Podcasts about msas

The U.S. Department of Housing and Urban Development (HUD) released the annual rent and income limits April 1 for property managers to apply when renting properties financed by low-income housing tax credit (LIHTC) equity as well as HUD programs such as Section 8, Section 202 and Section 811. In this week's episode of the Tax Credit Tuesday podcast, host Michael Novogradac, CPA, and guest Thomas Stagg, CPA, one of Novogradac and the nation's leading experts in rent and income limits, discuss three key takeaways from this year's release. First, Stagg and Novogradac discuss income limits being higher than anticipated. The second key takeaway is why the rent and income limits were higher'a change in HUD's methodology for calculating inflation factor in rent and income limits. Finally, they discuss a number of metropolitan statistical areas (MSAs) that were reorganized or changed in the 2025 limits release, including why a disproportionate number of the changes are in Connecticut.

JC Shurburtt and Mad Dog are back. What's the word on the men's hoops transfer portal class? Also, some football stuff. JC isn't the depth chart leaker but the depth chart and Shane Beamer's comments are discussed. Texas Tech is paying through the nose for a basketball player to return- don't panic about anything like that during this particular time. Football recruiting and questions and answers from the Nana's Porch Chatbox along with fast-growing MSAs in the state of South Carolina. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

⚖️ Understanding the Importance of a Marital Settlement Agreement | Los Angeles Divorce

Our co-heads of Securitized Products Research, James Egan and Jay Bacow, explain how the increase in home prices, a tight market supply and steady mortgage rates are affecting home sales.----- Listener Survey -----Complete a short listener survey at http://www.morganstanley.com/podcast-survey and help us make the podcast even more valuable for you. For every survey completed, Morgan Stanley will donate $25 to the Feeding America® organization to support their important work.----- Transcript -----James Egan: Welcome to Thoughts on the Market. I'm Jim Egan, co-head of Securitized Products Research at Morgan Stanley.Jay Bacow: And I'm Jay Bacow, the other co-head of Securitized Products Research at Morgan Stanley.Today, a look at the latest trends in the mortgage and housing market.It's Wednesday, February 19th, at 11am in New York.Now, Jim, there's been a lot of headlines to kick off the year. How is the housing market looking here? Mortgage rates are about 80 basis points higher than the local lows in September. That can't be helping affordability very much.James Egan: No, it is not helping affordability. But let's zoom out a little bit here when talking about affordability. The monthly payment on the medium-priced home had fallen about $225 from the fourth quarter of 2023 to local troughs in September. About a 10 percent decrease. Since that low, the payment has increased about $150; so, it's given back most of its gains.Importantly, affordability is a three-pronged equation. It's not just that payment. Home prices, mortgage rates, and incomes. And incomes are up about 5 percent over the past year. So, affordability has improved more than those numbers would suggest, but those improvements have certainly been muted as a result of this recent rate move. Jay Bacow: Alright. Affordability is up, then it's down. It's wrong, then it's right. It sounds like a Katy Perry song. So, how have home sales evolved through this rollercoaster?James Egan: Well, you and I came on this podcast several times last year to talk about the fact that home sales volumes weren't really increasing despite the improvement in affordability. One point that we made over and over again was that it normally takes 9 to 12 months for sales volumes to increase when you get this kind of affordability improvement. And that would make the fourth quarter of 2024 the potential inflection point that we were looking for. And despite this move in mortgage rates, that does appear to have been the case. Existing home sales had a very strong finish to last year. And in the fourth quarter, they were up 8 percent versus the fourth quarter of 2023. That's the first year-over-year increase since the second quarter of 2021.Jay Bacow: All right. So that's pretty meaningful. And if looking backward, home sales seem to be inflecting, what does that mean for 2025?James Egan: So, there's a number of different considerations there. For one thing, supply – the number of homes that are actually for sale – is still very tight, but it is increasing. It may sound a little too simplistic, but there do need to be homes for sale for homes to sell, and listings have reacted faster than sales. That strong fourth quarter in existing home sales that I just mentioned, that brought total sales volumes for the year to 1 percent above their 2023 levels. For sale inventory finished the year up 14 percent.Jay Bacow: Alright, that makes sense. So, more people are willing to sell their home, which means there's a little bit more transaction volume. But is that good for home prices?James Egan: Not exactly. And it is those higher listings and our expectation that listings are going to continue to climb that's been the main factor behind our call for home price growth to continue to slow. Ultimately, we think that you see home sales up in the context of about 5 percent in 2025 versus 2024.Our leading indicators of demand have softened, a little, in December and January, which may be a result of this sharp increase in rates. But ultimately, when we look at turnover in the housing market, and we're talking about existing sales as a share of the outstanding homes in the U.S. housing market, we think that we're kind of at the basement right now. If we're wrong in our sales volume call, I would think it's more likely that there are more sales than we think. Not less.Jay Bacow: Let me ask you another easy question. How far would rates have to fall to really incentivize more supply and/or demand in the housing market?James Egan: That's the $45 trillion question. We think the current housing market presents a fascinating case study in behavioral economics. Even if mortgage rates were to decline to 4.5 percent, only 35 percent of people would be in the money. And that's still over 200 basis points from where we are today.That being said, we think it's unlikely that mortgage rates need to fall all the way to that level to unlock the housing market. While the lack of any historical precedent makes it difficult for us to identify a specific threshold at which activity could increase meaningfully, we recently turned to Morgan Stanley's AlphaWise to conduct a consumer pulse survey to get a better sense of how people were feeling about their housing options.Jay Bacow: I like data. How are those people feeling?James Egan: All right, so 31 percent of people anticipate buying a home over the next two years, and almost half are considering buying over the next five. Interestingly, only 21 percent are considering selling their home over the next two years. In other words, perceived demand is about 50 percent greater than marginal supply, at least in the immediate future, which we think could be a representation of that lock-in effect.Current homeowners' expectations of near-term listings are depressed because of how low their mortgage rate is. But we did ask: What if mortgage rates were to fall from 6.8 percent today to 5. 5 percent? In that world, 85 to 90 percent of the people planning to buy a home in the next two years stated that they would be more likely to execute on that purchase.So, we think it's safe to say that a decline in mortgage rates could accelerate purchase decisions. But Jay, are we going to see that decline?Jay Bacow: Well, our interest rate strategists do think that rates are going to rally from here. They've updated their 10-year forecast to expect the tenure note ends 2025 at 4 percent. If the tenure note's at 4 percent, mortgage rate should come down from here, but not to that 4.5 percent, or probably even that 5.5 percent level that you quoted. You know, honestly, you don't really want to stay, you don't really want to go. We're probably talking about like a 6 percent mortgage rate. Not quite that level.But Jim, this is a national level, a national mortgage rate, and housing markets about location and location and location. Are there geographical nuances to your forecast?James Egan: People all over the country are asking, should they stay or should they go now, and that answer is different depending on where you live, right? If you look at the top 100 MSAs in the country, 8 of the top 11 markets showing the largest increases in inventory over the past year can be found in Florida.So, we would expect Florida to be a little bit softer than our national numbers. On the other hand, inventory growth has been most subdued in the Northeast and the Midwest, with several markets continuing to see inventory declines.Jay Bacow: All right, well selfishly, as somebody that lives in the Northeast, I am a little bit happy to hear that. But otherwise, Jim, it's always a pleasure listening to you.James Egan: Pleasure talking to you too, Jay. Thanks for listening, and if you enjoy this podcast, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.DISCLAIMERJay Bacow: So, Jim, the lock-in effect is: You don't really want to stay. No. But you don't really want to go.James Egan: That is exactly; that is perfect! Wow. That is the whole issue with the housing market.

Nathan welcomes back computational biochemist Amelie Schreiber for a fascinating update on AI's revolutionary impact in biology. In this episode of The Cognitive Revolution, we explore recent breakthroughs including AlphaFold3, ESM3, and new diffusion models transforming protein engineering and drug discovery. Join us for an insightful discussion about how AI is reshaping our understanding of molecular biology and making complex protein engineering tasks more accessible than ever before. Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse SPONSORS: Shopify: Shopify is the world's leading e-commerce platform, offering a market-leading checkout system and exclusive AI apps like Quikly. Nobody does selling better than Shopify. Get a $1 per month trial at https://shopify.com/cognitive SelectQuote: Finding the right life insurance shouldn't be another task you put off. SelectQuote compares top-rated policies to get you the best coverage at the right price. Even in our AI-driven world, protecting your family's future remains essential. Get your personalized quote at https://selectquote.com/cognitive Oracle Cloud Infrastructure (OCI): Oracle's next-generation cloud platform delivers blazing-fast AI and ML performance with 50% less for compute and 80% less for outbound networking compared to other cloud providers13. OCI powers industry leaders with secure infrastructure and application development capabilities. New U.S. customers can get their cloud bill cut in half by switching to OCI before December 31, 2024 at https://oracle.com/cognitive Weights & Biases RAG++: Advanced training for building production-ready RAG applications. Learn from experts to overcome LLM challenges, evaluate systematically, and integrate advanced features. Includes free Cohere credits. Visit https://wandb.me/cr to start the RAG++ course today. CHAPTERS: (00:00:00) Teaser (00:00:46) About the Episode (00:04:30) AI for Biology (00:07:14) David Baker's Impact (00:11:49) AlphaFold 3 & ESM3 (00:16:40) Protein Interaction Prediction (Part 1) (00:16:44) Sponsors: Shopify | SelectQuote (00:19:18) Protein Interaction Prediction (Part 2) (00:31:12) MSAs & Embeddings (Part 1) (00:32:32) Sponsors: Oracle Cloud Infrastructure (OCI) | Weights & Biases RAG++ (00:34:49) MSAs & Embeddings (Part 2) (00:35:57) Beyond Structure Prediction (00:51:13) Dynamics vs. Statics (00:57:24) In-Painting & Use Cases (00:59:48) Workflow & Platforms (01:06:45) Design Process & Success Rates (01:13:23) Ambition & Task Definition (01:19:25) New Models: PepFlow & GeoAB (01:28:23) Flow Matching vs. Diffusion (01:30:42) ESM3 & Multimodality (01:37:10) Summary & Future Directions (01:45:34) Outro SOCIAL LINKS: Website: https://www.cognitiverevolution.ai Twitter (Podcast): https://x.com/cogrev_podcast Twitter (Nathan): https://x.com/labenz LinkedIn: https://www.linkedin.com/in/nathanlabenz/ Youtube: https://www.youtube.com/@CognitiveRevolutionPodcast Apple: https://podcasts.apple.com/de/podcast/the-cognitive-revolution-ai-builders-researchers-and/id1669813431

We discuss Altus Group's newly launched report, the US CRE Investment and Transactions Quarterly. This report introduces uniquely expansive and granular insights into the volume, pricing, and pacing of commercial property investment sales during Q3 2024, both at the national level and within select metropolitan statistical areas (MSAs). Don't miss this episode where our hosts, Cole Perry and Omar Eltorai, break down some of the most interesting trends from the report across major property sectors and leading markets.Key Takeaways:01:21 - US CRE Investment and Transactions Quarterly report overview05:16 - How this report differentiates itself from other CRE transaction activity reports06:56 - US CRE transaction volume insights09:03 - US CRE transaction pacing trends10:29 - US CRE transaction pricing - nationally and by major property sectors12:32 - MSA-specific transaction data16:35 - Market environment and sentiment22:57 - How to access the report22:48 - Conclusion and request for feedbackResources Mentioned:Q3 2024 US CRE Investment and Transactions Quarterly reportUS commercial real estate investment trends and transaction volume: https://www.altusgroup.com/featured-insights/cre-transactions/ US commercial real estate investment sales - pricing and pacing: https://www.altusgroup.com/featured-insights/cre-transactions/pricing-pacing/ US commercial real estate investment sales - property sectors: https://www.altusgroup.com/featured-insights/cre-transactions/property-sectors/ US commercial real estate investment sales - markets: https://www.altusgroup.com/featured-insights/cre-transactions/markets/ Leave us a message! - https://www.speakpipe.com/CREexchange Email us - altusresearch@altusgroup.com Thanks for listening to the CRE Exchange podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation.#CRE #CommercialRealEstate #Property

In this episode of Fintech Layer Cake, Reggie Young presents a crash course on Sponsor Bank MSAs (Master Services Agreements) with Andrew Grant, co-founder of The Runway Group. They unpack the complexities of these critical agreements, discuss the latest trends in regulatory expectations, and highlight key strategies for founders and operators to navigate sponsor-bank relationships effectively.

This is a narration of our weekly Rent and Operating Trends Report.Mortgage Rates DeclineAccording to last week's data from Freddie Mac, the average rate for a 30-year mortgage hit its lowest level in more than a year. It dipped to 6.47% as of August 8, down from a peak of 7.79% in October 2023. Even with the decline, affordability remains a major challenge in the single-family home industry. It has been almost two years since the average 30-year mortgage rate was below 6.0%. Key Economic Data This WeekThis will be a busy week for economics readings, and the following reports are highly anticipated after the unimpressive jobs report from a couple weeks ago. The producer and consumer price indexes for July will be released by the Bureau of Labor Statistics. They are key indicators related to inflation and most economists are hopeful they will trend in a direction that gives the Fed confidence to lower the benchmark interest rate at some point soon. The Commerce Department will report on the latest trends for retail sales which will shed light on consumer spending. Also, the University of Michigan's preliminary report on August's Consumer Sentiment Index will give us a view on how people feel about all the recent headlines in the economic and political worlds.Unemployment insurance claims, metro-level job growth, and the number of buildings permitted for construction are among other metrics being released this week.  EQR Purchases 11 Assets from BlackstoneAnother large apartment acquisition was announced last week. Equity Residential (EQR) stated that it has agreed to purchase 11 assets from Blackstone for close to $1 billion. The assets are in the markets of Atlanta, Dallas-Fort Worth, and Denver. On average, the properties are eight years old.  Multifamily Performance Apartment performance remained steady through mid-August. Rents are still below last year's level in many MSAs, but the most turbulent times are likely behind a lot of markets at this point. The national occupancy rate has held close to 93.9% the entire year, and the U.S. is on track to absorb more than half a million units in 2024. As long as the economy holds, many areas are poised for growth rates closer to historical norms in 2025.Explore our webpage for more insights and resources:https://bit.ly/Radix_Website

Send us a Text Message.Educating injured workers on their responsibilities at the time of settlement is crucial for their long-term success. Gregg M. Chapman with National Settlement Consultants, and a leading expert in structured settlements for workers' compensation cases, dives into the key education points applicants and injured workers need to understand regarding their obligations post-settlement, especially when a Medicare Set Aside (MSA) is involved.  Drawing from his extensive experience in the industry, Gregg shares his unique perspective on the history of MSAs, Medicare, and Professional Administration. He offers invaluable tips and talking points that should be a staple in settlement conversations with the injured worker. You'll hear why Gregg recommends professional administration on almost all his cases involving future medical funds and the significant role a structured settlement consultant plays in overcoming settlement barriers. This episode is packed with practical tips and educational insights for insurance professionals in workers' compensation that can be applied immediately to settlement conversations. Gregg's expertise will equip you with the knowledge your clients need to know to navigate the complexities of their medical care post-settlement. Learn More About Gregghttps://workcompsettlementconsultants.com/www.settlementconsultants.comContact Greggemail: greggchap@aol.com1-800-845-2969Ametros is changing the way injured individuals navigate healthcare by providing them with post-settlement medical management tools for their settlement funds. Ametros helps drive more simplified, secured, and supported settlements and saves money by working closely with injured workers, insurers, employers, attorneys, and Medicare to create a seamless experience.Learn how Ametros can support you.Podcast CreatorsMelanie Salmeron, Podcast Producer and Editor

D.O. dives deep into the world of Marketing Service Agreements (MSAs) in the mortgage industry. He explains what MSAs are, why lenders and real estate brokerages enter into these agreements, and shares his experiences and insights on how to make them successful. ✋ He also discusses the compliance aspects, the importance of audits, and the potential impact on relationships with real estate agents outside the MSA.

Welcome back to another episode of The Richer Geek Podcast. Today we have Drew Breneman. He launched his first business at 14 and a successful internet venture in high school. By 19, he bought his first rental properties with online earnings, earning him a spot on HGTV as an emerging real estate star. He earned a BBA in Real Estate & Urban Land Economics from the University of Wisconsin-Madison. Founder of Breneman Capital, co-founder of The Blackhawk Investment Group, LLC, and creator of Dwelle, Drew's diverse real estate experience spans from working with national development firms. As host of the Breneman Blueprint Podcast, Drew simplifies complex financial topics, making him a go-to speaker on multifamily real estate, risk assessment, and market insights.   In this episode, we're discussing… Building a Real Estate Mindset: Drew discusses the importance of developing a long-term vision and avoiding the get-rich-quick mentality prevalent in real estate. Market Selection & Specialization: Discover Drew's strategy for identifying top MSAs and high-growth locations within them, ensuring strong tenant demand and appreciation potential. Beyond the Fix & Flip: Learn why Drew prioritizes value-add deals with renovation opportunities and stable cash flow over quick flips. The Power of Location: Explore how Drew leverages location data to pinpoint properties with the most significant upside potential. The Current Market Shift: Gain insights into Drew's perspective on the rising interest rates and how they impact cap rates and investment strategies. The Chicago Deal: Dive deep into Drew's current investment opportunity in Chicago, offering a projected 6% cash-on-cash return and long-term appreciation potential.   Resources from Drew: LinkedIn | Breneman Blueprint Podcast | Breneman Capital | The Blackhawk Investment Group   Resources from Mike and Nichole Gateway Private Equity Group  |  REI Words | Nic's guide

Welcome to the daily304 – your window into Wonderful, Almost Heaven, West Virginia.   Today is Sunday, April 14, 2024  Anglers, get your fishing license before you head out to the waters of Almost Heaven…Your spring adventure awaits in beautiful Southern West Virginia…and, looking to locate your business in the Northern Panhandle? RED -- that's Regional Economic Development Partnership -- can help…on today's daily304. #1 – From WVDNR – Anglers, does this lovely spring weather have you itching to grab your tackle box and head for the beautiful mountain streams of Almost Heaven? Don't forget to pack your fishing license!  Thanks to the WVDNR's online system, purchasing a license has never been easier. Just head over to wvhunt.com for quick and easy access to hunting and fishing licenses. You can also view fishing regulations and information about trout stockings.  Learn more: https://www.wvhunt.com/login   #2 – From VISIT SOUTHERN WV – Spring is starting to bloom in Southern West Virginia and it's a great time to experience the beauty of this region. Go for a hike in the New River Gorge National Park and Preserve and admire the free-flowing waterfalls and sandstone cliffs along the way, hit the rapids on a whitewater adventure, or spend the day on a scenic, tranquil lake. There is a world of adventure, history and beauty to be discovered and enjoyed. Ready for a spring or summer escape? Request a free copy of the Visit Southern West Virginia Visitors Guide and start planning your trip! Learn more: https://visitwv.com/wvto-coop/?utm_source=google&utm_medium=ppc&utm_campaign=madden%20semc-wvsp&utm_content=sem&gad_source=1&gclid=Cj0KCQjw5cOwBhCiARIsAJ5njuZr2zJaO7x0NsWD3CE6MuRbUS0me1MLF2sULoH1yv-PI3Bz6PJ-zpQaAoiQEALw_wcB   #3 – From REDP.ORG – Go red for business! The Regional Economic Development Partnership -- aka RED -- is located in the Wheeling, West Virginia, Metropolitan Statistical Area–a region ranked as one of the top 20 small MSAs in terms of business recruitment, business relocation and attraction. Looking to move to the Northern Panhandle? RED provides business relocation services that include information, consultation and assistance on site selection, commercial real estate, population demographics & quality of life. Read more: https://redp.org/ Find these stories and more at wv.gov/daily304. The daily304 curated news and information is brought to you by the West Virginia Department of Commerce: Sharing the wealth, beauty and opportunity in West Virginia with the world. Follow the daily304 on Facebook, Twitter and Instagram @daily304. Or find us online at wv.gov and just click the daily304 logo.  That's all for now. Take care. Be safe. Get outside and enjoy all the opportunity West Virginia has to offer.

How the government, particularly the IRS, looks at exercise and diet versus weight loss drugs and other pharmaceuticals is discussed in this episode with Calley Means and Robert F. Kennedy Jr. Here is part of an official statement from the Internal Revenue Service website: WASHINGTON — Amid concerns about people being misled, the Internal Revenue Service recently reminded taxpayers and heath spending plan administrators that personal expenses for general health and wellness are not considered medical expenses under the tax law. This means personal expenses are not deductible or reimbursable under health flexible spending arrangements, health savings accounts, health reimbursement arrangements or medical savings accounts FSAs, HSAs, HRAs, and MSAs. This reminder is important because some companies are misrepresenting the circumstances under which food and wellness expenses can be paid or reimbursed under FSAs and other health spending plans. Some companies mistakenly claim that notes from doctors based merely on self-reported health information can convert non-medical food, wellness and exercise expenses into medical expenses, but this documentation actually doesn't. Such a note would not establish that an otherwise personal expense satisfies the requirement that it be related to a targeted diagnosis-specific activity or treatment; these types of personal expenses do not qualify as medical expenses. Full statement: https://www.irs.gov/newsroom/irs-alert-beware-of-companies-misrepresenting-nutrition-wellness-and-general-health-expenses-as-medical-care-for-fsas-hsas-hras-and-msas --- Send in a voice message: https://podcasters.spotify.com/pod/show/rfkjr/message

Effectively navigating Master Service Agreements can be the key to a successful business deal and foster successful long-term partnerships. Join us with Molly Pela for a comprehensive rundown of what you need to know to master MSAs.Time Stamps00:30 - Episode & Guest Intro02:59 - Understanding MSAs06:29 - Advantages of Doing MSAs09:50 - When Not to Do MSAs11:12 - Disadvantages & Potential Pitfalls12:47 - The Role of MSAs in Land Services13:05 - One-sided Dynamics of MSAs with Larger Companies18:55 - MSA Checklist for Drafting/Reviewing19:20 - Term21:24 - Scope of Work25:00 - Performance Metrics29:32 - Payment & Billing32:42 - Warranties35:33 - Understanding Warranties in Business36:03 - Change Orders39:43 - Understanding Force Majeure39:43 - Force Majeure41:08 - Termination42:43 - Liability and Indemnification46:08 - Lien Language47:47 - Confidentiality48:23 - The Importance of Non-Compete Clauses51:24 - Dispute Resolution56:30 - The Importance of Non-Solicitation Clauses58:17 - Schedule of Attachments58:26 - Insurance59:37 - Work Orders01:03:19 - Conclusion & TakeawaysSnippets From the Episode"An MSA provides a framework or a backdrop for two businesses to do business and have many deals kind of on a rolling basis. So it's setting a baseline." - Molly Pela"An MSA allows work to flow much faster. I don't need to tell you guys, time is money, particularly in the oil patch. So it allows for that efficiency and allows a little real world acknowledgement that things move quickly." - Molly Pela"An MSA defines the rules of the game, just simply, right? This is how we're going to play. This is what I expect of you and what you should expect of us." - Brent Broussard"Everybody needs to play by the same rules because then we know how to move forward and what's gonna happen." - Molly Pela"I'm a firm believer that your contract, you should mean what you say, say what you mean." - Molly PelaResourcesNavigating the Master Services AgreementNeed Help With A Project? Meet With DudleyWatch On YoutubeFollow Dudley Land Co. On LinkedInHave Questions? Email usMore from Molly PelaConnect with Molly on LinkedInOliva Gibbs LLP websiteMore from Our HostsConnect with Brent on LinkedInConnect with Khalil on LinkedIn

Join our live, virtual event for Alabama income properties tomorrow at: https://gremarketplace.com/webinar/ Learn a lesson from a story about when I was a landlord. My neighbor was a fourplex owner-occupant, just like me. We built a fence together. He told me that he can't wait to get his building paid off. Don't pay down your mortgage debt. In most cases, you can invest those dollars elsewhere for a higher return. I discuss two things build wealth: 1) Leverage. 2) Borrowing against your assets, tax-free. You don't have substantial equity in your properties because you paid them down. You have substantial equity because its value has appreciated. Today, you can report tenant rent payments to the credit reporting agencies. Alabama has low property prices and the nation's 2nd-lowest property taxes. GRE Investment Coach, Aundrea Newbern, MBA, joins me.  Join our live event for Alabama income properties Tuesday, January 16th at 8 PM Eastern. The provider is offering 5.99% interest rates and 3% PM fees on your first three properties. Sign up now at: https://gremarketplace.com/webinar/ Timestamps: The introduction (00:00:01) Keith Weinhold introduces the podcast and mentions the topics to be covered, including lessons from being a landlord, a formula for wealth, and a focus on a lucrative property market. Keith's early real estate experience (00:02:46) Keith shares his early experience as a landlord, comparing notes with another landlord and discussing their strategies for living for free in their fourplexes. Debt mindset and wealth building (00:05:30) Keith discusses his divergent mindset from his fellow landlord, emphasizing the importance of leveraging debt for wealth building and portfolio expansion. The power of leverage and portfolio growth (00:10:08) Keith explains how he leveraged equity to expand his real estate portfolio, emphasizing the benefits of using accumulated equity to acquire more properties. Real estate market diversification (00:11:22) Keith advocates for buying properties across different states and markets to access better deals and maximize portfolio growth. Tenant management and credit reporting (00:13:42) Keith shares tips on tenant management, including the option to report rent payments to credit bureaus to incentivize timely payments and manage tenant relations. Financial perspectives and real estate strategies (00:16:12) Keith discusses contrasting financial perspectives with a CFO friend, highlighting the benefits of leveraging debt for real estate investments. Market pulse and expense control (00:20:26) Andrea discusses the market pulse for income properties, focusing on the Southeast region, and addresses the trends in controlling investors' expenses, particularly related to insurance rates. Conclusion and invitation (00:22:02) Keith and Andrea conclude the segment by discussing the migration trends in the Southeast and the importance of controlling expenses for real estate investors. Lower Property Management Costs (00:22:55) Discussion on the stabilization and decrease of property management costs due to technology and institutional investment money. Investment Timing and Market Trends (00:25:01) Encouragement for investors to take advantage of the current market conditions, including interest rates, prices, and inventory. Alabama Market and Incentives (00:28:24) Details about the Alabama market, including low property prices and incentives such as the 333 property management fee and 5.99% interest rate. Live Event and Registration (00:32:33) Information on how to register for the live virtual event to learn about the Alabama market and have questions answered in real time. Final Encouragement and Event Promotion (00:33:27) Encouragement to attend the live event to learn about the Alabama market and connect with an investment coach. Resources mentioned: Show Page: GetRichEducation.com/484 Join our live, virtual event for Alabama income properties at: https://gremarketplace.com/webinar/ For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  Top Properties & Providers: GREmarketplace.com GRE Free Investment Coaching: GREmarketplace.com/Coach Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold   Complete episode transcript:   Speaker 1 (00:00:01) - Welcome to Dr.. I'm your host, Keith Weinhold, with lessons from being a landlord myself including some tough ones. A simple formula for how to get wealthy and stay wealthy without paying any taxes legally. Then we focus on one of the most lucrative property markets in the United States, and it includes an invitation to you today on get Rich education. If you like the get Rich education podcast, you're going to love art. Don't quit your day dream newsletter. No, I here I write every word of the letter myself. It wires your mind for wealth. It helps you make money in your sleep and updates you on vital real estate investing trends. It's free. Sign up at get Rich education.com/letter. It's real content that makes a real difference in your life, spiced with a dash of humor. Rather than living below your means, learn how to grow your means right now. You can also easily get the letter by texting gray to 66866. Text gray to 66866.   Speaker 2 (00:01:12) - You're listening to the show that has created more financial freedom than nearly any show in the world.   Speaker 2 (00:01:19) - This is get rich education.   Speaker 1 (00:01:28) - Welcome to GRE! From Dorchester, Massachusetts, to Westchester, Pennsylvania, and across 188 nations worldwide. I'm Keith Weinhold. Hold in your listening to get Rich education. I trust that you're prosperous and well in a still somewhat new year here, along with my usual gray research of market trends, teams, and properties I've been serving on and writing for the Forbes Real Estate Council. Next week we have a thought provoking show on whether America is actually undergoing a silent depression that's creeping up on us, but I've got an important story to tell you today. It's really rather formative and foundational to the, I suppose, mind spring of abundantly minded real estate ideation. When I bought my first Seminole fourplex building for $295,000 about 20 years ago, you know, there was an identical fourplex right next to it. It was bought about the same time as mine, and it was bought by another guy about my age. His name's Patrick. We each had these blue fourplex next to each other, and I still remember his full name, although I'll just stick with his first name, Patrick here.   Speaker 1 (00:02:46) - He was a data and security engineer. Really sharp guy. And by the way, he only paid 275 K for his nearly identical fourplex next to mine. And since I paid 295, I felt like I overpaid. But he and I, we got to know each other a little bit. We kind of had a similar path. All right, as owner occupants, each living in one of our four units and renting out the other three and doing that right next to each other. We would compare notes as to how it was going with being an on site landlord. And, you know, Patrick and I, we both kind of figured out that we were living for free. And that's because the three $725 rent incomes, there were enough to pay our mortgages and our operating expenses on the buildings, but after that, there was really nothing left over. But we effectively had a free place to live in one of the fourplex units. Now, a few times, Patrick and I collaborated on some projects together to improve things around our contiguous fourplex buildings, and I specifically remember that one day we had bought materials at Home Depot, and then we met outside to build a fence together, and it was just this cheap host and rail style fence that we made with two by fours and painted blue is something that he and I built at the back of our buildings in order to keep vagrants from cutting through our yards.   Speaker 1 (00:04:19) - This was in Anchorage, Alaska, and Anchorage has a lot of these paved bike paths all throughout the city. And vagrants also use those to get around. And we had this bike path right behind our fourplex. Now, as you know, I am not that good at building stuff or fixing broken stuff. Okay, but this fence project that we were doing, it wasn't too complicated. And I had Patrick right there to help. Now, by this time, I had probably owned the fourplex for about two years, and I was really just starting to get this realization for what real estate investing could do for me, because I had only made a small down payment, yet the fourplex had appreciated quite a bit. This was around 2005, and I didn't even know that that effect was called leverage yet. But anyway, Patrick and I, as we're building this fence together or talking about our properties, he said one thing I can distinctly remember, and it's something that a lot of people say, and that is, I can't wait until I have this property paid off.   Speaker 1 (00:05:30) - Now, back at this time, there was no gray, yet I'm still rather fresh and new to real estate investing. This fourplex was the only property that I owned, but already this desire to have the property paid off, that is not a feeling I shared that did not resonate with me. Okay, I responded to him with something like, oh, do you think that's the best use of your money? All right, because I had a mortgage interest rate of five and 3/8 at the time, and his was probably pretty close to that too. Well, I told him that I want to keep the debt on my property because instead I could invest my spare dollars elsewhere and get a better return than five and 3/8. And that fact would be true even if my interest rate were eight or more. Really, his only reply to that is that he just simply doesn't like having debt. That's about the only answer that he had, even though it's usually irrational to. Pay off good debt like that. Now my financial freedom ideas, they were still in their nascent period back then.   Speaker 1 (00:06:34) - I sure wasn't going around and saying that financially free beats debt free or anything like that. That wasn't quite putting it that way yet. I sure didn't say, hey, don't you know that the scarcity mentality is abundant and the abundance mentality is scarce? Or that compound interest is weak in compound leverage is powerful? Or that a rich man digs for gold and a poor man is concerned with the cost of a shovel. But I already knew that if you focus on debt paydown like taking all your extra dollars to accelerate the principal pay down on, just say one fourplex building, you are just borrowing one deep hole in to the property. It's like a deep hole that might even cave in. Instead, wealth is built by expanding your portfolio size. More doors, more income, more leverage, serving more people with housing, and actually more safety because you can be in more markets that way. See, you gotta give your money multiple jobs. So the lesson is, Patrick and I were already on divergent mindset paths because by that time I had read books like Rich dad, Poor Dad, and it got me thinking differently.   Speaker 1 (00:07:54) - You know, it was the whole don't get your money to work for you get other people's money to work for you and that whole thing.   Speaker 3 (00:07:59) - I don't even think about it. I'm built a little differently, I guess, because I have had people come up to me and say, how do you do it, sir? How do you do it? I don't even think about it.   Speaker 1 (00:08:10) - Nuh uh. Geez. I, I do it because if you don't want to run with the herd, then you've got to think and act differently in order to diverge from the herd. Keep leveraging more income property. So Patrick and I built the fence that day, and I don't really know how much he paid down his building's principal balance, which is a lot like sending off your dollars to go die. But I can tell you what I did. Okay. About another year went by after building the fence. So now we're into year three of me owning the fourplex. What I did is I kept the building, but I got a home equity line of credit, second mortgage on the fourplex, and then I use those funds to make a down payment on a single family home so that I could live offsite and get some privacy from my fourplex tenants.   Speaker 1 (00:09:06) - So this is the start of me acting diversely from the herd. It was the opposite of paying down my property, borrowing against it instead. Yeah, I took more debt out on it, which is a tax free event, by the way, and you could go to 90% loan to value back then. Yes, that's back when dollars were being lent out more freely. I mean, that's what wealthy people do. What do wealthy people do when they need money? They just keep borrowing against the value of their assets. And it's a tax free event since the IRS does not tax debt. So if you want to be wealthy, that's what you do. What I also did by doing this was expand my portfolio size, increase my leverage ratio. And since I vacated one of the four fourplex units, now I had four rent incomes rather than three. I mean, that is, some don't live below your means grow. You mean stuff right there. And then two years after that, I kind of did the same thing again.   Speaker 1 (00:10:08) - I borrowed against my properties, and I used the funds as a 10% down payment on a second, more expensive fourplex building. So now I lived in a single family home and I had to fourplex buildings. And then a few years later, when equity accumulated in those two fourplex buildings, I sold them and did a 1031 exchange into two larger apartment buildings. Everything I've done so far is tax free, all expanding the portfolio, all serving more tenants, all reducing my risk despite increasing my debt, because the tenant pays the debt for me. And it was all with almost none of my own money. Instead, it's just using accumulated equity from one property and rolling it into more. Just keep rolling those same funds forward. Okay, so that is all what I'll call one line of leveraged equity. And by then I was beginning other lines because I started to buy property out of state and in multiple states. And it wasn't until 2012 that I discovered that buying across state lines is possible. It's proven. And that's where the real deals are.   Speaker 1 (00:11:22) - I mean, you might want to own some properties in your local market or you might not. But see, the thing is, is that there are 387 MSAs, Metropolitan statistical areas in the US as defined by the Census Bureau. So if you're only buying in your local market, chances are you're not getting the best deals. And another way to think about your portfolio's growth in your real estate equity management is to consider the fact that you don't have substantial equity in your home right now because you paid it down. You have equity in your home because it increased in value. So you can use equity from your home to buy perhaps ten other rental homes, as long as you can control cash flow. So it's about trading away antiquated notions of safety and security in exchange for freedom. But now most of Patrick and I's conversation about being neighboring fourplex landlords for a few years was, I would say, more anthropogenic meaning relating to human activity. Yes, that is dealing with tenants because although the discipline is called property management, it could just as well be called tenant management.   Speaker 1 (00:12:39) - And early on, this is where my naivete got exposed, like with a tenant that was laid on the rent and he said he'd pay it, but then he didn't pay rent and I had to a victim early on. I inherited that tenant from the previous owner, so I did not get to screen him. Now, three weeks ago here on our Christmas episode, when we did How the Rent Stole Christmas. That was fun. I shared a lot of my tenant relations tips with you on how to help ensure that your rent gets paid, but today you can do something that you couldn't do when I got started in real estate, you can report your tenants rent payments to the credit reporting agencies and affect their credit score. So if you are a do it yourself landlord today and you're doing your screening, you know, I would tell prospective tenants that before they even apply for your vacancy and put it in a positive light, make it known that one attribute of renting from you is that with their timely rent payments, it can help their credit score.   Speaker 1 (00:13:42) - So position it positively rather than any sort of threat, and it's going to help you get more timely rent payments if that's been a problem for you. Yes. Institute reporting to the credit bureaus, the credit scoring agencies, Equifax, Experian and TransUnion. That is another handle that you have as a landlord today. Yes. The only guarantee is that there will be some inevitable real estate problems for you. But like problems with anything else in life, your mind and my mind, we tend to inflate the significance of problems, whether it's a tenant that you just can't get to change their AC filters, or an unexpected water leak, or an overgrown tree that you have to pay an arborist to handle, or a persistently late paying tenant. Oftentimes, your fear about the problem is worse than the problem itself. In fact, it was the stoic philosopher Seneca that said, there are more things likely to frighten us than there are to crush us. We suffer more often in imagination than in reality. Gosh, isn't that so? On point? Yeah, we suffer more in imagination than we do in reality.   Speaker 1 (00:15:01) - You can say that about most any problem that you've ever had in your life. Now, some things have changed and some things have stayed the same since I began my real estate journey with that blue Anchorage fourplex. It looks like there are some signs of hope for financial education in the near future here. Formal financial education. When it was recently announced that Pennsylvania, my native state, will become the 25th US state to have a formal, standalone financial education class in high school. Hey, that's a really good start. But one constant seems to be that the dispiriting saying don't live below your means. You know, that still seems to trump the aspirational grow your means. And it's not about whether a person is intelligent or unintelligent in adopting one or the other. It's really more about having the ability to think freely. Now, today, I have a friend that's the chief financial officer, the CFO of a publicly traded corporation. He and I got together a few times last year, and he can talk about earnings reports and EBITDA.   Speaker 1 (00:16:12) - And he knows that language of business. He's a super sharp guy. But he told me that he has his house, his family's primary residence paid off. And I asked him about that, and I told him that I keep the maximum debt on mine. And why now? Your primary residence. It's not like a fourplex where your tenant pays your debt for you, but you've got to pay your own debt on your own home. Yet the mortgage rate on a primary residence is lower than it is on a rental. So the question persists is that really the best place to park your dollar? Is that where it's doing multiple jobs? You've got to consider that it's illiquid and its ROI is zero. Now, I didn't quite put it that starkly with my CFO friend, but in any case, and remember, this is a chief financial officer. He's a guy that's good with money. You know, at least he did give me this. He said from a financial perspective, he knows that it makes zero sense to have a paid off home.   Speaker 1 (00:17:16) - It just makes him feel better. And, you know, I accepted that this is not the way that I view the world. And that's okay. Coming up next in in-house chat with one of our gray investment coaches as we talk about the real estate market overall, controlling your rising expenses as a real estate investor and about real estate in the southeast Alabama, as well as an invitation for you with some pretty generous incentives that I think you're going to be excited about. I'm Keith Reinhold, you're listening to get Rich education. Role under the specific expert with income property you need. Ridge lending Group Nmls 42056. In gray history, from beginners to veterans, they provided our listeners with more mortgages than anyone. It's where I get my own loans for single family rentals up to four Plex's. Start your pre-qualification and chat with President Charlie Ridge personally. They'll even customize a plan tailored to you for growing your portfolio. Start at Ridge Lending group.com Ridge lending group.com. You know, I'll just tell you, for the most passive part of my real estate investing, personally, I put my own dollars with Freedom Family Investments because their funds pay me a stream of regular cash flow in returns are better than a bank savings account up to 12%.   Speaker 1 (00:18:45) - Their minimums are as low as 25 K. You don't even need to be accredited for some of them. It's all backed by real estate and that kind of love. How the tax benefit of doing this can offset capital gains and your W-2 jobs income. They've always given me exactly their stated return paid on time. So it's steady income, no surprises while I'm sleeping or just doing the things I love. For a little insider tip, I've invested in their power fund to get going on that text family to 66866. Oh, and this isn't a solicitation. If you want to invest where I do, just go ahead and text family to six, six eight, six, six.   Speaker 4 (00:19:34) - This is our rich dad, Poor dad author Robert Kiyosaki. Listen to get rich education with eat whine oh God put your daddy.   Speaker UU (00:19:45) - You you you you you you you you.   Speaker 1 (00:19:53) - Hey. Well, today I'd like to welcome you in our terrific investment coach, Andrea, for an in-house chat here. How's it going, Andrea?   Speaker 5 (00:20:01) - Hey, Keith.   Speaker 5 (00:20:02) - Doing good. Trying to recover from the holidays. How are you?   Speaker 1 (00:20:05) - Yeah, it's still a fairly new year here. The holidays were a few weeks ago with the advent of a new year. Andrea, a lot of people make a resolution to increase the residual income, often by expanding the real estate portfolio. So really just taking the temperature here. How's your feel about the pulse of today's income property market?   Speaker 5 (00:20:26) - It's been interesting the past year, right? We've had a lot of ups and downs. I would say what we've typically seen from the different markets across the US, particularly the southeast, which is what we're going to talk about a little bit more today. We have seen that there's still inventory out there right now. We've seen interest rates slightly go down, not significantly, but we have seen some decreases. And we're seeing pretty steady demand for income properties right now.   Speaker 1 (00:20:49) - Yeah. Mortgage interest rates down more than 1% from their peak in October last year. Yeah. Oftentimes real estate and the pulse of the market comes down to supply and demand.   Speaker 1 (00:21:00) - To your point the demand sure is not going away. We've got a population growth, and we have a lot of pent up demand from the huge millennial cohort. And then over there on the supply side, there is so much new building in the multifamily space, but there's really a dearth of supply and a dearth of new supply coming onto the market for 1 to 4 unit properties.   Speaker 5 (00:21:23) - Yes, there is. And we're seeing a lot of that growth, like I mentioned in the southeast, which are the markets that I personally invest in. And I, you know, have a lot of our listeners go to to purchase as well. So very excited about what we're seeing happen in 2024 and what that means for our investors.   Speaker 1 (00:21:38) - Yeah. Now, back at the beginning of the year, two prominent moving companies, U-Haul and United Van Lines, they released their migration report for the year ended last year. And the southeast quadrant of the nation by far, that had the most net migration growth states in their list easily.   Speaker 5 (00:21:58) - It did. And I think that's going to continue. We're going to talk about that a little bit.   Speaker 1 (00:22:02) - Well, we pull back in. Just think nationally before we go into the southeast. You know, oftentimes investors of course are thinking about controlling their expenses. That's been a big issue that bubbled up last year is probably going to continue to be one this year. So we're talking about investors controlling their expense side from mortgage rates to property insurance rates that have really spiked. So do you notice any trends with controlling investors expense side? Since you and I are active investors ourselves?   Speaker 5 (00:22:34) - A couple of things that I've noticed in the southeast and my personal investments, as well as some of the markets that we have turnkey relationships with. Keith, we are seeing insurance continue to go up just a little bit, but we're not seeing those reckless, you know, doubling that we saw over the last 2 to 3 years. So it's going up not seeing doubling. So I'm hopeful that that continues. And it's not we're not seeing that fast rapid increase.   Speaker 5 (00:22:55) - The other thing that we're seeing a lot of is a lot of our turnkey companies that we work with, we're starting to see kind of property management costs stabilize or go down in certain areas. So we're seeing that expense decrease. The other thing is we're not seeing as rapid of increases and material costs and labor costs right now still going up. Things are not, you know, going down by any means, but we're not seeing those costs go up as much either. So this is allowing the investors to have a little bit more money in their pocket than they did over the last 2 to 3 years during the pandemic.   Speaker 1 (00:23:25) - Yeah, it's not that big of a consideration for an investor on the expense side. But yes, I do see more evidence of lower property management costs. So can you talk to us more about that trend? Is it more of the infiltration of technology into the space that's bringing the cost down for property management?   Speaker 5 (00:23:44) - Such a great question. And I do think that is part of it for sure.   Speaker 5 (00:23:47) - We're seeing a couple of things here. We're seeing some of these smaller kind of mom and pop property management companies. They are stepping out. They can't really afford to keep up with the technology and all the changes that are happening in the property management space, and what's causing that happen is these property management companies that can do a little bit larger scale. They're able to get these nicer systems and this better technology and things for their investors to be able to use as well as their tenants. And we are seeing that bring the cost down of property management a little bit.   Speaker 1 (00:24:16) - You're seeing more infiltration of institutional investment money into the single family rental space and rentals up to $4 per unit. And those companies, those institutional investors have deep pockets, and they have the ability to go ahead and implement a lot of these technology systems. So that's making it so that others, including these smaller mom and pop property management companies, they need to keep up with their technology that's lowering property management costs across these mom and pop property managers are going to be put out of business.   Speaker 1 (00:24:48) - So there are so many pros and cons about institutional investment money coming into the space. And that's just one of the potential pros for everyday investors.   Speaker 5 (00:24:57) - You're exactly right. I have nothing to add to that because you were spot on with that comment.   Speaker 1 (00:25:01) - Anything else, just in general that you see across the real estate market that you really think a real estate investor needs to know today?   Speaker 5 (00:25:08) - One thing that I really think is important for people to keep in the back of their minds is I talked to a lot of our listeners who are very, very interested in dipping their toes in the water, or they've been kind of sitting to the side the last few months, kind of seeing what will happen with the market. Right now is the time for you to invest. If you wait a few months, I suspect in several of these markets you may see interest rates come down, but you're going to see prices go up and you're going to see even more of a lack of inventory. So just kind of keep that in mind as you're thinking about where to invest, how to invest and when to invest.   Speaker 1 (00:25:38) - Here in gray. We've often talked about the fact that higher mortgage interest rates actually correlate with higher prices, not lower ones. And I think some people were sitting on the sidelines saying, is that really going to be the case? Yeah, we saw mortgage interest rates triple and prices still went up. A lot of people think rates are poised to fall this year. It's probably going to put more upward pressure on prices. Andrea, when we talk about one controlling their expense side, I think something that a lot of people overlook, and this is so simple, is buying in a state or buying in a market that simply has low property prices, because that's the best indicator of giving you a high ratio of rent income to purchase price. Low priced states.   Speaker 5 (00:26:23) - That's right. Yeah. And so I mentioned this in the last couple of minutes. But the southeast and the Midwest are those two areas where you really do have those lower cost properties that even if you're an entry level investor, you can get in there pretty easily.   Speaker 1 (00:26:36) - And now we've had a lot of investor interest in Florida with all their in-migration. We still like that market, but prices have really run up there. So we've increasingly had investor interest from our followers and people that you help coach about another southeastern state.   Speaker 5 (00:26:52) - That's right. So that market is Alabama. So we have had a provider that has been offering turnkey, fully renovated properties and sometimes new construction in the Alabama market. And it has been an absolute wonderful market for our listeners that have actually invested in that area.   Speaker 1 (00:27:09) - Alabama, compared to a place like Florida, has substantially lower property prices. We're talking about you as an investor here controlling the expense side. Alabama has the second lowest property taxes in the entire nation, second only to Hawaii. So that's something that's really baked into your recipe here with income property in Alabama.   Speaker 5 (00:27:32) - That's right. I mean, there's been increases in property taxes across the US over the last few years as values come up. But of course, in Alabama you haven't seen those fast rises.   Speaker 5 (00:27:42) - And because the rates are so low, it's going to adjust kind of accordingly with the market. So you're not going to see anything creep up really quickly there as well.   Speaker 1 (00:27:49) - In general. And a lot of jurisdictions you see property taxes increase commensurately with the value of your property. And we've been in Alabama with a really renowned provider there that provides property almost statewide across Alabama, and you're going to co-host with them on a great live event for Alabama Income Properties, because right now they're really offering a good set of incentives and they have available properties. So tell us more about that.   Speaker 5 (00:28:24) - Like you mentioned, they have properties across the state. So you have kind of an option of which geography within Alabama that you would want to invest in. They have different kind of price points as well. And then like you mentioned, they have some very exciting incentives. And I don't think that I have seen an incentive this good as far as property management goes in a really long time. So what they are offering our listeners is called the 333.   Speaker 5 (00:28:50) - And essentially what this is, is if an investor wants to purchase up to three properties, you can purchase one, 2 or 3. You're not committed to a certain number. You're going to get a 3% property management fee for three years on these three properties. Once you go over three, it does revert back to the normal price of 9% for the property management that you can get 3%, which is kind of crazy.   Speaker 1 (00:29:11) - So the incentive offered on this great live event that you're going to co-host tomorrow night is that three, three, three incentive. Let me just review it so that we have it right for a limited time. There's going to be a 3% property management fee for three years on up to three properties.   Speaker 5 (00:29:29) - That's exactly right. Yep.   Speaker 1 (00:29:31) - That is really attractive when it comes to controlling the investors expense side.   Speaker 5 (00:29:36) - It certainly is. That's not the only incentive they have, though. So they're also offering across their entire inventory, 5.99% interest rate on the purchases of any of these properties. And that's really low.   Speaker 1 (00:29:48) - That is really compelling. Yes. So that's substantially lower even than what you can get for an income property rate today. Income property rates are typically, oh, something like three quarters of 1% higher than what you typically see on that 30 year fixed rate mortgage. And that's what we're talking about here. This builder and provider buying down your mortgage rate for you to 5.99% interest. Do you know about the terms on that. Is that 30 year fixed advertising or.   Speaker 5 (00:30:14) - Yes, that is 30 year fixed amortizing. So you're not looking at anything variable. You're looking at kind of your mortgage payment every single month, which is really nice.   Speaker 1 (00:30:22) - Yeah. That's like rolling back the clock to to three years with getting a mortgage rate like that. That's going to help a number of people. Andrea, I'd like to get your thoughts. Do you have very many people that you work with? Here are followers when you're coaching that want to self-manage remotely or do they want that remote property manager?   Speaker 5 (00:30:41) - I don't think in the past year I've spoken with one investor that plan to actually purchase and manage themselves remotely.   Speaker 5 (00:30:47) - Everyone wants to use the property management function, which this particular provider does have property management in house.   Speaker 1 (00:30:55) - So they will want to use that 3% property management fee. Not being a do it yourself or, you know, they're probably taking after me. I don't want the job of property management. That's just a business. I don't really want to have that much to do with. I love to outsource that duty to somebody else. A big reason that a lot of people self-manage their property is because they just don't have that much of a gap between their income and their expenses. So when you buy in an investor advantaged market like Alabama, where you have a high ratio of rent income to purchase price, you can therefore have one of those expenses. Be your property manager, especially when it's only 3% in this case. So those are some really good incentives. The three, three, three and a 5.99% interest rate. Is there anything else you can tell us, especially with on tomorrow night's live event with what markets within Alabama we're going to be talking about?   Speaker 5 (00:31:44) - Yeah.   Speaker 5 (00:31:45) - So we're going to focus on a couple different markets. We're going to look at Huntsville as well as Birmingham. We may also talk about some markets that are in the southeast that they have some properties in outside of Alabama. So just stay tuned. I'm not promising that. But we may talk about that a little bit depending on how things go. The other thing that I think is really important to keep in mind is we're going to have a live buying opportunity. So we're actually going to show you some of the properties that are available right now. You're going to be able to see all the financials on them. And you can reserve them as soon as you want right after we get off. While we're on it, however you want to do it, we can buy it tomorrow.   Speaker 1 (00:32:18) - That is a really actionable event. Tell us more about the event, how one can register and be on there with you so that they can have their questions answered by you and the provider in real time. That's really the benefit of you attending tomorrow.   Speaker 5 (00:32:33) - You can go out to GR webinars. Com you'll be able to register there. It'll be at the very top of the page. Make sure that you know you fill in all of your information. You'll get an automatic email that'll remind you to get on to the webinar tomorrow, and you can jump on. You're going to have the opportunity to ask live questions. So we're going to be there to answer them. And then we'll go through the properties. And if you're ready to reserve, I can hop on a call with you right after we get off of the webinar and kind of talk through what inventory that we have available and help you through that process.   Speaker 1 (00:33:03) - Well, Andrew, before I ask you if you have any last thoughts, just summing it up here. I really encourage you, the listener, to join the live virtual event because you can see real properties like Andrea mentioned in an Investor Advantage market and get any questions answered that you have answered in real time, whether it's about the cash flow or property insurance costs or your property manager.   Speaker 1 (00:33:27) - It's Grace live event for Alabama Income Properties tomorrow, the 16th at 8 p.m. eastern. So go ahead and sign up right away at Grace webinars.com. Any last thoughts? Andrea?   Speaker 5 (00:33:39) - No, I'm just excited to see more faces, see old faces and talk to you all about the market and the properties that are available.   Speaker 1 (00:33:46) - This is really going to help a lot of people. Thank so much for coming back onto the show.   Speaker 5 (00:33:49) - Thank you.   Speaker 1 (00:33:56) - Yeah. Here's an opportunity for you to learn about a market and connect with Andrea. Of course, when we talk about the Alabama real estate market, that entails many market varieties and geographies. In fact, Alabama has 12 of the nation's 387 MSAs. I very much encourage you to attend the live event from the comfort of your home. It's for you if you want to learn about a market and really the fundamentals that drive investor advantage markets, you can meet Andrea and perhaps add some property to your portfolio. It can give you long term equity growth and short term cash flow.   Speaker 1 (00:34:34) - And I have actually been inside walked Alabama properties with this provider. And it is exactly what they do. This isn't some side venture. And they've been in business a long time too. They serve out of area investors and they do the management for you too. This is Grace live event for Alabama income, property and overall in America, entry level homes are few. You're going to have a chance to own scarce assets that seemingly everyone is going to want over time. It's coming up fast. It's tomorrow night, the 16th at 8 p.m. eastern. Sign up now! It is free at Grace webinars.com. Until next week, I'm your host, Keith Weinhold. Don't quit your day dream.   Speaker 6 (00:35:23) - Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get Rich education LLC exclusively.   Speaker 7 (00:35:51) - The preceding program was brought to you by your home for wealth building. Get rich education.com.

Join our free Florida income properties webinar, tonight, Monday, November 27th for 5.75% mortgage rates at: GREwebinars.com Today's topics: Conventional financial advice is God-awful; tertiary real estate markets; I've got a solution to guilt tipping; whether or not the world is uncertain and unsafe. Conventional financial advice is so bad. I attack the practices of setting budget alerts and paying off your smallest debts first.  Don't roll a debt snowball; roll a cash flow snowball. In the past five years, tertiary markets are beginning to exhibit the rent stability of larger markets. Guilt tipping is out of control. Learn my elegant solution. You'll never pay a guilt tip again. It seems like the world is increasingly uncertain and unsafe. It isn't. I talk about why it only seems this way. Timestamps: The limitations of budgeting (00:02:43) Discussion on the drawbacks of using budgeting platforms and how they reinforce scarcity thinking. The debt snowball concept (00:05:09) Explanation of the debt snowball method of debt paydown and why it is not aligned with an abundance mindset. Investing in tertiary real estate markets (00:09:43) Exploration of the emerging bullish case for investing in smaller, tertiary real estate markets and their stability compared to larger markets. Tertiary Real Estate Markets (00:10:56) Discussion of the advantages and objections to investing in smaller tertiary real estate markets. Increasing Investor Appetite in Smaller Markets (00:12:02) Exploration of the growing interest and sales volumes in tertiary real estate markets. Guilt Tipping and a Solution (00:20:16) Explanation of guilt tipping and a proposed solution to avoid feeling pressured to leave a tip when making digital payments. Guilt Tipping and the Increasing Expectations (00:21:20) Discussion on the rise of tipping expectations and the use of digital payment prompts to ask for tips. The Problem with Guilt Tipping and the Inconvenience of Undoing Tips (00:23:45) Exploration of the annoyance of guilt tipping and the difficulty of undoing tips after poor service. The Solution: Paying Cash to Avoid Guilt Tipping (00:31:18) Suggestion to pay with cash as an elegant solution to circumvent guilt tipping and ignore electronic payment terminals. The Uncertainty of the World (00:32:25) Discusses how uncertainty has always existed and how waiting for complete clarity can hinder investment decisions. Disasters and Uncertainty (00:33:47) Lists various disasters and events that have occurred in the US, highlighting the constant presence of uncertainty and the relative sense of certainty and safety today. The Ultra Safety of American Society (00:36:13) Examines how society has become ultra safe, discussing the term "safetyism" and providing examples of excessive safety measures. Resources mentioned: Show Notes: GetRichEducation.com/477 Join our Florida properties webinar, free,  Nov. 27th at 8:30 PM ET at: www.GREwebinars.com For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  Top Properties & Providers: GREmarketplace.com GRE Free Investment Coaching: GREmarketplace.com/Coach Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold   Complete Episode Transcript:   Keith Weinhold (00:00:01) - Welcome to I'm your host, Keith Weinhold, with a rant on how conventional financial advice is so terribly god awful an outlook for tertiary real estate markets, then? Are you getting worn down from guilt tipping? I've got a proven solution on how you'll never pay a guilt trip to a business again. And finally, how do you arrange your investing in personal finances in a world that's uncertain and unsafe? All today on get Rich education? When you want the best real estate and finance info, the modern internet experience limits your free articles access, and it's replete with paywalls. And you've got pop ups and push notifications and cookies. Disclaimers. Oh, at no other time in history has it been more vital to place nice, clean, free content into your hands that actually adds no hype value to your life? See, this is the golden age of quality newsletters, and I write every word of hours myself. It's got a dash of humor and it's to the point to get the letter. It couldn't be more simple text to six, 6866.   Keith Weinhold (00:01:15) - And when you start the free newsletter, you'll also get my one hour fast real estate course completely free. It's called the Don't Quit Your Day dream letter and it wires your mind for wealth. Make sure you read it, text GRE to 66866. Text  GRE to 66866.   Speaker 2 (00:01:40) - You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold (00:01:56) - Welcome from Los Angeles, California, to Las Cruces, New Mexico, and across 188 nations worldwide. I'm Keith Wayne holding. This is get rich education. When you pay for a low level service item like a Chipotle burrito, and another human is looking at you to see if you leave a 20% tip on a digital payment terminal, does that make you feel uncomfortable? Well, now you're being asked to. Guilt tip I've got a foolproof way on how to never get put in that situation again. That I'll share with you later here. You know, sometimes you just hear something that triggers a rant. I recently heard an ad for a digital platform that helps you manage your finances.   Keith Weinhold (00:02:43) - And what an awful, in scarcity minded way of thinking this reinforces. But this is actually what mainstream financial guidance looks like. All right, it was an ad for a digital platform trying to attract you there. And here's basically how it works. You set up your account. Then based on your income and expenses, you set up your budget. And as you know, that is a bad word around here, a budget. It's not how you want to live long term. All right. Then, when you're close to hitting your spending budget for the month or whatever, this platform triggers a budget alert. Are you kidding me? You get emailed a budget alert. How convenient. Oh, geez. So much for living an aspirational life by design. What a dreadful idea. Like someone that really wants more out of life would actually take effort to set up something like that. You would be building an architecture to establish life patterns that completely say, I think that money is a scarce resource. Now, in the short term, you've got to do what you've got to do, which might mean living below your means for a little while.   Keith Weinhold (00:03:55) - But in a world of abundance, delayed gratification should be a short term notion for you. I think that this type of platform that centered around stupid budget alerts is so limiting. Gosh, you've got to feel cheap just saying that out loud a budget alert. But anyway, that sounds conducive to this concept of scarcity based finance called a debt snowball that you can read about the debt snowball on Investopedia. But the debt snowball, that's basically how you pay off your debt with the smallest balance first, not the highest interest rate, but yes, the smallest principal balance it would have basically says is in the first step, what you're supposed to do is list your debts from smallest to largest, and that's regardless of interest rate, just smallest to largest based on the amount. And then the next step is that you make minimum payments on all of your debts except the smallest one, because you pay as much as possible on your smallest debt. And then the last step is you're supposed to just go ahead and repeat that until each debt is paid in full.   Keith Weinhold (00:05:09) - That's the debt snowball. So according to that, why do they say to disregard the interest rate, which is your cost of capital? Because they say that when you pay off the smallest debt super quick, that you're going to be jumping up and down with excitement, and that is going to motivate you to keep working hard to get debt free. They say that hope is more important than math. That's the school of thought. And along the way you should lower your expenses, cut spending, work hard and add a side hustle where you can. Oh my gosh, that is all congruent with this debt snowball concept that we sure do not endorse here at. I mean, that is 100% orthogonal to the world of abundance that we believe in. So often on your high interest rate debt. What you would do then is you'd make the minimum payments with this debt snowball, and then you focus it all on your smallest debt amount, regardless of interest rate. You've heard that right? And it even advocates that you stop investing and just focus on that smallest debt amount, even if it's a low interest rate.   Keith Weinhold (00:06:22) - That makes no sense. If you've decided that debt paydown is the best allocation of your first expendable dollar. All right, even if that were a yes, then in most cases you'd want to pay down the highest interest rate independent of the total principal balance on each of your debts. I mean, that's arbitrage, but they even bigger question for you, almost existential in nature is why is the best way to allocate your first expendable dollar on debt? Paydown. And. Any way it's or that. First, because one of the first places to look is how you can leverage that dollar 4 to 1 or 5 to 1 as long as you've controlled cash flows. Now, sometimes there are instances where you'd want to pay down debt before investing, certainly like a 20% Apr credit card debt, that could be one such place. So could retiring a debt to help your DTI, your debt to income ratio so that you can originate a new business loan or a new real estate loan first? All right, you might do thatrillionegardless of the interest rate on a loan.   Keith Weinhold (00:07:30) - But my gosh, if we want to stick with the snowball analogy, since we're a few days from December here, instead of trying to push a debt snowball up a hill to start rolling a cash flow snowball down a hill, when you buy an asset that pays you a monthly income stream to own it, that is constructive. Compounding your cash flows beats compounding your debt paid out. Instead of trying to push a debt snowball up a hill because you're cutting your one and only quality of life down. Instead, start rolling a cash flow snowball down a hill, and now you've got gravity working with you in the right way. That is the end of my rent. Hey, maybe I just feel like complaining a bit. My Jim was playing Phil Collins and Elton John all weekend, so maybe that's a kind of what in the world kind of mood that had generated in me, I don't know. And hey, nothing wrong with Phil Collins and Elton John. I mean, those guys are truly talented singers, 100%.   Keith Weinhold (00:08:28) - I just don't want to be working out to those guys. Michael Bolton, George Michael that's not motivating me to hit 20 burpees. Okay. Hey, well, I hope that you were set up for a great week. Be sure that part of it is that you are signed up for our live event tonight for 5.75% mortgage rates on Florida Income property@webinars.com. Now, whether you're looking at investment property in Florida or most any of the other 49 US states, there's a really nascent and interesting development that's been taking place for at least five years now. And that is what's happening in tertiary markets, smaller markets. I'll define tertiary a bit more shortly, but we're talking about metro statistical areas, MSAs that are probably not under 100,000 population, not that small. From a rent growth perspective. What's happened is that over the last five years, tertiary markets have had similar patterns to bigger markets. And historically, these smaller markets have been more erratic. But in rent growth terms, tertiary markets have stabilized. Now, a primary market is something like New York City or Chicago, a secondary market.   Keith Weinhold (00:09:43) - You might think of that as a little Rock, Arkansas, where it's under a million in size, and then a tertiary market that's going to be somewhat discretionary. But we're talking about a population of 100 K up to, say, 300 K. And what's noteworthy is that there are now more analysts and investors that are bullish on vibrant tertiary markets. So let's talk about why this is happening. I think there's an emerging bull case for overcoming some of the historical roadblocks to tertiary market investments in a diversified multifamily or single family rental portfolio. And one classical objection is that tertiary real estate markets are too volatile. Historically, we perceive smaller markets as more volatile. Yes, and some surely are. But over these last five years, markets outside the top 50 in size were regularly more consistent. Okay. They avoided rent cuts in 2020. They recorded sizable but less lawfully rent hikes in 2021 and 2022. And now they remain moderately positive in 2023, even as larger markets have kind of flattened out in the rent growth.   Keith Weinhold (00:10:56) - And of course, we're talking about a composite group of tertiary markets here. Some are more stable than others. You got to watch those local trends as always, of course. And you know, classically a second objection with these smaller markets is that, well, it's too easy to add a lot of supply. And yes, that is sometimes true and sometimes it's not. Indeed, there are a handful of small markets that are building like crazy, like Sioux Falls, South Dakota in Huntsville, Alabama. But as a group, the construction rate in what that is is the total units under construction divided by the total existing market, that is 5% in large markets versus the construction rate of just 4% in small markets. See, it can be harder to build in certain small markets due to NIMBYism or a lack of debt availability, especially if local banks aren't interested in the check size needed for construction loans. It can also be harder to build in certain small markets due to a lack. Of equity because it's a tougher sell to ask investors in a syndication to bet on a market that they don't have a lot of knowledge of.   Keith Weinhold (00:12:02) - Another objection to these tertiary markets is that small markets are not liquid. Since 2019, sales volumes in dollars going into tertiary markets has doubled. Investor appetite has definitely increased in smaller markets. And that's particularly true among these traditional regional investors that are looking for better yield as the larger cities got pricier. So good small markets, you know, a lot of them really are not secrets anymore. And there's only one more objection to these tertiary real estate markets and that it is harder to scale operations. And yes, there is always benefit in efficiency of scale. But, you know, it's certainly been getting easier with better technology today. Investors can always work with top local property managers. And for investment property owners or managers, they often target small markets adjacent to larger markets where they have a bigger presence. So some other considerations before you as an investor go deep in one of these smaller tertiary markets is you want to be choosy in your market and in your site selection. Look for small markets that have multiple drivers.   Keith Weinhold (00:13:13) - You don't just want these one trick ponies. You know, I've discussed with you before about how markets that are heavily focused on commodities or heavily focused on military, they are not favorable because those two sectors, for example, commodities and military, are just pretty volatile. Look for growth or steady markets, lots of small markets. They continue to grow at a pretty healthy clip. And you want to look for markets with an absence of new product. Now why don't I name a few tertiary markets so that you can get a better idea of this. So about 100 K to 300 K in population size. Not that these next ones are necessarily good or bad markets. It's just for size comparison. I'm thinking about Ocala, Florida and Shreveport, Louisiana. You know those two. They're almost getting too big. They're almost secondary markets Wilmington, North Carolina at 300 K. That's a tertiary market. So are Akron and Canton, Ohio Dayton. That's pretty tertiary, but it's also close to Cincinnati. So you got a little more safety in Dayton.   Keith Weinhold (00:14:20) - Toledo is secondary. Burlington, Vermont is tertiary. Bellingham, Washington is tertiary. Yuma and Flagstaff, Arizona are both tertiary. Yes. We're talking about the stability in rents in tertiary real estate markets. Conventionally. You know, in the past, I've said that MSAs of 500 K population or more, that's pretty much where you want to be. But anymore, with the rise of remote work after 2019, it's really making some of these smaller tertiary markets more palatable to real estate investors and something that you probably want to consider. So really, that's the takeaway for you here and say this is the kind of stuff that really plays into my interests as a geography guy. See, I'm a real estate guy, but I might be the most geography interested real estate guy out there. Geography is something that I really love, though I could I don't share too much geography here on a real estate show. Sometimes it's relevant because both geography and real estate are location, location, location, but sometimes it's less relevant.   Keith Weinhold (00:15:25) - For example, North America's longest river is not the Mississippi, it's the Missouri River. The New York City metro area is so populated that more than one in every 18 Americans live there. That's almost 6% of the entire American population. See, some of this is more trivial or of general interest than it is relevant to real estate. Although you could learn some geography from me. Do you know the closest US state to Africa? If you draw a straight line, the closest state to Africa is not Florida or North Carolina. It is Maine. Look on a globe. Part of the reason that Maine is the closest state is that Africa is primarily in the Northern Hemisphere, not the southern, contrary to popular belief, and to look at a different continent. The entirety of South America is east of Jacksonville, Florida. Here's one more piece of geography. Canada's beautiful and mountainous Yukon Territory is larger than California, yet California has more than 900 times the population of the entire Yukon. Yes, the giant Yukon has less than 45,000 people.   Keith Weinhold (00:16:39) - It is the practice of guilt tipping out of control. And how do you respond to our world that seems to be increasingly unsafe and uncertain. That's coming up next. They say, if you give a man a fish you have fed him for. Or a day. But if you teach them to fish, you have fed him for a lifetime. Well, here at gray, we do both. I'm not talking about both in terms of men and women, but we teach you how to fish and give you a fish. Get rich. Education is where we teach you how to fish. With this show, with our blog and newsletter and videos, we also give you a fish. That's it. Gray marketplace. It's one of the few places you'll find affordable, available properties that are good quality there at marketplace. They're all conducive to our strategy of real estate pays five ways I'm Keith Wild. You're listening to get Rich education. Jerry listeners can't stop talking about their service from Rich lending group and MLS. For 256.   Keith Weinhold (00:17:45) - They've provided our tribe with more loans than anyone. They're truly a top lender for beginners and veterans. It's where I go to get my own loans for single family rental property up to four plex. So start your pre-qualification and you can chat with President Charlie Ridge. Personally, though, even deliver your custom plan for growing your real estate portfolio. Start at Ridge Lending Group. You know, I'll just tell you, for the most passive part of my real estate investing, personally, I put my own dollars with Freedom Family Investments because their funds pay me a stream of regular cash flow in returns are better than a bank savings account up to 12%. Their minimums are as low as 25 K. You don't even need to be accredited for some of them. It's all backed by real estate, and I kind of love how the tax benefit of doing this can offset capital gains in your W-2 jobs income, and they've always given me exactly their stated return paid on time. So it's steady income, no surprises while I'm sleeping or just doing the things I love.   Keith Weinhold (00:18:55) - For a little insider tip, I've invested in their power fund to get going on that text family to 66866. Oh, and this isn't a solicitation. If you want to invest where I do, just go ahead and text family to 66866.   Speaker 3 (00:19:16) - This is real estate investment coach Naresh Vissa. Don't live below your means. Grow your needs. Listen to get rich education with Keith Weinhold.   Keith Weinhold (00:19:34) - Welcome back. I'm your host, Keith Weinhold. There will only ever be one great podcast. Episode 477. And you're listening to it perhaps on one third of our episodes. Throughout the show's history, there is no guest. It's 100% me, a slack jawed monologue like it is today, and lots of great Jerry episodes coming up in the future, including Robert Helms other real estate guys here soon as he runs alongside me for an episode as we discuss goals. If you get value from and you don't want to miss any future episodes, be sure to hit subscribe or follow on your favorite podcast platform so that you're sure to hear from me again after today.   Keith Weinhold (00:20:16) - Is guilt tipping out of control? We have all felt it now. Does this happen to you today when you're about to pay the Starbucks barista or for the subway sandwich and they spin the digital payment terminal around toward you and say, it's just going to ask you a question before you pay. And then they stand there and they look at you in the face and they watch what you choose. All right. Does that right there give you a tinge of anxiety or even stress you out? Well, if you give in to that, that is called guilt tipping. And you know what? I've got a solution to guilt tipping. A simple and elegant way that I'm going to share with you so that you never have to see a payment terminal like this in your face again, that asks you for a tip when you're out shopping or dining and paying for something. Yes, I've got a proven solution for how you'll never even be asked to leave a guilt tip again because I tested it and mastered it. It works.   Keith Weinhold (00:21:20) - We even have an unverified report on Reddit of a self-serve digital kiosk now even asking you for a tip. What? I mean, how far will this go? Yes, like a self-checkout for your own groceries at a supermarket like Giant or Safeway? First, let's get some context about why this is so important to you in the first place and how bad it's getting. It might even be worse than what you're thinking here. All right, a new study from Pew Research. It found that 72% of people said that the long standing practice of tipping is now expected in more places than it was five years ago. My reaction to that stat is what? How is it not 100% of people saying that it's happening all over the place, and consumers like you and I are increasingly getting tired of it? The way it works is that today's digital payment prompts, they allow businesses to preset suggested tip levels, so it's easier than ever for them to ask for tips and companies that have not done so in the past. They are definitely doing it now rather than giving employees a raise.   Keith Weinhold (00:22:35) - Instead, they're asking you to supplement the employee wage by asking you for tips where they didn't before. Must you fight back like David Horowitz, if you're uninitiated on that? I learned about a popular show that apparently ran on prime time network television in the 1980s. The show was called Fight Back with David Horowitz, and it advocated for how consumers can fight back against unscrupulous business practices. In fact, let's listen into the cornball intro of this show, which your parents might remember. It's something about fight back. Don't let businesses push you around.   Speaker UU (00:23:20) - But don't let anyone push you around. Fine, but stand up and hold your ground. I got. Someone tries to you in. Five spot. Just.   Speaker 4 (00:23:44) - Oh, jeez. Yeah.   Keith Weinhold (00:23:45) - Fight back against guilt tipping, I suppose. See, a few years back, the reason that you began getting asked to leave a tip in places you hadn't before. That's because it was a way for you to provide a gratuity for service workers. Because you were supposed to have appreciated that they showed up during the health crisis when a lot of workers did not want to show up.   Keith Weinhold (00:24:09) - But now that the crisis appears largely over with, the tip requests have not gone away. They've gotten worse because by now companies see what they can get away with. Now, look, people don't want to feel like a jerk or a cheapskate. You don't. I don't, but businesses are taking advantage of that fact by making bigger than usual tips. The default option on these payment terminals. It really that's the crux of the annoyance. Say that you're given choices of 20, 25, or 30% on a payment terminal just for someone handing you a pre-made sandwich that's already wrapped in cellophane. I've had it happen to me, and then hoping that you will just go ahead and pay the extra amount, rather than hassling with clicking custom tip and entering a smaller number like 10% or zero. Understand something here. The business call it a sandwich shop. They're not the ones that always decide what tip options you're presented with. Did you know that because the companies that own the payment systems, they can earn a cut of your money from each transaction? Those payment system companies, they also have an incentive to increase those amounts as much as possible, not just the sandwich shop, but they are both complicit in this scheme together.   Keith Weinhold (00:25:37) - But now sometimes you get asked to leave a tip beforehand before you're even delivered any good or service. And see, that's getting awkward too. And see the fear of that you and I should have. Now is that in this case, as the customer, as the client, you are going to get punished if you leave a low tip before they deliver the service to you. See, that's another big problem here with guilt tipping. Now, traditionally, tips were thought of as a way to reward good service after you already received what you paid for, right? That's how it works. You pay your server after a meal, you pay your valet. After they bring you your car. You pay the tour guide after your volcano hike or snorkel tour. If you thought that they did a good job. Now, just the other day at a chain fast casual Mexican restaurant that you've certainly heard of, I was being rung up about $35 for two double steak burritos, and there's a lower service level there than a full sit down restaurant.   Keith Weinhold (00:26:44) - But I left a 10% tip at the counter on that day. I thought they put lots of steak on them. And then I walked my burritos to the tables and the tables were messy. I could not find a clean table anywhere, but I had already left the tip. It was too late, so I left the tip and then only later did I discover the poor service, the messy tables. Oh gosh, I wasn't going to go back and try to undo the tip, huh? Before I tell you about my elegant solution so that you can forever avoid guilt tipping. So let's understand just where are Americans tipping today? The situations when people add a gratuity. You know, this really offers some insight into the new tipping landscape. And again, this is according to Pew Research for dining at sit down restaurants, 92% of people are tipping there. And of note, a majority said that they would tip 15% or less for an average sit down meal. That kind of surprised me, because etiquette experts say the tipping 20% at a full service restaurant is standard now, and that's what I do.   Keith Weinhold (00:27:48) - Okay, getting a haircut 78% of people tip today. Having food delivered 76% for those using a taxi or rideshare service like Uber, 61% of people said that they would tip. I tip for all those things. Buying coffee. Only 25% of people leave tips and eating at fast casual restaurants only 12%. So look, people are upset because we've had years of high consumer price inflation and service inflation on top of that. And then a tip on top of that. Yeah. So it's tip relation on top of inflation. And then there is this preponderance of restaurants especially. It suggests that you tip the post-tax amount. Have you noticed that that means that you're also paying a tip on the tax that you pay? So just pay attention to that next time you're at a sit down, full service restaurant, or really most any other place that suggests a tip amount. And yeah, that's annoying. And I really doubt that that business sends that extra revenue to the IRS where you're paying a tip to the tax amount.   Keith Weinhold (00:29:00) - Gosh. But it all comes back to tip and the influx of automatic prompts at businesses like coffee shops, it gives you more chances to tip, and it'll just wear you down and then wear you out, creating this sense of exhaustion thinking what is all this for? It is just wild. If supermarkets are asking you to leave a tip for self checkout, your supermarket wants to outsource their checkout duties from clerks and cashiers to you, asking you to scan your own groceries. By the way, that is an example of service inflation. And then they ask you for a tip. On top of this food inflation and service inflation, you're doing it all yourself. What is next? You're going to have to unload the store's delivery of food from the 18 Wheeler truck in the back, onto a forklift, and onto the shelves yourself. I kind of doubt that. But if grocery stores are convenience stores, self-serve kiosks, if they're requesting tips, then it's more likely that soon enough, your human checkout clerk is going to start requesting tips.   Keith Weinhold (00:30:09) - When you're checking out at Whole Foods or Publix or Wegmans or Safeway, that human checkout clerk that's going to appear as some sort of small luxury comparatively. I mean, I would expect that to come to your town next. Expect to see it if you haven't already. There used to be this general understanding of what different tip amounts convey to servers and workers. Now, decades ago, it used to be a 10% tip meant, all right, well, hey, it wasn't horrible, but it wasn't great either. A 15% tip was normal and 20%. That meant that person did an excellent job. But now those amounts have all become expected and they've all been bumped up 5% or more. All right, well, here's my solution to avoid guilt tipping the way to no longer see a digital payment terminal spun around put in your face. Putting you on the spot to make a nice tip is just this two word solution pay cash. Yes, when you pay cash, you don't have to see an electronic payment terminal at all.   Keith Weinhold (00:31:18) - And it's far easier for you to ignore a physical tip jar that's sitting on the counter over to the side of you. The elegant and simple solution to guilt tipping is to pay cash. Now go ahead and leave a tip for good service if you want to. I'm not here to suggest that you stop all tipping. It's about how you can make an elegant circumvention of guilt tipping. If you have an eight second long exchange where you ask for a cup of coffee and they turn around and pour it from a spout and hand it to you. And that's all they did. Well, that tips discretionary. The bottom line is that you don't have to tip every time you're prompted. And now go ahead and hit up that ATM with cash. You will be armed and you can avoid guilt tipping completely. And hey, can we say that you will be fighting back like David Horowitz? Tipping is fine, but guilt tipping is out of control. And hey, if you want to see more on guilt tipping, I really brought it to life on a video recently where I really broke it down.   Keith Weinhold (00:32:25) - That is on our YouTube channel. We are consistently branded as they say. Our YouTube channel is called get Rich education. So you can watch me talk about guilt tipping and show you more over there. Do you feel like the world that you're living in is increasingly uncertain and unsafe? And is that adversely affecting your investment decisions? That happens to some people and you can't make gains when you stay on the sidelines. I think some people make too much of uncertainty, even though it has always existed. Just look at the last about four years. You know, someone could have said, I am just paralyzed with inaction because of the pandemic. Oh, that's uncertain then the recession fears uncertain, then rising interest rates where they rose fast, uncertain. And today it might be wars uncertain. And you know, the same people that get paralyzed with uncertainty. They will soon say something next year like, well, it's a presidential election year. So. I think uncertainty is going to sideline me again. If you wait for uncertainty to abate, such as you have complete clarity or even great clarity, you're going to be waiting your entire life.   Keith Weinhold (00:33:47) - Uncertainty and an absence of complete safety that's existed in the world every single day since the day that you and I were born and before you and I were born. And it will exist after we're gone, too. I mean, really, just look at some of these disasters that have taken place just this century, and we're still in the first quarter of this century. And let's look here at some just in the US, not foreign crises. I'm thinking about the Y2K bug, the September 11th terrorist attacks on the World Trade Towers in the Pentagon, the Iraq war, the invasion into Afghanistan, Hurricane Katrina, where 1800 people were killed, the GREAtrillionECESSION, the Arab Spring, the surprise of Donald Trump becoming our president in 2016. Remember, that was a real upset over Hillary Clinton. How about the jarring events of January 6th of the Capitol less than three years ago, the eviction moratorium, the slow creep of climate change, the riots and civil unrest with the George Floyd protests, the wildflowers from California to Maui.   Keith Weinhold (00:35:00) - I mean, I could go on and on about how winners just keep thriving despite a world that's constantly uncertain and unsafe. And I'm only talking about things that involve the United States here, and I'm keeping it confined to this century just a little more than two decades. I mean, before that, we had World wars. We had the Dust Bowl, Cuba's Bay of pigs invasion in the Cuban Missile Crisis that could have led to a nuclear apocalypse that completely destroyed the entire world. There is relative clarity today compared to all that. How about an assassination attempt of our President Reagan? I mean, things are substantially more certain today in a lot of ways. And today, American employment is strong, GDP is growing. Our currency is fairly stable despite our problems, which will always exist. Today, the US economy is outperforming everybody in the world. And in a world that some feel is uncertain and unsafe, just consider the relative sense of certainty and safety you have today. Well, we discuss wars today. As bad as they are when they do happen, they're never on US soil.   Keith Weinhold (00:36:13) - Can you imagine an attack on American soil? How would that sound? Like? The enemy has destroyed and taken control of Charleston in Savannah. And next they're moving inland to take down Atlanta. I mean, that's so unlikely that your mind isn't even conditioned to think that way. But the reason that it seems, seems like your world is getting less certain and less safe is because of media. Media is more fractured than it's ever been. It wants your attention. So with more competition with everything from YouTube videos to TikTok clips now competing with legacy media, you get introduced to more fear in order to get your attention. My gosh. I mean, is American life safer than ever? You can make the case that it's become too safe even. I've talked to you before about how things could very well be in safety overboard mode in real estate. Now here we talk about providing clean, safe, affordable and functional housing. But she should need GFCI outlets all over the place in your property, and carbon monoxide detectors and fire rated doors, even when their improvement to your safety is negligible.   Keith Weinhold (00:37:32) - American society at large is so ultra safe and in fact, there's even a term for this now it's called safety ism. Yeah, look it up. It's how excessive safety is becoming harmful to society. When you are on your last passenger plane flight at night and you just wanted to take a nice nap, or you wanted to get some sleep, did the pilot come on to the intercom system and wake you up, telling you to sit down and put your seatbelt on every time? Just a small amount of turbulence was being felt. Oh, there are endless instances like that where society's gotten so safe that it's just annoying. The last time that I was shopping at Lowe's, the home improvement store, a forklift driver was slowly driving the aisles really carefully. And besides just the forklift driver sitting on the seat, there was a second man, a flagger, that was out in front of him, walking, holding two little flags. So the shopping customers knew that a forklift. This coming. Like, that's such a wild hazard to human safety.   Keith Weinhold (00:38:37) - I mean, gosh, the gross inefficiency of that just to improve safety ever so slightly. Construction workers that have to wear hard hats outdoors in an open field. I mean, our society has become Uber safe. Now, don't get me wrong, some measure of safety is definitely a good thing, but I'm underscoring the fact that historically, this world that you're living in is ultra safe and ultra certain. And then within our investing world, take a look around what can be said to be certain and uncertain. Apple. They're the world's largest company by market cap at about $3 trillion. And their risk is that eventually they might fail to keep innovating. How about Bitcoin? Bitcoin could have government crackdowns or some other lack of certainties, their money in the bank and owning Treasury bonds. All right. That's fairly safe and certain. But you aren't getting any real yield there. And in a world that feels more uncertain and unsafe than it really is, bring it back to the positive attributes of being a real estate investor here.   Keith Weinhold (00:39:46) - You know, monetary inflation is a near certainty, and so is the fact that people will pay you rent if you put a roof over their heads. Certainty. It helps to be mindful that safety is the opposite of freedom, and that having security is the opposite of having opportunity. Hey, well, speaking of opportunity, join our investment coach Norris for Grizz Live event that is to night. You can join from the comfort of your own home. You get to select from one of the two options for Florida Income property. You can select either a 5.75% mortgage rate or the 224 program, which means two years of free property management. 2% of the purchase price. In closing cost credit to you and a generous $4,000 lease up fee credit. Sign up. It's free. It's our live event tonight, the 27th at 8:30 p.m. eastern, 530 Pacific. If you're a few days late, be sure to watch the replay soon. register@webinars.com to have a chance at putting some new Build Florida Income property in your portfolio.   Keith Weinhold (00:41:00) - Until next week, I'm your host, Keith Winfield. Don't quit your day dream.   Speaker 5 (00:41:08) - Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get Rich education LLC exclusively.   Keith Weinhold (00:41:36) - The preceding program was brought to you by your home for wealth building. Get rich education.

How do you decide to differentiate yourself and your business from your competitors? There's only so much you can offer to owners and tenants before you completely burn yourself out. What if there was a way to benefit you, your client, and the tenants all at the same time while increasing your profit margin? Join property management growth experts Jason and Sarah Hull as they chat with Andrew Smallwood from Second Nature. Learn how a resident benefits package can create a win-win-win scenario for you and your clients. You'll Learn [04:56] Is it Possible to Double Profit Per Door? [07:13] What is a Resident Benefits Package? [21:37] Ways to Protect Your Investors/Owners [25:19] The Pitfalls of DIYing Resident Benefits Packages [32:07] Increasing Profitability with Resident Benefits Packages [39:31] At What Stage Should You Implement a RBP Tweetables “Property managers don't just have one problem. They have a thousand.” “If we can move the needle just slightly to increase revenue, but also just slightly to decrease operational cost, right, it's very easy to double profit margin in a business.” “It doesn't matter how many doors you have if you're not taking anything home.” “It's important for property managers to keep the main thing, otherwise it's so easy to get distracted as an entrepreneur.”   Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] [00:00:00] Jason: If we can move the needle just slightly to increase revenue, but also just slightly to decrease operational cost, right, it's very easy to double profit margin in a business.  [00:00:15] Welcome DoorGrow Hackers to the DoorGrowShow. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, Impact lives, and you're interested in growing in business and in life, and you're open to doing things a bit differently, then you are a DoorGrow Hacker. DoorGrow Hackers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate high trust gateway to real estate deals, relationships, and residual income. [00:00:52] At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host, property management growth expert Jason Hull, the founder and CEO of DoorGrow along with Sarah Hull, co owner and COO of DoorGrow. Now let's get into the show.  [00:01:18] All right. So our guest today is Andrew Smallwood of Second Nature. Andrew, welcome to the show.  [00:01:25] Andrew: Hey, thanks for having me excited to be here.  [00:01:28] Jason: So we were talking beforehand and I was expressing how jealous I am of his amazing digital SLR camera. That's so zoomed in on his face. So you look really good today.  [00:01:37] Andrew: Well, we'll keep it on the face because I've still got some like summer workout to do the summer bods. We'll keep it the neck up here.  [00:01:44] Jason: Got it. All right. Yeah, I'm working out too. All right. Cool. So our topic today is doubling profit per door with a resident benefits package. You guys, your name has come up— Second Nature— over and over again related to this topic. So I'm excited to get into this before we get in though. Why don't you share a little bit about yourself? How did you get connected to property management? I doubt you woke up when you were a little kid and said, "property management" Second Nature... this is my dream future. This is what I want to be doing." So there's always a story of how people get into this industry, so.  [00:02:19] Andrew: You know, that's true, Jason, although if I think about every five to 10 year period of my life and where I may have predicted I would be five to 10 years from now, I don't think I've ever gotten that answer right, to date. So, I think I'll probably just stop trying, but really have enjoyed— you know, since 2017, actually is when I found the company at the time. It was called FilterEasy. A couple of years later, we rebranded to Second Nature as we saw our customers were looking at, you know, they had more than just one problem to solve. I think you guys know probably better than anybody property managers don't just have one problem. [00:02:52] They have a thousand. [00:02:53] You know, customer said, "Hey, we love the way you're working with us on this. Like, is there more that we could do there?" You know, rebranded to Second Nature, but I'll be quick with my personal story because I think probably other things would be more relevant to the audience wants to hear, but my background came up and coming up in sales was in sales and sales management for 10 plus years, also got into the nonprofit space involved with the Front Row Foundation, which is a cause I'm still passionate about. They put people battling life threatening illnesses in the front row of their dream live event. And so I'm the board chair for the Front Row Foundation today. I've been involved with them in various roles before finding my way to property management. And yeah the CEO and founder of Second Nature, Thad Tarkington, and I actually worked in the same company, although we didn't know each other super well. We were acquaintances in our previous company. And and I was looking to get into B2B from where I was. And that's what attracted me into the cool business. I saw it was a really great product. The customers really loved it. And that's what attracted me to the industry and I've loved it ever since. [00:03:57] Jason: So what do you think the major difference you see between B2C and B2B? What like really was driving that decision?  [00:04:06] Andrew: Yeah, I think, you know, in B2C, it was very transactional, like, have one meeting. And it was, you know, this was like a luxury house where items just to put that in perspective. And so it was like, you know, an order might be a few hundred dollars or a few thousand dollars, and it was like, if you didn't have an order form in 20 minutes, then you didn't have an order, right? Yeah, there wasn't a decision at that point. And, you know, I got a lot of like professional foundational skills that I really appreciate from those experiences. But, you know, what I appreciated was developing relationships and continually, you know, working to drive success right over a longer period of time with customers. But that was more interesting and more fulfilling and also would involve developing new skills and learning new things. And so that, that's what attracted me to B2B.  [00:04:56] Jason: Awesome. All right. Cool. So let's get into the topic at hand. So doubling profit per door with the residence benefits package. So is it possible to double their profit per door? [00:05:10] Andrew: Yeah, it better be, right? If that's the title of our episode. So, yeah, I mean, fortunately, Second Nature works with a little over 1500, just shy of 2000 management companies across the United States. And if you believe the, you know, studies that have been done out there and benchmarking a lot of property management companies can see their profit per door, you know, somewhere in the 10 to 15, you know, per unit range, obviously some less than that, right. And it's sort of some more than that, but a lot of companies we encounter, that's the range, you know, oftentimes when we encounter them, and the cool thing about a resident benefits package is in 30 days or less, they can be adding, you know, oftentimes $17 in profit per door, sometimes more, sometimes less. We can get into the details of why that can vary, but it can be a really dramatic move. And if it's a fully managed resident benefit package, it can actually be a very easy one to get going. So a powerful step to take.  [00:06:08] Jason: Yeah. I think a lot of property managers maybe don't see this. They don't realize this. We get so focused as business owners in the beginning of just trying to get revenue up, trying to get in revenue, and the challenge is: if we can move the needle just slightly to increase revenue, but also just slightly to decrease operational cost, right, it's very easy to double profit margin in a business. And Sarah had ridiculous profit margin in her business because she's ridiculously efficient. What was your profit margin?  [00:06:41] Sarah: On a bad month, it'd be like 60%.  [00:06:43] Jason: Yeah, so. Wow. And the big secret was she just wouldn't talk to people on the phone. Like that's a big part of it. And still had to talk to people. Yeah. So she's been able to do some amazing things with our clients in increasing profit and profit really per door is the thing that property managers should be taking a look at because it doesn't matter how many doors you have if you're not taking anything home. So let's talk about how they can increase this using a resident benefits packages. Let's define a resident's benefit package for those that have never heard of this idea. Let's start there.  [00:07:17] Andrew: Yeah. So the way we think about the resident benefits package, and I'd say, this is a generally accepted definition in the industry— is this is a suite of products and services that elevate and professionalize the resident experience, right? And so that's the 1st thing that it does, and it's creating an experience that residents will pay for, and that they'll stay for a recurring monthly charge, right? Alongside rent, there's the costs, right, of all these ancillary service. We can get it into examples of what those different products and services are in a minute. But that's what the property manager is doing. They're saying, "we're going to bring a different level of service. There's value in that service." and if there's a cost associated with that service as well, that's how they drive that as a profit center, but 1. That is bringing value to the resident, also protecting the investor from risk, and then the property manager benefiting as well. We call that a triple win. And that's what we focus on.  [00:08:13] Jason: Nice. Yeah. Value to the resident, protecting the investor and what was the third one?  [00:08:19] Andrew: Yeah. And the property manager should be reducing costs and adding a profit center as well.  [00:08:25] Jason: Love it. Okay, cool. So those are three awesome benefits. Now maybe we'll get into some specific examples, but let's go to this first one, the value to the resident. And does this work only in— because I know some property managers right now are listening and "this won't work in my market. My residents are cheap or my residents don't want extra value  [00:08:48] Sarah: or they don't care." [00:08:49] Jason: Yeah, you just want the lowest price possible maybe. So let's tackle the value to the resident. [00:08:55] Andrew: Yeah. Well, I mean, I think first i'd like to acknowledge some of the truth in that, which is that if I look at different asset classes, right, and you look at like multifamily, which has really done a lot of investment, like you think about class A multifamily major MSAs and like there's golf simulators and bark parks and like, you know, three water fountains and like all kinds of investment. [00:09:19] Right. And then generally the way you see them monetized is both as a part of the rent— they've figured out how to, you know, classify their property to place where they can actually monetize that in the rent itself. It's amenitized and then also their services like valet, trash and other things like that, right, that are going to be charged as a separate ledger line item there. And so when we think about single family and smaller boutique, multifamily and scattered site properties and third party managers, you know, and I think about the resident profile of who's running the class A, you know, golf simulators place we were just talking about is probably that's probably different value for that person than, like, you know, your typical couple in their 40s with a couple of kids and a dog right in the suburbs, like they're not looking for the same things, right? And what would be valuable and important to them? [00:10:09] So, I think it's okay to acknowledge that different resident profiles may value different things, right? Where we started. Where we started with this was, okay, we see a future where there's actually a really and truly incredible resident experience. I mean, dozens of dozens and dozens of products and services and bucketing them into what's already required in the lease. Right and so we started with that before going to "hey, what's like standard, but could be opt out or what might be really cool for some residents?" like, you imagine lawn care as an example. That's probably not something that every resident would pay for. And some would choose to do it themselves and. You know, but there's probably a small percentage of residents that really would appreciate having that kind of service done and coordinated for them. And there could be a great revenue opportunity there. So we're working towards that, but starting with the mandatory stuff, that's things like renter's insurance is generally a requirement of the lease, right? That they have it. When you think about paying rent on time, like that's an essential responsibility. [00:11:10] So how can we make things easier by creating a reward system by every time someone pays their rent on time, it actually boosts their credit score, right? Automatically this is happening. It's almost crazy to think that somebody's largest monthly expense is the only one that they aren't getting rewards points for and that they aren't getting credit, you know, benefits of their credit score for. We obviously started with filter delivery service. [00:11:32] Like, they got to change the filters on time, but how do we make that so easy to do? It's going to happen the vast majority of times versus all the friction that gets in the way but otherwise, and on down the list. So, hey, we've kind of tackled these things that are core least responsibilities first, and what we've seen is: yeah, occasionally a resident might say 'Hey, I'm not sure about the value of this," and they need some additional explanation. But when it's properly priced, when it's properly positioned and you've got the right product mix, right, with those things all done together... extremely effective, right, for property managers that hasn't gotten in the way of being able to perform, you know, and drive their core leasing KPIs and things that would create a trade off or a compromise for investors or the managers. So that it keeps that triple win intact.  [00:12:19] Jason: Got it. So what are some of the things that might be included in a residence benefits package?  [00:12:28] Andrew: Yeah. So we just alluded to rent reporting. Every time someone pays their rent on time, what we do is we actually help take that information. Get it to the credit bureaus so that it's building the resident's score and to give an idea of the impact of that, you know, it's common to see 20 30 40 point bumps. There's some incredible you know individual kind of outlier cases where we've seen 70, 80 point increases, right, in individual profiles. People who did not have a credit score before actually establishing the credit score, right? Which is a big deal and when you think about You know, especially today where interest rates and everything has gone like— the cost of credit has just. Like, if you look at the interest rates on auto loans, they've doubled in just the last few years. Obviously, everyone knows what's happening, probably, you know, with mortgages, right? And what's happening the rate on the home loan and credit card, right? Credit cards. Those are really the big three. And you look at the savings. Over somebody's lifetime of having a 40 point higher credit score, they were at some point to purchase a home, purchase one or two cars, right? And, you know, carrying the average credit card debt that American family has. It's 6 figures, right? It's 6 figures in savings of their lifetime. So it's a really big deal. So that's exciting. The rewards points that we mentioned every time someone's paying on time, they're getting cash value, which they can go then redeem in a marketplace where there's hundreds of brands, right? That they can go redeem that everything from practical stuff of Starbucks, gift cards do like, I actually redeemed for some like bamboo pajamas. I don't know if you guys have seen this or any listeners have seen it, but this bamboo— I'm a sucker for like soft material, like tactile stuff. So anyway, I got the bamboo pajamas. That was my thing, but there's wine, there's dog food, like all kinds of stuff from really practical every day to kind of fun and luxury spend, right, that people can leverage that for, and they can use it right away or they can save it up and bank it. They don't lose it over time. You know, the other things we were talking about was on time filter delivery. So as opposed to "Hey," putting it in the lease and saying, "this is your responsibility." but then residents don't know what their size is. They don't know what quality to buy. They don't really know how often to do it, or they're not going back to page 18 at least to remember that. There's all these things that get in the way. And typically it's your residents who have been homeowners previously. That would be like probably the best at doing this. They felt the pain, you know, themselves, or they've replaced or paid for HVAC, you know, bills or oil cleanings or what might you you know, those are generally your best change, but that's, it's a small percentage. Most property managers report 5, 10, 15, maybe 20 percent of residents are changing exactly on time with the exact right filter, exactly the way the property manager would want them to. [00:15:06] So what we did, it's not perfect. You know, Jason and Sarah, it's not like, okay, a hundred percent of the time it works every time. But we actually did a study with the national rental home council across 8, 000 single family rentals, 18 months. And we looked at four operators. And it was A B test, right? So some it's hey, you're relying on the resident to do it in some cases, even leaving some in the closet for them to change. Right? Most of the time they're right at move out right where you left them versus a delivery program where they're being delivered every 2 to 3 months. Exactly when they need to change, and what we saw was a 38 percent reduction in HVAC work order volume, right? Between those getting delivered and those not. And the reason that happens is because you go from, you know, 10 or 15 percent changing them to all, but 10 or 15%, right, change them. That's what drives different resident benefits because they're saving on their energy bill and they're breathing clean air and it's as easy as opening their front door now to take care of that lease responsibility. [00:16:07] So, that's a great one. I'll pause here for a second, but we could talk about renters insurance, which is a big one, ID protection, on demand pest controls, actually the newest feature that we've rolled out most recently, so that's a newer one. A fresher one. Yeah. Happy to dive in more if you guys feel that's appropriate. [00:16:23] Jason: Yeah. Yeah. I think, you know, people understand the list of all the things their brain starts to go, Oh, I could see how this would be beneficial. This would add value to the resident for sure.  [00:16:33] Sarah: So if you if you had a property management company that does not have a resident benefit package currently, and they're looking to implement one, but they're like, "I just don't know, like what I should put in there. Should I put everything? Should I put like just one thing?" Like what is some advice that you have on like what to include and why?  [00:16:52] Andrew: Excellent question. So we can provide a link, I think to you guys the other show, but rbp.secondnature.com, right, is a place that people can go. And we've actually built a contact form there where people put in the state that they're in, sarah. It'll actually pull up the calendar of the person on our team who works with property managers in that area. And so what we generally do in a call is talk about what are their company goals, like what are they trying to optimize for, right? That's the first thing we'll consider. But then really define what you want your resident benefits package to do for you and your residents, investors. Map out that triple win. Once that's clear, the next thing we will do is kind of share, like, Hey, in your market, like your resident profile, your property type, right, your area, here's the product mix, right. And pricing and presentation, right, that we are saying that's a. Compliant, right. Compliant with your local laws and regulations. And then B. You know, is getting the best business results, you know, for that. And so we provide that kind of consultative approach and it can vary. [00:17:55] I mean, the fact of the matter is filter delivery in Orlando, Florida, right, is a different problem than in San Diego, California. Right. So we're not going to recommend the same thing in two different places. We take a kind of like value based approach. Once we help work with the operator to figure out, you know, what that's going to be and what the right fit for them is. [00:18:17] Sarah: That's awesome. Super helpful. And I like that it's like, very customizable because I think this is something that people just, they hesitate on a little bit because there's so many options. And especially when we take clients through pricing. Like, what do I include in my high plan? What do I not include? Like, what are the things that I should— and these are always where we see people get stuck is like, what are the benefits that we should include? And if there's something that really helps them figure out, like, am I compliant? What am I actually looking to do and like what in my area seems to be working well already? I think that would be huge for people. So I'm really glad you brought that up. Thank you.  [00:18:54] Andrew: You know, I'll jump in with 1 thing, and then I think Jason was going to go maybe towards the investor side. If that's where we're going next, but something we saw included in benefits packages early. That we've started to see phase out. Like maybe that could be interesting for people if they've heard about the past, you know, keeping up with this is originally before we had a lot of what Second Nature and other point solutions have been able to do and really productizing and scaling some of these services is. You know, problem is we're figuring out, well, what can I do on my own? And I think some of that is still relevant of communicating anything that differentiates you from a for rent by owner, right, versus a professional management company that you have multiple payment options, right? Maybe you have 24/7, you know, maintenance coordination that somebody can file a maintenance request at any time versus I remember one of my first early renting experiences, you know, I rented from a dentist who had four rental properties and it was like two weeks to get ahold of him to let him know that it was freezing cold in DC. Yeah, I was a college kid that like wore flip flops when it was 10 degrees outside. I didn't complain too much, but you know, thinking about those kind of experiences being a professional, like probably the people listening to this, I would never have that experience, right, working with their company. And so, hey, we do think it's important to communicate those things. Even if you don't monetize them or necessarily charge them in your RBP, it's a good place in the RBP to communicate those differences between a professional property manager and the FERBO. But the one that I've seen phased out were these kind of like early on before there were things like filters and insurance and credit and stuff that felt like really tangible to bring in. We often saw things like, hey, here's a get out of jail free card on late rent, right, or an NSF fee. And the reason we saw that early on is because it was so easy for a property manager to say, hey, this is worth $50, right? Or worth 40. It's like this tangible value of what you're giving, right? As a part of that and communicating it. Because they felt like they didn't have a lot of substance up front. But as more substances come in, we've seen that phase out because people started to realize, well, if I'm incentivizing, you know, on time rent, is that really a triple win for like my team that has to deal with that? Is that a win for the investor? That's not getting their rent on time. And so it's really about how do we incentivize the right behaviors, right? That's good outcomes for everybody. And so that's, that is something that we've seen change over the last couple of years, some of that stuff kind of phase. [00:21:26] Out and focusing on a more proactive and incentivizing what you want to have happen type of approach.  [00:21:32] Jason: Yeah. Incentives matter a lot, especially with tenants. Okay, cool. So let's get into then protecting the investor. So, I mean, I can see how some of these things, just if the tenants are behaving better, it's going to protect the property better, like getting filters changed, things like this. [00:21:51] But maybe you can provide some more detail on that.  [00:21:54] Andrew: Yeah, I mean, I think you know, a huge one is if you think about in single family rental and that investor profile, you know, in particular, I think about how important it is to keep the property occupied. Right? And you know, if you can keep a resident happy and renewing, right, renewing their lease, then yeah, that's a big win for the investor versus all that. It's not just the vacancy cost, right? It's also all the maintenance and repairs and everything that has to happen during that time. And so we, I mean, we have a client. They've got a scaled single family rental organization, over 7,000 units that they manage in a few markets, right? And their average their average tenancy is just under seven years. Wow, which is like really incredible, right? And that's not just because they have a resident benefits package. It's more than that. But it's really interesting to see a lot of the property managers really pushing for "how can I drive a great resident experience?" That people will pay for and that they'll stay for right and extending you know, attracting great residents and then keeping them longer. How that drives investor value. And then while they're there in the property, they're taking better care of it. The filters are getting changed on time. There's less HVAC expense, right? 38 percent less HVAC bills eliminates 38 percent of those bills that it makes an investor question, you know, "I got into this for predictable and like risk adjusted returns and then boom, I have this 7,000 expense." [00:23:23] Maybe I'm thinking about selling or do I really want to stick through this or I just ate up the rest of my year's returns, right? You can eliminate those kind of moments. That's really what we're after, right? How do we attack those kinds of moments that you know, create those emotional kind of negative experiences for investors that would make them say "you know, I want to, maybe I want to put my money somewhere else, or maybe I'm not up for continuing this." so we think about how do we create a resident experience so good. Residents don't want to leave. How do we create an investor experience so good, they don't want to sell? They want to buy more. How do we create a team experience so good, the talent wants to be in this industry and wants to grow in this industry forever. And that's that kind of flywheel of what a triple win experience creates.  [00:24:07] Jason: Yeah, I like it. They're increasing the lease renewals. They're lowering their operational costs by not having those happen as often and because they're taking better care of things, there's going to be less maintenance challenges, et cetera, better property care, lower HVAC expenses. [00:24:23] I mean, this sounds like an investor benefits package.  [00:24:26] Andrew: Yeah. I mean, if you look at, if you were to Google resident benefits package, You'll see Second Nature's content, but you'll also see a lot of property managers. And of course, property managers, their website and their content is often generally pointed at property owners, right? And you'll see a lot of the results are like, "Hey, our resident benefits package, how it benefits investors". And you'll just hear it from their mouths, right? It's the things I mentioned and more, like if all of your residents have renters insurance. Guess what? You can get a lower cost on your property insurance as a property owner and investor, right? If that's the case because you're protected from liabilities, especially if there's a master policy in place that has special coverages that protect the investors. Like our insurance products and others that offer great insurance products in the industry. So, whether you're working with Second Nature or not, you know, bringing these kinds of programs and designing things to be a triple win is something we'd, we really encourage people to pursue.  [00:25:19] Jason: Now, if somebody were trying to design this on their own, then they're probably going to have to source several different tools and services, which I'm guessing you guys like have aggregated and some of this stuff is in house, like the filters and some of this you've partnered, I'm guessing, but you've already brought all of this together. So, one of the challenges or one of the concerns is in those situations is the business owners thinking, "well, I'm going to be cheap. I can do this for less if I go and source all these components myself. Is that accurate?" [00:25:51] Andrew: Yeah. Yeah. Great question. You know, it's funny. I think I was telling you, we had our whole team in Nashville this past week. And we actually brought a couple of our customers in, three customers to have just like a customer panel. It was great for people not in sales and account management roles, like people in finance, people in technology, IT, to really hear directly what it's like to be a property manager and everything else. And Kevin Patterson was with us. He's a property manager, manages about a thousand units out of California. And Kevin was talking about it. He's like, yeah, "I saw what you guys were doing. I'm like, 'I can do this.'" And he is like, "so I bought pallets of filters, right? And had them shipped to my office. And then we realized, oh my God, like now we have to store all these filters and inventory. What a mess. Yeah. I still have some too, you know, two years later." [00:26:33] So, I mean, here's the thing. I would say there's probably a percentage or two, like my observation is there's a couple percentage, you know, of companies out there who are wired in such a way and just so passionately logistically detailed that if they wanted to do, you know, a couple of these things really on their own, they probably could do it. [00:26:53] But I think most property managers recognize. That, "Hey, if I can make $17 in profit per door, I don't have to add to my head count. I can have this whole thing up and running in 30 days and bring that impact to my business." Right. You know, fortunately Second Nature hasn't lost. I can probably count them on a hand or two, customers out of 2000, right? That we've signed over the years. And that's our job, right? It's to continually provide a competitive rate that's attractive, that would make people want to pick us, but I will say this: we've advised a couple of companies who just say, "I want to try it and go on my own." And sometimes with Kevin, like we give them some advice, they end up working with us later. A couple of them have been able to make it successful on their own. We're happy to help, you know, in either case you know, and provide some insight and help avoid some heartburn. I think some things are harder than others, like insurance. Like if you're going to build your own insurance products, you've got to get certain licenses. [00:27:47] And I want to set up a whole different entity and everything else, you know, for that, but you know, some things are easier than others. Some things are harder than others. So it kind of can just depend what we decided to put together.  [00:27:59] Jason: Yeah. I think it's important for property managers to keep the main thing, otherwise it's so easy to get distracted as an entrepreneur. We're like, "let's add this and let's do this," and then suddenly the main thing starts to slip. So you're like, "cool. I'm going to beat that $17 that Andrew Smallwood's going to get me per door. I'm going to get it to $20 or to $30," or whatever. And then they're losing out on hundreds of dollars because they're not getting more clients. They're not focused on the main things in the business and retaining clients. And they're like, "Oh, now we have to do this," because you know, in order to do all of this, it's building another business. Building another business in the business. And one of the biggest problems I see with entrepreneurs, especially in early stages of their development is this idea that they need to just keep doing more stuff themselves and they start like expanding, doing other businesses. They have 20- 30 things. The most efficient model for an entrepreneur is one business. That's the most efficient. Generally, all these billionaires scaled one business, right? They cause they have so much focus. And I think focus is the most important of all five currencies of time, energy, focus, cash, and effort in relation to scaling or growing a business it's focus. That laser focus. And so keeping the main thing I've made that mistake, you know, doing my first conference, what I call my $2 million mistake, because we were growing at a healthy pace and then 300 percent a year, and then it was like, let's do this crazy, big, expensive conference and then sales marketing, like everything had to go towards this conference and it distracted the business because we were on the hook. You're on the hook with hotel. You're on the hook with the vendors, like everything that's going on. And that was really difficult. And that was a big lesson to me that the main thing has to stay the main thing. [00:29:51] It's super important.  [00:29:52] Andrew: Yeah. I mean, you said it so well, like when I think of Second Nature's own outsourcing decisions, right? Like I look at it through three lenses: so one is scale, right? Do I have scale or does the partner of scale? Who's going to deliver value through scale? Right? Second is skill, right? You know, do I have a certain skill or competency? Do they have a skill or competency, right? Who's going to drive more value that way? And then the third is time, which we were just talking about of like your opportunity cost and your focus on what you do and you know, I suppose there's a probably a fourth dimension there of just control of like ultimately the customer experience that you're trying to create can't be created reliably by an outsourced partner. And they're not dedicated and committed to that, or you're not aligned on that. Yeah. That would be another reason to do it yourself. But but yeah, it's, man, I take your point, Jason, of just, it's so easy to be ambitious and want to take a lot on and not stay focused on here's my core competency that I can continually leverage, to drive a lot of value. And here's how I can bring in complimentary pieces around it to create something bigger than that.  [00:30:58] Jason: Yeah. I mean, a big part of what we do at DoorGrow is just getting entrepreneurs to focus and then they start to scale really rapidly. So, I mean, in this industry, it could be diluted focus on different types of properties they're managing because each different type is almost like a different business. They're like, "I'm going to do commercial, I'm going to do associations," and then they're like trying to run multiple businesses with team members that are trying to jump into multiple businesses. And then it's a mess. And they're just not going as fast. And so this I view as, this is like adding on another business, and if you can strap on these tools from vendors, other companies, and get these resources, you can go a lot faster and keep the main thing. So, yeah, love it. So the third thing we talked and we've touched on this in a few instances of how this can help, but the third thing was increasing profit. So, I mean, there's the obvious bump that you're charging a fee for this and you're get convincing the residents. And for the residents, I think a lot of this would sound like a no brainer. They're getting more value in their mind than what they're going to be charged, and then it becomes a no brainer for them to do this. [00:32:03] And it protects them and it helps them get better credit. But let's talk specifically about profitability, like increasing profit.  [00:32:11] Andrew: So, yeah. So I think, you know, at Second Nature, like we do care about the experience and providing convenience to people, but it's also really important to us that there's a strong economic case for all parties. And so the way we often design and the recommendations we make on pricing. I mean, listen, it's a property manager's business. So Sarah, we're going to let them choose, right? Here's it's their pricing that they're charging their customer. We're not going to get in the way of that. That's in their control. But when we make recommendations, which I'll say nine times out of 10, right? If not more. It's set up in such a way where a resident is saving over $100 per year compared to what they're already spending right on the same expenses if they were to go with the status quo, right? Versus being enrolled in the benefits package. And then we make that as easy as signing their lease. There's a clear economic benefit, right? For the resident for the investors with HVAC savings. Everything else we're talking about earlier. Well over a hundred dollars per year in annualized savings for the investor. And then for the property manager, as we were talking about, well over a hundred dollars per year. Right. And so that's when you create new value. The way we think about it is you have a bigger pie that can be shared right across all parties, as opposed to taking the same pie and saying, "how do I shave off a little more for me?" but then you're cutting into the very relationship that you kind of depend on to support the business. And so how can we find new ways to add on and expand the value and share in that value because that makes it really sustainable and that builds trust while also building your balance sheet and so that's the focus and approach. You know we recommend that property managers take when they approach pricing and the other thing I'd probably give advice on here is that some property managers will go about this and then recognize very quickly, "oh, this is the thinking. I can't—" it's so frustrating, right? When I see an owner do this, you know, like, cost based pricing or a cost based approach as opposed to a market based approach. And what I mean by that is, "hey, here's all my costs. I want to make $17 per door. So here's what I'm going to charge, right?" [00:34:21] It's kind of like a investor saying, "well, here's my mortgage and all of my expenses, and I'd love to cashflow $800 a month. So I'm just going to charge this for rent." At which point Sarah tells them, regardless of what the market dictates, "yeah, your property is going to sit vacant for six months or it's only going to be vacant for two days and you way underpriced." [00:34:39] Right? And so the point is, "Hey, here's actually a market based approach to pricing that drives fair value and a good value proposition to everybody." Is the main encouragement we take. And again, if somebody wants to talk to Second Nature, whether they work with us or not, we're happy to advise on what we observe and see is happening in that market as it relates to pricing. [00:35:00] Jason: Yeah, ultimately the market's King. However, there are different segments of the market. So if people are targeting people at the end of the sales cycle that are searching on Google for property management, for example, the market is going to pay less there, because now you're a commodity. Whereas if you capture people in the blue ocean that are not searching on the internet, which there's a lot more of those, then you can charge more, have more fees, et cetera. And they're easier to close, right? And so the other factor lever that we've noticed with our clients at DoorGrow, increasing their profitability is increasing their ability to sell. So their ability to sell services and to sell the value and to create the pain gap between where people are and where they want to be, what value they want. [00:35:46] That ability as well as another lever in which they're able to charge more than their competition and close deals more easily. And there's some other levers as well. And so there's the market's one of the factors, but there are some levers that can be leveraged as well. And depending on who you're targeting in your audience, then you also can charge more money. [00:36:08] So that's something to keep in mind. So, yeah, this is super interesting. So everybody wants to increase profit if they're smart, those of you listening, if you're smart, you want to increase profit, you want to protect your investors, that's like your business, what you do, and you want to provide value to the residents. [00:36:24] So why would people just not do this? Why? Like have they just not heard of a resident benefits package or why would they not be doing this?  [00:36:32] Andrew: Yeah, I mean, there are definitely people that fall into that camp, and I'm sure there's probably going to be at least a couple people listening to this who haven't heard of a residence package. I also think over the last few years, this has been a really hot topic that's been talked about a lot, and people are seeing it more and more. As more companies adopt it, they just see it. Like they see our flyers in the Zillow listings, you know, the second photo, you know, beyond the thumbnail, it's like, here's a list of all these benefits, right, that people are putting in the marketing language or listing language or on their competitor's websites. And so I do think awareness is rapidly growing here. I mean, 101% empathy is property managers are often so busy, right? like just to do the kind of like table stakes of property management. It can take a lot of investment into their systems, into their process. I know that's something that you guys offer to folks and help them with. It can really feel like it's hard to implement a change in my business, let alone, you know, I think this is where Second Nature saw a real problem to solve. Like, how am I going to go through seven different sales processes, right, which is really like 21 to 30, if I want to look at more than just one vendor for a service, right? Go through all those processes, line up all my agreements, get those executed, and get my onboarding and implementation set up at the same time. [00:37:53] And align everybody the same, like consistent experience on going throughout it. That feels like going to Mars, you know, it's like a real big thing to tackle. So that's where we really just wanted to be like the easy button for that and drive, you know, "Hey, we've got a million plus residents on our platform, you know, thousands of property managers that we're working with. And, you know, can we drive some efficiency and pass that benefit alone to the customer," you know, is core to our value proposition. And so that's, I think what has brought, you know, a lot of people to us while we're growing very fast, have earned the reputation that we have, and at the same time we don't take it lightly. There's a lot more work to do. There's still still more change that needs to happen here, but I think the big thing is just the anticipation of all the effort and just the hard work of making any change in your business, right? Is a lot of times what people come up against.  [00:38:43] Jason: Yeah. I mean, there's a lot of property managers, people have heard me talk about the Cycle of Suck on the show before. There's a lot of overwhelm. There's a lot of stress, a lot of property managers struggling. They're in a race to the bottom in terms of pricing. They're focused on internet marketing, SEO, pay per click, content marketing, social media marketing, which is the bottom of the barrel owners that are the ones left over, the crappy scraps that fell off the word of mouth table. Like there's a lot of challenge there, by the way, we can help you with that. Reach out to us at DoorGrow. So that may be a big reason why they're just not doing these things that are in their mind, ancillary, auxiliary, and they're not adding this additional value and they're leaving money on the table because they're just too focused on trying to just get their business to eke out a little bit of dollars and, you know, they're stressed.  [00:39:31] Sarah: So I've got a question that Andrew if you have a recommendation on, at what stage would this be easiest for a property manager to implement? Is it easiest right off the bat when they're starting and they have no doors or a few doors? Is it easiest when they have maybe 100? Is it easiest when they get to the 500 plus mark? Or is there a stage at which it's like, maybe it's just in their mind, it feels too hard, and you're like, "Oh, actually, it's really easy, and here's why."  [00:39:59] Andrew: Yeah, great question, Sarah. I mean, here's the thing. Second Nature works with customers who have as little as their first one to two doors and are just getting started, right? A lot of our customers have hundreds or a couple thousand doors, and we work with a few clients that have 80,000 plus units in their portfolio. So we've worked with people at all sizes who have come and started all sizes. I will say this though. I think if somebody has under 20 to 30 doors, even as simple and easy as Second Nature makes it, you know, probably that person would be better served as they're getting their first couple of dozen doors on in focusing on their core operations, their core systems, their accounting platform getting set up. I would recommend probably holding on the— I'm sure my S and B reps are going to be listening to this and being like, "what are you saying, man?"— [00:40:47] And jokes aside, like I have talked to a few people where I've like pushed them on it a little bit. Like, "Hey, they've got eight doors," and I'm like, "okay, so here, this handful of hours, right, that you could spend doing this. Let's add $17 per door times your eight doors. Like, here's the business impact to this, and then what are you going to do with that amount," so to speak, right? And "how are you going to reinvest that in your business? Like, how do you see that as the best use of your time versus spending that going and doing, you know, business development or, you know, generating realtor referrals or whatever your strategy is for growing?" Okay. Your business to kind of that you know, initial point of profitability to support yourself. Like, how are you seeing that? And in one case, he said, "this is my differentiator. This is what I get to talk about in my market that I do that others don't. So it's actually going to help me attract more owners. I really want to do this now." Cool. Like I wouldn't stop that person from working with us, but I'd say generally, probably somebody in their first couple dozen doors is better focused on growing that and getting their core processes in a really stable place.  [00:41:47] Jason: Sure. They can add like one door and make what they would make if I had $17 times eight, right? So if they're focusing on that, but yeah, I get that. So I would imagine then maybe right around that 50 door stage is a really good place. This is where a lot of people start to stack and add vendors and get sort like. Then it starts to make sense to get some leverage because this is a lot of times I call the first sand trap where they start to get stuck between 50 to a hundred, because they're doing everything themselves. And this is probably where they can start to get some additional leverage and add some additional services. [00:42:18] Andrew: So if I can compliment you guys real quick, I saw like the DoorGrow code thing, and I think part of it may have been blurred out, but I think I got like the gist of it, I remember seeing, you know, how you guys had kind of stages. I'm like, wow, that is so cool. And if I was a new property manager, I would love having and seeing a resource like that of just, "man, here's like what I can focus on at this time that's right for me. It's going to get me to the next phase and then what to focus on here to get to the next one." Like what a helpful and useful tool. [00:42:47] So I just wanted to say kudos to you guys for putting that out there.  [00:42:50] Jason: Yeah, thanks. If anybody wants that for free, like they can go to DoorGrow.Com. Click the big pink button on the homepage. 'I want to grow.' And on that page, there's three steps. The third one is a YouTube video, 95 minute training called the DoorGrow Code. It's all about it. So it'll show you how to scale. And we're confident we're doing this with clients that we could take any business from zero doors to a thousand doors in five years or less. If they just listen to us and do what we say at each stage. Yeah. Very cool. So thanks for plugging us. Appreciate it. [00:43:25] Andrew: So I'm solicited. Yeah. Yeah. But it felt right in that moment.  [00:43:29] Jason: Yeah. There's very specific things that happen at different stages. And I think if you are at least at that 50 door stage or beyond, like you'll be crazy not to do this. And I love the idea of getting your resident benefits package as a unique differentiator just to stand out, which will give you more confidence in sales. And when people need confidence, the most is when they have the least doors. This is where confidence is a huge factor for them. Like when we take them through our process of cleaning up their brand, their website, all of this, we're really just helping them with their confidence level to go out and sell. [00:44:04] And they can go out and sell without all that stuff. They don't even need a website. They just need clients. Right. But doing these things helps them. And this is something else I think they can boost their confidence a little bit. And that's worth it. That's worth it for sure. So, well, cool, Andrew, anything else we're missing about this? And if not, then how can people get in touch with you or with Second Nature?  [00:44:25] Andrew: The only other thing I'd say is anybody who's made it right to this point, 45- 50 minutes in, like, I feel like you deserve a medal or something like that with attention spans, considerations fans. So thanks for sticking with us. I hope you got some value today. Sarah and Jason, I really appreciate the opportunity to be here with you guys. I really enjoyed our conversation. I love you guys' energy and vibe you know, excited to get to know you guys better. And and I'd say this if people are looking for you know, more resources and things like that, we've got at rbp.secondnature.Com, there's a bunch of things, we've got articles, we've got the triple win podcasts that we record a bunch of episodes there that people can check out. If that's of interest to them, we've occasionally got events, digital events and things like that, that we're putting on, if they're just looking to learn more, we've got some of those kinds of resources, or if they're looking to talk to someone specifically about what we talked about here today they can find a contact form to do that as well. [00:45:16] And just want to express appreciation to you guys. Again, really appreciate you inviting me on and having a chance to do this.  [00:45:21] Jason: Cool. Thanks for coming on the show.  [00:45:23] Sarah: Yeah. Thanks for being here. I think this is something that if you don't have it, just look into it. I feel like there's not a downside in this anywhere. So just look into it. If this was something that I had known about when I owned my business, man, would have done that in a heartbeat, but, I really think it's something that can like benefit all parties. It can like help set you apart from other people that maybe don't know about this or just aren't doing it yet. [00:45:50] And it sounds like they make it easy for you. I think that you're probably right, Andrew. Like you hit that right on the nose. Like they're busy and they're like, "Oh, this is hard." It sounds like they understand that and they'll work with you to make it easy.  [00:46:04] Jason: Yeah. Yeah I love that you guys are helping people through this process and making it easy. So We'll definitely be pushing our clients to take a look at this episode so that they can start getting the stuff implemented Thanks for coming on the show. Appreciate you. Awesome.  [00:46:17] Andrew: Thanks guys.  [00:46:18] Jason: Thanks. All right So if you are a property management entrepreneur that's wanting to add more doors grow your business reach out to us at DoorGrow We would love to help you out anything else we should say All right, then until next time to our mutual growth. [00:46:31] Bye everyone. [00:46:31] You just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay-per-lead content, social direct mail, and they still struggle to grow!  [00:46:58] At DoorGrow, we solve your biggest challenge: getting deals and growing your business. Find out more at doorgrow.com. Find any show notes or links from today's episode on our blog doorgrow.com, and to get notified of future events and news subscribe to our newsletter at doorgrow.com/subscribe. Until next time, take what you learn and start DoorGrow Hacking your business and your life.

When it comes to investing in real estate, the decision-making process is of unparalleled importance. This is where you, as the investor, will ascertain whether to get involved in a project or look elsewhere for more viable options. To help us make sense of the decision-making process for investors, we are joined by real estate sponsor and developer, and our dear friend, Colm McEvilly. After coming from a background in mechanical engineering, Colm has since gone on to find his feet in real estate, helping multiple teams raise over $160 million in retail investor capital. In today's episode, Colm walks us through the investor decision-making process, paying specific attention to the three biases around making decisions, how an investor gathers information, why an investor's involvement in the decision-making process is key, and the four main categories you need to fully understand when vetting the quality of an investment. You can reach out to Colm via email with any questions or ideas that you may have, but for now, sit back, take notes, and enjoy!  Key Points From This Episode:A warm welcome to Colm McEvilly as he explains his background and current job role. Breaking down the investor decision-making process. Debunking results bias. How every decision you make is a bet – decision biases.Why it matters to know how investors receive information on prospective ventures.The third bias to be aware of: confirmation bias. Why you need to involve investors in the decision-making process. Vetting investment quality: sponsors, MSAs and asset class, the investment, and deal numbers.   Costar reports, underwriting visibility, and other details to consider. Links Mentioned in Today's Episode:Colm McEvilly on LinkedInColm McEvilly on Facebook Colm McEvilly EmailViking Capital IronGall Investments The Infinity San Francisco Neal Bawa World Accelerator Neighborhood Scout GreatSchools FormDs.comAsset Management Mastery Facebook GroupBreak of Day CapitalBreak of Day Capital InstagramBreak of Day Capital YouTubeGary Lipsky on LinkedIn

The Consumer Financial Protection Bureau (CFPB), an agency of the United States government responsible for safeguarding consumers in the financial sector, has recently turned its focus towards scrutinizing potential violations of the Real Estate Settlement Procedures Act (RESPA). The bureau has issued a series of consent orders against several mortgage and real estate companies for practices linked to event tickets and Marketing Services Agreements (MSAs), which have raised concerns of unfair practices and potential conflicts of interest. Mortgage and real estate companies should take this opportunity to review and update their compliance protocols to avoid falling foul of the law. As the regulatory landscape continues to evolve, adherence to RESPA's provisions will be critical in fostering a fair and transparent real estate market that serves the best interests of consumers. Today, we have Mitch Kider of Weiner, Brodsky Kider PC on what the mortgage industry should be aware of.

This is a narration of our weekly Multifamily Market Report.The San Antonio market has been among the weakest performing MSAs in the nation over the past year, as a once hot apartment market has turned negative quickly. All key indicators lag the national average and are also negative on both short and long-term bases. Traditionally a stable market with a heavy military influence, the San Antonio market has been a hotbed for in-migration, healthcare and tech growth in recent years...Explore our website for more insights and resources: https://bit.ly/3XBKJGH.

This is a narration of our weekly Rent and Operating Trends Report.Inflation rose modestly last week, as the July CPI checked in at a 3.2% annualized rate, slightly above the June read, but below analysts' expectations. While I don't think this will be enough of a move to force the Fed to raise rates again, the rest of the yield curve continues to increase. The 10-year treasury yield is 4.19% as of Monday, nearing its recent high, last seen in October 2022. If it breaks above 4.25% it will be the first time the 10-year yield has been that high since 2007. Most home mortgages and fixed rate multifamily mortgages are tied to the 10-year, and given the recent increase in long-term rates, these financial instruments are getting significantly more expensive. The average home mortgage rate is nearing 8%. This may serve as a silver lining for multifamily demand, as fewer would-be home buyers are able to afford to purchase homes. However, the increase in both long and short-term interest rates is making it very difficult for multifamily owners to refinance existing assets, many of which carry interest rates far lower than the current market.  Multifamily fundamentals were mostly flat last week, a typical pattern for this time of year. At the market level, weekly growth remains mixed as some metros are enjoying an extended leasing season, while others are declining against a backdrop of heavy supply and soft demand. As this week's chart of the week demonstrated, all MSAs are losing occupancy on an annual basis, yet roughly 15% of submarkets across the nation have seen occupancy rise over the past year. As our industry slogs through a down cycle, it is important to note that not all submarkets or MSAs will act alike. Explore our Research webpage for more insights and resources: https://bit.ly/RadixResearch.

Reed Goossens is a multifamily syndicator, podcast host, and owner/founder of RSN Property Group, a full-service multifamily investment company that buys assets across select MSAs in the U.S. In this episode, Reed shares his strategy for acquiring $100 million in assets over the past 12 months and how he is solving for affordability in high real estate tax states.   Reed Goossens | Real Estate Background Multifamily syndicator, podcast host, and owner/founder of RSN Property Group Portfolio: $685M in AUM Based in: Los Angeles, CA Say hi to him at:  reedgoossens.com rsnpropertygroup.com Podcast Best Ever Book: Traction by Gino Wickman Greatest Lesson: A fool and their money are easily parted. Continue to be a student and learn. The day you think you've arrived is the day you'll lose a lot of money.   Click here to learn more about our sponsors: CASKX Techvestor SyndicationAttorneys

Join us as we explore the strategies and insights that will empower you to thrive in the multifamily investment realm. And get ready to unlock the keys to success alongside Pancham Gupta, a renowned authority in the field.   Tune in now and elevate your multifamily investment game to new heights!  EPISODE HIGHLIGHTS:     Phases of the Multifamily Investment Cycle  Creating a Scalable Operating System for Your Business  Key Insights to Help Improve Business Efficiency  Pancham Gupta is a Real Asset Investor, Syndicator, and Engineer, holding a key role as Principal at Mesos Capital LLC. As a leading privately held multifamily investment firm, Mesos Capital manages an impressive asset portfolio of over $250,000,000. The firm's primary focus revolves around acquiring and managing multifamily properties that present opportunities for value enhancement. Targeting major metropolitan statistical areas (MSAs) characterized by consistent rent growth, low vacancy rates, and a thriving Real GDP, Mesos Capital leverages operational efficiencies, renovations, and strategic rebranding to optimize property performance.  In addition to his professional endeavors, Pancham Gupta is deeply passionate about empowering professionals and shares a strong belief in the potential for high-paid individuals to make their money work for them. He advocates investing in assets that generate positive cash flow and stresses diversifying beyond traditional Wall Street investments.  Connect with Pancham  LinkedIn  Website  Discover the significance of diversifying beyond Wall Street investments and unlocking your financial success. Grab your copy now!  www.TheGoldCollarInvestor.com/download  Did you enjoy today's episode?     Please click here to leave a review for The We Build Great Apartment Communities. Be sure to subscribe on your favorite podcast app to get notified when a new episode comes out!     Do you know someone who might enjoy this episode? Share this episode to inspire and empower!     Connect with John Brackett and We Build Great Apartment Communities     Instagram @webuildgreatcommunities      Facebook @buildingreatcommunities      LinkedIn @brackettjohn      Website www.fidelitybps.com     Subscribe to The We Build Great Apartment Communities     Apple Podcasts      Spotify     Do you think you would be a great fit for the show? Apply to be a guest by clicking here.     Fidelity Business Partners, Inc.     6965 El Camino Real Suite 105-190     Carlsbad, CA 92009     D: 760-301-5311     F: 760-987-6065    

Keith Weinhold answers listener questions about real estate investing.  He advises listeners on how many properties they need to own to become a millionaire, how to invest $40,000 to reach a $100,000 down payment for a rental property, and how to find the best future real estate markets.  Keith emphasizes the importance of positive cash flow, avoiding over-leveraging, and owning properties in multiple job growth markets and states.  He also discusses the potential for hyperinflation and the benefits of owning real assets to combat inflation.  Keith encourages listeners to leave a rating and review for the podcast and consult with professionals for individualized advice. **Taylor's question [00:01:07]** How many properties must I own to become a millionaire? Keith explains that it depends on the profitability of the properties, how much they go up in value, and how much rent is charged.  **Mitrel's question [00:05:04]** Should I invest my $40,000 in the stock market to reach my $100,000 down payment goal for a rental property? Keith advises on risk tolerance and suggests alternative options such as I bonds. **Kevin's question [00:09:08]** What are the forward-looking indicators to find the best future real estate markets? Keith talks about the prospect of hyperinflation and provides insights on finding the best real estate markets. **Forward Looking Indicators for Real Estate Markets [00:09:16]** Keith answers Kevin's question about selecting MSAs with forward-looking indicators, including population growth, employment, and upcoming government infrastructure projects. **Sponsor Ads [00:15:45]** Keith thanks Ridge Lending Group, JWB Real Estate Capital, and Mid-South Home Buyers for sponsoring the show. **House Hacking in Southern California [00:18:03]** Keith advises Connor on whether to invest in an out-of-state rental or house hack in Southern California, considering high real estate prices, tax rates, and tenant protection laws. **Real Estate Financing Options [00:19:03]** Keith discusses financing options for single-family homes and fourplexes, including FHA and VA loans, and the advantages and disadvantages of house hacking in Southern California versus investing out-of-state. **Hyperinflation and the US Economy [00:21:40]** Keith addresses a listener's question about the possibility of hyperinflation in the US economy, defining hyperinflation and discussing the factors that contribute to it, including a nation's debt and foreign demand for its currency. **Leverage in Real Estate Investing [00:25:00]** Keith answers a listener's question about being over-leveraged in real estate investing, explaining the risks of taking on too much debt and emphasizing the importance of buying properties that are cash flow positive. **Real Estate Investing Strategies [00:28:00]** Keith explains how to avoid over-leveraging and how to project positive cash flow from day one. **Benefits of High Leverage [00:29:09]** Keith explains how high leverage can help you build wealth faster and why it's best to finance your properties. **Encouragement to Leave a Podcast Review [00:30:07]** Keith encourages listeners to leave a podcast review and explains how it helps the show reach more people. **Disclaimer [00:31:32]** A disclaimer is given that nothing on the show should be considered specific personal or professional advice. Resources mentioned:  Show Notes: www.GetRichEducation.com/445 I-Bonds: https://www.treasurydirect.gov/savings-bonds/i-bonds/ Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Find cash-flowing Jacksonville property at: www.JWBrealestate.com/GRE Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  Top Properties & Providers: GREmarketplace.com Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free—text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold   Welcome to GRE! I'm your host, Keith Weinhold. I answer your listener questions today.    A 12-year-old listener asks, how many properties must I own to become a millionaire?  Another asks, “Should my first property be a house hack or an out-of-state rental”?    One question is about the imminent prospect of HYPERinflation.   Also, “What are FORWARD-looking indicators to find the best future RE markets?” Those questions and more questions all answered, today, on Get Rich Education! ___________   Hey, welcome in to GRE. I'm your host and Founder, in fact, of this very show… and all Get Rich Education platforms, a 20-year REI and Active Member of the Forbes Real Estate Council. My name is Keith Weinhold. Ya probably know that by now.   This is Episode 445 of Get Rich Education.   When I do these listener question episodes, I generally begin with some of the more basic questions.   Today's first question comes from Taylor in Wooster, Ohio. Taylor is age 12 and he simply asks:   How many properties must I own to become a millionaire?   Well, thanks for that, Taylor. I don't often get questions from a 12-year-old.    I love that you're listening and the fact that you ARE greatly increases the chances of you building wealth when you're an adult, yet young enough to enjoy it.   Like a lot of questions in real estate, the answer to how many properties you must own to become a millionaire “depends”.   It depends on how profitable your properties are - how much they go up in value and how much you're getting from the rents that you charge the tenants, how long you do a good job of keeping them as tenants, as well as how capable you are of controlling your property's expenses.   So, you could own as little as just ONE property and be a millionaire, Taylor.   Owning MORE properties is better than owning fewer properties. That way, if you have one that isn't profitable, you'll have profits from your others.     And you can own more properties when you can use part of your OWN money & part the bank's money… in owning the property.   Now, Taylor, if you have one million dollars, say, you had a million bucks in stacks stuffed in your closet, you need to understand that that is not enough.    You're 12 years old now. You might live another 80 years. Then you'd need that million to last you 80 years.    Even a 50-year-old with a million dollar stack of dollars bills in their closet would not have enough money to live on for the rest of their life.   You might need closer to 10 million dollars. That's called a decamillionaire. So think about setting your net worth target higher. Think, “How can I be a decamillionaire?”   But actually, you don't just want to think about the height of your stack of dollar bills reaching any certain number of millions ONLY. It matters. But what matters more is how fast your stacks are GROWING.   That's called cash flow. If your stacks are growing at a rate every year that exceeds all of your expenses, you are financially-free. That's why it beats being debt-free.   Another thing, Taylor, I know that your hometown of Wooster, Ohio is between Columbus and Akron so - though I'm not familiar with Wooster - but I do know its the county seat of Wayne County -    …you do tend to have markets nearby that can create CF really well - that's that ability to GROW your cash stacks, hopefully to a height of 10 million someday.    Thanks for your question, Taylor.   You know, it warms my heart to know that kids listen to the show. I remember shortly after launching the show in 2014 that a Dad & son from New Jersey wrote in and told us that they look forward to listening to the show together every week.    I like to do that family-friendly show, from Day 1. A clean lyrics show since inception.   I like to keep it classy. I like to make that show that would make my late Grandma Weinhold proud - though I don't think she ever knew how to listen to this show.   That's part of my brand… and it warms my heart to see children in the audience.  ______________   The next question comes from Mitrel. I don't know where Mitrel is from, because some questions come in on our YouTube Channel, but he says…   I have a good job and $40,000 in savings, expect an upcoming BOOM in real estate and need $100,000 for a down payment.    Does it make sense to gamble my $40K in the high risk stock market to get up to the $100K sooner and capitalize on the RE purchase?   If I lose the $40K, I'll recover it in time with my job anyway over time.   If I win & get it to $100K, I'll have my income property and be off to the races with leverage and Real Estate Pays 5 Ways.   If I simply tried to preserve the $40K in a savings account, I'd lose to inflation anyway.   That's his question. Alright, Mitrel. You've got $40K, want to get to $100K for your down payment on some rental property.    Now, we have properties at GRE Marketplace where $30 or $35K is enough to get started… but with your $100K down payment goal, I sense that you might have a specific purchase in mind.   Of course, it's about getting a 20-25% down payment + 4% CCs  - as a percent of your purchase price - and you'll want to hold some reserves.   Well, to get your cash stash from $40K up to $100K, it has to do with your risk tolerance.   It sounds like you're open to risk with putting it in the stock market short-term to try to reach your goal faster.   So, yeah. You would probably want to do that OUTSIDE of a retirement account since they generally have early withdrawal penalties.   In a savings account, yes, you're aware that with true inflation, that would just debase your savings' purchasing power.   If you're open to risk, I guess one could get in & out of crypto at just the right time - if you do that, I'd choose bitcoin.   But you know, whether you go with risky stocks or risky bitcoin, the problem with that is that you have to get your timing right twice.   Ideally, whether it's a Russell 2000 Index Fund or Apple Stock or Ethereum, you want to buy close to a near-term low and then sell close to a near-term high.   That is more difficult to do than it sounds, and it's just one reason that stock, ETF, and mutual fund investors don't build wealth.    One other thing I'll mention as you're trying to patch together your first RE down payment is I-bonds. They currently pay a guaranteed 7%.    The way they work is that the interest rate they pay you is the CPI Inflation rate plus a fixed rate on top of that.   You can get I-bonds at TreasuryDirect.gov   But there is a $10,000 annual limit that you can put into I-bonds.    Another disadvantage is that I bonds can't be purchased and held in a traditional or Roth IRA, Mitrel. The I- bonds have to be held in a taxable account.    But that might work for you in this case, Mitrel, since it's a shorter-term hold, hopefully it's shorter-term anyway, until you've built up your $100K cash to get your RE and get off to the races, hopefully getting paid 5 ways.   Another disadvantage of I bonds is there is an interest penalty if they're redeemed for cash in the first five years. They knock off 3 months of your earned interest.   I hope that you found at last one insight on those options that helps you out, Mitrel.  ________________   The next question comes from Kevin. He asked this one quite a while ago.   [Listener question played]   3) What are the forward-looking indicators to select MSAs? He typically looks at population growth and employment.    That is a rather astute question, Kevin. Yes, you're looking at some of the right measures for the tide that floats a RE market up.    First, we want to think about landlord-friendly states. Yes, the MW & South has a preponderance of them. But there are some outliers. You'll also find pretty favorable eviction processes for LLs in PA, TX and AZ.   When it comes to forward-looking RE indicators and their sources, first, let me give you two resources that most everyone knows about, then we'll drill deeper.  The NAR publishes forecasts for home sales, prices, and other market trends. Their reports give you future RE market insight at both the national and local level. Zillow offers forecasts too on the housing market, including home values, rents, and other market indicators. Now, one indicator and one place that a lot of people don't know where to look, Kevin, is your ability to discover upcoming government infrastructure programs. Think about learning where the next new highway intersection or highway interchange will be built. Or perhaps it's a new seaport expansion project or a new bridge that is going to be built in 5 years. There are a lot of places where you can find out that information ahead of time, and unlike stock investing, it's completely legal - totally alright - to learn about this ahead of time.  Get a heads up on where the next bridge is going to be built and how that can make nearby property values rise - that's not considered illegal insider information. You can check the websites of government agencies responsible for upcoming infrastructure development in your target state or region.  That area's, say, Department Of Transportation makes this public so that contractors can engage in the bidding process for major infrastructure projects. These are known as government PROCUREMENT websites. For example, in Illinois, that's under an Illinois.gov website. Those sources can be kinda wonky & dry, but putting in the work over there can help you see the future. Now, major news outlets, and just regular, old school, legacy media television channels like good ol' WPHL in Philadelphia or KMSP Minneapolis or anywhere, they often report on upcoming projects and government initiatives, like an airport expansion. Now, if you happen to LIVE in an investor-advantaged area, Kevin, well and you do, Dayton, Ohio. Joining an “in real life” industry association that focuses on infrastructure development can really give you direction & foresight and you'll grow your network too. That'll give you access to upcoming projects - as will attending public meetings like town hall meetings. And then finally, the US Census Bureau and other sources make all kinds of population projections. That helps you see the future.    And hey, you might as well use the Census' resources since your tax dollars are paying for it.   And those industry associations and public meetings often use & apply those population projections to upcoming major projects.   So, there's more, but that's a good bit there. I hope that helps you, Kevin.    Today, I am bringing you the show from Anchorage, Alaska.   Next week, it'll be from Las Vegas, Nevada.   And in two weeks, I'll be bringing you the show from Phoenix, Arizona.   So, Anchorage, Las Vegas, and Phoenix. That is the largest city in the 49th, 36th, and 48th states admitted to the union respectively.    Only a remorseless geography nerd like me would break it down that way, wouldn't I?   Yes, we'll be constructing makeshift, mobile GRE recording studios coming up.   If you've got a question that you'd like me to answer, go to GetRichEducation.com/Contact. That's where you can either write a message, or leave a voice message listener question - like Kevin did.   I answer more of your listener questions next. I'm KW. You're listening to Episode 445 of Get Rich Education. ____________   Welcome back to Get Rich Education. I'm your host, Keith Weinhold, grateful to have you here.   Before we return to your listener questions… thanks to this week's sponsors. They support us so, please, consider supporting them.   That is Ridge Lending Group. Consider YOUR next mortgage loan for income property there and see the difference that a lender that works specifically with investors like you… can make.    They serve almost all 50 states. That's President Caeli Ridge & all the good-looking people over there at RidgeLendingGroup.com   Then there's JWB Real Estate Capital. Income property specialists that provide you with the actual investor-advantaged real estate that you can buy in bustling, fast-growing Jacksonville.  That's all-around good guy Gregg Cohen & the team at JWB. They always have good hair days over there.    They really make it easy for you. Find your next cash flow property at JWBRealEstate.com/GRE   Finally, there's Mid South Home Buyers, providing you some of the best rent ratios in the entire South in Memphis and Little Rock.    They've got the service that you've been raving about for years now.    That's Terry Kerr, Liz Brody and all the fine peeps over there at MidSouth that shake your hand, look you in the eye, have a symmetrical smile, and even regularly recite your first name mid-sentence for ya. (Ha!)   Get started at MidSouthHomeBuyers.com   I have been inside the physical offices of all 3 of those sponsors that I just mentioned.   If your company is interested in advertising on GRE, let us know. We'd like to check you out first. Just like listener questions, you can also indicate that on the same page. Let us know at GetRichEducation.com/Contact You'll see the “Advertising Inquiry” area there.   Conner asked me a question. “Keith, absolutely love your videos. I live in expensive Southern California (Orange County). Would you recommend my first property be a primary that I house hack or invest in an out-of-state rental?” Thanks, Connor.   OK, Connor. Well, there's a lot to consider.   Let's look at the Socal househack.   As you're surely already aware, real estate prices and tax rates are both very high in California.    California also has a Tenant Protection Act enacted in 2019 that puts strict eviction laws into place. You might have rent control there too.   Now, as a SoCal househacker, that could, of course, take the form of buying one big SFH where you live in one of the rooms and rent out the other rooms.   The younger you are, the more likely it is that you're tolerant of living with roommates. If you want to stay alone or with your spouse or whatever & want privacy, then you'll househack a duplex, triplex, or fourplex.   Any one of those, SFH up to 4-plex, you can use an FHA loan on and pay just 3.5% down, or VA loan if you have VA benefits and pay 0% down. With either of those low down payment programs, you must live ON-SITE, usually for at least a year.   FHA recently approved 40-year mortgage loans and they will roll out next month. Yes!   In Orange County, CA, with really high prices, it might take a fixer-upper type home to make it affordable. If you aren't handy, that's a disadvantage on the house hack.   Socal is simply one of the most DISadvantaged places in the nation for long-term rental property, though there are still ways to make it work.   Then, if you go out of state, you can make it really passive. It won't be a more active business like it would there for ya in Orange County.   Now, the downside of buying an out-of-state rental, like through GRE Marketplace, is that it's going to take a 20 to 25% down payment.   But you can still find respectable properties in safe neighborhoods, in say, Memphis for as little as $100K to $120K. That means you might not have to come out of pocket for much more than you would a SoCal rental with it's lower PERCENT down payment.   And, of course, the big advantages of the out-of-state rental are low purchase prices, high rents, advantageous LL-tenant law, your property is already renovated or brand new, and it is turnkey PMed if you so choose.   That's exactly why a lot of people are choosing out-of-state properties at GREMarketplace.    Those are some of the major trade-offs, Connor. Thanks for the question.   The next question comes from Jesse in Reno, Nevada.   “With high inflation for two years and cyclical trends entrenched, more nations making foreign trade deals outside of the dollar, and the Treasury printing dollars like mad, I cannot believe the price for a shopping cart full of groceries at Safeway any more. Are we headed for a hyperinflationary period within the next decade?”   Well, that's an interesting question, Jesse. Inflation is an awful malady that disproportionately affects the lower classes more than the upper classes.   But do I believe that there's any significant chance of hyperinflation in the next decade, Jesse? Let me answer that.   Now, first of all, a lot of people - not necessarily you, Jesse - but a lot of people throw around the term “hyperinflation” without really knowing what it means at all.    A consensus of economists define HYPERinflation as an inflation rate of 50% or more every month. Yes, month.    With compounding, that would be inflation of more than 600% per year, not the… closer to 6% CPI inflation that we've had lately.   We could very well have longer-term waves of RECURRING inflation.   In America, our debt-to-GDP ratio is high. It's about 120% right now. Back in 1990, it was just 55%.   Now our debt-to-GDP ratio also hit 120% back in the 1940s, but that was as a result of us having to pay for WWII. And the productivity of the 1950s quickly brought the ratio down.   Here's the problem. Today's 120% is not due to war; it's due to all these politicians' various accumulated promises over time.    That includes CONTINUOUS military spending.   And you know, historically, every fiat currency ends with the END of that currency. Every single one goes to die. The British pound is the world's OLDEST currency in use today.   But to get hyperinflation, it generally takes two key factors:   First, a nation needs to have debts denominated in a currency that that nation can't print.    Now, for emerging markets, its often dollar-based debt that they have and those nations can't print dollars.    100 years ago, Weimar Germany had gold-based war reparations. That was their problem.    You cannot print gold, so they printed MASSIVE amounts of their currency. In more modern times, Venezuela and Zimbabwe experienced hyperinflation.   The second key reason hyperinflation occurs is when there's no foreign demand for your currency… so you hyperinflate it.   So, to create hyperinflation, it takes a tremendous amount of printing… plus no demand for that currency.    The US still has foreign demand for our dollar and there's a lot of debt denominated in the dollar globally. That represents demand for it.   Since the US can print its own currency, we're not very likely to default on our total of $32T debt at all.    We're motivated to let inflation keep running, at whatever fluctuating rate, Jesse.   So to answer your question, Jesse, no. No hyperinflation in the US in the next decade.   And as far as the prolonged elevated inflation that we're having, as a listener, I think you know how to beat that by now. Own real assets.  If you own a house, have a 30-year mortgage. Don't have it “paid off”. You need a mortgage to benefit most. Thanks for the question, Jesse.   Our last question comes from Zack in Claremore, Oklahoma. Zack asks:   Keith, is there such a thing as being “OVER leveraged?” Would you finance everything you can as long as you can create arbitrage?   Great question, Zack. The short answer is, “Yes, I would. I would finance everything up as much as I could without being overleveraged.”   Now, what “overleveraged” means IN GENERAL - out in the larger business world is that you've borrowed too much money in relation to your ability to pay it back.   In real estate, being overleveraged means that you take on so much debt that you can't make your monthly payments on your principal, interest, and operating expenses.   As long as my properties are cash flow positive, even by a little margin, I have found no limit as to how much I would finance, Zack.   Let me use an example. Say that you buy a rental duplex with $4,000 of monthly rent income. Your mortgage and all of your long-term operating expenses are $5,000, leaving you with a NEGATIVE cash flow hole of $1,000 every month.    A $1,000 per month hole is a $12,000 each year hole that you've dug.    If you're financially precarious elsewhere, that can be a difficult hole to fill in and you could descend into delinquency when you miss your first payment, then deeper into foreclosure when you're several months behind, then the bank takes over your property.    You lose your property, lose your credit score, and lose the ability to get new loans for years. You were overleveraged.   You've borrowed too much money in relation to your ability to pay it back since your rent income was $4,000 and expenses were $5,000.   Well, when you buy right, that's not likely to happen. First of all, your mortgage loan underwriter is going to check that you have enough income and enough reserves to meet their qualification standards before you can get the mortgage in the first place.    That's a check against becoming overleveraged, yet things could still go wrong.   For one thing, with FHA loans, your debt-to-income ratio can be an eye-popping maximum of 57% and you can still qualify for the loan.   But you're usually going to be buying your out-of-state rental property with a CONVENTIONAL loan.   Now, INSTEAD of becoming overleveraged, you would buy in the opposite scenario, projecting positive cash flow from day one.   On your duplex instead, if you had just $4,200 of rent income and $4,000 of expenses, you've got just $200 of cash flow, but that is a cushion.   And like I've described on previous episodes, historically your rent income rises faster than your expenses since your mortgage P & I payment stays fixed.   That's why, over time, you often widen that delta from +$200 cash flow so that it just keeps widening to a greater & greater cushion.   So, to review, you're unlikely to find yourself overleveraged if your income exceeds your expenses on day 1, when you have predominantly FIXED RATE LOANS…   … and then another measure of protection is when you own properties in multiple job growth markets - in multiple STATES even - you're better protected against any changes in the law or regulations or changes in that region's economy or even any detrimental disruption to your PM in each of your chosen investment areas.   I dislike overleverage. But I do like HIGH leverage. Because leverage makes compound interest feel really slow.    It is best to FINANCE your properties, even though mortgage rates aren't as low as they were two years ago.    Look at it this way. With 20% down, you could buy five financed properties instead of one all-cash. Over time, five properties appreciating will build you more wealth than one appreciating.   If the properties don't cash flow with 20% down, then get three with 33% down on each. That'll accelerate your wealth-building & help you control the mortgage.   Then… if rates go down, you can still refinance. If rates don't go down, you'll be glad that you bought multiple properties instead of one.   Thanks for the question, Zack.   I hope you enjoyed listener questions today. I hadn't done them for a while. If you did, please, go ahead and tell a friend about the show.   Also, if you've ever wanted to tell me what you think about the show… there's a great way for you to do that & I will see it and read it myself.    You know, I recently learned that in Apple Podcasts Germany, we only have 3 podcast reviews in that entire nation on that platform.    And that prompted me to ask you - whatever nation you're in, to please, you don't have to, but if you'd be so kind, leave a podcast review.    When you do that, it not only helps our show reach more people, but, I do actually read your review of the show, so I get that feedback.   So if you like what I'm doing here, I'd be grateful if you went ahead, and whatever your podcast platform is…   …Google “how to leave an Apple podcasts review” or “how to leave a Spotify review” and go ahead an do that - leave a rating & review for the Get Rich Education podcast and I'd be grateful.    I hope you found one or more listener questions today that really relate to you or your interests, or YOUR unlimited wealth-building potential. Thanks in advance for telling a friend about the show, and for your rating & review.   Until next week, I'm your host, Keith Weinhold. Don't Quit Your Daydream.  

Are you tired of actively managing your investments? Then you won't want to miss this episode! Our guest, Randy Smith, shares his journey from Fortune 100 sales executive to successful passive investor. He emphasizes the importance of due diligence in selecting passive assets and understanding your resources before choosing a strategy. Randy is heavily diversified across assets and operators, with investments in 18 syndications across eight different operators. He explains why diversification across different asset classes, geographies, and operators is critical in investing. Randy also highlights the significance of finding a good operator for passive investors and stresses the importance of spending time with operators before investing and looking for strong referrals. Tune in to learn more about how to fortify your passive portfolio and pick home run operators.Let's dive in! ​​​​​​​Key Highlights:[00:00 - 07:27] Learn from a High-Earning W2 Guy Who Replaced His Income with Passive Investments• Randy's transition from active to passive investing in syndications• Differences between passive investing and turnkey rentals• The importance of understanding your resources and education level before choosing a strategy[07:28 - 14:42] Diversification and Market Cycles• The significance of diversification across asset classes, operators, and geographies• Looking at specific niches within MSAs for investment opportunities• Uncertain factors that could impact returns in the future, such as interest rates and financing[14:43 - 21:40] The Importance of Finding the Right Operator in Real Estate Investing• The crucial role of finding the right operators for passive investors• The significance of referrals in the vetting processKey Quotes:"It's important to spread your dollars." - Randy Smith“I think it's important to watch people and be around people for an extended amount of time because over time people will always show their true selves.” - Randy SmithDownload our FREE ebook, The Definitive Guide To Passive Real Estate Strategies.Check out our Multifamily Syndication Group, and sign up for our NEWSLETTER.Want to invest with us? Schedule a brief call here. Get in touch: Justin@arealminvestor.com and let me know what topics you'd like me to cover or what guests I should have on.If you like our content, please give us a rating on the platform you're listening on!

With Q1 closing out, where is the car wash market today, and is now a good time to sell your car wash? In this episode, Lanese Barnett and Jeff Pavone discuss lingering negative headwinds like bank failures, rising interest rates, and increasing competition, but they also highlight how the car wash industry remains an attractive investment space, and the list of interested buyers continues to grow.    As a matter of fact, there are currently more car wash buyers than there are car wash sellers. And while buyers are taking a more risk-averse approach, they have established their playbook and know what they are looking for. Operators in an A+ location with great execution and a path to continued growth in strong MSAs are still trading at healthy multiples – which is good news for owners considering an exit, especially while inventory is low.     Listen in for more expert insights on the car wash market as well as actionable strategies owners can take to maximize the value of their business.   For a full transcript of the episode and more, check out the post.   Sign up for Car Wash M&A, The Newsletter. | Follow us on social media @AmplifyCarWashAdvisors on LinkedIn or Facebook. | Connect with Lanese on LinkedIn.

Sal Semola has almost 30 year experience in gaming management, with companies such as Greektown Casino in Detroit, Cannery Casinos and Warner Gaming in Las Vegas and several tribal and riverboat casinos. But it wasn't until Semola was hired at Gun Lake Casino in Wayland, Michigan that he really hit his stride. He was able to advise the owners of the casino, the Match-E-Be-Nash-She-Wish Band of Pottawatomi Indians, how to grow their casino while helping to diversify their economy. The tribe is about the complete phase 5, and most spectacular of its expansion project. He spoke with GGB Publisher Roger Gros from his home in Michigan during a winter storm in February. GGB: It's been a long time since you took over at Gun Lake, and you've been doing such a great job that I don't think they'll ever let you go. Semola: I appreciate that. I'm blessed with great support from leadership and also a good executive team. I've been here now approximately five and a half years. And it's been fun. We've done a lot of good things and more to come. Explain what region of Michigan you're in. You're just south of Grand Rapids, correct? Yes, sir. We are just outside of Grand Rapids located off of Highway 131, which is a major north-south artery for Western Michigan, so it's highly trafficked, and we're about equidistant between Grand Rapids, which is the second largest city in the state, and Kalamazoo, Michigan as well. So I'm mistaken thinking that you're out in the woods somewhere? No—our area is somewhat rural. But in the time that I've been here, I've seen just a ton of growth and development in the area, whether it's residential or office buildings. Even the Grand Rapids International Airport is undergoing a major expansion. So there's a lot of things happening in this area. Currently you're completing a $300 million expansion. What are some of the elements of that build-out? We are calling the expansion phase five. It comprises a 252-room, four-diamond hotel—we don't have a hotel currently—a spa, additional food and beverage venues, expanded casino space, albeit slightly, and what we refer to as the Aquadome, all designed by HBG Design. And what was the reason for this expansion? You've already had four phases prior to this one. Why did the triad think it was necessary for such a major project? That's a great question. And the short answer is we're playing catch-up. Back in the day when the tribe began this process and partnered with Station at that time, there were a couple of lawsuits that put a little bit of a hamper on what was going to be built. That lawsuit went on for years and ultimately went to the U.S. Supreme Court. The tribe ultimately did prevail, but you had that overhang, and also at the same time as the project was being developed, the financial crisis under way. So those two things really impacted what was built initially. Like I said, we're playing catch-up here now. I came on midway through what was characterized as the phase-three expansion, which was rather modest in the sense it was maybe a 100-slot machine addition to the floor. But it was really about a connector building for a parking garage that was needed in anticipation of meeting the needs of future expansions due to the increased traffic, and also the depletion of existing surface parking. And then phase four, which we just completed in September 2021, comprised three new F&B outlets, and began to set the table for phase five. Once phase five, which is the current expansion, is complete, we will still be smaller than two other successful properties in the area despite Gun Lake Casino, and Grand Rapids in particular, having much more favorable MSAs. What I hear about the tribal leadership is very impressive—that they're thinking beyond gaming—and I believe they have a new mixed-use non-gaming development under way. Is this a path for the future for not only Gun Lake, but for progressive tribes? Yes. I believe you're spot on. The tribal leadership here is extremely forward-thinking. I think that when you take into account that they've only been on their own, so to speak—outside of the umbrella of employing a management company—they're much further along in that cycle of evolution, in terms of how they look at business and the future. With that, I believe that tribal gaming enterprises in general as they become more mature over time and realize that there's economic opportunities that they can comfortably participate in outside of the sovereignty umbrella, they become more comfortable investing in that area. And you'll see more of that; we've already seen it in the commercial gaming front. As you know, I was part of the Greektown Casino opening, which was the first commercial Native-owned casino in the country. And since then, we've had a few more. And I think it's just the beginning, as they get more comfortable and they meet their more immediate needs. And this is for every tribe. And some tribes are larger than others, so that may take longer than others, and may be in a worse place to start off with than other tribes, and maybe in a better place. But I think ultimately 10, 15, 20 years from now, there won't be a tribe that has gaming for at least 10 years under the belt that isn't seriously considering other economic opportunities.

In this final episode in our series with Dan Anders, Chief Compliance Officer of Tower MSA, we talk about what MSAs (Medicare Set Asides) are in general, and how they are applied in workers' compensation. Mr. Anders also has his own podcast called Set Aside Some Time where he delves even further into the world of MSAs.For more information on this episode, and other helpful tips about workers' compensation, visit the RateFast Blog.If you're a workers' compensation provider, adjuster, or case manager check out RateFast Express: the service that writes your impairment reports with you!

This week we speak to Dan Anders, Chief Compliance Officer of Tower MSA about what MSAs (Medicare Set Asides) are in general, and how they are applied in workers' compensation. Mr. Anders also has his own podcast called Set Aside Some Time where he delves even further into the world of MSAs.This is part one of a two part series with Dan, so make sure to stay tuned!For more information on this episode, and other helpful tips about workers' compensation, visit the RateFast Blog.If you're a workers' compensation provider, adjuster, or case manager check out RateFast Express: the service that writes your impairment reports with you!

This is a narration of our weekly Rent and Operating Trends Report.The employment market remains strong despite recent big tech layoffs. Apartment fundamentals had a positive week, with net effective rents nationwide picking up and key metrics such as traffic, leases, and available to rent improving. Nashville, Dallas, Houston, and Denver led in traffic increases, while Nashville, Denver, Jacksonville, and Phoenix were in the top 3 MSAs for new leases. The overall financial system is not overleveraged, and the upcoming economic slowdown is expected to be light and short.Tune in to find out more information on multifamily dynamics during the week of January 22nd, 2023.

Rob Stone is a member of the infrastructure team at Meta, focusing on next generation optics and networking. Prior to Facebook, Rob was a distinguished engineer at Broadcom within the switch architecture team. He is active in industry communities including IEEE and other MSAs. Rob holds a D.Phil. in Physics from The University of Oxford. Series: "Institute for Energy Efficiency" [Science] [Show ID: 38463]

Rob Stone is a member of the infrastructure team at Meta, focusing on next generation optics and networking. Prior to Facebook, Rob was a distinguished engineer at Broadcom within the switch architecture team. He is active in industry communities including IEEE and other MSAs. Rob holds a D.Phil. in Physics from The University of Oxford. Series: "Institute for Energy Efficiency" [Science] [Show ID: 38463]

Rob Stone is a member of the infrastructure team at Meta, focusing on next generation optics and networking. Prior to Facebook, Rob was a distinguished engineer at Broadcom within the switch architecture team. He is active in industry communities including IEEE and other MSAs. Rob holds a D.Phil. in Physics from The University of Oxford. Series: "Institute for Energy Efficiency" [Science] [Show ID: 38463]

Rob Stone is a member of the infrastructure team at Meta, focusing on next generation optics and networking. Prior to Facebook, Rob was a distinguished engineer at Broadcom within the switch architecture team. He is active in industry communities including IEEE and other MSAs. Rob holds a D.Phil. in Physics from The University of Oxford. Series: "Institute for Energy Efficiency" [Science] [Show ID: 38463]

Rob Stone is a member of the infrastructure team at Meta, focusing on next generation optics and networking. Prior to Facebook, Rob was a distinguished engineer at Broadcom within the switch architecture team. He is active in industry communities including IEEE and other MSAs. Rob holds a D.Phil. in Physics from The University of Oxford. Series: "Institute for Energy Efficiency" [Science] [Show ID: 38463]

Welcome to A Way Through, a podcast brought to you by Archway Academy! A Way Through invites you to join in on the conversation and hear stories of triumph, self-discovery, and healing. The purpose of this podcast is to remind you that though you may not see it now, something different is possible; Recovery is possible! **The views and opinions expressed by our guests are those of the individual and do not necessarily reflect those of Archway Academy. Any content provided by our student co-host(s) or guests are of their opinion and are not intended to reflect the philosophy and policies of Archway Academy itself. Nor is it intended to malign any recovery method, religion, ethnic group, club, organization, company, individual, or anyone or anything. In this episode of A Way Through, Jamie Edwards, Director of Community Relations at Archway Academy, is joined by Elizabeth Westbrook, LBSW, and Mary Beth Cameron, Attorney at Law. Mrs. Westbrook is a Licensed Social Worker and Familly Facilitator at Goodnight Law Firm in Katy, Texas with extensive training in alternative dispute resolution techniques, family law, and family violence, with a specific clinical emphasis on shame-free recovery. Mrs. Westbrook has worked in various capacities, including destigmatizing mental health imbalances, the nonprofit sector, and conflict resolution through effective communication tools. Elizabeth is passionate about serving blended families because of her own journey with peaceful co-parenting. She is also currently finishing her Master's in Social Work at The University of Houston. Mrs. Cameron is a Family Law Attorney and Founder of Goodnight Law Firm, and as extensive training in alternative dispute resolution techniques, family law, and family violence. Mrs. Cameron has served and done work in various legal capacities, including numerous mediations with mutually agreed upon MSAs, domestic violence survivor advocacy, and adoption processes. She is passionate about advocating for children by equipping parents with effective communication strategies and healthy boundaries. Be sure to subscribe to A Way Through to stay updated on each new episode and leave a review of the show! Topics Discussed: Removing shame and stigma behind mental health and addiction Familial cohesion and effective communication practices Enabling families to Thrive & recognizing that family isn't a “one-size fits all” Why due diligence is KEY when finding an attorney Learning to love ourselves - future, past, and present The powerful mindset shift in reminding parents they're not to blame for their children's actions Resources: Call: 713-929-6218 Facebook: https://www.facebook.com/GoodnightLawFirmInKatyTexas Instagram: https://www.instagram.com/goodnightlawfirm/ Contact Archway Academy: If you or a student you know needs help, visit the website, or call the number below to schedule a tour. We are here to help. Address: 6221 Main Street Houston, TX 77030 Call: 713.328.0780 Email: sasha.coles@archwayacademy.org Website: https://www.archwayacademy.org About Archway Academy: "Where Education Meets Recovery." Archway is the largest recovery high school in the nation, located in the sunny heart of Houston, Texas. We meet the individual educational needs of teens recovering from Substance Use Disorder with care, compassion, respect, and rigor. --- Send in a voice message: https://anchor.fm/archway-academy/message

Welcome to How To Scale Commercial Real Estate Podcasts, Today we are joined by Adam Benton.  Adam founded Stellar Senior Living in 2012 with 4,000 units and 2,300 employees. The company now has 9 states with plans to grow to 30 locations by 2021.    [00:00 - 05:36] Stellar Senior Living Reports Steady Growth in Senior Housing Market Adam talks about how the company grows and manages its operations The senior living market is in a good position with high demand and few competitors   [05:36 - 11:17] Senior Housing Industry rebounds after Covid Covid did not do as well as other businesses, such as restaurants or office space, during the downturn. However, Covid has seen growth in its business since then and now offers a need-driven product that is in high demand. Senior housing is currently cheap because of the depressed occupancy levels and demographic trends of people living longer. The cost of construction and interest rates are also contributing to the current depressed market for senior housing.   [11:17 - 16:47] How to Keep a Building Occupied: Tips for Attracting and Retaining Talent People do want buildings that look nice and smell good, but they also want someone to care for their loved ones properly. People are more likely to be distressed with a property if it has deferred maintenance or is older. There is no one silver bullet for retaining or attracting employees, but the same things that make employees happy at work - like contributing and feeling like they're making a difference - will make them stay. Senior housing businesses look for market conditions that will allow them to keep residents and attract new ones." [16:48 - 20:58] Closing Segment Reach out to Adam!  Links Below   ----------------------------------------------------------------------------------   Tweetable Quotes: “We learned during Covid that it truly is a need-driven business. So people move in for a number of reasons, maybe a lifestyle change or they just want to make that next step. But often it's also driven by maybe you had broken your hip and you're getting surgery and then you realize that probably home isn't the best environment for you going forward, or that your kids are worried about you living by yourself and you wanna be in more of a social structure”- Adam Benton   “When we look at a property that's maybe distressed, you'd be surprised that sometimes they're distressed because they've had deferred maintenance and they're older and there's an opportunity just to do like a CapEx improvement plan.” - Adam Benton Connect with Adam Benton by following him on Linkedin or visit their website at (www.stellarliving.com Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below: [00:00:30] Sam Wilson: Adam Benton started Stellar Senior living in 2012. The company now has 4,000 units in nine states with 2,300 employees. Adam, welcome to the [00:00:41] Adam Benton: show. Hey, thanks for [00:00:43] Sam Wilson: having me, Sam. My goodness. 2300 employees. That's a lot of people to keep track of. [00:00:48] Adam Benton: How do you do it ? well, it's our most impressive metric. It just happens to be a people business. Obviously, you have your real estate component. You got this operational piece and the operations, it's a people business, so there's residents, there's employees, and probably the most difficult as the resident family members. So all in lots of people that we're trying to make happy and but it, it makes for a great [00:01:07] Sam Wilson: business. Absolutely. Adam, there are three questions I ask every guest who comes from the show in 90 seconds or less. You tell me where did you start? Where are you now and how did you get there? [00:01:15] Adam Benton: Yeah, so this business I started, it was, I started with my With my dad and my brother. And we did it about 10 years ago. I see 11 years ago. We just had this idea, didn't, didn't grow up. Think I'd be in a family business. And so we we started looking for properties to buy. I was working on Wall Street. So had a lot of experience on the sales side of things and and we ended up finding four assets. My dad had a fair amount of experience in the space, but had never started a business on his own doing this. So we We basically found these four assets. We ended up partnering with a public real estate investment trust who actually bought them and then we leased it back from them. And then at that point, the whole goal is just that you gotta make more money than your lease payment. And at the time we were making a little less, and so we just had to kind of grind and, and keep going. So that's how we started. And then the second question is where are we at today? And then how did we get there? Is that right? [00:02:06] Sam Wilson: Yeah, we're just gosh, you gotta be confusing. My own question. Where'd you start? Or Callie, 90 seconds or less? Where'd you start? Where are you now? And how'd you get there? Yeah, I think that's gist, but feel, like I said, I asked that question. Seven times a week, and I can't even remember the exact level, [00:02:19] Adam Benton: but there you go. So, so today we're at, like, like you said, we're at nine states. We've got a few thousand employees, we've got 30 locations. And and, and how we get there is it, it seems amazing, but it's basically three properties a year. So that's it over 10 years and all of a sudden you're at 30. So that's, Out there. I just adding on three. [00:02:39] Sam Wilson: Yeah, adding, So it's one, one every four months you're bringing, bringing online, and I guess you're right, it's the it's the toes and hair idea in that is that you just, Yeah. Keep plugging away at it. Tell me about the senior living opportunity. Where, where is the market now in, in, in this opportunity? I guess just, just gimme a, I guess if you don't mind, just a, a, your, your overall perspective on Yeah. The asset [00:03:04] Adam Benton: class and where you see it going. So I, I love this asset class for a number of reasons. One is it's it's the very people focused, very service oriented. So that component of the business is just incredible there. There's so many stories every day of people caring for other people and and really showing love one to another. So, and it's hard to avoid. There's a lot of businesses where it's you're struggling to find a purpose as to why you're doing it that's easy in this business. Right. It's also a nice nexus between real estate and operations. So senior housing is still considered. Or senior living is still considered a real estate asset class. It's an alternative asset class. It's the largest piece. It's about 35% of alternatives. So you've got your sort of five major food groups, right? It's like multi-family and office space and retail. And let's see, what would be another one? Industrial. Storage industry. Yeah, I guess, storage. Yeah. So then on the, Yeah, exactly. So on the alternative side storage is considered alternative student housing, alternative senior housing, alternative databases, database centers is alternative. So, we're the largest portion of that. Cause it takes a level of operations to do it. But it's a nice mix, so you still need to know the basics. Blocking and tackling related to mainly like an apartment complex. Oh, I remember the fifth one. It's hotels, it's hospitality. That's on the core asset class stuff, so, Right. But but then there's another piece which is just, there's an operating component to it. So if you look at our income statement on one end, it looks a lot like an apartment complex, and on the other end it looks a lot like. More of like a home health and hospice or a Chili's restaurant, and you just combine those three together and you've got our business, which is senior housing. . [00:04:48] Sam Wilson: What is the health of the market today? I mean, there's all sorts of, you know, theories going on. Okay, where's multifamily now? Where's self storage? You know what's over bought, What's under bought? But tell me about the senior living space. What's that market snapshot look [00:05:01] Adam Benton: like? So, the senior living space, I, I think it's in a phenomenal position to invest in today, and there's a few reasons for it. So, just to make a comparison, if you look at multifamily today, there's some difficulties. There's people are looking for high prices. There's a ton of demand. It's very obvious and a lot of properties are, are totally full. Well in our space. We're still, we got knocked on our heels a little bit during Covid and and the, the whole industry dropped from kind of the 90 ish percent occupancy down to. Mid to low seventies, and it's been climbing back every month. Right. So we didn't get nearly as as hit as restaurants or office space for example, or hotels. But it did hurt us. But we've seen it growing back now. What we learned during Covid is that it truly is a need driven business. So people move in for a number of reasons, maybe a lifestyle change or they just want to make that next step. But oftentimes it's also driven by maybe you had a. You broke your hip and you're getting it you had surgery on it, and then you realize that probably home isn't the best environment for you going forward, or that that your kids are worried about you living by yourself and you wanna be in more of a social structure. So those are kind of the need driven reasons why people would move in. We thought that during covid, you know, March of 2020 and April of 2020, that you would just see it go to zero. And it didn't, It was incredible. Our, our offering, because of the restrictions put on our business, or, Hey, you can move your loved one in. They'll move in. They're never allowed to leave and you're never allowed to come in and visit. And it is like, And you could talk through a window. We had to do that for almost a year, and people were still moving in. So it just really highlights the fact that there's a need even with that kind of poor value proposition during the time. But and that it's climbing back now, you, you combine the fact that. I think senior housing right now is actually still cheap because of of the, of the depressed occupancy levels. And then you you look at demographic trends of where it's going and the demand is just, the math is just easy to do where you're just seeing baby boomers aging. People living longer. And then a higher utilization percentage of people above 75 that use assisted living that are really driving it. And then you layer on the fact that right now it's actually a little difficult to build existing buildings with cost of construction and cost of interest of, of debt. And you end up in an interesting scenario where you've got. What I consider something that's probably on the more value in terms of what it's worth today because of the lower occupancy, but then with really good demographics going forward. And then not a lot of new supply coming on for a while because of people looking at the cost of construction and the fact that it's still depressed with occupancy. [00:07:49] Sam Wilson: So how, how does that play in with, say, a recession? So you have, I get the need side of things. I get the fact that, okay, maybe if occupancies are low, the prices overall are like, in, in your words, you know, things are still cheap, but let's let, let's, let's forecast a recession and say, Okay, you know what, maybe, maybe that boomer, maybe that retiree, maybe their portfolio went to pot, right? It's worth half its value. How does that play into your guys' business, and does it affect it, [00:08:20] Adam Benton: if at all? Yeah. So, it will affect it. But for example, in the 2008, 2009 financial crisis it was the best performing real estate asset class coming out of it right in the middle of it as well. And then to highlight back to what we saw during Covid, which is just that. the reasons why people are using senior housing don't necessarily correlate with the market as a whole. It's more need driven related to your health. And then the main ways in which our residents pay for moving into senior housing they have three. Sort of buckets that they pull from. So one is obviously just your general social security, so you're getting a thousand or 2000 a month from that. The second is maybe savings, your pensions, and then the last one is equity from your home. And so those, well, those will come down a little bit, but if you. Look at what's happened even over the last run of 10 or 15 years. Those second buckets your pension savings, those amounts and then the value of your home have gone up tremendously. So we're not seeing a huge slowdown from people's ability to pay for senior housing when they need it. And I don't think that'll slow very much during per session. [00:09:31] Sam Wilson: Right. What are you guys, are you guys building ground up? Are you buying existing facilities? What's your [00:09:36] Adam Benton: strategy? We do both. Yeah. So we do, we have three ground up constructions that we're doing today. A typical ground up will be 150 units. And they generally range at that size of about 40 to 50 million to build something like that. And then in terms of existing oftentimes these properties need to compete. And so to do that, you need to have really good set of amenities and common space and we'll take existing properties, renovate them, make 'em look nicer, and then put in the correct operations and get it going. So we do both options by existing and build. What, [00:10:14] Sam Wilson: what, When you look at a, an asset, and I'm gonna call it distressed, right? I'm gonna take this all the way back to maybe my single family days of, of flipping houses. Yeah. You could spot one a mile away. You're like, Oh, hey, there's a house we can make a pile of money on. Cuz you see the common signs, like what are the common signs you're finding in assets that you're acquiring and then renovating. You're like, Oh, hey, there's something that we can turn around. [00:10:35] Adam Benton: Yeah, it's a little different than what you might find in a home or multifamily. And the fact that you might find a multifamily that, hey, it's just a little tired. There's deferred maintenance, and the prices are a little bit too high if we just go through and carpet, paint and lighting and maybe some changes that we can then compete and have it fill back up and charge higher rate. Within the senior housing space, if you think about how you choose hospital, for example it's less about what the building looks like and more about the reputation and their operational ability to care for you, right? So when you take those two concepts, senior housing sort of sits in the middle where there's a component where you want it to look good and nice, but at the same time you have to have a solid reputation and There's a saying in our industry, which is that chandeliers don't give care. People do. Hmm. And so you see that now when people first look to move in they they wanna make sure the building looks nice and you just kind of hit those table stake options, that it smells good. You got somebody that's greeting at the front desk, things like that. But then ongoing, what they really want is that someone's gonna do two. They're going to they're gonna properly care for your loved one and they're gonna love them. Right? So those are those two sort of aspects that. That that you need. So when we look at a property that's maybe distressed, you'd be surprised that sometimes they're distressed because they've had deferred maintenance and they're older and there's an opportunity just to do like a CapEx improvement plan, right? But we see a lot of new buildings that are also distressed and it's because they missed on the, on that reputational or operational component to it. And those are Ones that we love because it just is a matter of just finding the right team, training 'em properly, incentivizing 'em, and just having everybody pull in the same direction. And that doesn't actually take a lot of CapEx, but you can't go buy it at Home Depot either. So you gotta, you gotta build it. [00:12:20] Sam Wilson: Yeah. I mean, that, that sounds more like a company culture issue than it does a, like you're saying, a, a CapEx. [00:12:28] Adam Benton: Right, right. Yeah. You, you can't go to, you know, Aisle 13 and Walmart and buy company culture. You, you get, it's one of those secret sauce items that you have to just constantly work on. And and especially when you have a couple thousand employees, that is, that is truly something that we focus a lot on. In fact, we have, this is something we pulled from Netflix. We have what's called the culture deck, which is about a 70 page PowerPoint slide that goes through all of our culture items. That we [00:12:53] Sam Wilson: talk about how, how, I mean from a couple, you know, from two sons and dad saying, All right, hey, let's go buy some senior living facilities. That's cool. To now having a 70 page culture deck like that's a lot of progress, first of all. But how did you decide, and how did you finally figure out, especially from the early days, what that culture was gonna look like, what you wanted, how you wanted that to actually play out? I mean, that, that to me sounds a lot like work going, Yeah, [00:13:22] Adam Benton: this is gonna be, sounds pretty daunting, right? That's exactly, that's a great word [00:13:25] Sam Wilson: for it. [00:13:26] Adam Benton: So if you were. So for your listeners on the podcast, what I'd recommend, if you wanna get some exposure to senior housing, what you want to do is partner with a management company like an operator that will, that will be able to do it for you. I wouldn't just jump in and start saying, Great, I'm gonna just. This is easy. I'm just gonna start operating, buying and operating senior housing unless you got a lot of time. So the, the first thing you can do is you can find a property and then you basically just couple it with a very good operator. And there's usually a handful of operators in every state that are well known that will partner with you. And they and some of them do third party management where they'll come in and just manage for a fee. And then the other option is you could joint venture with them where it's. Manage for a fee, plus they'll probably throw in some capital and, and invest alongside you. So that's probably step one. If you don't want to go build like a 60 page culture deck and manage a whole set of employees and payroll and everything goes with it. And then you can learn a lot by doing that. And if you feel like it's worth it, then you could over time just like morph into your launching your own management company. [00:14:29] Sam Wilson: What, who is, who is the hardest. Employee for you guys to bring on and, and kind of fit into your system. Like what's the greatest need that you say inside of your business? Like, man, this is somebody that makes or breaks this, and it's probably the hardest seat to fill. [00:14:45] Adam Benton: Yeah, we're a 24-hour business, so the hardest seat to fill would probably be a weekend night shift, med tech or caregiver, right? So imagine it, right? Your 2:00 AM Sunday morning caregiver, that that's probably your hardest position to fill. And they're the most important because they're right front lines on, on what's happening. If you think about a standard building of ours, we've got an executive director, you have a chef and their whole team, so. So chef servers, cooks, dishwasher. You have like a nurse with their whole team. So that's rn, LPNs, med techs, CNAs, right? So, and then you have activities, right, which is activities transportation. And then you might have a front desk, and then you have a sales team maintenance. And and then you have basically an executive director that runs that whole thing. And I'm sure I'm missing a section, but that's the basic structure of a senior housing team. [00:15:38] Sam Wilson: Wow. Yeah. That And, and how do you guys solve that? Like what, what do you do to attract that 2:00 AM. You call med tech, Was that the right [00:15:45] Adam Benton: word? Yeah. Like a med tech, somebody who's managing medications or, or a, a certified nursing assistant. That is a real trick, especially today where, where we're having a lot of payroll issues related to attracting, retaining, maintaining talented employees. And there's, there's not a silver bullet but it's the same thing people wanna. In a place where where they have a friend, where they feel like they're making a contribution or making a difference every day, and where they have opportunity to grow and hit their own goals. And and so you have to be just like, we're, you're, you're trying to keep a building occupied by attracting residents on the same side. We have a similar process for attracting and retaining talented employees. [00:16:31] Sam Wilson: Is there a location or, or I guess like where does this business work? Is it anywhere? What, like what do you guys look for in expansion? You say, Okay, here's, here's kind of the right market conditions for us. To move into that area? What's that look like for [00:16:46] Adam Benton: you? That's a great question. They, the, the knee jerk reaction is to say, I know it's Arizona and Florida, right? That's where we're at. But this is actually, it's just draw five mile radiuss around the entire country with population. So your top 100 MSAs. And then you just this, this is more of like a a product where you offer to a neighborhood. For example, our average age resident is 86 years old. Wow. And at that point there when we look at the demographics of where to build a property, Sometimes we look at what the population is of where their kids are because at that age, let's say mom lives in Texas and she has a fall and her kids all live outta state, right? They're probably not gonna actually find a place in Texas to. To have their mom live. They'll have mom live near one of the kids. Right. And and so they tend to move to places like Columbus, Ohio or Salt Lake City. They're not, it doesn't actually match up with what, what you're thought of is where elderly live. They might live there before, but then when they have more needs, they'll move in close to their kids. And we're talking a five to six mile radius, 12 minute drive time. That's what we're [00:17:57] Sam Wilson: talking that, That's interesting. I'm thinking about a small town here in Tennessee that I know pretty well. And they put in, I don't know how big the facility was, but it, for that small town, it was a pretty astounding facility. I'm like, really? Here? And the place is, It's jam packed. Yeah, jam packed. And I mean, this town doesn't have more than 15, maybe 20,000 tops. People in it. And I just kind of looked at that. I was, you know, it's a head scratcher for me going, I would not have put a assisted living facility or a senior living facility in this town. And yet, here I am wrong again, which is not uncommon, but here I am wrong again. So I was really curious what, what you guys see you know, where, where you guys find opportunities. So that's really cool that, you know, think through like where are the kids, wherever the kids are gonna be in a five mile radius, you know, with any, any any, you know, large msa. There you go. That's that, that's a pretty easy easy, easy dart to board. So [00:18:52] Adam Benton: that's not do. It is, and we, we find that know we've seen that strategy as well. Obviously it, it makes sense if you're in the middle of Salt Lake City and you've got a million people to draw from. But we've seen it in places. We have a property in Colene, Idaho. Colene is not very big. Mm-hmm. . But we find that the draw actually comes not just from Colene, but there's a massive sort of 50 mile radius of rural population where people are coming in from and and that at some point, the similar. Track that you would do to come to a hospital or to something where you need additional care, You'll do the same thing to come into the, the closest city for senior housing needs. Right, [00:19:27] Sam Wilson: right. I guess that that would make sense for the town. I'm thinking of too, cuz there's nothing within an hour and a half of there that would be any, any substantial size. But there's dozens of towns that are, you know, anywhere from five to 15,000 people. That surround it within 30 to 45 minutes. So [00:19:43] Adam Benton: that makes sense. That's the big town. Yeah. Right, [00:19:45] Sam Wilson: right, right, right. Yeah. Yeah. So that's that's very, very fascinating. Adam. I've loved this. Thanks for taking the time to come on this show today and break down the senior living space for us. How you guys got involved in it, the ways that you guys have grown and built your company, things to look out for and, and, and then, Yeah. I mean, this is, this has been absolutely awesome just learning about your business, the people business. I can't believe that 2300 employees. Right. That's a lot of, a lot of balls to keep in the air and things to keep moving. If our listeners wanna get in touch with you and learn more about you, what is the best way to do that? [00:20:16] Adam Benton: Yeah, you can look me on at LinkedIn. So our business is Stellar senior living and Adam Benton at Stellar Senior Living. And just message me. I'm happy to reach out talk with you directly if you have any questions about the business and and I always loved taking time to explain our industry a little better. Awesome. Thanks [00:20:31] Sam Wilson: again, Adam. Have a great rest of your day. [00:20:32] Adam Benton: Yeah, you bet. Thanks Sam.  

Don't know what this episode title refers to? Look it up in the FM. And for your listening pleasure while you do so, tune in to this week's show, in which Matt, Rich, and guest host Lori Hardtke, of ByteWize, discuss all the news from N-able's Empower partner conference, Kaseya buying ConnectBooster, and ChannelPro's All-Star award list for 2022. Then stick around while your hosts are joined by Brad Gross, attorney at law and managed services expert, as he delves into the finer points of MSAs and SLAs. No reading required, in the FM or elsewhere! Want to hear more from Lori Hardtke? Don't miss her awesome online course, Powerhouse of One: How To Be A Super Successful Solo MSP Subscribe to ChannelPro Weekly! iTunes: https://itunes.apple.com/us/podcast/channelpro-weekly-podcast/id1095568582?mt=2 Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9jaGFubmVscHJvd2Vla2x5LmxpYnN5bi5jb20vcnNz?sa=X&ved=2ahUKEwjq-N3UvNHyAhVWPs0KHYdTDmkQ9sEGegQIARAF Spotify: https://open.spotify.com/show/7hWuOWbrIcwtrK6UJLSHvU Amazon Music: https://music.amazon.com/podcasts/a1d93194-a5f3-46d8-b625-abdc0ba032f1/ChannelPro-Weekly-Podcast More here: https://www.channelpronetwork.com/download/podcast/channelpro-weekly-podcast-episode-242-rtfm Topics and Related Links Mentioned: N-able Previews Cloud Infrastructure Management Solution - https://www.channelpronetwork.com/news/n-able-previews-cloud-infrastructure-management-solution N-able Execs to MSPs: Manage and Secure Everything - https://www.channelpronetwork.com/news/n-able-execs-msps-manage-and-secure-everything Kaseya Acquires ConnectBooster - https://www.channelpronetwork.com/news/kaseya-acquires-connectbooster 2022 ChannelPro SMB All-Stars - https://www.channelpronetwork.com/awards/2022-channelpro-smb-all-stars Brad Gross's podcast: The Technology Bradcast - https://bradleygross.podbean.com/ Rich's quickie preview of the week ahead

For passive investors, having a greater understanding of the MSA where a specific multifamily project is located can provide valuable insight for selecting the right deal. With this in mind, The Multifamily Investor Podcast will be releasing a series of episodes focusing on specific MSAs. First up is Nashville, which has seen incredible growth and interest in multifamily real estate. Today's guest who will break down Nashville for potential investors is Jessica Grover, Managing Partner for Cassica LLC. Jessica has been on both the LP and GP side of multifamily and is herself a Nashville resident. Listen in for her unique perspective on The Music City. Show notes: https://multifamilyinvestor.com/2022/09/nashville-052/

Should you join a mastermind group? What is it and how does it help successful entrepreneurs achieve their goals?   Jeff McKee of McKee Capital Group is a General and/or Limited Partner on 15 Class B and C multifamily apartments communities, 4000+ apartment units/doors with $200M+ Assets Under Management (AUM) across 10 cities/MSAs and 7 states in the South and Southeast of the United States. Out of these 15 syndications, he is a General Partner on 10 of these assets, 2,500+ apartment units, Key Principal/Guarantor on 4 assets including Fannie Mae and Freddie Mac non-recourse debt all in less than 18 months with support from mentors, partnering, and networking.   He talks about the value of surrounding yourself with like-minded individuals, and how to get started in real estate investing through the mastermind group.  [00:01 - 03:32] From W2 Employee to GP  Welcoming Jef to the show Jeff shares his story of how he started in real estate investing and got into a mastermind   [03:33 - 12:20] Why Real Estate Investors Join Masterminds What can you get out of a mastermind group? Understanding the value you can provide to a project or a team The cost-value analysis of joining a mastermind group Building a network within the mastermind and managing communication   [12:21 - 17:59] LP and GP: Everything You Need to Know How the general partnership percentages are broken down What has changed in today's economy compared to a few months back There is currently a softening of the multifamily market due to various factors Jeff's advice on people who are just getting started   [18:00 - 21:55] Closing Segment If he could go back in time five years, what would he do differently? Connect with Jeff! Links Below Download a free copy of his ebook: Passive Investing In Multifamily Guidebook Final Words     Tweetable Quotes   “Part of a mastermind is just surrounding yourself with successful people that have experience and that can help along the way.” - Jeff McKee   “You need to specialize. It's hard to be a generalist and be very successful.” - Jeff McKee   “Finding what your special sauce is, what your niche is, and then that's what you can add to the team.” - Jeff McKee -----------------------------------------------------------------------------       Connect with Jeff through the Mckee Capital Group website and follow him on LinkedIn!   Resource Mentioned: Rich Dad Poor Dad by Robert T. Kiyosaki     Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below:   [00:00:00] Jeff McKee: The other lead sponsors that found the deal, they generally have pretty good experience. And now, you know, we have experienced as well but but it's one of those balancing things of you do want a general partner team that has a track record that has experience in that asset class, preferably, you know, in that state or that sub market. And that's typically who we partner with.    [00:00:33] Sam Wilson:  In the past two years, Jeff McKee has become a general partner in over 3000 apartment units representing $250 million in assets under management and the Southeast. Jeff, welcome to the show.    [00:00:44] Jeff McKee: Thank you, Sam.    [00:00:45] Sam Wilson: Hey, man, the pleasure is mine. Jeff, there are three questions I ask every guest who comes on the show, and 90 seconds or less. Can you tell me where did you start? Where are you now? And how did you get there?   [00:00:53] Jeff McKee: You bet. So a lifelong W-2 employee five years ago, read Rich Dad, Poor Dad. Then we moved into a single family mastermind here in Austin, Texas. Did one fix and flip one buy and hold and realize that was pretty hard to scale. And this is my wife, son and I. Then after about a year of that we moved into another mastermind it was multifamily based in Dallas, we invested as limited partners and five deals, then we decided we wanted to be general partners. We joined another mastermind group two years ago, and we've been general partners on 13 deals, you have 3000 plus doors in the south and southeast.   [00:01:28] Sam Wilson: That is a lot of moving pieces there. And this is a conversation that don't you know, we don't have a lot of talk around, you get a breakdown for us the mastermind progression. I mean, a lot of times people join, you know, they'll join a coaching program, and we'll hire a particular mentor. It sounds like the mastermind pro we're kind of route was the way that you took this down. Can you can you break down how you chose your masterminds? You know, and then pivoting out of those, you know, kind of where that decision making tree kind of broke down along the way?   [00:01:57] Jeff McKee: Sure, sure. Yeah. So I read Rich Dad, Poor Dad five years ago, then we decided to start in single family. So the fix and flip the buy and hold the homestead strategy, we actually bought a wholesale house and tore it down and built two houses on it. We did Airbnb and the back house that we built, and we live in the front house is our homestead. And then, you know, that was through meetups. And once I got you know, educated on what I was missing in terms of driving passive income beyond the W-2 job, I said, Well, there's got to be a better way. So that was then one of the people in that single family group said, hey, you need to come to a Tuesday launch. You know, here in Austin, Texas, where we talk about commercial property investing, specifically apartment syndication, which I didn't know, the average person could invest in whatever a syndication was, so there was a lot to learn. So then we went up to a mastermind weekend, where they spent three days teaching you all about multi multifamily apartment investing limited partners, then we joined that group. And then we took some of our capital and put it in five different deals. They were all in Texas. And then after a few years of doing that, we said, well, we wanted to go bigger, faster. Beyond the 700 doors as LPs, we wanted to be general partners. And then we looked around for another group, because we wanted our son to continue investing with us. And the one group that we did the limited partner, a mastermind date, they really wanted him to pay for his own membership to become a general partner. And we went to another group that was much more family oriented. And so we just paid for one membership fee for the whole family. And we have another son and a daughter, and they can participate in this as well.   [00:03:33] Sam Wilson: That's really, really cool. What do you feel like the value was in joining a mastermind like, tell me how the deals were structured? Tell me how the opportunities presented themselves. Can you can you talk to us about that? Because I'm probably fairly fuzzy on kind of the mechanics of how a mastermind, and then taking down deals works.   [00:03:52] Jeff McKee: There's all different kinds of masterminds that, you know, that people can kind of look at. And some of them are small, some of them are large, some of them focus on education, some of them focus on getting you into deals, and there's a few that really focus on getting you in your first deal. And then you got to figure out yourself, what value do you add. So for example, if you don't have capital, maybe you can find the deal. So you could become an acquisition specialist, maybe you know, something about construction, property management, you could be an asset manager on the general partner team. I didn't really you know, have those skill sets nor the time because my wife son and I were all in W-2 jobs, you know, at the time, so we focused on the middle part of the syndication where I can sign is a key principle on some of the loans. I raise capital through this McKeecapitalgroup.com. And then we also provide earnest money down at risk capital at the front end of the deal. So that's where we added value to a team of people. And that's one of the things I've learned over the years is to specialize not only in maybe in an asset class to be able to scale but also within that asset. that class, you need to specialize. It's hard to be a generalist and be very successful. And so the other part of a mastermind is just surrounding yourself with successful people that have experience and that can, you know, help along the way. But then you also add your unique value proposition to that general partner team.   [00:05:19] Sam Wilson: I've seen mastermind prices range from reasonably affordable for most people to incredibly expensive six figure masterminds? Can you talk us through kind of the cost to value analysis someone should be making when they when they look at joining a mastermind group?   [00:05:38] Jeff McKee: I mean, you know, part of it is you always hear people say, you know, invest in yourself. So some of this is invest in yourself. I mean, we didn't really have much success with the three types of groups that you can join. And so we decided to invest in ourselves and invest in these masterminds. And so the single family one, mastermind ranges from, like an entry of 20k to 50k, one time fee, no annual renewing some of the other apartment masterminds multifamily, you know, they could range from five to 10k, you know, up to 50k. And usually, they've got a renewal fee, that is a percentage of that initial fee that you pay that first year and so that's just part of it is it's a balance of how much capital do I save for my own deal to put in, in that deal as a general partner to put skin in the game? And how much do I invest in myself, and maybe my family if you're investing with others in your family? So that's the balance. And we did a little bit of both right, we invested on the front end in the masterminds and held back some capital to go then invest in originally as limited partners, then eventually, general partners.   [00:06:46] Sam Wilson: How did you gauge that when you said, Alright, so and again, I'm just pulling numbers out here. But let's say you put 20 grand in a single family mastermind group, you do a few deals, and then you say, hey, look, we're gonna pivot and do something else. How did you? How did you gauge that? And I guess the question, How did you justify it? Because for me, like putting down 20 grand into a mastermind, man, I'm gonna squeeze that, you know, get all the juice out of that I possibly can. And then once I feel like I've learned everything, I can then maybe move on to the next thing. But it sounds like for you, you're quickly in rightfully so quickly able to pivot.   [00:07:21]  Jeff McKee: So the single family was an interesting one, because we put the 20k. And we went through all this training. And we ended up partnering with someone that was actually outside of that mastermind group that I had met through LinkedIn. And we did a fixin flip together. And he saw Austin, and the profit before taxes up for our LLC and for a partner was 40,000. So our half of that was 20. It was a 50-50. So the 20 actually paid within the first year for that single family mastermind. And then we did some other things about you know, you buy leads, and you're looking for motivated sellers, the whole wholesaling. And that really wasn't for us. We just didn't have time during the day to do a lot of that. So you got to figure out, you know, where that fits in. But then, you know, after 12 months, we said, that was a little bit of work. And so why don't we look to scale? And then that's when I started going to the multifamily meetup weekly. And then we did some training on the weekend.   [00:08:12] Sam Wilson: Yeah, gotcha. That's, that's really, really cool. You talked about some of the skills that you bring to a team. One of the things that, you know, we're seeing right now, and maybe I'll put my foot in my mouth here a little bit. But some of the some of the deals I see coming across my desk have just, you know, 10 - 15 - 20 general partners on the team, none of them have experience. And to me, when I look at that it screams risk. Yeah, you speak to that? Yeah.   [00:08:40] Jeff McKee: I mean, we typically in this mastermind, or general partners, there's always the lead sponsor who founded the group like eight years ago, he's got, you know, high net worth, he's got, you know, 20,000 doors of experience. And so we always partner with him on these deals. And then there's usually the other lead sponsors that found the deal, they generally have pretty good experience. And now, you know, we have experienced as well, but, but it's one of those balancing things of you do want a general partner team that has a track record that has experience in that asset class, preferably, you know, in that state or that sub market. And that's typically who we partner with. But you're right. There are some syndications out there that everybody's new, it's all their first deal. And that can be a little bit risky,   [00:09:23] Sam Wilson: Absolutely. Yeah. And I think that's just when it comes to the especially for the passive investor side of things. That's one of things I always stress is, is getting to know first and foremost, your general partners, like that's 80% of your work should be on your GP team. The other 20 is the deal in the market. And then but that's just my own my own analysis on that, but helped me figure this out. So you're, you're a general partner, but I bet you have some general partnerships with several different makeups of teams. Is that right?   [00:09:52] Jeff McKee:That's right. Yeah, we have some repeat teams and some new teams. Right.   [00:09:57] Sam Wilson: How do you handle communications on that it gets I mean, because there's so many seats on the bus and everybody has to fill those seats. So how do you guys decide when you're launching out these various teams, which I too am a general partner with multiple teams, but I want to hear from your side of things, how you guys handle communications?   [00:10:13] Jeff McKee: Yeah, in that particular case, we use Slack once you're part of a team. But before you get to be part of the team, there's usually a private Facebook group, you know, that we got within the whole organization within the mastermind saying, Hey, I'm looking for someone, I need an asset manager on this asset in the city, I'm looking for some people that have capital and that have the ability to raise capital. So the lead sponsor starts looking to fill out the team, basically. And then we may raise our hands and say, yeah, hey, we've got some earnest money down, we can put at risk capital upfront, I can sign as a key principal on the loan. And then, you know, we can do put in our own money as LPs, but then also capital raise. And so it's private Facebook groups, and then this particular mastermind has a group call every two weeks, so we just have one, this Monday night. And it's, it's also 15 minutes get allocated to who has a deal that they need help on. So they explain what the deal is. And they've already posted it in Facebook, but they basically are reaching out to everybody on the call. And these calls get recorded for people that can't make it. And so that's how we got into our first deal. My wife had listened to a recording a week after we joined. And then she and my son drove out to Arkansas to this asset to do the due diligence, and we became part of the team. And then we just sold that asset after holding it for 18 months. And so you know, that's how people get involved in these deals.   [00:11:33] Sam Wilson: Got it, it sounds like a pretty well oiled process. For somebody who's new or that wants to get involved. It's just but it's more like a pay to play process, you got to, you got to pay the upfront fee to join the group to understand what's going on, and you got to bring something to the table.   [00:11:50] Jeff McKee: Exactly. I think it's a pay to play being around others that are generally really successful experience. And then you need to have some unique value proposition, you know, whether it's time and you can go find deals experience with, you know, being a general contractor, an asset manager, a property manager, or maybe you have capital, or you have a good network of friends and family that you can, you know, offer these opportunities for them to invest. And so you know, finding what your special sauce is, what your niche is, and then that's what you can add to the team.   [00:12:20] Sam Wilson: Got it? How do you guys break down? How do you break down general partnership ownership percentages?   [00:12:27] Jeff McKee: Yeah, so we typically do a 70%, limited partner 30%. And we do an 8%, preferred return paid to the LPs, that 8% comes off the top before we do any of the 7030, then up to 30% General Partner allocation. Typically, it's 20% to the acquisition who found the deal and spreading that then it's capital raising 20 to 30%, depending on the deal, it's earnest money down 10 to 15%, key principle 10 to 15%, you know, asset management 10 to 15%. And sometimes we do consulting marketing, where we get advice, and we bring other people in on the deal to help market it. So it's roughly that range, and there's a framework and then it's adjusted based upon every deal.   [00:13:12] Sam Wilson: Right? Yeah, absolutely. When you're starting out and you were putting down earnest money, you said you were you're putting down the at risk capital. How did you know that the at risk capital you're putting down wasn't going to ultimately end up being risk capital?    [00:13:28]  Jeff McKee: You don't know that? Yeah, that's that's the whole point of that risk capital. Now we're moving into a phase where some of these multifamily apartments, you can now do refundable deposits for the last couple of years, it's all been non refundable, hard money, and you're totally at risk, you put up 100k, 200k, you're totally at risk of losing it, if you can't close the transaction. Now, this group that were a part of, they successfully closed 90 transactions. And like the last six years, there hasn't been a deal that we started that we haven't completed the deal. But there are groups that can't raise the capital, they can't qualify for the loan, something happens near the end of that transaction when they're under the purchase and sale agreement and then it goes back on the market and the sellers typically get to keep the deposit money.   [00:14:12] Sam Wilson: Right which is certainly a certainly a scary place to be but it's interesting to hear because I'm not in the multifamily space. We're not actively buying there right now, but it is interesting to hear kind of a softening, you know coming from various sources saying hey, you know what, suddenly we can get refundable earnest money and you know, deals are coming back on market now brokers are reaching out the buyers saying hey, you know, would you like to make an offer because, you know, that's, you know, call for offers on multifamily is is not something we've seen for years   [00:14:41] Jeff McKee: Right? Right. There's probably like 1/3 the amount of active buyers in today's market than there was six to nine months ago. There's also a price reductions going on of you know, 5-10 15% all these assets that the seller wants to sell and the buyers like us are out there doing the underwrite it and because of the interest rate increases, because of some of the cap rates, you know, we have a lower offer price. And so that's the softness, you're seeing, in addition to, you know, having refundable deposits are starting to come back, and then early access periods to do the due diligence before the formal due diligence that started to come back. So there's definitely, you know, pros and cons of of a softer economy. But you know, we're still net buyers. It's only when we're trying to sell an asset that we've had for a couple of years that we feel the pain if we need to lower the price by 10%, for example. So some of those, we may just choose to hold on longer and wait for a little while longer for the rebound.   [00:15:40] Sam Wilson: Right. Yeah, that was gonna, that was gonna be my next question. So has that affected your plans, you know, for disposition? But I mean, again, if you're only a couple years in on a lot of these deals, what you know, why not just hold it long term? And just keep, you know, clipping that coupon?   [00:15:54] Jeff McKee: Exactly. That's right. And, you know, DC, typically cash flow from day one, and then we're paying the preferred return. And so it's definitely you know, you're trying to improve the net operating income through, you know, better revenue management, such as rent increases, as well as better expense management. Typically, we have new property managers, we bring in on every deal. And about half the time we rename the asset and the do the rebranding, you know, focus on the outside improvements, focus on the interior upgrades.   [00:16:22] Sam Wilson: Got it. Now, that's really cool. You said that you'd skipped small multifamily entirely, you went straight into straight into the big stuff. Tell me, I guess, you know, what, what's something you would recommend? Or is that something you'd recommend to somebody else, if they're getting started, just go big early on.   [00:16:22] Jeff McKee: Yeah. So that gets back to, you know, if you're more comfortable as a generalist and doing a 10, or 15, or 20, unit apartment building from A to Z of that, you might feel more comfortable doing that having a lot of control, having a large share of the pie, we decided, because we were my wife, son, and I were still doing w two jobs, we decided our strategy was to go for a small slice of a very large pie. And so the amount of effort that a general partner team takes to do a 20 unit is similar to a 200 unit. And so why not do the 200 unit. And so that was just the strategy. So we totally went from single family, to large multifamily limited partner and learn that for a couple years, then we went to even larger general partner multifamily apartment deals and that was just the decision in strategy that we made. Now, that's not to say, somewhere down the road, we won't look at doing a tenancy in common deal of a 50 or 80 unit deal with one or two other partners. And now that we know what we know, doing it from A to Z, but starting out, we felt like we wanted to be around a mastermind, people, we had a certain area of expertise or value we could bring and we certainly didn't know A to Z on how to do the whole transaction. So that's where we went, we went Lauren, so it's kind of like the Grant Cardone, 10x, you know, add zero to it, if you're gonna do 21 do 200.    [00:18:00] Sam Wilson: Love it, I love it, rewind the tape five years. And if you can start over, what would be one thing that you would tell yourself to do differently,   [00:18:08] Jeff McKee: I would say I would have held back more capital as a limited partner to save it to become a general partner and start that process earlier, we were probably in the LP deals for two years, on five deals before we decided to go to the general partner route. You know, I think we did a good job of only spending one year on single family and we try the one fix and flip, we did the one buy and hold of a duplex in Waco, which we just sold after five years, a couple months ago. But I think I would have accelerated through the LP had gone to the general partner faster. That's probably one of the lessons I've learned over the years.   [00:18:43] Sam Wilson: Right? Because yeah, I mean, as you're given to the breakdown of earnest money, you know, percentages that you get out of a GP, if you're sitting out of a GP stake. If you're bringing the at risk capital, and you're you're giving 10 to 15% of that general partnership away for the people that are posting that at risk capital, that's a heck of a much greater return on your potential greater return on your money than it would be say going out as an LP. Even if you to extra money over five years, I think I would, I would imagine that 10 to 15% is worth a lot more.   [00:19:11] Jeff McKee: Exactly. And then that's where during the limited partner training, you know, the lead of this mastermind started teaching hey, here's the eight ways you can get paid as a general partner and we started looking at Oh, acquisition for us your asset management was like, wow, you know, we didn't we didn't think about that. What would it take for us to go from LP to GP, and then that's where we started focusing our time   [00:19:32] Sam Wilson: And that fits for you and your particular style. I mean, for a lot of people, you know, my 10 year goal, quite honestly, Jeff is to be nothing but an LP. In 10 years, man, I want to be shipping Jeff McKee a pile of money and saying hey, man, just the money in my account and otherwise, you know, just tell me if there's everything's on fire, otherwise, leave me alone.   [00:19:54] Jeff McKee: Exactly. Yeah, I do have a lot of people. It's like, hey, I want to be your best limited partner. I have no interest in being a general partner. Now I'm gonna write the check, I'm gonna see you know the quarterly distributions and see the, you know, the disposition. And we'll just keep doing that again and again.   [00:20:09] Sam Wilson: Absolutely. I love it, though. But yo u've you've given a very clear path for someone to scale and to scale quickly. And that that fits very nicely within the theme of this show, which is how to scale. And I think, yeah, you've given us join the mastermind, get surround yourself with a group of people that know really well what they're doing, find a seat on the bus that you fill, figure out how you can fill those voids. And then just, you know, stay within that ecosphere and grow. So I think that's, that's really, really cool. Thank you for taking the time to come on the show today. Jeff, if there are if listeners want to get in touch with you, or learn more about you, what is the best way to do that?   [00:20:45] Jeff McKee: Yeah, the best way is to go to the mckeecapitalgroup.com. You know, you can, you can book time with me there. The other thing is, I have a free giveaway on that website. And it's from a best selling book I was in last year from another mastermind that I joined. And so it's bringing value solving problems and leaving a legacy. And so that's a free download full geek PDF, my chapter in that book, there's like 40, authors on one and 40 my chapters about going from single family investing to multifamily investing in scaling. So that's what my chapter so that's a free download a PDF on the key capital group.com. And you can reach that way. Plus, I have weekly blogs out there about multifamily and people can learn quite a bit from what content I share.   [00:21:24] Sam Wilson: That's awesome. Jeff, thank you for taking the time to come on today. I certainly appreciate it.    [00:21:28] Jeff McKee: Yeah. Well, thank you for having me.

Today I chat with Jeff McKee from McKee Capital Group.  Jeff is an accredited and sophisticated investor. He is a General and/or Limited Partner on 15 Class B and C multi-family apartment communities, 4000+ apartment units/doors with $200M+ Assets Under Management (AUM) across 10 cities/MSAs and 7 states in the South and Southeast of the United States. Out of these 15 syndications, he is a General Partner on 10 of these assets, 2,500+ apartment units, Key Principal/Guarantor on 4 assets including Fannie Mae, and Freddie Mac non-recourse debt all in less than 18 months with support from mentors, partnering and networking. Episode Spotlights- Becoming smarter to reduce federal tax liability- Pull the trigger don't keep analyzing- Diversifying investments across geographical trends- Investing the new way with tokenization Book Recommendations- Bringing Value, Solving Problems, and Leaving Legacy - Rich Dad Poor Dad- Cashflow Quadrant- Taxfree Wealth- 4 Hour Work Week- Who Not HowConnect with Jeff:Website: https://mckeecapitalgroup.com/Email: jeff@mckeecapitalgroup.comPhone :  425-785-5751Grab your freebie - Tips for Multifamily Investing at www.ushacapital.comFound this episode insightful? Show us some love by spreading the word on social media or  rating and reviewing the show here - https://podcasts.apple.com/us/podcast/multifamily-ap360/id1522097213Follow Rama on socials!LinkedIn | Meta | Twitter | InstagramConnect to Rama KrishnaE-mail: info@ushacapital.comWebsite: www.ushacapital.com

The Airports Authority of India successfully conducted a light trial using the GAGAN satellite navigation system for the landing of an ATR72 aircraft belonging to IndiGo at the Kishangarh Airport in Rajasthan last week.  GAGAN is a system jointly developed by the Airports Authority of India and the Indian Space Research Organisation (ISRO) in collaboration with US defence contractor Raytheon at an estimated cost of Rs 774 crores. It provides a very accurate and high-level of satellite signals for precision air navigation over the entire Indian airspace, with the capability of expanding to nearby regions. It is capable of providing navigation services for departure, en-route and landing operations to equipped planes. The DGCA had issued a mandate, directing that all aircraft registered in India after July 1st 2021 to be fitted with GAGAN equipment.  Simply speaking, GAGAN is a Satellite Based Augmentation System or SBAS, which is a regional network of ground stations and satellites that provide GPS signal corrections, giving a better position accuracy.  GPS is the most prevalent Global Navigation Satellite System (GNSS) and is owned by the US government. GAGAN is the fourth such SBAS system that has been operationalised after the US' WAAS, European Union's EGNOS an d Japan's MSAS and it is interoperable with the other three.  The GAGAN system consists of 15 earth-based reference stations, two master control centres, three land uplink stations and three geostationary satellites. The reference stations gather GPS satellite data and the master control centres collect data from reference stations and create GPS correction messages.  Through this, errors caused by ionospheric disturbances, satellite orbit errors and inaccurate clocks are corrected. And through the uplink stations, the corrected messages are sent to the geostationary satellites which then broadcast them to the aircraft.   India is the first country in the Asia Pacific Region to trial indigenous SBAS for landing.  According to SV Satish, former executive director (Air Traffic Management), AAI, GAGAN opens a gateway for all airports to have low visibility approaches. It will bring down diversions, save fuel and boost efficiency. He says, GAGAN can serve smaller airports effectively, and older aircraft have to be upgraded with GAGAN receivers.  GAGAN will help airports which are currently devoid of precision approach capability equipment and have higher visibility requirements. It will reduce flight delays, save fuel, and improve flight safety. Now, aircraft will be able to land at airports not equipped with expensive Instrument Landing Systems, which include many small regional airports.  At present, IndiGo, SpiceJet, Air India, Go First and AirAsia India have aircraft that are capable of carrying out these satellite-based procedures. As GAGAN's footprint expands from Africa to Australia, India is in a position to offer its service to neighbouring countries.  Though primarily meant for aviation, GAGAN's capabilities can be utilised in many other user segments such as intelligent transportation, maritime, highways, railways, surveying and the telecom industry. GAGAN Message Service (GMS) can relay alerts to deep-sea fishermen, farmers, and disaster affected people at the time of natural calamities.  Watch video

Todd Morrissey is President of Medicare Solutions at Advisors Excel. Advisors Excel is a nationwide firm based out of Topeka. It helps independent financial professionals, advisors, and wealth managers build independent practices.This episode will give you an insider's view into why financial planners, wealth managers and their firms haven't typically gotten very involved in Medicare insurance coverage. But, that's changing and Todd reviews why it's very important to start planning for Medicare well before age 64, how taxes and IRMAA play a part of the equation as well as HSAs.Full episode transcript, notes. quotes and links:https://themattferetshow.com"What I will tell you is some individuals who look at a Medicare Advantage and they see what a max out of pocket is, but they say to themselves, "Well, but I'm not paying a premium every month. I can write that check for the max out of pocket." So they know they have that. But you're right. There are some clients where a financial advisor is talking to them and they say, "Look, I want to go to the doctor. I want to not have any out of pocket expense. I just want to pay my premium." Well, then a Medicare Supplement (Medigap) is something that they would consider. The adage of one size does not fit everybody is definitely true in the Medicare space."-Todd Morrissey, Advisors ExcelThe Matt Feret ShowPrepare for MedicareThe Matt Feret Show YouTube Channel#HSA, #IRMAA, #Medicare, #Medigap, #MedicareSupplement, #IRMAA, #Financialplanner, #Wealthmanagement, #PlanG, #PlanN, #PrepareforMedicare, #TMFS, #TheMattFeretShow Hosted on Acast. See acast.com/privacy for more information.

Jeff has been working in the High Tech field for 30 years. Five years he started investing in Single-family then moved 4 years ago to passive than active investing in Multifamily Apartment Syndications. Jeff is a General and/or Limited Partner (LP) on 15 Class B and C Multi-family apartments communities representing 4,000+ apartment units/doors across 10 cities/MSAs and 7 states in the South and Southeast. He is a #1 Amazon Best Selling Author of, "Bringing Value, Solving Problems and Leaving a Legacy" " where Jeff describes his scaling from single to multifamily investing. The electronic copy of the book is available for free at his website, www.mckeecapitalgroup.com." *DISCLAIMER - We are not giving any financial advice. Please DYOR* (00:00 - 01:46) Opening Segment -Jeff is introduced in the podcast -Jeff shares something interesting about himself (01:46 - 24:55) Scaling from Single to Multifamily Investing -Jeff shares how he started real estate investment -Jeff also shares his experience and learnings in joining the mentoring group -He also shares of Why did he decide to switch from single-family to multifamily investing? -He also shares about What are the top benefits of passively investing in Multifamily Apartment Syndications? -Jeff also shares Why did he skip small multifamily investing deals such as 5 - 25 units? -Jeff shares lessons he learned from investing in real estate -He shares his best real estate deal (25:11 - 31:00) Fire round -Jeff shares his plan for business strategy -He also shares his favorite Finance or real estate book -He shares about the website and tools that he can recommend -Gives his advice to the beginner investors -And how he gives back (31:00 - 31:53) Closing Segment -If you want to learn more about the discussion, you can watch the podcast on Wealth Matter's YouTube channel and you can reach out to Alpesh using this link. Check us out at: Facebook: @wealthmatrs IG: @wealthmatrs.ig Tiktok: @wealthmatrs

I love master service agreements (MSAs) as a tool for service-based business owners! Many types of businesses use them. But service business owners can benefit from them, because it gives them the ability to easily incorporate future projects with ongoing clients into the same contract. In this episode, I talk about how you can save time, money, and stress with a master service agreement. I also go over the key pieces of a master service agreement and how it's different from a client agreement, managing your MSA, and the benefits of converting your current client agreement into an MSA. Please subscribe if you haven't already. And if you like the show, I'd love it if you'd give it a review wherever you listen to podcasts!   In this episode: [02:26] - Master service agreements for service-based entrepreneurs have a couple of key pieces. [03:34] - Danielle gives a hypothetical example of what an MSA with statements of work (SOWs) can look like. [04:45] - How is an MSA with SOWs different from the terms in a typical client agreement? [05:32] - If you work with larger companies, MSAs are almost always preferred and make the process so much easier. [06:41] - Danielle explains how to construct an MSA if you need different terms for different project types. [08:09] - What if you want to convert your current client agreement to a master service agreement? [08:56] - Danielle discusses how to logistically manage your master service agreement. [09:58] - How can an MSA save you (and your client) time? [10:47] - Danielle reveals how a master service agreement can save you money. [12:03] - When you have ongoing clients, MSAs save you a lot of stress. [12:37] - Follow these steps to start saving yourself time, money, and stress today.   Links & Resources: Episode 18: “Client Agreements for Service Business Owners” Businessese Liss Legal

Is it advisable to leave a niche where you had been dubbed as the “king?” Joseph Evangelisti did leave his kingdom as the “Flip King” and turned his attention to the self-storage space because of the advantages he discovered along the way. He will discuss those advantages in this episode and share some tips on how to capitalize on all of them. Now a business investor, peak performance coach, and 4x best-selling author, Joe can be heard in the Legacy Blueprint Podcast, where he meets with industry leaders to discuss the life-changing strategies they implemented to be successful.  [00:01 - 02:26] Opening Segment Why the former “Flip King” Joseph Evangelisti stop flipping houses What made him fall in love with the self-storage niche [02:27 - 07:37] Investing in Self-Storage Joe shares his daily experience as a self-storage developer This is where real estate opportunities arise according to Joe The big changes in the self-storage space new investors should know [07:38 - 12:24] Holding Self-Storage Properties in the Long-Term Joe considers his team as developers and not operators, What's the difference then? He  reveals their secret to holding self-storage properties in the long-term Joe talks about the current biggest challenge in the self-storage space [12:25 - 15:12] Building a Portfolio of Self-Storage Properties The importance of building a portfolio according to Joe What's happening on the supply chain side of self-storage? Joe gives a sneak peek [15:13 - 17:26] Closing Segment A tool or resource you can't live without His phone Google products A real estate mistake you want our listeners to avoid Not thinking about your end goal first Think about your end goal first then plan backward Your way to make the world a better place Giving back to the community where they are investing Reach out to Joe  See links below  Final words Tweetable Quotes My biggest opportunities in life have come from relationships, whether it's through investors or partners or joint venture operators or even the people that work in our team and our culture.” - Joseph Evangelisti   “...the [self-storage] industry itself is absolutely on fire…if you put the right management in place and you fill it up, you have a cash-flowing asset.” - Joseph Evangelisti   “I would start with the end [goal] in mind…what's the exit? What are you doing it for?” - Joseph Evangelisti   -----------------------------------------------------------------------------   Email joseph.evangelisti@gmail.com to connect with Joe or follow him on LinkedIn. Listen to the Legacy Blueprint Podcast to learn from industry leaders on how they achieved what Joe calls a “life-changing transformation.”   Join the Storage Syndicate Mastermind to grow your network and pick the brain of real estate's best! Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below: Joseph Evangelisti  00:00 I think whenever we're trying to decide, like, what's the feasibility of a site and what's going to fill up, obviously, you want to rent every square foot and you want to come up with a blended rate that makes sense. You can't just build all five by fives, you know, you have a site that works and makes sense. So you got to blend it in, you got to make sense of it. But you know, let's say you have 100,000 square foot facility and you have, you know, 10 or 15 of those RV spots. That's taken up a significant amount of square foot that's kind of almost guaranteed to be rented in certain areas. So there's that trade-off, or it might be a little bit less per square foot, but it's gonna stay occupied.   Sam  00:30 Welcome to the How to Scale Commercial Real Estate Show. Whether you are an active or passive investor, we will teach you how to scale your real estate investing business into something big.   Sam Wilson  00:42 Joseph Evangelisti, he is once known as the flip king. He is now the host of the Legacy Blueprint Podcast and a leading expert in real estate investing, specifically in the self-storage industry. Joe, welcome to the show.    Joseph Evangelisti  00:54 Thanks, Sam. Appreciate for having me. Hey, man,   Sam Wilson  00:55 Thanks for coming on. Same three questions I ask every guest who comes on the show. In 90 seconds or less, can you tell me where did you start? Where are you now? And how did you get there?   Joseph Evangelisti  01:02 Man, where do I start? So long story, construction background general contractor dad went in the military was a builder in the military, US Navy Seabees, came out, flipped about 1000 houses over 12 years, got burnout on volume and the turnover and tried to find something more scalable, three, four years ago flipped entirely into self-storage development and never looked back.   Sam Wilson  01:23 Wow, that's a handful all at once, flipped 1,000 houses.   Joseph Evangelisti  01:26 Yep. Over a 12-year career, you know, we did wholesale retail brokerage fix and flip the whole gamut of things over for a long time. But you know, it just wasn't a scalable model. We were doing up to 100 houses a year towards the end of it. And it was just churn and burn and churn and burn and chase closings. And you know, we just got to a point where it's like, how do I leverage the opportunity, we have such great investors and partners that we have and create bigger for them. Right? You know, we started looking into commercial. This is pre-COVID. And you know, I had retail and apartments to choose from and, you know, office and all that type of thing. And somehow I stumbled into self-storage. And I remember every call, actually telling somebody this story. Last week, I talked to what is now one of my mentors a couple of years ago, and he said to me, he had a similar background. He was a fix and flipper, and a developer and he restaurant tour, build all kinds of stuff. And he said to me, Joe, the first time you build a self-storage, you'll never touch a single family house again for the rest of your life. You want to build your own house, you'll hire someone to build your own house going forward. And he wasn't wrong.   Sam Wilson  02:27 That's a good prediction. I like that. So you guys got into self-storage. I mean, it's one thing to shut down everything you shut down, which I'm sure it was hard in and of its own right to finally just pull the plug on it right. But then what was the next thing you did? If somebody wanted to copy your footsteps? And the next thing you did? You said, Hey, I'm getting to self-storage. But now you're going into self-storage developer. That's a brand new game.   Joseph Evangelisti  02:47 Yeah, we actually cut the bold we started with development from scratch. So you know, construction was our game. We knew what our strong suits were. I knew I wanted to get into the industry. And you know, since then, we've obviously, we've looked at existing structures, and we've gotten involved in existing deals, but we knew we wanted to be ground up. Like it's always been something I wanted to control I wanted to build, I wanted to make sure I ended up with the product that I wanted to end up with. And it's kind of been our model ever since I think a lot of people are kind of shy away from it because of the numbers and how big it is. And you know, it's a little bit scary. And it is scary. Trust me. Don't get me wrong, but you first do it the first time. But the results are just enormous. They're incredible. And you know, I'm glad we did it that way.   Sam Wilson  03:25 Yeah, absolutely. So you know, doing ground-up development, but you weren't a ground-up developer in single family. You guys were all fix and flip.   Joseph Evangelisti  03:33 I did a lot of new construction houses we've probably built, I say a lot. I mean, we probably built 40 or 50 new construction houses in the last decade. Most of them were fix and flip. But we've done a lot of granite construction. And back when I said I was in the military, I got out I did commercial contract management for Defense Intelligence Agency, big government contract work. So I'm not shy or, you know, I'm knowledgeable about big commercial construction and things like that, you know, so it wasn't something that we weren't afraid to tackle.   Sam Wilson  03:58 Talk to me about defining what opportunity looks like for you guys, because there's land everywhere. And there's people everywhere. How do you guys say, “Hey, here's an opportunity for self-storage build.”   Joseph Evangelisti  04:08 Self-storage is one opportunity. I really think the opportunity, Sam, is in relationships, right? Like we've actually, my biggest opportunities in life have come from relationships, whether it's, you know, through investors, or partners, or joint venture operators, or even the people that work in our team and our culture, you know, so for me, it's always about how do I build relationships that are going to last over the course of time and we can benefit from each other, we can help each other grow. Storage is like the byproduct, right? It's like the thing that comes off the assembly line when you do it, right. But for me, it's about trying to find great people to team up with. So we've actually culminated that into a mastermind, which we could talk about, but you know, the whole idea was, how do I teach people what we do, help people understand the concept, help bring them along in some way, shape, or form, whether they have very little real estate experience, whether they have development experience, whether they're designers, contractors, or they're in the game already, or whether they're accredited investors and they just don't know where to put their money in safely and how I bring all those people into like an atmosphere where, you know, they can create more opportunity for each other. Right? Not just, you know, ultimately for legacy and for our construction company, but you know, where not every opportunity is the right fit for me, not every opportunity, the right fit for you. So like, why waste that opportunity if somebody else can take advantage of it? And so, yeah, we've created a mastermind group around that. And it's been really successful to watch people grow just by making connections inside of that group. It's kind of like a partnership.   Sam Wilson  05:27 Right. That's really, really intriguing. What are some things that you've done in order to nurture those relationships that are mutually beneficial for you?   Joseph Evangelisti  05:35 Yeah, we're, we're nurturing every single day. In fact, that was just got off a live call, my team does three live calls a week with that group. And my acquisitions guy just spent an hour talking about, you know, different MSAs in different areas that we're looking in, and why we're looking in areas that are shifting and what the nature of the business is doing, you know, a lot of storage is moving into outdoor storage, RV boats, I mean, it's a massive influx, obviously, you know, COVID drove a lot of that, but it was a big shift in the way Americans are vacationing and deciding on what to do with their excess money. And, you know, that obviously affects storage, right, it affects where they're going to put their stuff and how they're going to store their stuff. So, you know, our acquisitions guys are on top of that and trying to find the best locations, best sites, and you know, teaching it to others, so we can all learn together.   Sam Wilson  06:18 Yeah, that's really, really intriguing. Talk to us about that a little bit. Are there some shifts you guys are taking? You know, because of the increased demand in RVs and boats? Are there, I mean, are you guys building those facilities now?   Joseph Evangelisti  06:30 Yeah, we're actually, most of our facilities are, they have what we call XXL, we have these oversized units available now. And we can charge a premium for them. And they're essentially big enough to park an RV, you know, they're at 14 by 45, right. And we're finding that people are willing to pay a premium to be able to store their RV, and either climate control or non-climate control some of our climate control, just so they can pull in and have a heated space, where you know, they want to go for, take their RV out, it's like, they can keep their clothes, they can keep the thing stock, they can plug it into the wall, like they don't have to de-winterize to use it. Right, they can just pull up, parked their car in the parking lot hop in and go for a ride. So there's a big premium for that, but they're willing to pay. And so yeah, we're incorporating that into a lot of our sites. The other big shift that's happening is where we're buying our sites, right? Like, you know, Florida and Texas are the two fastest-growing states in the top five fastest-growing states. So we're a lot of our stuff is shifting down kind of like the southeast, where the people are when where the product is needed.   Sam Wilson  07:27 That's interesting. Talk to us about I mean, the per square foot basis, I would think in an RV storage, it would be less than say, if you're renting somebody on a 10 by 10 unit no?    Joseph Evangelisti  07:38 Well, it is obviously because obviously, the smaller the unit, the more dense the income level per square foot. But that doesn't mean that you can't blend it out over the course of the site. Right? You know, it's just an opportunity to add, you know, when I think whenever we're trying to decide, like, what's the feasibility of a site, and what's going to fill up, obviously, you want to rent every square foot and you want to come up with a blended rate, that makes sense, you can't just build all five by fives, you know, you have a site that works and makes sense. So you got to blend it in, you got to make sense of it. But you know, let's say you have 100,000 square foot facility, and you have, you know, 10 or 15 of those RV spots, that's taken up a significant amount of square foot, that's going to almost guarantee to be rented in certain areas. So there's that trade-off, or it might be a little bit less per square foot, but it's gonna stay occupied.   Sam Wilson  08:19 Right. Yeah, less per square foot. But 100% occupancy is worse, or better than more per square foot but not occupied. So that's really, really intriguing. Talk to us about your business plan. I mean, self-storage isn't tremendously operationally complex, but you guys do not self-operate. So talk to us about that.   Joseph Evangelisti  08:36 Yeah, I always tell people I look at us as pure developers. I mean, my job is, you know, people will say, like, you know, not that we're, you know, naive to lease-up terms and all that type of thing. But people will say, “Well, you know, what do you do for marketing? What do you do for lease up? What kind of specials you have to run? Like, you know, what do you have to sell people to get,” and I tell him, I don't know, that's not my job. That's not what we do, right? Like our job is to go build them really, really well try to build them within a budget that makes sense. Get them stabilized, get them to refinance, and then turn the keys off to the guys that are awesome at operating that understand, you know, marketing, some of these companies, the bigger ones, you know, the cube smarts, extra space, the life storage, they're so deep into SEO and a website lead gen and you know, that literally send a targeted ad to you, that's different from me, because maybe I like to golf, and maybe you like to boat, and they know it, right? So they're just so advanced at it. It's just not our game. Like, I can't compete with it, I have no interest in competing with it. And frankly, I'm great at what we do. So let's do that. So yes, I look at us as pure developers, we're going to keep the asset long-term, most likely is the goal. But we're going to hand it off and get it managed by the proper, you know,   Sam Wilson  09:42 how are you guys holding the asset long-term? A lot of developers I know, you know, buy it or you know, develop the land, get it up, get it, get SEO and then you know, sell it because that's just maybe you're able to get it stabilized and then sell it. So how are you guys? What's your secret sauce to hold it for the long term?   Joseph Evangelisti  09:59 I mean, so the real secret sauce that made the self-storage game right now, 2021 has been the best year of recorded history for self-storage, you know, price per square foot rents are at all-time high, they can see percentage at all-time low, that something like $9 billion in self-storage changed hands up until like November of 2021. I don't think I've seen the final numbers yet. It's just the industry itself is absolutely on fire. And so, you know, stabilizing and keeping it's not hard. You know, if you put the right management in place, and you fill it up, you have a cash-flowing asset, which, you know, when we started out to do this, that was the goal, it was, you know, how do we create a billion dollars in assets and keep them under management and keep them cash flowing? The challenge, frankly, Sam, like we were talking about before hit record is, you know, it's the competitive nature of the people who are buying right now, some of these big REITs, you know, they have billions and billions of dollars, and they're paying two points, you know, to hold the money. It's like, it's free money, you know, so they're in this absolute acquisitions buy-up mode. And, you know, frankly, they don't want to develop, that's not their game, just like my game is not management. So, you know, they're looking to acquire everything that they can, including the stuff that they have under management agreement with us. So it's getting quite interesting, you know, when we go to compete the management agreement, now we're just now we're competing the management agreement with like, you know, who wants the best first right of refusal, along with their management agreement? Who might buy us in the first couple of years, that type of thing? So just an interesting shift, just in the last six to nine months, frankly.   Sam Wilson  11:23 Yeah, no, that's a thought I hadn't crossed my mind yet, in this asset class, is that somebody like Cubesmart or would they watch the life storage or somebody like that, they may want to just be a direct buyer from you, when you're ready to dispose of it or move it, you know, in two or three years, is that right?    Joseph Evangelisti  11:39 They're really our target buyer. Like when we build these facilities. And again, I'm not doing anything, I don't think that's what we do a lot of things that are unique. But when I say when we build, like, my goal is to build a Class A asset. I want 80,000 square foot plus asset, I'm doing that not because I'm greedy, or I want to just only build big stuff, I'm doing it because that's the stuff that the REITs are looking at, right? The big players are looking at those numbers, they're not looking at stuff that's 20,000-square-foot, or 30,000-square-foot, unless they can package it up and portfolio it with, you know, three other sites nearby, and call that a package. And it's over 100,000 or 200,000 square feet. So I'm trying to build the things that those guys are going to want to fight over. Right? That's the end game, right? So that's kind of why we build bigger facilities is again, it's not an ego trip, it's more of what's the best ROI for us and for our investors.   Sam Wilson  12:25 That's kind of the thrust of the show is How to Scale Commercial Real Estate. It's like, the reason we scale is for all the things you just mentioned, because your ROI is better at scale, and it is building something half of that size. So it is absolutely, yeah, that's really, really intriguing. What are you guys doing right now, when you're getting stupid offers, you know, right at, you know, say stabilization?   Joseph Evangelisti  12:45 Yeah, we're smiling first. We're kind of patting ourselves on the back a little bit. But no, I mean, the reality of it is, you know, our goal, like I said, to set out the beginning was to build a portfolio. So it's kind of a challenge, you know, you kind of got to pick, what's the best site to sell? Which ones are we going to sell? Are we going to sell? Are we going to leave them in a management agreement? So yeah, we have to pick and choose site by site, what's the best again, it's always the best thing for us and our investors, right. So sometimes you have the investors on board, and they're like, No, I want long-term money. You know, is it going to be a good tax advantage to sell? You know, there's a lot of components that go into it. But yeah, I mean, frankly, if we're gonna sit there and get an offer, that's above what we conceptualize that a pro forma, you know, two years ago, it's kind of hard to pass up on that.   Sam Wilson  13:25 Right. It sure is, what are some challenges or potential headwinds you guys are facing right now?   Joseph Evangelisti  13:30 I think what a lot of people are analysis materials, its people, its labor, its resources. It's timing. You know, weather is always a factor in construction, but it's something we live with, we deal with, you know, the steel industry threw us for a loop last year, you know, went up 40%, came back down. 15%. I mean, we're kind of in a place where, you know, we're making things happen. Luckily, we're still at or below budget on just about everything we're building. But that comes from a lot of like, it's day by day, you know, like our steel guys will literally say like, “Hey, let's execute on this deposit and it's good for the next three months. Let's wait let's wait let's wait let's wait okay, go” you know, and that extra 10% might be a couple $100,000 or more just a material savings. So we're literally communicating on a daily basis with all of our teams. Most of our, a lot of our builders are nationwide, which is really good because we can lock in rates on multiple sites even though we're building across six different states. So you know, it's good to have really good relationships and the kind that are there because they want to build long term with us as well. You know, so we're just doing our best to stay ahead of it whenever we can see, you know, shifts like that coming in the supply chain.   Sam Wilson  14:34 Yeah, that's absolutely intriguing. And I don't know I mean, I guess you'd use the futures market to kind of hedge some of that if you wanted to, but that adds another layer of complexity to your business as well. So that's really intriguing. I love what you guys are doing, I love how you're doing it. I think it's a unique gang, a lot of you know seeing this done a lot of different ways you know, they bring construction in-house or they bring you know management in-house I've seen you know the value add strategy. I love just a pure, I am a developer that's what I do and I stay in my lane. Mindset, I think that's something that would serve most of us, you know, take the little page out of your book and apply it to our own life. Joe, let's jump here to the final four questions. What is one tool resource think digital thing software that you find you can't live without?   Joseph Evangelisti  15:13 My cell phone? Obviously, I could run my entire business off my cell phone. But I know a lot of people probably could do that. I think that's, you know, number one digital resource, honestly, is the Google products. I mean, we went to Google all the time, Google Calendar, Google Notes, Google Tasks, Google Docs. I mean, they do such a great job of making that free and just sucking you into their environment. I have to say, the probably number one for most of my businesses.   Sam Wilson  15:33 Right. Yeah. Understood. When it comes to investing in real estate, what's one mistake you can help our listeners avoid? And how would you avoid it?   Joseph Evangelisti  15:39 I would start with the end in mind. You know, when I started my fix and flip business, it was just for cash. It was like, “How can I create a cash machine?” And I never really thought about what was the end game. The end game was just let me flip more houses. Let me flip more houses. Let me flip more houses. And then finally, we just got burned out. You know, we have a clear and definitive end game in this business, which is we want to stack resources and build a billion-dollar portfolio. We sell a few off between now and then it might happen. But you know, start with the end of mind, what's the exit? What are you doing it for?   Sam Wilson  16:05 Right? I love that. Question number three, when it comes to investing in the world, what's one thing you're doing right now to make the world a better place?   Joseph Evangelisti  16:11 Yeah, we're big givers, love to give back. Every time we build a site, you know, we're thinking about what's the local charity, we can help. I'm a veteran. So we do a lot for veterans charities. One of my, I'm on the board with a company right now that's actually placing, in fact, we placed a ball last week, 47-unit apartment complex in Northeast Philadelphia for veterans. So, you know, my big thing is, you know, growth and contribution. Like I think all of us as leaders should be growing and listening to good stuff like this every day. And you know, also at the same time, how can we contribute to give back to our communities and our, you know, the people around us.   Sam Wilson  16:41 I love it. Joe, if our listeners want to get in touch with you or learn more about you, what is the best way to do that?   Joseph Evangelisti  16:45 I mean, they can find me on Facebook, go to Joe Evangelisti at and if they're interested in tapping into our mastermind, our partnership, they can go to storagesyndicate.com, we call it the Storage Syndicate. They can go there visit and they can see what we got going on.   Sam Wilson  16:57 Fantastic. Joe, thanks for taking the day. Certainly appreciate it.    Joseph Evangelisti  17:01 Thanks, Sam. Appreciate it.    Sam Wilson  17:02 Hey, thanks for listening to the How to Scale Commercial Real Estate Podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen, if you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners, as well as rank higher on those directories. So I appreciate you listening. Thanks so much and hope to catch you on the next episode.

My guest today, Jeff McKee, is an IT professional working for Microsoft in sales and business development. Born into a family full of W2 employees, Jeff also started working in the tech industry for 33 years, but decided it was time to start doing more with his money and began investing in real estate at the age of 50! Now, he is on his way to financial independence as he and his family continue to invest in syndications and multifamily apartments. Jeff is a General and Limited Partner on 15 Class B and C multi-family apartment communities, 4000+ apartment units/doors with $200M+ Assets Under Management (AUM) across 10 cities/MSAs and 7 states in the South and Southeast of the United States. Jeff shares his experience transitioning from single-family to multifamily real estate and what you should do to excel in this type of real estate asset. His story is relatable and inspiring to all of those who feel it is to late to get started in investing. Jeff graciously shares his "why" and his story of how he is creating a legacy for himself and the generations behind him! Listen in! Connect with Jeff at: Website: www.mckeecapitalgroup.com Linkedin: https://www.linkedin.com/in/jeff-mckee/ Facebook: https://www.facebook.com/jeff.mckee.5076 Jeff's Prayer Request: Family and friends recovering from COVID-19 Connect with Lee: Website: THREEFOLD - Real Estate Investing (threefoldrei.com), Email: info@threefoldrei.com, Facebook: Threefold Real Estate Investing | Facebook, LinkedIn: Lee Yoder | LinkedIn Check out our Free E-book! https://threefoldrei.ac-page.com/5-steps-to-passive-income-for-the-full-time-dad

In this episode of Commitment Matters, Mary chats with Loretta Salzano, President at Franzen and Salzano, P.C. Visit Loretta's website or connect with her via email at lsalzano@franzen-salzano.com. As a reminder, as with all our podcast episodes, this interview should not be considered as legal advice. During their conversation, Loretta or Mary mentioned:Here's an overview from RESPA News regarding the resurgence of joint ventures. For a deeper dive into ABAs check out this article detailing their evolution.Loretta mentions the importance of a culture of compliance.Here's a look at the three requirements for safe harbor under the law and a glimpse at how the CFPB is widening its RESPA enforcement.Lorretta mentioned HUD's Ten Factor Test for Controlled Business Arrangements in the HUD Statement of Policy 1996-2. RESPA News gives us the Do's and Don't's of MSAs and the CFPB's definition of them. Loretta mentions co-marketing regulations, as well. Here's what the National Association of Realtors suggests.This article highlights the ebb and flow of “cozy marketing arrangements” in the mortgage industry.The CFPB ordered Lighthouse Title to pay $200,000 for illegal quid pro quo referral agreements in an effort to take action against mortgage kickback agreements. The CFPB created this downloadable version of its RESPA FAQs, released in October of 2020.MLinc Solutions can advise and evaluate the fair market value of sponsorships and promotions. Here's a bit more about Pass Through Leases.Loretta talks about Grant Mitchell, who was knowns a Mr. RESPA. She also mentions Mick Mulvaney and Kathy Kraninger – both of whom have led the CFPB in the past.As noted, the acting CFPB director, David Uejio outlined priorities and announced plans for more aggressive enforcement and supervision.MSAs and other arrangements are under FDIC scrutiny. Here's more on the “mini” CFPBs developing in some states.The CFPB is hiring!Mary asked about seasonal gifts. Here's what the CFPB says about RESPA Section 8 and gifts.Learn more about Section 9 of RESPA. You can also watch this RESPA News webinar which explains the differences between sections 8 and 9, where section 9 applies, and expands on the term, “required use.”Here's a look back at a Stewart Title Guaranty Company's blog, offering insights on social media and referrals.Mary and Loretta mention UDAP. Here's the FTC's handbook on the matter.If you'd like to contact the Commitment Matters podcast, email podcasts@ramquest.com. Don't forget to subscribe, rate, and review this podcast on Apple Podcast, Spotify, or wherever you listen to podcasts, or visit RamQuest.com/podcast to download the latest episode. Lastly, we love to see when and how you're listening. Share our posts, or create your own and tag them: #CommitmentMattersPodcast

Darshan is the Principal Attorney of the Kulkarni Law Firm, and focuses his practice on providing life science, healthcare and healthtech companies with comprehensive regulatory advice. Darshan has worked at multiple Venture Capital backed in-house positions, and started multiple legal departments including at Embedded Healthcare, LLC where he served as General Counsel and Chief Compliance Officer and as Corporate Counsel for Nostrum Pharmaceuticals where he was responsible for and oversaw multiple legal and compliance matters including issues relating to advertising, clinical research, and creating and reviewing a variety of agreements including NDAs, MSAs, CDAs, employment agreements, and licensing agreements. He has created multiple compliance programs including addressing issues relating to the False Claims Act, Anti-Kickback Law, HIPAA, HITRUST issues etc. Most recently, he has also served as Vice President of Regulatory Strategy and Policy at Synchrogenix, another Venture Capital backed global consulting company. He has spent over 20 years counseling clients on regulatory issues, and has served as a pharmacist for over a decade.Darshan has also written several book chapters on regulatory compliance for various publications on behalf of the American Bar Association where he is Chair of the Life Sciences Interest Group. In this episode, we discuss parsing the biotech enigma. Why is there a boom in biotech right now? What is patient centricity and does it matter in the biosciences? Is transparency the cure to the lack of trust in the biosciences? What is biohacking and is it the future of bioscience?

This is the third and final episode in our new series “The College MSA Field Trip”! Join us each week as we interview members at college/university MSAs around the country to learn about the school, its Islamic community, and the application process! This week, Hanan and Aisha interview Anna Syed, the public relations director of the MSA at UCLA!