostly more in the like asset investing area, and people

637
00:26:23,359 --> 00:26:25,560
Speaker 2: ask me what's the best asset I should buy? And

638
00:26:25,560 --> 00:26:27,600
Speaker 2: I said, that's the wrong question. The question is how

639
00:26:27,640 --> 00:26:30,760
Speaker 2: can I go get enough information where buying the asset

640
00:26:30,920 --> 00:26:33,600
Speaker 2: is obvious to me? And so when people are saying,

641
00:26:33,640 --> 00:26:36,280
Speaker 2: well should I buy single family? Should I buy multi family?

642
00:26:36,359 --> 00:26:37,919
Speaker 2: You go do the research and tell you know that

643
00:26:37,960 --> 00:26:39,920
Speaker 2: answer to that question. I can't just tell you that.

644
00:26:40,160 --> 00:26:41,840
Speaker 1: This is the question I get. Should I start with

645
00:26:41,880 --> 00:26:45,760
Speaker 1: single family or multi family? And I go yes, They're

646
00:26:45,760 --> 00:26:47,520
Speaker 1: like what do you mean? And like, which everyone's going

647
00:26:47,560 --> 00:26:50,240
Speaker 1: to get you started first? That's the one you should do,

648
00:26:50,240 --> 00:26:52,280
Speaker 1: because you know, time in the market matters more than

649
00:26:52,320 --> 00:26:54,840
Speaker 1: timing the market. And I think a lot of people

650
00:26:54,960 --> 00:26:58,600
Speaker 1: the misconception with multi family is that you and I

651
00:26:58,680 --> 00:27:00,840
Speaker 1: can't access that, and that's just simply not true. And

652
00:27:00,920 --> 00:27:02,480
Speaker 1: that's what I thought too. That's why I started in

653
00:27:02,480 --> 00:27:04,240
Speaker 1: a single family because it was all that was modeled

654
00:27:04,240 --> 00:27:07,399
Speaker 1: to me. My mom never knew or told me that

655
00:27:07,480 --> 00:27:11,239
Speaker 1: I could invest in multifamily at the scale I invest in, right,

656
00:27:11,520 --> 00:27:14,000
Speaker 1: And I think if you would have told her twenty

657
00:27:14,080 --> 00:27:16,000
Speaker 1: years ago that she could have bought a four hundred

658
00:27:16,040 --> 00:27:20,240
Speaker 1: unit complex, she would have been like, no, yeah, like,

659
00:27:20,800 --> 00:27:23,680
Speaker 1: we don't make that much money here, right, And that's

660
00:27:23,760 --> 00:27:25,439
Speaker 1: just it's not the amount of money you make that

661
00:27:25,480 --> 00:27:27,879
Speaker 1: actually matters. That's not the barrier to entry. It's the

662
00:27:27,880 --> 00:27:29,000
Speaker 1: hard work that's the filter.

663
00:27:29,240 --> 00:27:32,240
Speaker 2: Yeah, all right, let's so now you've said where we

664
00:27:32,240 --> 00:27:35,000
Speaker 2: should get started. One do the information. Plenty of free

665
00:27:35,000 --> 00:27:38,159
Speaker 2: information out there, information, plenty of networking groups you can do.

666
00:27:38,240 --> 00:27:42,479
Speaker 2: I mean, I just just jump onto Twitter or instant.

667
00:27:42,520 --> 00:27:45,360
Speaker 2: You can just find the people and just follow those people, right,

668
00:27:45,600 --> 00:27:47,040
Speaker 2: and then you can see who they're following. You can

669
00:27:47,080 --> 00:27:50,080
Speaker 2: follow those people. So there's plenty of free resources out there.

670
00:27:50,240 --> 00:27:52,679
Speaker 2: Let's jump to the next highest level where you're at today,

671
00:27:52,880 --> 00:27:57,320
Speaker 2: multi family. I'm super interested in multi family. The largest

672
00:27:57,320 --> 00:27:59,240
Speaker 2: building I owned, I had one partner on and we

673
00:27:59,280 --> 00:28:01,879
Speaker 2: had two hundred doors in Atlanta. Didn't really work out

674
00:28:01,920 --> 00:28:04,400
Speaker 2: too well for us, but that was the biggest I went.

675
00:28:04,440 --> 00:28:08,000
Speaker 2: But mostly was that this was like two thousand and six.

676
00:28:08,200 --> 00:28:10,840
Speaker 3: Okay, I say less, I know, I know why this

677
00:28:10,920 --> 00:28:11,400
Speaker 3: is great.

678
00:28:11,440 --> 00:28:14,359
Speaker 2: But most everything I did was like multifamily. This was

679
00:28:14,359 --> 00:28:16,240
Speaker 2: like kind of like mixed use, et cetera. But I'm

680
00:28:16,240 --> 00:28:18,720
Speaker 2: really interested in multi family specifically because I'm at a

681
00:28:18,720 --> 00:28:21,520
Speaker 2: point in my career where I don't want to own

682
00:28:21,520 --> 00:28:23,360
Speaker 2: a bunch of condos. Yeah, like kind of like where

683
00:28:23,359 --> 00:28:25,239
Speaker 2: you're at, It's like, look, let me just go in

684
00:28:25,480 --> 00:28:28,280
Speaker 2: on a multifamily deal. I need economy of scale, if

685
00:28:28,320 --> 00:28:30,119
Speaker 2: you will, So let's talk about that. So where does

686
00:28:30,160 --> 00:28:32,480
Speaker 2: somebody get in on multifamily?

687
00:28:33,800 --> 00:28:36,960
Speaker 1: Okay, lowest barrier to entry is if you want to

688
00:28:36,960 --> 00:28:39,240
Speaker 1: be an LP and a deal which is a limited partner.

689
00:28:39,280 --> 00:28:41,160
Speaker 1: So that means you go and you find a Vina

690
00:28:41,240 --> 00:28:43,960
Speaker 1: Jetty or a Brenda Jones and you write a check

691
00:28:44,040 --> 00:28:47,200
Speaker 1: and then she invests it manages your fund. Right, Like,

692
00:28:47,280 --> 00:28:51,800
Speaker 1: that's the first way you could do it. That's very passive.

693
00:28:51,840 --> 00:28:55,080
Speaker 1: So that's someone like you, right who has an expertise,

694
00:28:55,280 --> 00:28:58,640
Speaker 1: has a business, has like a full career, but you

695
00:28:58,680 --> 00:29:02,240
Speaker 1: want the exposure to multi family. So that is the

696
00:29:02,280 --> 00:29:04,240
Speaker 1: perfect like inroad or starter series.

697
00:29:04,320 --> 00:29:06,200
Speaker 2: So how does that typically break broken down?

698
00:29:06,280 --> 00:29:08,320
Speaker 1: So the way that generally would work is you find

699
00:29:08,320 --> 00:29:10,040
Speaker 1: the person you want to invest with, you know, you

700
00:29:10,160 --> 00:29:12,640
Speaker 1: vet them and ask them the track record all those

701
00:29:12,720 --> 00:29:16,160
Speaker 1: questions and then you say, okay, great, I want to

702
00:29:16,160 --> 00:29:18,600
Speaker 1: write one hundred thousand dollars check or whatever that number is. Right,

703
00:29:18,920 --> 00:29:22,080
Speaker 1: some funds their minimums are twenty five k. There's some

704
00:29:22,200 --> 00:29:24,600
Speaker 1: as low as like a thousand dollars that you can

705
00:29:24,640 --> 00:29:27,959
Speaker 1: get into. Yeah, a reg CF a crowdfund you can

706
00:29:27,960 --> 00:29:29,720
Speaker 1: get into, like a lot of them are a thousand dollars.

707
00:29:29,720 --> 00:29:31,640
Speaker 1: Reg A's you can get into for like a thousand

708
00:29:31,760 --> 00:29:35,320
Speaker 1: or ten thousand. Most private funds, which is what we

709
00:29:35,360 --> 00:29:39,000
Speaker 1: do is like a private fund will have anywhere from

710
00:29:39,600 --> 00:29:42,120
Speaker 1: twenty five k, but really like fifty k is usually

711
00:29:42,120 --> 00:29:44,280
Speaker 1: the low end, and then you could write a check

712
00:29:44,320 --> 00:29:46,760
Speaker 1: for millions of dollars if you want. So you go

713
00:29:46,800 --> 00:29:49,400
Speaker 1: find those people and you invest passively. You'll learn a lot.

714
00:29:49,240 --> 00:29:51,760
Speaker 2: And what kind of terms would I typically be expecting.

715
00:29:51,880 --> 00:29:56,480
Speaker 1: So depending on the asset class, the location, the strategy.

716
00:29:56,520 --> 00:29:58,720
Speaker 1: We do Class B value at multi family and we

717
00:29:58,760 --> 00:30:01,920
Speaker 1: do large scale quality outsets, so for us, they're a

718
00:30:01,920 --> 00:30:05,320
Speaker 1: little bit lower risk, so lower reward. We expect anywhere

719
00:30:05,320 --> 00:30:08,560
Speaker 1: from like a fourteen to sixteen percent average annualized return

720
00:30:08,560 --> 00:30:11,360
Speaker 1: over a five year old So on an equity multiple,

721
00:30:11,400 --> 00:30:13,240
Speaker 1: you're looking at like anywhere from one point four on

722
00:30:13,320 --> 00:30:16,520
Speaker 1: the very low end to like one point eight. One

723
00:30:16,520 --> 00:30:18,880
Speaker 1: point six to one point eight is probably more accurate.

724
00:30:18,960 --> 00:30:22,240
Speaker 2: So then I'm part owner of that asset as an LP,

725
00:30:22,520 --> 00:30:25,040
Speaker 2: and then I put the money in. Yeah, I own

726
00:30:25,040 --> 00:30:28,240
Speaker 2: a certain percentage whatever the terms are, I'm guessing typically

727
00:30:28,240 --> 00:30:31,160
Speaker 2: I'm going to get a preferred return of eight nine

728
00:30:31,280 --> 00:30:32,120
Speaker 2: six percent.

729
00:30:32,240 --> 00:30:34,160
Speaker 1: Six We're no longer I wish we were still an

730
00:30:34,160 --> 00:30:35,520
Speaker 1: eight percent, we're no longer.

731
00:30:35,280 --> 00:30:38,960
Speaker 2: Six percent preferred return, meaning that six percent is guaranteed

732
00:30:39,000 --> 00:30:41,560
Speaker 2: to me before the rest of the partners get their money.

733
00:30:41,720 --> 00:30:43,480
Speaker 3: You get the first six percent.

734
00:30:43,960 --> 00:30:47,280
Speaker 2: Yeah, I get if percent. I get the first that's

735
00:30:47,280 --> 00:30:50,040
Speaker 2: a better way to say it. And then we're hoping

736
00:30:50,120 --> 00:30:52,920
Speaker 2: that we'll get up to fourteen percent over a five

737
00:30:53,000 --> 00:30:56,080
Speaker 2: year period. And then typically what happens is then over

738
00:30:56,200 --> 00:30:58,760
Speaker 2: five years and you're going to refinance the building, I

739
00:30:58,760 --> 00:31:01,120
Speaker 2: get my money back, but I still own the.

740
00:31:01,040 --> 00:31:04,000
Speaker 3: Building or we sell it to the next buyer and I.

741
00:31:03,960 --> 00:31:04,560
Speaker 2: Get cash downs.

742
00:31:04,640 --> 00:31:05,959
Speaker 1: Yeah, and you get and I can get rolled into

743
00:31:05,960 --> 00:31:08,360
Speaker 1: the get rolled over, I get rolled in the next deal. Yeah,

744
00:31:08,360 --> 00:31:11,600
Speaker 1: So that's that's typically we usually historically we've held three

745
00:31:11,640 --> 00:31:15,000
Speaker 1: years and three months, which was a very unusual time in.

746
00:31:14,960 --> 00:31:17,040
Speaker 3: The market, but it was a good ball run. Yeah.

747
00:31:17,080 --> 00:31:19,320
Speaker 1: Generally in the bear market, we're looking at like five

748
00:31:19,360 --> 00:31:20,320
Speaker 1: to seven years.

749
00:31:20,520 --> 00:31:22,880
Speaker 2: So every five years, I get my money back or

750
00:31:22,920 --> 00:31:25,080
Speaker 2: rolled into the next deal. Typically, that's kind of how

751
00:31:25,120 --> 00:31:26,840
Speaker 2: it works, and it gets bigger and bigger.

752
00:31:27,120 --> 00:31:29,400
Speaker 1: What about the tax advantages, Yeah, so you're going to

753
00:31:29,440 --> 00:31:31,880
Speaker 1: get a negative K one because you're an owner in

754
00:31:31,960 --> 00:31:35,080
Speaker 1: the deal, so you are actually owning a part of

755
00:31:35,160 --> 00:31:38,600
Speaker 1: the depreciation. And so we just had the bonus one

756
00:31:38,640 --> 00:31:40,680
Speaker 1: hundred percent bonus appreciation expire.

757
00:31:40,360 --> 00:31:41,200
Speaker 3: At the end of twenty two.

758
00:31:41,400 --> 00:31:42,040
Speaker 2: Drop to eighty.

759
00:31:42,240 --> 00:31:44,800
Speaker 1: Yeah, drop to eighty So the one hundred percent expired

760
00:31:44,880 --> 00:31:46,600
Speaker 1: end of twenty two, twenty.

761
00:31:46,360 --> 00:31:47,600
Speaker 2: Four, it's coming backs.

762
00:31:48,000 --> 00:31:51,440
Speaker 1: Guess right now we are we're holding back from sending

763
00:31:51,440 --> 00:31:54,160
Speaker 1: investor K one's right now because we think that there's

764
00:31:54,200 --> 00:31:56,560
Speaker 1: a very good chance it'll come back at one hundred percent.

765
00:31:57,200 --> 00:31:59,480
Speaker 1: It'll be interesting to see how we can treat twenty

766
00:31:59,520 --> 00:32:04,200
Speaker 1: twenty three and if we can redo our tax allocation

767
00:32:04,360 --> 00:32:07,520
Speaker 1: based on one hundred percent or not. If we can,

768
00:32:07,600 --> 00:32:10,320
Speaker 1: then well, you know, reissue the k ones as needed.

769
00:32:10,360 --> 00:32:12,400
Speaker 1: But I do think it's going to come back in

770
00:32:12,480 --> 00:32:14,840
Speaker 1: which means that if you invested let's say one hundred

771
00:32:14,880 --> 00:32:17,480
Speaker 1: thousand dollars, now you're looking at a negative K one

772
00:32:17,520 --> 00:32:20,400
Speaker 1: of you know, let's call it forty k So you're

773
00:32:20,960 --> 00:32:23,400
Speaker 1: on paper, you're getting a loss of forty thousand dollars.

774
00:32:23,400 --> 00:32:25,880
Speaker 1: And if you're a full time real estate professional, you

775
00:32:25,920 --> 00:32:29,160
Speaker 1: can offset active income with active losses. If you're not,

776
00:32:29,280 --> 00:32:31,560
Speaker 1: then it's passive. It's a passive loss, but you can

777
00:32:31,640 --> 00:32:34,560
Speaker 1: leverage it against other passive income you might have, or

778
00:32:34,600 --> 00:32:38,160
Speaker 1: the income from the investment suspend it, suspend the loss,

779
00:32:38,160 --> 00:32:39,800
Speaker 1: and then when we exit and you get a massive

780
00:32:39,840 --> 00:32:42,440
Speaker 1: capital gain, we can offset the capital gain with your

781
00:32:42,600 --> 00:32:43,720
Speaker 1: suspended loss.

782
00:32:44,360 --> 00:32:47,880
Speaker 2: So find somebody who's doing these deals. We can partner

783
00:32:47,880 --> 00:32:50,560
Speaker 2: in them as an LP. Could be anywhere from a

784
00:32:50,560 --> 00:32:55,080
Speaker 2: few thousand up to millions, approximately six percent sort of

785
00:32:55,080 --> 00:32:58,280
Speaker 2: preferred return hopefully making up to fourteen fifteen percent over

786
00:32:58,280 --> 00:32:59,880
Speaker 2: a couple of years, and it gets rolled over every

787
00:33:00,000 --> 00:33:03,360
Speaker 2: every five years. You said you should vet them and

788
00:33:03,360 --> 00:33:05,720
Speaker 2: you ask them a bunch of questions. Yeah, what types

789
00:33:05,760 --> 00:33:08,000
Speaker 2: of things should people be looking for when they're vetting?

790
00:33:08,240 --> 00:33:10,720
Speaker 1: Okay, so my favorites. If you can only ask one

791
00:33:10,800 --> 00:33:15,120
Speaker 1: question to any sponsor. I always like to ask, what

792
00:33:15,320 --> 00:33:18,360
Speaker 1: is the biggest mistake you've made in multi family and

793
00:33:18,560 --> 00:33:21,920
Speaker 1: whatever asset class? Right in crypto? And I want to

794
00:33:21,920 --> 00:33:24,400
Speaker 1: hear what their answer is. So you'll get like one

795
00:33:24,440 --> 00:33:28,440
Speaker 1: of two things. Usually you'll get we've never made a mistake,

796
00:33:28,600 --> 00:33:30,840
Speaker 1: or we don't have anything that's major like that, which

797
00:33:30,880 --> 00:33:33,440
Speaker 1: tells me either you haven't been in business long enough

798
00:33:33,560 --> 00:33:34,960
Speaker 1: or you're lying to me. And I don't know which

799
00:33:34,960 --> 00:33:37,440
Speaker 1: one's worse, but I'm out. Yeah, what you really want

800
00:33:37,480 --> 00:33:40,320
Speaker 1: to hear is, oh, let me pick one of the

801
00:33:40,360 --> 00:33:43,360
Speaker 1: mistakes I've made, because there should have been many along

802
00:33:43,440 --> 00:33:46,240
Speaker 1: the way. Smooth Sea's never made a skill, say exactly,

803
00:33:46,320 --> 00:33:48,680
Speaker 1: And so I want to know what you perceived to

804
00:33:48,720 --> 00:33:51,280
Speaker 1: be the biggest mistake, and I want to know what

805
00:33:51,320 --> 00:33:54,160
Speaker 1: you did wrong, and then I want to know what

806
00:33:54,240 --> 00:33:56,960
Speaker 1: is the thing you learned from that and what protections

807
00:33:57,000 --> 00:33:59,800
Speaker 1: are in place now so that you don't do that again,

808
00:34:00,720 --> 00:34:02,560
Speaker 1: because the goal is not to have a sponsor that's

809
00:34:02,560 --> 00:34:05,080
Speaker 1: perfect all the time, because it's just not realistic, it's

810
00:34:05,080 --> 00:34:09,239
Speaker 1: not probable. And so that's like the one big question

811
00:34:09,280 --> 00:34:11,239
Speaker 1: I always ask, like, what's the biggest mistake you've made?

812
00:34:11,320 --> 00:34:12,880
Speaker 1: And then I want to hear what your answer is

813
00:34:12,920 --> 00:34:15,319
Speaker 1: back to me. And then after that, you know, I'll

814
00:34:15,400 --> 00:34:17,759
Speaker 1: ask questions like do you have skin in the game,

815
00:34:17,880 --> 00:34:19,640
Speaker 1: like what's your invest do you invest?

816
00:34:19,880 --> 00:34:21,440
Speaker 3: And if you say no, I want a really good

817
00:34:21,480 --> 00:34:22,120
Speaker 3: reason why.

818
00:34:22,760 --> 00:34:25,200
Speaker 1: I want to know, like I don't have any money left,

819
00:34:25,320 --> 00:34:28,080
Speaker 1: or I just invested into this other thing or whatever

820
00:34:28,120 --> 00:34:29,880
Speaker 1: it is. I want to know why you're not investing,

821
00:34:29,920 --> 00:34:32,800
Speaker 1: because if I'm going to trust you with my dollars,

822
00:34:33,760 --> 00:34:35,320
Speaker 1: why should I if you don't trust.

823
00:34:35,080 --> 00:34:35,720
Speaker 3: Your own dollars?

824
00:34:35,719 --> 00:34:38,560
Speaker 1: And more so that's like another big question I ask.

825
00:34:38,600 --> 00:34:41,600
Speaker 1: Another one I ask is, Hey, when things go wrong,

826
00:34:41,680 --> 00:34:45,600
Speaker 1: who can control the deal? Like who can make decisions

827
00:34:45,600 --> 00:34:48,120
Speaker 1: about this? And in the multi family space when you're

828
00:34:48,120 --> 00:34:53,480
Speaker 1: in LP the another secret question I ask is who

829
00:34:53,480 --> 00:34:56,600
Speaker 1: can influence what is said in the PPM, the private

830
00:34:56,600 --> 00:34:58,960
Speaker 1: Placement memorandum, which is your legal document.

831
00:34:59,200 --> 00:35:00,320
Speaker 3: I want to know who can influence?

832
00:35:00,360 --> 00:35:02,000
Speaker 1: And I asked that question because it's a way to

833
00:35:02,080 --> 00:35:07,000
Speaker 1: find out from like a non defensive standpoint, who's actually

834
00:35:07,480 --> 00:35:09,800
Speaker 1: running the deal, right, Because if you have a partner

835
00:35:09,840 --> 00:35:11,760
Speaker 1: in the deal, it's like a one percent owner who's

836
00:35:11,840 --> 00:35:15,400
Speaker 1: just like in the deal for some obscure reason, but

837
00:35:15,480 --> 00:35:19,080
Speaker 1: not really influencing the deal. I don't really care about

838
00:35:19,080 --> 00:35:21,279
Speaker 1: their background or resume, right, But like I care about

839
00:35:21,280 --> 00:35:23,719
Speaker 1: the people who can influence the PPM because usually those

840
00:35:23,719 --> 00:35:26,000
Speaker 1: are the sponsors that are actively involved in the deal.

841
00:35:26,920 --> 00:35:30,719
Speaker 2: What about track record, like how did your rent roles

842
00:35:30,760 --> 00:35:33,000
Speaker 2: work through the twenty twenty pandemic? Yeah, or in two

843
00:35:33,000 --> 00:35:35,560
Speaker 2: thousand and eight, what were your occupancies like or vacancies like?

844
00:35:35,760 --> 00:35:38,680
Speaker 1: Well, hopefully, especially if they've been recently in this field,

845
00:35:38,719 --> 00:35:40,640
Speaker 1: they're going to talk about something that we learned during

846
00:35:40,680 --> 00:35:43,800
Speaker 1: the COVID period, right, because that was probably the biggest

847
00:35:44,239 --> 00:35:47,200
Speaker 1: uncertainty that most of us had, was that period from

848
00:35:47,200 --> 00:35:50,160
Speaker 1: twenty twenty to twenty twenty two, right, or even twenty

849
00:35:50,160 --> 00:35:53,239
Speaker 1: twenty two to twenty three, where interest rates shot up.

850
00:35:53,880 --> 00:35:56,000
Speaker 3: A lot of sponsors got really hurt.

851
00:35:55,760 --> 00:36:00,440
Speaker 1: By it, And so hopefully the mistake question covers somethingcent

852
00:36:00,520 --> 00:36:00,839
Speaker 1: to this.

853
00:36:01,400 --> 00:36:03,160
Speaker 3: But I do like to ask about track record.

854
00:36:03,680 --> 00:36:07,080
Speaker 1: I'm less inclined to make a decision solely based on

855
00:36:07,800 --> 00:36:10,879
Speaker 1: track record in the sense of if someone's new, right

856
00:36:10,880 --> 00:36:13,799
Speaker 1: and they're just starting out, I would rather know that

857
00:36:13,840 --> 00:36:16,240
Speaker 1: they're hungry. I would rather know that they have everything

858
00:36:16,239 --> 00:36:18,360
Speaker 1: invested in this. I would rather know that their family

859
00:36:18,440 --> 00:36:21,040
Speaker 1: is relying on this success to be able to like

860
00:36:21,160 --> 00:36:24,480
Speaker 1: eat tomorrow, than to invest with somebody who has like

861
00:36:25,560 --> 00:36:28,239
Speaker 1: all of this experience and doesn't really care about the deal.

862
00:36:28,680 --> 00:36:29,600
Speaker 3: So like, if they have all this.

863
00:36:29,600 --> 00:36:31,319
Speaker 1: Experience and then they're not investing in their own deal

864
00:36:31,320 --> 00:36:34,080
Speaker 1: and all they do is raise capital, and like, you really.

865
00:36:33,960 --> 00:36:36,200
Speaker 2: Invest all these all these are individual levers, and then

866
00:36:36,200 --> 00:36:37,640
Speaker 2: you have to sort of tittlem up at the bottom

867
00:36:37,680 --> 00:36:41,200
Speaker 2: and see how they What about what about vertically integrated

868
00:36:41,680 --> 00:36:43,880
Speaker 2: companies that I don't care.

869
00:36:43,719 --> 00:36:46,680
Speaker 1: As much about that, and it maybe you just biased

870
00:36:46,680 --> 00:36:49,520
Speaker 1: because we're not vertically integrated, and we're purposefully not vertically

871
00:36:49,560 --> 00:36:52,000
Speaker 1: integrated when I hate property management.

872
00:36:52,080 --> 00:36:52,600
Speaker 3: So there's that.

873
00:36:53,320 --> 00:36:56,600
Speaker 1: But two, and probably more importantly, is until you get

874
00:36:56,600 --> 00:37:00,000
Speaker 1: to a certain scale in a very small market geographically,

875
00:37:00,520 --> 00:37:04,200
Speaker 1: it doesn't really make sense to have property management. But

876
00:37:04,320 --> 00:37:07,040
Speaker 1: one thing that I do is, like I only do multifamily.

877
00:37:07,560 --> 00:37:09,200
Speaker 1: I have one trick, and this is the only trick

878
00:37:09,239 --> 00:37:12,320
Speaker 1: I do. And every single thing I do that's outside

879
00:37:12,360 --> 00:37:16,440
Speaker 1: of this that I'm active in is some adjacent field.

880
00:37:16,480 --> 00:37:19,719
Speaker 1: It's not necessarily a vertical, but it is adjacent to multifamily.

881
00:37:19,960 --> 00:37:26,040
Speaker 2: Yeah, okay, what's your outlook now? So we're here in

882
00:37:26,120 --> 00:37:29,319
Speaker 2: twenty twenty four, we had obviously, the FED has been

883
00:37:29,320 --> 00:37:31,400
Speaker 2: on this experiment of raising rates at the fastest rate

884
00:37:31,400 --> 00:37:36,080
Speaker 2: in history, potentially two point nine two trillion dollars of

885
00:37:36,120 --> 00:37:38,640
Speaker 2: commercial real estate mortgage bonds that are about to blow

886
00:37:38,719 --> 00:37:42,360
Speaker 2: up and collapse the entire mid side Midtier banking system.

887
00:37:43,480 --> 00:37:45,239
Speaker 2: Caused a lot of problems for a lot of the

888
00:37:45,280 --> 00:37:48,000
Speaker 2: new sponsors that jumped onto the bandwagon at the tail

889
00:37:48,080 --> 00:37:51,400
Speaker 2: end of this. They got caught upside down. Potentially a

890
00:37:51,400 --> 00:37:54,080
Speaker 2: lot of weakness there. I guess, one, what does that

891
00:37:54,160 --> 00:37:56,360
Speaker 2: do for like the deal flow that you're looking at

892
00:37:56,480 --> 00:37:59,120
Speaker 2: right now, and then sort of what's your outlook that

893
00:37:59,160 --> 00:37:59,960
Speaker 2: you're kind of looking for.

894
00:38:00,719 --> 00:38:03,759
Speaker 3: Yeah, so last year we transacted on one deal. It

895
00:38:03,760 --> 00:38:04,279
Speaker 3: was a big deal.

896
00:38:04,280 --> 00:38:06,080
Speaker 1: It was one hundred and thirty one point five million,

897
00:38:06,800 --> 00:38:08,480
Speaker 1: So it was a large deal, four hundred and thirty

898
00:38:08,480 --> 00:38:10,319
Speaker 1: two units. But it was the only deal I did

899
00:38:10,400 --> 00:38:14,000
Speaker 1: last year because there wasn't deal flow. I just got

900
00:38:14,080 --> 00:38:17,200
Speaker 1: out of a best and final round where the first

901
00:38:17,280 --> 00:38:20,400
Speaker 1: round of offers that were submitted it was a sixty

902
00:38:20,400 --> 00:38:23,160
Speaker 1: million dollar assets, a little bit smaller than we usually

903
00:38:23,160 --> 00:38:24,000
Speaker 1: transact today.

904
00:38:24,040 --> 00:38:26,200
Speaker 3: But we're like, all right, we'll go after it's a

905
00:38:26,200 --> 00:38:27,399
Speaker 3: good asset, good deal.

906
00:38:27,480 --> 00:38:28,960
Speaker 1: We can make the numbers work. So we offered like

907
00:38:29,000 --> 00:38:30,040
Speaker 1: somewhere around sixty million.

908
00:38:30,160 --> 00:38:31,360
Speaker 2: Is that on the market or from a bit it

909
00:38:31,360 --> 00:38:32,279
Speaker 2: was on the market.

910
00:38:32,480 --> 00:38:37,960
Speaker 1: And we were up against sixty other offers six zero.

911
00:38:39,600 --> 00:38:41,280
Speaker 1: What that tells me is there's a lot of money

912
00:38:41,320 --> 00:38:45,319
Speaker 1: coming out to play like off the sidelines, a lot

913
00:38:45,360 --> 00:38:50,840
Speaker 1: of drive. Yeah, it's very much a seller's market. Well, actually,

914
00:38:50,880 --> 00:38:52,600
Speaker 1: I take that back. It's not a seller's market, but

915
00:38:52,680 --> 00:38:55,400
Speaker 1: it is. It's a buyer's market, but it's now starting

916
00:38:55,400 --> 00:38:58,240
Speaker 1: to get competitive again where sellers can start making demands

917
00:38:58,200 --> 00:38:59,919
Speaker 1: so that they were making before. The thing that hinder

918
00:39:00,200 --> 00:39:03,520
Speaker 1: it for being truly a seller's market is interest rates.

919
00:39:03,719 --> 00:39:04,560
Speaker 3: So it's all the name.

920
00:39:04,600 --> 00:39:07,080
Speaker 2: You have sixty offers trying to get one asset.

921
00:39:06,840 --> 00:39:08,919
Speaker 1: You do, but that's because it's a very specific seller.

922
00:39:08,960 --> 00:39:13,120
Speaker 1: It's the sellers who have good debt in place that's assumable. Okay,

923
00:39:13,160 --> 00:39:15,560
Speaker 1: that those are the sellers that are in a seller's market,

924
00:39:15,600 --> 00:39:18,040
Speaker 1: But the market overall is still a buyer's market.

925
00:39:19,520 --> 00:39:21,040
Speaker 3: Like we're still seeing offers.

926
00:39:20,760 --> 00:39:23,040
Speaker 1: Where it's like, oh, I want like a thirty day

927
00:39:23,080 --> 00:39:25,560
Speaker 1: free look with no earnest money, and it's like, we

928
00:39:25,640 --> 00:39:28,319
Speaker 1: haven't done that in the last decade, and now we're

929
00:39:28,360 --> 00:39:30,799
Speaker 1: starting to see that, and that's very typical. But if

930
00:39:30,800 --> 00:39:33,399
Speaker 1: you have a great assumable debt product, like the deal

931
00:39:33,400 --> 00:39:35,239
Speaker 1: we bought for one hundred and thirty one million, we

932
00:39:35,320 --> 00:39:38,440
Speaker 1: assume debt at two point seven seven percent fixed for

933
00:39:38,520 --> 00:39:39,120
Speaker 1: twelve years.

934
00:39:39,200 --> 00:39:41,400
Speaker 2: Wow, So it take that all day.

935
00:39:41,320 --> 00:39:42,040
Speaker 3: I mean all day.

936
00:39:42,120 --> 00:39:44,239
Speaker 1: And that was an off market deal, which is why

937
00:39:44,239 --> 00:39:47,239
Speaker 1: we got it as great as we did. But if

938
00:39:47,239 --> 00:39:48,600
Speaker 1: it had been on market, we would have been up

939
00:39:48,640 --> 00:39:51,520
Speaker 1: against maybe not sixty offers, because at the size, there's

940
00:39:51,640 --> 00:39:53,880
Speaker 1: very few people that can actually close on and so

941
00:39:53,960 --> 00:39:55,799
Speaker 1: maybe we would have been up against like ten or

942
00:39:55,840 --> 00:39:58,160
Speaker 1: fifteen or twenty offers, which is still a lot for

943
00:39:58,280 --> 00:40:02,160
Speaker 1: that size of asset, but yet so deal flow we're

944
00:40:02,200 --> 00:40:04,520
Speaker 1: starting to see it ramp up a little bit more,

945
00:40:04,560 --> 00:40:07,360
Speaker 1: but we're seeing the competition ramp up. My outlook for

946
00:40:07,400 --> 00:40:12,600
Speaker 1: twenty twenty four is very bullish on multifamily, specifically toward

947
00:40:12,680 --> 00:40:14,120
Speaker 1: the last half of the year. I think we're going

948
00:40:14,200 --> 00:40:16,719
Speaker 1: to see so much opportunity right now. The name of

949
00:40:16,760 --> 00:40:19,120
Speaker 1: the game and multi family is like survived till twenty

950
00:40:19,160 --> 00:40:22,520
Speaker 1: twenty five, Like that is the goal, because everybody is

951
00:40:22,520 --> 00:40:25,279
Speaker 1: getting destroyed with below the line performance, which is the

952
00:40:25,320 --> 00:40:30,600
Speaker 1: debt service, and it has really hindered cash flow on

953
00:40:30,640 --> 00:40:33,240
Speaker 1: a lot of assets, especially with bridget And there's forty

954
00:40:33,239 --> 00:40:35,960
Speaker 1: seven billion dollars of multi family loans that are coming

955
00:40:36,040 --> 00:40:39,319
Speaker 1: to this year, and I think that a lot of

956
00:40:39,320 --> 00:40:42,400
Speaker 1: that is going to be sellers who can't either afford

957
00:40:42,440 --> 00:40:45,960
Speaker 1: the rate CAAP extension or sellers who cannot afford to

958
00:40:46,040 --> 00:40:48,480
Speaker 1: refit and releverage, or they'll have to bring money to

959
00:40:48,520 --> 00:40:50,440
Speaker 1: the table to do that, and they didn't plan for that.

960
00:40:51,120 --> 00:40:54,120
Speaker 1: And I think that's going to be an interesting opportunity

961
00:40:54,239 --> 00:40:57,240
Speaker 1: for the people that are like getting ready now comes

962
00:40:57,280 --> 00:40:58,920
Speaker 1: six months from now, there's going to be so much

963
00:40:58,920 --> 00:41:02,280
Speaker 1: opportunity to come in and pick up those on sale assets.

964
00:41:03,520 --> 00:41:05,759
Speaker 2: And I think there could be a pivotal point. I mean,

965
00:41:05,760 --> 00:41:08,279
Speaker 2: obviously everyone's pivotal looking for the FED to pivot right

966
00:41:08,360 --> 00:41:10,400
Speaker 2: or love Shart lowering rates. And if you're buying a

967
00:41:10,480 --> 00:41:13,480
Speaker 2: cash flow property based off of a cap rate, if

968
00:41:13,520 --> 00:41:16,000
Speaker 2: the debt service goes down because rates come down, it

969
00:41:16,040 --> 00:41:19,719
Speaker 2: could push the valuation of those buildings back up. So

970
00:41:20,000 --> 00:41:22,680
Speaker 2: you know, you buy right before the pivot happens and

971
00:41:22,680 --> 00:41:24,600
Speaker 2: then potentially it could push the assets back up. It'd

972
00:41:24,640 --> 00:41:25,479
Speaker 2: be pretty good, YEP.

973
00:41:26,120 --> 00:41:30,040
Speaker 1: I think like so generally speaking, cap rates and interest

974
00:41:30,120 --> 00:41:33,319
Speaker 1: rates have like a sixty to seventy percent correlation, so

975
00:41:33,960 --> 00:41:36,880
Speaker 1: as interest rates have spiked, cap rates have expanded. But

976
00:41:37,280 --> 00:41:39,240
Speaker 1: to your point, I think we're starting we're actually starting

977
00:41:39,360 --> 00:41:43,200
Speaker 1: starting to see compression again, which surprise pleasantly surprised me

978
00:41:43,320 --> 00:41:45,480
Speaker 1: because I thought we were still going to be in

979
00:41:45,520 --> 00:41:47,879
Speaker 1: like a steady cap rate environment, but we're actually seeing

980
00:41:47,880 --> 00:41:50,880
Speaker 1: it compress again, So it'll be interesting to see. I

981
00:41:50,880 --> 00:41:52,360
Speaker 1: think that there's a very good chance that by the

982
00:41:52,440 --> 00:41:55,040
Speaker 1: end of the year cap rates compress like another quarter

983
00:41:55,120 --> 00:41:57,279
Speaker 1: of a point, maybe half a point, I don't know,

984
00:41:57,400 --> 00:41:59,239
Speaker 1: but I don't think we'll see them as low.

985
00:41:59,360 --> 00:42:02,839
Speaker 2: Going going down, yeah, going down? Yeah? Yeah. What what

986
00:42:02,920 --> 00:42:03,960
Speaker 2: markets do you like?

987
00:42:04,480 --> 00:42:08,240
Speaker 1: Texas, Florida, Georgia and North Carolina, South Carolina, Arizona, sun Belt.

988
00:42:08,360 --> 00:42:09,320
Speaker 3: Yes, the sun Belt.

989
00:42:09,640 --> 00:42:11,320
Speaker 2: Everybody wants to be worre it's warm and sunny.

990
00:42:11,640 --> 00:42:14,800
Speaker 3: Yes, and also the states that are maybe more landlord.

991
00:42:14,400 --> 00:42:17,160
Speaker 2: Friendly certainly don't buy in California.

992
00:42:17,360 --> 00:42:19,640
Speaker 3: Yeah, no, I that is not on the top of

993
00:42:19,640 --> 00:42:21,960
Speaker 3: my list. I have to say I.

994
00:42:21,920 --> 00:42:25,399
Speaker 2: Own a house here, yeah, and no other property. Don't

995
00:42:25,440 --> 00:42:28,320
Speaker 2: buy in California. They hate businesses and they people that

996
00:42:28,400 --> 00:42:28,880
Speaker 2: make money.

997
00:42:29,000 --> 00:42:31,160
Speaker 3: Not very investor friendly.

998
00:42:31,280 --> 00:42:33,799
Speaker 2: Yeah. Colorado's looking like it's trying to follow suit.

999
00:42:34,239 --> 00:42:34,879
Speaker 3: Yeah.

1000
00:42:35,440 --> 00:42:37,319
Speaker 1: Colorado is one of those states where it's like it

1001
00:42:37,400 --> 00:42:39,520
Speaker 1: kind of depends because the multi family market's been great

1002
00:42:39,520 --> 00:42:40,040
Speaker 1: there because.

1003
00:42:39,920 --> 00:42:41,640
Speaker 2: I'm just talking about like tenant laws.

1004
00:42:41,880 --> 00:42:43,520
Speaker 3: Oh yeah, yeah, that's definitely true.

1005
00:42:43,640 --> 00:42:45,839
Speaker 2: Yeah, it's hard to own an asset where they want

1006
00:42:45,880 --> 00:42:47,640
Speaker 2: to cap how much you can charge and if you

1007
00:42:47,640 --> 00:42:49,000
Speaker 2: can't evict people when they don't pay.

1008
00:42:49,120 --> 00:42:52,800
Speaker 1: Yeah, and I'm not interested in either of those assets.

1009
00:42:53,200 --> 00:42:56,120
Speaker 2: All right. So for people that want to get into multifamily,

1010
00:42:57,920 --> 00:43:00,920
Speaker 2: join a network, find deal flow, and partner with people,

1011
00:43:01,280 --> 00:43:01,960
Speaker 2: co invest with.

1012
00:43:01,880 --> 00:43:04,480
Speaker 1: People, be in proximity with people that are doing the

1013
00:43:04,480 --> 00:43:05,160
Speaker 1: thing you want to do.

1014
00:43:05,520 --> 00:43:07,319
Speaker 2: That right there, and that goes back all the way

1015
00:43:07,320 --> 00:43:09,360
Speaker 2: from the beginning the relationship piece. I'm just hit on

1016
00:43:09,360 --> 00:43:12,200
Speaker 2: that for a second, right, So, like close proximity. So

1017
00:43:12,280 --> 00:43:15,600
Speaker 2: like if I, I mean whatever the cliche were the

1018
00:43:15,600 --> 00:43:16,960
Speaker 2: some of the five people we hang out with. Yeah,

1019
00:43:17,200 --> 00:43:19,560
Speaker 2: if you're hanging around with real estate investors, you're probably

1020
00:43:19,560 --> 00:43:21,920
Speaker 2: going to be investing in real estate. The other day,

1021
00:43:21,960 --> 00:43:23,080
Speaker 2: I think it was like two weeks ago, I went

1022
00:43:23,080 --> 00:43:24,799
Speaker 2: to this little mastermind I en up in Newport Beach.

1023
00:43:25,400 --> 00:43:28,839
Speaker 2: I didn't pay for I got invited, but a bunch

1024
00:43:28,920 --> 00:43:33,640
Speaker 2: of the other entrepreneurs, coaches, whatever, we kind of got

1025
00:43:33,680 --> 00:43:35,080
Speaker 2: on our own little huddle and sort of had like

1026
00:43:35,080 --> 00:43:36,759
Speaker 2: our own little mastermind. At the other YEA and a

1027
00:43:36,800 --> 00:43:39,080
Speaker 2: couple of guys there are just absolutely just crushing it,

1028
00:43:39,520 --> 00:43:42,120
Speaker 2: just absolutely crushing it. And we're talking about, you know,

1029
00:43:42,160 --> 00:43:46,680
Speaker 2: how do we sell webinars? Challenges, you know whatever, And man,

1030
00:43:46,760 --> 00:43:48,879
Speaker 2: I left there just like I need to go to work.

1031
00:43:48,880 --> 00:43:51,080
Speaker 2: When we're doing I gotta go to work. Yeah, And

1032
00:43:51,160 --> 00:43:53,239
Speaker 2: so that's the power of being in the close proximity.

1033
00:43:53,280 --> 00:43:54,120
Speaker 2: So anyway, keep.

1034
00:43:54,040 --> 00:43:56,000
Speaker 3: On yeah, And that's exactly it.

1035
00:43:56,000 --> 00:44:00,279
Speaker 1: It's it wasn't until I met Pace Morby that I

1036
00:44:00,320 --> 00:44:05,120
Speaker 1: was like, wait, this is possible, Like why did nobody.

1037
00:44:04,760 --> 00:44:06,960
Speaker 3: Tell me about these things? And it's because I was

1038
00:44:06,960 --> 00:44:07,960
Speaker 3: in the wrong rooms.

1039
00:44:08,080 --> 00:44:11,480
Speaker 1: And I look back at it now and I'm like, wow,

1040
00:44:11,640 --> 00:44:15,120
Speaker 1: I was oftentimes like the most successful person in that room,

1041
00:44:15,160 --> 00:44:18,200
Speaker 1: and I want to be the dumbest person in the

1042
00:44:18,280 --> 00:44:20,600
Speaker 1: room that I'm in, Otherwise I'm in the wrong rooms.

1043
00:44:20,920 --> 00:44:22,759
Speaker 1: And now that I'm in these rooms, it's crazy. Like

1044
00:44:22,800 --> 00:44:25,280
Speaker 1: we have a text thread with all of our friends

1045
00:44:25,320 --> 00:44:27,279
Speaker 1: that are like in this space and like just doing

1046
00:44:27,320 --> 00:44:30,920
Speaker 1: things at like the highest level. And you know, I remember,

1047
00:44:31,000 --> 00:44:34,160
Speaker 1: like a couple of years ago, there was a thread

1048
00:44:34,239 --> 00:44:36,239
Speaker 1: that went through our chat that was like, Hey, does

1049
00:44:36,280 --> 00:44:38,120
Speaker 1: anyone have a plane they want to get rid of

1050
00:44:38,160 --> 00:44:39,560
Speaker 1: this year because I need to buy it in the

1051
00:44:39,560 --> 00:44:42,320
Speaker 1: next two weeks. And I like think back on it,

1052
00:44:42,320 --> 00:44:44,160
Speaker 1: and I'm like, if you had told like eighteen year

1053
00:44:44,160 --> 00:44:46,279
Speaker 1: old Vina that you would have ever been in a

1054
00:44:46,320 --> 00:44:49,879
Speaker 1: text thread with like twenty five people that were legitimately

1055
00:44:50,080 --> 00:44:54,040
Speaker 1: serious about selling or buying a plane, Like it was

1056
00:44:54,160 --> 00:44:56,320
Speaker 1: like nothing, Like it was like an apple.

1057
00:44:57,640 --> 00:45:00,280
Speaker 3: I wouldn't have believed it. Yeah, And I'm like, wow.

1058
00:45:00,320 --> 00:45:02,360
Speaker 3: If I told most.

1059
00:45:02,080 --> 00:45:05,800
Speaker 1: Of America that, like, this is an actual conversation I'm having,

1060
00:45:06,239 --> 00:45:08,360
Speaker 1: they'd be like, Haha, that's.

1061
00:45:08,160 --> 00:45:09,160
Speaker 3: Funny or no way.

1062
00:45:09,840 --> 00:45:13,000
Speaker 1: But instead I'm like in this room, right, a virtual

1063
00:45:13,080 --> 00:45:15,640
Speaker 1: room that people are like, yeah, I need to buy

1064
00:45:15,640 --> 00:45:16,120
Speaker 1: a plane in the.

1065
00:45:16,120 --> 00:45:16,640
Speaker 3: Next two weeks.

1066
00:45:16,680 --> 00:45:19,120
Speaker 1: And then people actually responded. They were like, Oh, I

1067
00:45:19,120 --> 00:45:20,919
Speaker 1: have a plane I'm thinking about selling. Let me send

1068
00:45:20,960 --> 00:45:23,120
Speaker 1: you the specs on it. And I'm like, wow, this

1069
00:45:23,160 --> 00:45:25,000
Speaker 1: is so weird to just like witness it. But then

1070
00:45:25,040 --> 00:45:29,040
Speaker 1: You're like, this is possible, Like there are people who

1071
00:45:29,080 --> 00:45:31,640
Speaker 1: live this life and I could be one of them.

1072
00:45:32,640 --> 00:45:35,120
Speaker 2: We talk about like the vehicle that you're in. So

1073
00:45:36,480 --> 00:45:38,799
Speaker 2: our goal isn't wealth. For most of us, it's using

1074
00:45:38,840 --> 00:45:40,719
Speaker 2: wealth to get the time back. Hopefully a lot of

1075
00:45:40,760 --> 00:45:44,160
Speaker 2: it is to make an impact on the world. People

1076
00:45:44,200 --> 00:45:45,919
Speaker 2: ask me how much is enough, and I'm like, enough,

1077
00:45:45,920 --> 00:45:48,799
Speaker 2: what enough experiences with my family? Enough people that can

1078
00:45:48,800 --> 00:45:51,680
Speaker 2: help overseas enough churches I can donate now into Like

1079
00:45:52,320 --> 00:45:54,560
Speaker 2: how is that? Like, if you think there's enough, you're

1080
00:45:54,600 --> 00:45:58,480
Speaker 2: thinking too selfishly. But for the most part, it's sort

1081
00:45:58,480 --> 00:45:59,879
Speaker 2: of doing that. But when I think about these wealth

1082
00:46:00,040 --> 00:46:03,200
Speaker 2: vehicles that we have, they're all kind of about the

1083
00:46:03,239 --> 00:46:05,920
Speaker 2: same amount of work. Yeah, so it's just like which

1084
00:46:05,960 --> 00:46:07,040
Speaker 2: one do you want to build?

1085
00:46:07,080 --> 00:46:07,480
Speaker 3: Pick one?

1086
00:46:07,600 --> 00:46:10,719
Speaker 2: Right, Like, just pick one. I mean it's all of

1087
00:46:10,719 --> 00:46:12,920
Speaker 2: these traditional work methods. Whether you want to go in

1088
00:46:12,960 --> 00:46:16,160
Speaker 2: a cubicle for forty fifty hours a week for forty years,

1089
00:46:16,160 --> 00:46:17,439
Speaker 2: that's a lot of work too, and like you could

1090
00:46:17,440 --> 00:46:19,440
Speaker 2: put that same amount of time in so to be

1091
00:46:19,560 --> 00:46:21,160
Speaker 2: in a room with people that are buying and selling

1092
00:46:21,160 --> 00:46:23,399
Speaker 2: private jet, it's like they just operate at a different level.

1093
00:46:23,440 --> 00:46:27,000
Speaker 2: There's playing a different wealth game, drive a different wealth vehicle. Okay,

1094
00:46:27,040 --> 00:46:29,080
Speaker 2: so get in those rooms, get around those types of people,

1095
00:46:29,440 --> 00:46:30,759
Speaker 2: and I guess just draft off of them.

1096
00:46:31,040 --> 00:46:34,719
Speaker 1: Yeah, I mean, most people are willing to help you,

1097
00:46:34,840 --> 00:46:36,920
Speaker 1: especially once you've reached like a certain level of success,

1098
00:46:37,000 --> 00:46:38,680
Speaker 1: Like no one's going to ask you a question in person.

1099
00:46:38,719 --> 00:46:39,759
Speaker 3: You're like, no, I'm not going to.

1100
00:46:39,680 --> 00:46:43,080
Speaker 1: Tell you that, Like, yeah, of course, I at least

1101
00:46:43,120 --> 00:46:44,919
Speaker 1: am like Okay, sit down.

1102
00:46:45,160 --> 00:46:46,719
Speaker 3: Here are all the things that I learned.

1103
00:46:46,760 --> 00:46:48,200
Speaker 2: Here's wait, let me buy your coffee first.

1104
00:46:48,480 --> 00:46:50,120
Speaker 1: But yeah, they can't buy me coffe. No, no, you

1105
00:46:50,120 --> 00:46:51,600
Speaker 1: can't buy me coffee. But you could show up to

1106
00:46:51,600 --> 00:46:51,839
Speaker 1: the vent.

1107
00:46:51,920 --> 00:46:54,520
Speaker 3: I'm att yeaheah, I'll stay there, right, And so it's

1108
00:46:54,560 --> 00:46:56,319
Speaker 3: like I.

1109
00:46:56,239 --> 00:47:01,600
Speaker 1: Will tell you all the things I know because we collaborate, yeah, right,

1110
00:47:01,640 --> 00:47:03,719
Speaker 1: Like at the top, we don't compete. We collaborate with

1111
00:47:03,800 --> 00:47:06,600
Speaker 1: each other. And I think that's a really important distinction.

1112
00:47:06,719 --> 00:47:10,880
Speaker 1: Like competition with each other is like the lowest vibration

1113
00:47:11,000 --> 00:47:14,440
Speaker 1: you can be in, but collaboration is like a high vibration.

1114
00:47:14,719 --> 00:47:17,440
Speaker 1: And when you're around people who think truly in abundance,

1115
00:47:17,480 --> 00:47:20,680
Speaker 1: like I thought I was abundant mindset, and then I

1116
00:47:20,719 --> 00:47:23,200
Speaker 1: started being around people who actually were in an abundant mindset,

1117
00:47:23,200 --> 00:47:26,080
Speaker 1: and I was like, oh, there's like levels to this

1118
00:47:26,120 --> 00:47:30,600
Speaker 1: game too, right, And so now I've like shifted my perspective.

1119
00:47:30,080 --> 00:47:30,680
Speaker 3: Am I thinking?

1120
00:47:30,719 --> 00:47:34,000
Speaker 1: But now that I'm like more in an abundant mindset,

1121
00:47:34,080 --> 00:47:36,520
Speaker 1: it's like abundance breeds more abundance and then it just

1122
00:47:36,520 --> 00:47:38,440
Speaker 1: like gets bigger and bigger, and it's like the snowball

1123
00:47:38,480 --> 00:47:41,360
Speaker 1: effect that you can't stop it rolling down the hill anymore.

1124
00:47:41,480 --> 00:47:45,480
Speaker 2: Yeah. Yeah, cool, So let's wrap this up now. You

1125
00:47:46,160 --> 00:47:48,160
Speaker 2: not only do you do your deals, you help people

1126
00:47:48,200 --> 00:47:50,080
Speaker 2: do deals. Tell us about that real quick, like how

1127
00:47:50,120 --> 00:47:50,960
Speaker 2: does that? How does that work?

1128
00:47:51,040 --> 00:47:53,040
Speaker 1: Yeah? So in the MULTIPI community, you know, we do

1129
00:47:53,080 --> 00:47:55,919
Speaker 1: our weekly coaching and you know, I really love hanging

1130
00:47:55,960 --> 00:47:58,759
Speaker 1: out there, Like I hang out with my community more

1131
00:47:58,800 --> 00:48:01,320
Speaker 1: than anybody who has a time business to run should

1132
00:48:01,320 --> 00:48:02,879
Speaker 1: ever be hanging out, right.

1133
00:48:02,880 --> 00:48:04,920
Speaker 2: But it's because you've built a tribe of people you

1134
00:48:04,960 --> 00:48:05,520
Speaker 2: want to be around.

1135
00:48:05,640 --> 00:48:06,920
Speaker 3: Yes, that's exactly what is.

1136
00:48:06,920 --> 00:48:10,240
Speaker 1: I get so much energy out of pouring into this community,

1137
00:48:10,280 --> 00:48:11,319
Speaker 1: and they pour back into me.

1138
00:48:11,360 --> 00:48:16,200
Speaker 3: So it's like very symbiotic. And that is the place that.

1139
00:48:16,320 --> 00:48:18,759
Speaker 1: Is like my that's like my third baby, right, Like

1140
00:48:18,800 --> 00:48:20,959
Speaker 1: I have twin daughters, and then this is like the.

1141
00:48:20,880 --> 00:48:22,680
Speaker 3: Third baby that I pour my time into.

1142
00:48:22,920 --> 00:48:26,800
Speaker 1: And this is where I probably sacrifice the most to

1143
00:48:27,480 --> 00:48:30,960
Speaker 1: build the Multipi community because I love it so much.

1144
00:48:30,960 --> 00:48:34,680
Speaker 1: It's so rewarding, so fulfilling, and so basically it's like

1145
00:48:34,719 --> 00:48:37,279
Speaker 1: you know, a community mentorship, whatever you want to call it.

1146
00:48:37,960 --> 00:48:40,399
Speaker 1: You know, the foundation is there, the education is there,

1147
00:48:40,440 --> 00:48:42,160
Speaker 1: or whatever, but that's not the thing I think that

1148
00:48:42,200 --> 00:48:45,560
Speaker 1: makes it special. It's the people in there. It's the partnership,

1149
00:48:45,680 --> 00:48:49,680
Speaker 1: it's the collaboration, it's the it's the easy button. It's

1150
00:48:49,680 --> 00:48:51,799
Speaker 1: still hard work once you get in there, but it's

1151
00:48:51,800 --> 00:48:55,240
Speaker 1: the easy button for what we do on a large scale.

1152
00:48:55,600 --> 00:48:58,120
Speaker 2: Yeah, so they can join if they don't, if they

1153
00:48:58,120 --> 00:48:59,840
Speaker 2: don't know where they can go join a community, you

1154
00:48:59,840 --> 00:49:00,719
Speaker 2: have one for them.

1155
00:49:00,840 --> 00:49:03,239
Speaker 1: Yeah, you can go to you can go to multipi now,

1156
00:49:03,280 --> 00:49:05,840
Speaker 1: dot com, Forward slash free, and I have some like

1157
00:49:05,880 --> 00:49:09,120
Speaker 1: free downloads, ebooks that you can get started there. You

1158
00:49:09,120 --> 00:49:12,719
Speaker 1: can consume the information for free, and then you can

1159
00:49:13,040 --> 00:49:15,960
Speaker 1: go to the link on my Instagram bio and you

1160
00:49:16,000 --> 00:49:18,919
Speaker 1: can apply to join multiply and talk to my team.

1161
00:49:19,280 --> 00:49:21,879
Speaker 2: So they could learn how to find deals, buy their

1162
00:49:21,920 --> 00:49:25,120
Speaker 2: own deals, raise money, if they want to have partners

1163
00:49:25,320 --> 00:49:26,919
Speaker 2: or partner on other people's deals.

1164
00:49:26,960 --> 00:49:29,359
Speaker 3: I'm guessing all absolutely, all those things exist there.

1165
00:49:29,440 --> 00:49:30,600
Speaker 2: Yeah. Okay, so where's that again?

1166
00:49:30,680 --> 00:49:33,520
Speaker 3: So it's multified now, dot com, forward slash free.

1167
00:49:33,719 --> 00:49:36,799
Speaker 2: Okay, so all right, cool? Anything else that we missed,

1168
00:49:36,840 --> 00:49:38,600
Speaker 2: Any last pieces of advice that you can give to

1169
00:49:38,640 --> 00:49:40,839
Speaker 2: people that are like watching you and just go, oh,

1170
00:49:40,880 --> 00:49:42,960
Speaker 2: I want that abundance mindset, and I want to have

1171
00:49:43,000 --> 00:49:44,040
Speaker 2: the time and freedom back.

1172
00:49:44,400 --> 00:49:47,400
Speaker 1: Yeah, it's a muscle. You have to exercise it for

1173
00:49:47,440 --> 00:49:50,160
Speaker 1: it to actually get strong. But the thing I would

1174
00:49:50,239 --> 00:49:53,359
Speaker 1: say to anybody who's watching this is it might seem

1175
00:49:53,400 --> 00:49:56,279
Speaker 1: overwhelming and it might seem scary, and it is because

1176
00:49:56,280 --> 00:49:58,840
Speaker 1: it's like taking a single sip out of a fire hose.

1177
00:49:59,239 --> 00:50:01,040
Speaker 1: It's hard, but it's like that for all of us.

1178
00:50:01,080 --> 00:50:04,000
Speaker 1: We're just comfortable doing it because we do it afraid anyway.

1179
00:50:04,400 --> 00:50:07,880
Speaker 1: And so just show up, work on your mindset, and

1180
00:50:08,080 --> 00:50:11,319
Speaker 1: just you have to decide really like is this the

1181
00:50:11,360 --> 00:50:13,320
Speaker 1: life you want to live or do you want something

1182
00:50:13,320 --> 00:50:14,920
Speaker 1: more for yourself? And if you feel like you were

1183
00:50:14,920 --> 00:50:17,080
Speaker 1: meant for more, then you have to show up scared

1184
00:50:17,120 --> 00:50:19,520
Speaker 1: because all of us do that, and we just keep

1185
00:50:19,560 --> 00:50:22,040
Speaker 1: going even when we fail. Like I quit every day,

1186
00:50:22,320 --> 00:50:24,480
Speaker 1: Like all the time, I'm like I quit. It's just

1187
00:50:24,520 --> 00:50:26,319
Speaker 1: I start again the next day, so you can quit.

1188
00:50:26,400 --> 00:50:27,279
Speaker 1: You just have to start again.

1189
00:50:27,480 --> 00:50:30,120
Speaker 2: Yeah, to get something different, you gotta do something different.

1190
00:50:30,160 --> 00:50:31,200
Speaker 3: You got to do something different.

1191
00:50:31,440 --> 00:50:33,719
Speaker 2: Great, all right, Vena, I think we'll wrap it up

1192
00:50:33,719 --> 00:50:34,719
Speaker 2: with that. Thanks so much, thank

1193
00:50:34,760 --> 00:50:35,720
Speaker 3: You, appreciate you