Turbine Capital's Tait Duryea: Passive income is more than a possibility!

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:10):
Okay.
That work.
Oh, hi, Adam.
Thank you again for joining us on anotheredition of pilot network podcast.
My guest today is a dear friend.

(00:31):
He wasn't when we first started talking, like,a month ago, but now or a couple months ago, I
should say, but man of things changed.
Tate Deria from Turbine Capital.
He is a dynamo.
There's another way to put it a 321 CheckAirman, a CEO, a real real estate investment

(00:52):
guru, just an overall good dude and a guy who'scoming to TPNX to share his worldly knowledge
about all things, whether it's aviationinvestment or real estate with you I hope that
you enjoy the podcast.
And moreover, I hope that you take advantage ofwhat Tate has to offer and say.

(01:13):
The reason I'm saying this is I'm a real estateinvestor myself.
Kinda new to the game when I have a coupleproperties, a small portfolio.
But I have flexed a little bit in how I want toallocate that money.
Tate has taught me a ton about how to best dothat to serve not only the purposes for the
everyday aspect of living my life, but alsowhat that can mean for future returns down the

(01:37):
road for me and my family.
I think he can do a lot for not only you asindividuals, but us as a network in general.
And when you listen to him talk, you're gonnabe entertained in blown away by how much he
knows.
I hope you enjoy listening to Tate as much as Ihad fun chatting with him.
I talk a little too much in the in thebeginning of his podcast because I'm excited to

(02:00):
chat with him, but I think you'll see why.
Please enjoy this episode of the pilot networkpodcast with Tate.
Doreah.
Hi, Tate.
How are you?
It's good to, be chatting.
Doing great.
Yeah, man.
This is good stuff.
And and we've so Tate and I have hadconversations, many conversations about all
sorts of Uhan.

(02:20):
And at first, it started as, me reaching outto, Tate and Turbine Capital via Instagram.
And trying to get in
touch with
me because a buddy of mine at the gym and nonpilot told me about this investment group for
real estate stuff.
I'm like, oh, yeah.
Okay.
Cool.
Syndication.
I that idea.
And, I said for pilots, well, that's reallyinteresting.

(02:41):
So I reached out.
We, we started chatting, kind of via email, andthen we had a conversation.
It was, like, lightning bolt.
It was amazing.
And then we mentioned TPNX to Tate, and he'slike, dude, I'm in.
That sounds so cool.
It sounds like a Sounds like I'm gonna meet aton of people, a great network event.
But before we go down all those differentroads, Tate, is the CEO founder, president

(03:05):
emeritus, president, runner of all things,turbine capital.
Why don't you tell us about first of all, yourbackground in aviation because that you're a
pilot too.
And then,
I am 1st and foremost.
1st and foremost.
And then we'll jump into the turbine capitalstuff and and go how you started this whole
crazy road of real estate, which is what I'm abig fan of, and I believe that more people

(03:30):
should start getting it to, especiallyaviators, because there's a there's a really
bright future for that.
Absolutely.
To, to to kind of, mitigate the future workloadthat they may have when they're older, and they
don't wanna fly as much as as they do now.
So, take it away.
Tell tell us your background in aviation, dude.
Sounds great.
Yeah, super stoked to be here.

(03:50):
I know, remember that first conversation thatwe had, we were like, man, we wish we recorded
this.
This was perfect.
But, I'm stepping back and and having thisconversation.
Yeah.
So 1st and foremost might not actually be thebest, the the best word for it now.
I feel like flying's kinda become my sidehustle.
But, yeah, in terms of my aviation background,so I'm, I'm a pilot for Hawaiian.

(04:13):
Been in Hawaiian for almost 12 years.
Two uncles who are who are airline pilots.
My grandfather was actually a pilot here at at,Hawaiian.
So I grew up around aviation, was always, youknow, in little airplanes growing up and kinda
had that career path, laid out in front of meand Had I not gone into aviation at a young

(04:34):
age?
I would have gone into real estate.
That was sort of my second passion.
But, but the flying bug definitely took hold.
Got into, in flying when I was in college, in ain a real way.
Got my ratings and here I am 12 years later ina major and and, having a blast.
So I've flown every tail number, here at thisairline, flown the, the 76, the 330, the, 717,

(04:57):
and the, and now the, the 321.
Maybe maybe the Dreamliner when, when thatcomes on property next year, but, we'll see.
Yeah.
That's, that's quite the laundry list.
And that's only and that's 12 years.
So you hit your 12 year, pay mark andseniority.
It's like, alright.
I ticked all these guys off the list here.
Yeah.
I've only flown.
That's right.
That's right.

(05:18):
I've only flown 2 of them at my company.
And since they're both Airbus family, I don'tplan on going back to the Boeing, anytime soon.
Or ever, probably
for that matter.
So
Yeah.
You're you you can't.
The air bus is gentlemanly.
I know.
Right?
It's the way it's supposed to be.
And I love the international stuff at, youknow, sidebar here.
So many people talk about, well, recently, thebig discussion out there in the industry is the

(05:43):
young upgrade.
For instance, Delta had an upgrade.
I believe they're a November hire, and this iswhat?
2 months ago, that they It was
like, on probation.
Right?
Oh, yeah.
They they they can't technically upgrade.
They can't go fly as a captain.
I believe the rule is something like 210 days,and they have to have the hours.

(06:04):
They may have the hours.
You know, they might have been a PIC at,SkyWest or some other airline or whatever.
But the crazy part is is they can still convertwhenever the company converts them, just like
at any company.
And then they sit and they're making captain'space in the right seat of ever.
Good deal.
Now Incredible.
I think what the big conversation there thoughis because I'm I'm I'm a I'm a wide body guy

(06:29):
and I sit right seat, and I'm not I don't wannaupgrade.
And they're Mhmm.
Why why don't you wanna go be a captain?
You know, more money Well, the schedule is forcommuters rough.
So I'd there's no there's no added benefit.
Here, I'm Take off what it's it's one take offone landing, one hotel same off the road.
Yep.
And, you can pad your income if you work alittle bit more, but you don't have to work 16

(06:56):
days, 18 days a month because you're sit inreserves getting your getting your, getting
your butt kicked by the system.
Why body f o is the best seat now.
I'll say it.
I mean, those those years as a senior, 330 FOthe last couple of years on, last year or so,

(07:16):
76.
I used to jokingly call, the airline, my trustfund.
Yeah.
Because I just did fun stuff, and money wouldshow up every 2 weeks for no reason.
It's true.
It's I think it's just a matter of it's thatyou gotta you gotta have the right you gotta
have the right mentality and approach to it.
We're Whereas Yep.
Being a being a military guy and seeing themwith military as it was upgrade, upgrade,

(07:39):
upgrade, and the old the old way of doingbusiness was take your first upgrade chance.
Take your first upgrade chance.
That was always I I remember hearing that whenI first got into the reserve side of the house
and all of the dudes that I flew with would saytake it first upgrade chance.
And I understand what they're saying.
At that time, lot of furloughing.

(08:01):
Some guys were double furloughed and to havethat pad of being a captain and making captain
money and all that stuff.
Yep.
I get it.
Well, and I'm not saying that it's differentnow, but there was also it was the right seat
of a wide body had its own attractiveness, butthen it was a natural progression where you'd

(08:27):
leave that and you'd upgrade or whatever.
Nowadays, MI Airline, the right seat of the ofthe wide body stuff, especially the 330 is the
It's the it's the place to be.
It's the most senior seat in the house.
And I can hold 80% captain in New York on a ona 7 on a 76, but I can't hold a right seat at

(08:49):
3:30 in Atlanta.
Uhan if I can, I'm probably dead last.
So, man, I rarely ever say where I work from.
We've can't figure it out now.
I don't know who you you really don't knowanything about aviation or or anything about
the airlines, but
Yeah.
Yeah.
So I think I mean, besides that, you know, andand one of the things that we talked about on
our first discussion, and this is where reallywanna get to because, this is gonna be kind of

(09:11):
a shorter version of what we were gonna talkabout or of all things that we discussed
because of where what tates tates coming toTPNX, and he wants he's got so much cool stuff
Yeah.
To talk about with all you folks out there.
He started this little thing called TurbineCapital.
It's got a cool logo and a great name.
And Yeah.
Yeah.
Thanks.

(09:31):
Having a passion for real estate this is whereit took him.
How how does one go from, hey.
I'm a pilot.
I've got a little bit of passion for realestate to go and taking the a a leap beyond
leap going, I'm gonna start a real estateinvestment group.
Essentially, a a trust of people, a syndicatedpeople, to go out there and have them say, hey.

(09:54):
Believe in me, I'm gonna make you money.
I'm gonna take your money and make more of itfor you because that is a huge leap of faith.
Yeah.
Thanks.
Well, so, yeah, there's a lot to unpack there.
So first off, I think it's a great conversationstarter, perfect segue.
When we're talking about, you know, 1stupgrade, right, I think that the conventional

(10:14):
wisdom in terms of 1st upgrade is job security,right, as pilots.
We're always concerned about job security.
We're always concerned about what happens ifthere's there's furloughs.
What happens if there's mergers?
What happens if if, you know, there's whatever.
Right?
I mean, it's a it's a cyclical industry.
Right?
So
one of
the things that I've always been very, veryattuned to is the fact that This job isn't

(10:39):
secure.
You know, it it can be gone.
Look at the guys at aloha.
Guys and gals.
I mean, they had great careers, and the nextday, it was gone.
And they were on the street.
You know, and we always, you know, we we we getcomfortable with, you know, Delta United
American fact, you know, hey.
Are these companies really gonna go anywhere?

(11:01):
Probably not.
Right?
But nobody thought Pan Am or TWA were gonna goout of business either.
True.
So I've always been interested in the conceptof financial freedom and having a safety net,
having other sources of income, and just nothaving to fly.
I mean, I love flying.
I have no intention of of, stepping away fromthat.

(11:21):
But the day that it's not fun anymore, the daythat I don't wanna go fly anymore, I don't want
to have to go do it.
And we make such good income that you can very,very quickly build a lot of passive income in
in real estate.
So anyway segway over to, to how, you know,turban, ended up coming into existence.
So I've been investing in real estate for overa decade started in my early twenties buying

(11:47):
rental properties and and sort of dabbled in itfor, I mean, I always wanted to get into it,
but but didn't get into it in a real meaningfulway until 5 or 6 years ago.
That's when I sort of started making leap frombuying residential, single family homes,
condos, things like that into multi familyanything over 4 units is is considered

(12:10):
commercial real estate.
Right?
So making the leap to commercial real estate issort of where the where the big boys play.
Realize that I needed to expand my networkmore, because real estate investing is a team
sport.
You can't do it in a bubble.
So I started attending these these conferences.
The first one of which was the best everconference, Joe Fairless's conference in in

(12:31):
Denver.
Cannot tell you that the connections that Imade at at that that conference.
You know, you're talking 1,000,000,000 ofdollars of net worth under one roof, about
amongst about, I don't know, 500 attendees,people who had, you know, multi $1,000,000,000
worth of of real estate transactions undertheir belt And just, you know, you talk about

(12:55):
wanting to be the dumbest person in the room.
Right?
If you're the smartest person in the room,you're in the wrong
room, Yeah.
That was really throwing myself into the weedsand and realizing, how far I had to go.
I went there with the intention of building outmy network so that I could start scaling into
larger and larger multifamily deals on my ownbecause I had almost pulled the trigger on a on

(13:18):
a lot of deals over the past decade that I wishI had, but didn't feel like I I quite had the
the foundation under me to to pull it off.
And instead, I met all these syndicationgroups, syndicates, if you're not familiar, is
essentially instead of a JV, a joint venturewhere where everyone has control, there's the

(13:42):
general partners who have control, and thenthey're in the the investors who are the
limited partners who bring the money.
And the profits are split up usually in favorof the investor.
By some, you know, 70:30 or something likethat.
So I started meeting all of these supersophisticated, syndication groups in not only

(14:04):
multifamily, but self storage, mobile homeparks, senior living, retail industrial.
And these groups had such incredible networks,such incredible knowledge, and I started
realizing not only, hey.
This is an amazing opportunity.
I can invest with these groups and, you know, Ialready have a great job.

(14:29):
At the time, I was beating my head against thewall doing a a burr, a buy rent, buy rehab,
rent, refinance repeat, 6 time zones away inSouth Carolina, managing the construction and
managing my property manager and trying to getthe refinance done and getting all the the
paperwork to the lender and shopping insurancepolicies.
And I'm just like, you know, what am I doingfor all this work for if I can just be a money

(14:54):
partner someone else's deal.
And I sort of look at it, like, instead of megoing out and flying my bonanza on the weekend
as a as a doctor, right, I can be a passengeron someone else's professionally flown on
aircraft.
So there's less risk in my opinion Uhan thansay doing it yourself, even if you are very

(15:15):
well equipped, because these these people do itday in, day out.
And I started also realizing that if I was toscale from where I was at that at that time,
doing these small multi family deals up intothe 40, 50, 60, 100 unit, apartment complexes
like I was I was planning on doing.

(15:36):
I was gonna be competing with these syndicationgroups.
Which I had no chance of doing.
I mean, they they are ultra well capitalized.
They have all the broker relationships, lenderrelationships.
They can get debt at better terms than I can,which means they they can pay more for a deal
and make a better return on it.
So a little bit of a if you can't beat them,join them.

(15:58):
Right?
So started investing passively, realized thatthat was just a an amazing world one that that
I think not enough people know about andsimultaneously came across a number of
physician groups who have equity groups, wherethey pool doctor capital and they invest as a

(16:18):
group.
And they have, you know, a fund and the peoplerunning that fund have the ability to conduct
very sophisticated due diligence on on thesedeals.
And they pool money together and they invest asa group.
And no one was doing this for the airline pilotcrowd, which shocked me I I just couldn't
believe that that someone hadn't pivoted thisidea to airline pilots.

(16:44):
I mean, there were groups for a number ofdifferent groups of doctors is, groups for
attorneys, engineers.
No one was doing it for pilots.
And so I sat on the idea for 6 months.
This was, you know, 3 years ago now.
Finally, it just said, you know, this issomething I'd really need to to bring to this
professional demographic because, we have a lotof similarities with with doctors, right, make

(17:08):
great money, You get tons of time off, but, youknow, not very many of us have the ambition or
wherewithal to go and build a real estateempire on our own.
Right?
Yeah.
So if I could bring this this you know, thisthis great alternative investment, these these

(17:32):
alternative investment opportunities to theairline pilot crowd, what a cool thing to do.
Right?
And we can get into more of sort of how we workand how we create win wins for everybody, but
that's sort of the the genesis of it.
Well, I think that's a perfect way to go is thewin win scenario, you know, that that being a
real estate investor and having friends who'vedone it, seen both doing it yourself a DIY

(17:57):
method or having a partially passive portfoliolike I do or, folks who wanna, hey, set it and
forget it.
Here's my take my money.
I don't wanna think about it again.
And it's funny because, some of the one of, oneof the people that I know, through my property
manager is a doctor who is a take my money,come back with, 5 deals, and I'm just gonna

(18:25):
pick 1, and then I don't wanna hear about itagain.
Like, you're gonna do all the rest of the work,and I'm willing to pay you for it.
And it would be nice to have not only and Ithink there's a place for all of that in world
because like you said, there's the doctor whoflies the bonanza on the weekend.
They may love flying the bonanza on theweekend.
Now do they wanna fly the bonanza from New Yorkto Los Angeles.

(18:49):
That to me seems like a pain in the ass, so Idon't know if I'd wanna do that.
But if I'm flying around to go get the, youknow, $500 burger, that's a different story
where maybe I've got my little two bedroom ormy little duplex or whatever that I wanna
because it's my
it's
my fun side thing.
But if you want that flight from New York toLos Angeles, why don't you go sit 1st class?
You have the money for it, and you want toenjoy a little bit of what you've earned.

(19:13):
I look at what you're doing is more like that.
And how let's talk about that.
The the Uhan a we don't need to get too intotoo much frightening detail, right, because
there's stuff that you can start.
I remember you were telling me I was like,woah.
Slow down ag head I was it was way going rightover the tap.

(19:34):
And and there's a million different forms outthere, right, especially, like, I'm a big,
bigger pockets believer in It's a great placefor rookies to go start at.
But let's give let's yeah.
Let's give folks a good idea of how to get theor or the basics of how you guys do what you
do.
Yeah.
So first off, just to to quality andmisconceptions.

(19:57):
We're not the ones who are actually finding thedeals, acquiring them, operating them.
We're simply a money partner.
So we are we're a fund.
What we do is we identify best in classoperators here in North America, in really,
we're focused in the self storage, multifamily,and mobile home park asset classes.

(20:19):
And then we essentially inspect their aircraftfor worthiness, right, both their operation.
We, I was just in Kansas City couple days ago,touring an office visit for a new sponsor that
that we're looking at working with.
And then we absolutely shred the deals apart.
In terms of of due diligence.

(20:40):
So there's some benefits to to investingthrough a fund.
And I'd I think that this is this is such a a aprolific new model in the syndication space and
it's taking off like crazy, for some veryspecific reasons.
So, and then the so let me kind of explainwhat, you know, how how we participate in the

(21:04):
space.
And then and then I'll kinda go into detailmore on your question in terms of, like, how we
actually operate.
So so instead of Adam, you investing, say,$50,000 with with sponsor X.
And they'd say, okay.
Cool.
The total equity raise on this project say,$30,000,000.
Thank you, sir.
We appreciate your minimum investment of of$50.

(21:24):
Well, if you start saying, hey.
I'd like to fly out and visit visit the team.
I'd like to do site visit.
Can you take, you know, the principles out outto lunch?
And and I'd really like to dig into let's saythe the source documentation for your
feasibility study, I mean, you can start tokinda see where they'd be like, hey, man.
We we don't have time for this.

(21:45):
But when we come together as a fund and andwe're looking at investing, say, a 1,000,000,
2,000,003,000,000 dollars in a deal, thatconversation totally shifts.
And it's, now everything starts to open upbecause they they wanna establish a
relationship with someone who's gonna write abig check.
So that's the first benefit in terms of of howwe can command not only better terms, better

(22:08):
profit splits, but also conduct better duediligence.
It's a win for the sponsor because they're goodat finding and operating deals.
Right?
They're they're not necessarily in the businessof of raising capital.
Raising capital is a is a full time job.
It's a myth that if you have a great deal thatmoney will just magically show up.

(22:29):
I mean, if you're gonna raise $30,000,000 for aproject, that is it's it's no joke.
And so you have to have an infrastructure forthat.
You have to market why that that deal is a gooddeal, in order to get that those dollars
indoors.
So if we can, as a fund, invest multiple1,000,000 of dollars into into deals that we
have vetted.

(22:52):
That frees the sponsor up to do what they dobest, which is find and operate deals.
Right?
And then, of course, for our investors, it's awin for them because they are, essentially
getting the same return profiles as they wouldbe going direct to their sponsor anyway.
What we strive to do is we take a a larger cutof the, percentage.

(23:15):
So instead of, say, a 70, 30 split, we mightget a 80, 20 split for for writing such a big
check.
We strive to sort of take that Uhan and returnour investors to their original, economic
profile as they would have gotten had they withthe sponsor.
So anyway, that's sort of high level, you know,why the fund model makes sense.

(23:36):
And then in terms of what we do, We have 2jobs.
One is to that the the operations team.
And if you ever heard the term, wanna bet onthe jockey, not on the horse.
Yep.
That's really that's the main thing.
You know, we the the deal is is way, way secondto the sponsorship team.

(23:59):
A good team can can make the worst deal in theworld come to life and and operate like a
sewing machine and a bad sponsorship team cando the exact opposite.
They could take the best deal and just make ita complete dud.
So most of the the work that we do goes intovetting the operations team, vetting the

(24:20):
business plan, visit, vetting the you know, theplayers involved.
And then second to that, we'll take a look atwhatever deals that they're sort of bringing to
market, and we'll start shredding them apart.
And when I say we, it's myself and my CFO, JimMorales.
Anybody familiar with Grant Cardone, JimMorales is Grant Cardone's CFO, and, I was able

(24:41):
to, to poach him over a over to our side.
He's he's still working over there, but, buthe's he's doing work for us, in terms of
financial due diligence and underwriting.
So so Jim takes the underwriting stress testsit.
And what that basically means is tweakingnumbers to to sort of show worst case scenarios
and make sure that there's sufficient downsiderisk protection and whatever we're we're

(25:03):
looking at.
That is a lot of big words for my small brain.
But I do understand the base.
I understand the basics of it, and I'm surethere's a lot of folks out there who will be in
the same category that I Adam, maybe not evenquite to the level I'm at, of just
understanding the basics how real estate works.

(25:24):
Now there's a lot of folks who are moreinvolved and in-depthly read on all of this
kind of information.
One of the things that I I wanted to dive intohere is to kind of brass tacks and make a
little bit easier.
So let's say myself, for example, we weretalking about working, or be I was a soft
committed in the last deal, and the deal fellfilled up so fast.

(25:47):
I couldn't get into it, which is awesome.
I was super excited.
That's right.
Yeah.
That that makes you wanna it's the scarcityeffect.
It's like, no.
Next time, me, me, me.
So with with that being said, let's take, whatwouldn't be outrageous.
Let's just take a whatever standard deal.
However you wanna package it.
Adam comes in with $50,000.

(26:09):
It says I want in.
I've scrap I've saved my pennies or I'mconverting a Roth IRA or I've got money that's
sitting in the market that, honestly, I justI'm too exposed to the market.
I wanna shift out of it a little bit, which issomething we could talk about even more later.
I I want in on this model of real estate.

(26:29):
What can I expect if I I hand over?
I write turbine capital, big check, boom boomboom, and then you say, okay.
This is what you can expect, Adam, with whatyou just, what you did.
Thank you very much.
And here we go.
Off we go to the races.
Here's what you can expect.
For sure.
Yeah.
So so typically what we target and again, youknow, this is all just expect.

(26:52):
Right?
Nothing's guaranteed.
Investing always entails risks.
However, it's my opinion that that this stuffis far less risky than the equities markets.
You know, the stock market, you know, the stockmarket's schizophrenic.
It's super highly valued.
The bond market is yielding nothing.
You know, commercial commercial real estate isone of the last places to go for for safe,

(27:14):
consistent yield.
Right?
So typically what we do and and we always lookfor conservatism in projections.
We wanna make sure that we can under promiseand over deliver or at least meet expectations.
Right?
But what we we typically look at, you know,would be something about a, any anywhere from

(27:38):
the mid teens, the low twenties annualizedreturn, If you're familiar with IRR, somewhere
around the 15 mark, 15% IRR internal rate ofreturn, which just takes into account the time
value of money.
And then it varies deal to deal how much cashflow there is.

(27:59):
That's another topic that that I'd love to jumpinto is just the topic of of cash flow.
Some deals are weighted more in terms of ofback end appreciation.
Other deals are very cash flow heavy.
You know, don't maybe not have such anappreciation play, but just have a really nice
nice distribution.
So most of our deals have a a monthly cashdistribution, anywhere in the neighborhood from

(28:25):
4 to 12% during the whole period, and then, youget your money back at the end of most of the
projection, the hold projections are about 5years.
So at the end of the projected 5 year holdperiod, you get your, return of capital and
then a nice return on sale.
And again, you know, the day that we close onthe property, all the projections go right out

(28:47):
the window, which is why we we really put a lotof weight on track record and, you know,
sponsor's ability to execute and comparing,okay, what have they what have they promised
and what have they delivered in the past?
Sure.
You know, to to try and really nail down.
You know, how their future deals are gonna go.
Yeah.
So we we put a lot of weight on that.

(29:09):
I I can attest to the projections out thewindow, on my last real estate deal.
We had all these grandiose ideas and all wehave worked we keep having to reconfigure what
our future process is going to be with thisproperty.
And there is an exit strategy there aremultiple I have multiple extra strategies for

(29:34):
what I'm invested in that way.
And one of them, unfortunately, has become whatif we have to package this up and sell it as a
loss, where we can't where we're not going tobe able to get out of this, with we're just
gonna have to run with her tail between herlegs because do we want the because there's the

(29:55):
sunk fallacy, or the sunk cost fallacy thatcould plague this property, and I will keep
putting good money after bad.
And that is one thing.
So when when I look at a place like turban, andI talked to a guy like you, I the that those

(30:15):
kind of things all the emotions taken out ofreal estate.
And for those who are not saying, well, I'll becompletely unemotional, you will until you're
not.
And you don't have any choice in the in the inthe in the matter.
When you invest 70, 80, a $100,000, that mightnot be a lot of for somebody, maybe everything
to another person.

(30:37):
No matter where you fall in that spectrum, ifyou if that is something that this is your
biggest investment of your life, it's gonnahurt, and that's gonna cause an emotional
Mhmm.
Reaction.
You're not gonna have you don't have theseissues with investment and fund syndication,
stuff like that.
There's just none of that.
It's it's it's you can see what's happening,but you you have to it it's it's like being in

(31:01):
a mutual fund.
You can see what's happening, but you're notgonna get emotional about what's happening in
the mutual fund unless it starts to lose a tonof money.
I do have something to say for all of those outthere.
I'd I was not a total believer in real estate.
Now I am.
It doesn't that doesn't happen very often.
It it has, but you have to look at the placesthat let's take a look at, for instance,

(31:25):
Manhattan.
Right?
Manhattan.
Oh my gosh.
COVID hit.
Everybody's moving away from the city.
The market's gonna crash there.
Nobody's gonna live in Manhattan anymore.
Yes.
A lot of people have moved out Well, lo andbehold, property values are still on the rise
in that city, and they have a crime wave goingon and all this other nonsense.
Which by the way, that's still just crazy talk.
Like, you're not gonna go to timesquaring ashot.

(31:47):
It's just probably not gonna happen.
It might, but it probably won't.
So with all that said, like, there's still allthis craziness.
And is there housing bubble?
Is there not it doesn't really matter whenyou're talking about what tate and the guys at
Turbine and then his sponsors are doing.
It doesn't matter.
It's a different
It really does.
All game.
Yeah.

(32:07):
So, man, there's, like, 5 different things Iwanna touch on there.
So so first off, I am proud to say that that weare on every deal that we've done since
inception.
We're exceeding projections by about 2x.
Number 2, that you know, everyone who I I get alot of questions where people go, man, this

(32:31):
housing market's crazy.
When's it gonna crash.
Yeah.
I'm gonna wait till the crash.
I'm gonna wait till the crash.
It ain't coming.
Sorry to tell you.
But, when you when you look at the underlyingfundamental, in the economy.
What happened in 2008, everybody remembers2008, and they associate a recession with
housing market crash.
Well, if you go back all the way to 1900,recessions have not been associated with losses

(32:58):
in real estate value.
Real estate values have lot toad, maybe comedown a little bit.
And it depends on what markets you're on andwhat you're investing in.
Right?
But but, 2008 was the only time when we saw,like, a complete meltdown.
Couple of things there.
Number 1, it was a 1st, a mortgage crisisfollowed by a liquidity crisis.
Remember that?
So the banks weren't lending.

(33:19):
And there were really shoddy lending practiceswith a lot of bad debt.
2nd, we were way over supplied on housing.
We way overbuilt in in the mid 2 thou, youknow, 2000.
This time around, we have the exact opposite ofthose problems.
Number 1, we are awash in liquidity.

(33:39):
We we printed, what, $4,000,000,000,000 in thelast, 2 years.
The world is just completely awash inliquidity.
So that is the the complete fundamentalopposite of what what happened in 2008.
And number 2, we are severely underhoused.
We're about 5,000,000 housing units short inthe US.

(34:00):
Was talking to Jonathan Chang, who's the headof research at Marcus And Millichap.
They're they're the largest, real estateanalyst and brokerage firm, commercial real
estate brokerage firm in the US.
He has 26 analysts that work for him, and hewas recently meeting with the National
Association of of home builders.

(34:21):
He told them turn on the taps because youyou've got another 7 years of just wide open
runway to to go.
He goes, I don't think they're gonna listen tome because the labor market's so short.
And material costs are so high, but he goes ifif the home builders went full bore for the
next 7 years, that would only just come closeto meeting the the housing demand that we have

(34:45):
in the country right now.
So if you're waiting for the crash to invest inreal estate, I'm sorry, but but it's not
coming.
Now in certain markets, you know, if we'retalking about residential, are they gonna cool
down a little bit?
Yeah.
With interest rates rising and and, you know,the affordability you know, starting to to come
down.

(35:06):
Yeah, we'll probably see some some residentialmarkets cool, but we don't rely on natural
market appreciation.
In fact, we don't we don't underwrite for it.
So if we have natural market appreciation,that's great.
But in our deals, what we use forcedappreciation.
That's one of the beauties of of commercialreal estate is that you can literally force a
property to be worth more by increasing the thenet operating income.

(35:31):
Unlike real residential real estate that'sthat's valued by comps, commercial real estate
is valued by its cap rate multiplied by the netoperating income.
So income minus expenses multiplied through thecap rate equals value.
And that's real actual, like, tangible value.
So if you increase rents
by $25 a month on a single unit in a commercialmultifamily apartment complex, one single unit.

(36:02):
That's 300 bucks a year.
By, 5% cap rate, be times, what, 20?
So you're talking about a 6 is that that mymath right off the top of my head, $6000 in
value increase of of that that property.
Yeah.
300 bucks a year.
Right?
So you multiply that out out over a 100 unitsand you're doing renovations.

(36:25):
You're you're improving, you know, the the curbappeal.
You're putting professional property managementin there.
You can force appreciation even if the marketis is naturally depreciate it.
Yeah.
Even if you you have a real estate market thatis that is decreasing in value, you can still
force appreciation by by improving the thefinancial metrics of the property.

(36:47):
So that's that's sort of what we look at.
And and when we we study the the underwritingmodels on these things, what we're looking for
is, you know, hey.
If we we beat it up.
We say, okay.
You know, cap rates are gonna expand, whichmeans values are gonna come down.
We're gonna have higher vacancy than we think.

(37:09):
We're gonna have higher expenses than we think.
There's gonna be more concessions lost tolease.
And if the deal still looks good, then thenthat's something we'll move forward on.
So yeah.
Anyway, no.
That's
I wanted to jump in there and and this is goingback to that.
And this is really I I'm I'm keen on some ofthe stuff for people who already are invested

(37:31):
in real estate or or or maybe who own their ownhome or have dabbled in renting out something
in the past.
And I'll go back to this place that I own thisproperty that I talked about that there's an
exit strategy of of where it might we mighthave to go at a loss.
Well, when I bought the property, there were itwe had to comp it out.
So it was there was four units in two differentbuildings, and it was comped out.

(37:56):
To a certain number, which we couldn't even getto the asking price.
It was off market deal.
So we had to do some creative financing and anddeal making to get make that work with the
seller.
But here's the here's the thing that and andthis is to give you an idea of what Tate's
talking about on the commercial side.
Had we've been able to finance at what theincome generation value of the property was, it

(38:21):
would have appraised out at almost a $100,000more than what the asking price on those.
Not what it appraised that.
Not what we actually deal we made on, which itwas over a 100,000, or it was a 100.
It was almost a 100,000 over asking.
And asking price, we only ended up paying,like, 16 or 20 grand less than that, because of

(38:42):
the appraisal.
Uhan even the appraiser said, I can't I can'thelp you here because it's not a commercial
property.
There's no there's nothing I can do for you.
Four units or fewer?
Yep.
So you're you're just you have to you have tolook at comps.
And by the way, there's no real comps.
For a place like this no matter what.

(39:05):
So what what I what I'm pushing towards folksis think when you when you look at when you
think of speculation and buy an appreciation,because I I could I can hear people.
I can hear guys like me.
Saying, oh, appreciation.
I'd never just buy on that because it'sspeculative.
Well, it is speculative in the industry or inthe side of the real estate world that I'm in.

(39:26):
Where you go, okay.
I'm buying this property hoping that it's gonnago up in value by 40% by the time I wanna sell
it.
That's speculation.
That's praying.
That doesn't work very well.
That's hoping.
This is a totally different thing, and I lovetalking about that because I didn't even, you
know, I didn't understand how forcedappreciation really worked.
And you laid it out very, very succinctly.

(39:48):
Right on.
Well, and and for anybody thinking, okay.
Well, that that seems like a great idea.
I'm gonna go buy a 5 unit.
Be careful.
Yeah.
The the the small commercial properties are arecan present a a some difficulty.
And that's because commercial lending is acompletely different ballgame.

(40:10):
Unlike residential where when you get over acertain route, you're into jumbo territory and
and you're paying higher interest rate.
Commercial real estate, the larger the loan,the easier it is to get.
If you're looking at a loan amount for acommercial, real estate, which is anything
that's, including multi family as long as it's5 or more units on a tax parcel.

(40:33):
If you're looking at a loan amount that's lessthan a $1,000,000, almost no one will touch it.
You you're gonna have to go to a smallcommunity local bank.
You're gonna have to have a driver's license inthat state because they're not gonna wanna lend
to somebody who's out of state with with someof these local banks.
If you're over a $1,000,000 loan amount,anything from 1 to 5,000,000, is considered

(40:53):
small balance and then anything over 5,000,000is much, much easier to work with.
So, yeah, you get a lot of economies of scaleonce you get up above the the 50 to 100 unit
range.
There are some very successful players in inthe smaller market, but be very careful if
you're if you're a newbie and you're like, oh,cool.
I'm gonna I'm gonna go force appreciation on ona little five unit that's, you know, $700.

(41:17):
Make sure you do your your research on the onthe lending first.
Yeah.
I could not figure you more.
In fact, I'd I'd be in the I I've looked.
I think we had a a possibility for an eightunit that we looked at.
And it was I thought it was overvalued at thetime, and I we looked at it, and it said every
every one of the units needs to be renovated,not re rehabbed a little bit.

(41:40):
They weren't that bad, but they def needed tobe updated.
And every single lease and rent was well undermarket and going, okay.
So now we gotta deal with 8 new leases, whichmeans let's just say 50%.
Wanna stay under the new much higher rent, wehave to rehab some of these units.

(42:01):
If we're if we lose 4 families, we're gonnahave to rehab 4 of these units.
And now we're talking more capital up frontbecause by the way, you still have to have the
capital up front to secure the loan.
Like, you can't just go, well, okay.
I'm gonna go get a 50 unit or or whatever.
I'm gonna get a 32 unit for you know,$2,000,000, and and I'll be able to get a a

(42:25):
loan that way.
Well, you still have to have capital.
I don't know what it's gonna be.
Right?
But unless you want and then and then, oh, bythe way, when you go to that size, no longer is
it I own a duplex and I run over there and fixthe the broken fan or I have a plumber drop by.
It's a whole business in and of itself.
And I'm not saying that that's if that's whatyou wanna do,

(42:46):
Yep.
More power to you.
I give you
all the crap as well.
Yep.
A 100%.
I give you all the credit in the world, andI've met other other airline pilots that wanna
do that.
And I I can tell them, hey.
We we'd be happy to be a, you know, a slice ofyour allocation, but if you have the time, the
non the resources and the ambition to go andand pull off a 32 unit deal by yourself, more

(43:09):
power to go that you're you you are gonnaprobably, you're gonna take on a lot more risk.
And you you're gonna have a much higher chanceof losing money, but you're you're you're
potential for for, insane gains is much higherdoing it yourself.
What we are here in order to provide directreal estate exposure, to to great deals for

(43:38):
people who are, you know, 90% of us that don'tnecessarily want to spend their weekends,
analyzing properties and call cold callingowners and meeting with brokers and and,
contractors and lenders and insure insurers,and Yeah.
Quite frankly, it's a it's a it's a model thatI landed on because I was like, this is this is

(44:02):
the best of both worlds.
I was making I was making as much or close cashflow and and return profile on my passive deals
as I was on my active, and it was a heck of alot less work.
Yeah.
Yeah.
You know, so it's something
else.
Risk.
Yeah.
It's and there's something else you said inthere that I wanted to touch on.
So, and this is for folks out there is justgetting investing game.

(44:24):
So you talked about, how this is a lotdifferent than 2008.
It's funny.
I've been watching, and I should just watch themovie straight through even though with 2
little kids possible.
I watched several clips of the big short, and Irealized I watched, like, 45 minutes of these
are clips.
You know, and I'm like, on YouTube, they're allscattered.
So one of the things and and it it we talkedabout it.

(44:47):
The there's not enough home starts there's thedemand is still high.
Demand, even if it shrinks, it even there'sstill what what's the word I'm looking for
here?
There's a a full demand out there becausethere's just not enough house.
The supply is so so low that it doesn't reallymatter how many people wanna move.
That there'll be an there there's just notenough houses for people who have to move.

(45:11):
So that's one thing.
Right.
Yes.
The interest rates are going up, but it's notgoing to affect people who have to move.
They just won't affect that.
They still will have to buy a house.
They will still have to get financing.
Most people are not going to have cash to payfor a $500,000 home.
It just doesn't exist that much.
With that said, and this is where I thinkanother thing in getting in the small rental

(45:32):
world.
You can do and and I've done I did this in aduplex.
It was easy to we rehab for a very low cost.
Okay?
So we did a lot of work ourselves, and I wantedto.
1st property I wanted to do.
I didn't do all of it by myself.
My my property manager slash everything.
He he did the lion's share of the work.

(45:55):
I did some of it with him.
We worked together in a lot of stuff.
We went way over time budget.
We went on budget monetarily.
But when you when I look back on it, That wasin 2020.
In in the summer of 2020, COVID was scaring atthe Jesus side of everybody.

(46:18):
If I did the same thing now, I don't know if Icould stay on budget, number 1.
I know for a fact that the onesie, 2z, thecontractors that we did have worked with us, I
couldn't get him in.
I couldn't get him to the door for what we paidhim then.

(46:38):
Right.
And I and I'll I'll go I'll go one stepfurther.
I'm putting a deck on my house this year, andI'm we're gonna rip it off, but I'm I'm having
somebody else come and do it.
And the number is astronomical.
It's it's I I budgeted for it in my head, but Icouldn't believe how high it was.
And this is this is sort of the if you can'tbeat them join them thing.
I mean, you look at, you know, the the selfstorage operator who we, have partnered with

(47:03):
for the last 2 years who are just fantastic.
They're just juggernauts in the space.
I mean, they've got over a 100 employees.
They're vertically integrated, propertymanagement, vertically integrated construction
management.
Their head of their construction departmentcame from KC Industrial.
He did the Eisenhower Tunnel ventilationproject on, I 70 goes from Denver to Vail.

(47:28):
I mean, very, very sophisticated people.
Right?
They lock in.
They they're able to control costs, becausethey'll they'll buy steel in bulk.
Get it to the job site early.
So that they know that they can lock in theirtheir costs.

(47:48):
This latest deal, the the Phoenix deal which wemight have another one coming down the
pipeline.
This is an operator who has over 25 assets inthe Phoenix Metro They've completed their
business plan on on they've done full cycle on7.
It's I mean, they're just a a well oiledmachine.
They order they do the same renovation on allof their apartment complexes.

(48:13):
They order all their stuff in bulk from China.
They have a warehouse so they they're able tocontrol their supply chain and their costs very
effectively.
Whereas, like, you know, retail investors justdon't have the economy of scale or the
sophistication level
do that.
Amen.
And then the other thing we were we weretalking about was, you know, people getting

(48:33):
priced out.
There's one of the one of the problems, whichcan be a benefit to us investors is that people
are getting priced out, especially withinterest rates rising now.
You know, the the asset values are are notgonna be coming down anytime soon because
there's so much money in the financial system.
And with interest rates rising, you know,people are people are priced out.

(48:56):
The median home price in the in theneighborhoods that that we just bought this,
440 units in Phoenix in, the median home priceis 430,000.
You know, the mortgage on that is, you know,couple grand a month versus, you know, the
apartment complex or the the apartment unitsthat that we're, renovating even after the

(49:19):
renovation are gonna be about a thousand bucksa month.
So it's workforce.
It's it's people that just aren't going to beable to to afford a a home in that market.
And so more and more people are being pushedinto the rental market by by choice and and not
by choice, both.
You know, there there are people who who arechoosing to rent longer as well.
So just listening, I was listening to a podcastabout, why Texas is so popular in certain

(49:45):
areas, but it's not the areas that you'dexpect.
Like, Yeah.
All awesome.
There's not, Houston that.
Well, the that that's actually not the case.
It's these suburbs that were suburbs of 20,000people 20 years ago.
And now these these some of these suburbs aregrowing to be 250,000.
I mean, these are these are cities.

(50:06):
Like, they're full on cities.
Yeah.
And there is no need anymore to go from, like,Frisco to Dallas because only reason you go
down to Dallas is go to a game.
You go to a Mavericks game.
Right.
But they have everything in in these otherlocations.
So I think these are some of the crazy thingsthat, I mean, this is the this is a

(50:28):
conversation that quite literally could go onforever.
Because I find this.
So we We I know we could take this.
Yeah.
Yeah.
So you go a 1,000,000
reconvene on this.
Yeah.
A 1,000,000 different directions.
But before we do that, let's So you're you'reyou're coming all the way from and if you we're
not I don't think we're gonna post the video onthis.
We don't really do that that very much.

(50:50):
But if you could see what I see, Tate is, I'mlooking over Tate's shoulder, and I see
beautiful, Hawaii, Honolulu, got the mountainson one side, the buildings on the other, and I
know where the ocean is.
It's That's right.
It's just over off his left shoulder that orjust in front the be behind me.
That's right.
So, he's gonna be coming all the way fromHonolulu to TPx, which for those of you who

(51:14):
don't know yet, it's on the weekend of the 23rd24th in Orlando at the, actually, terminal c,
which is the non yet opened international sideof Orlando.
It's gonna be the new the new internationalterminal from my understanding.
We have a little portion of it, and we've gotall sorts of major airlines, Delta, FedEx,

(51:35):
United, I wish United, but not they're notcoming.
Sorry.
American, spirits gonna be there.
They just announced SkyWest will be there foryou, low timer guys, or or or people who need
to get back in the cockpit for a little bit togo.
We've got the possibility of a couple ofcharter operators coming, or or fractional,
type airlines.

(51:57):
I'm I'm Southwest.
It's gonna be there too.
I almost forgot them.
Maybe we can use Tates connections in, for nextyear and get Hawaiian to, swing by.
Yeah.
Be on the other side of the globe, but, theywho it's, I mean,
that's right.
Who knows where this
have a direct flight to Orlando now.
Yeah.
Exact.
Makes it easy.
Who knows where this market's gonna go?

(52:17):
In fact, I wanna shout out and, hopefully, theywanna attend one day to JetBlue Jeff Blue now
goes direct from Boston and JFK to Milwaukee.
We have not we have never, in my memory, had aJFK or direct Milwaukee JFK, which I can use to
get out to New York specifically for trips thatdepart out of JFK instead of using my airline,

(52:41):
which is fantastic.
No more laguardia bag drag over.
Super cool.
Yeah, Tate's gonna come all the way fromhonolulu to Orlando.
We're gonna have a good time.
Gonna grab a cocktail or 2, on our off time.
We're gonna talk a hell of a lot of realestate.
He's gonna be able to talk to a lot of you whoare going to attend.
But if you can't make it because my guess iswe're probably we're we're not sold out yet,

(53:04):
but we're getting there fast.
And, obviously, there'll probably be some moretime on Sunday than there will be on Saturday,
because there's a little bit higher number offolks coming on Saturday to get one on one time
to talk to Tate.
And, and I'm springing this on him right now.
It's gonna be a little bit of a surprise, butWe're gonna give him some presentation time if
he wants it, in the social hour.

(53:26):
I love it.
Yep.
The social hour, you we people have beer intheir hand and, and take and give us a little
bit of, how a turban works and what what's init for everybody because is if you don't know
this about TPN, we're real big on a rising tideraises all boats.
And I I took that from a previous, boss andmentor, and I believe in it.

(53:50):
I also believe heart of the teacher, we tookthat from Dave Ramsey.
And now it's the most important thing that welook like when when we look at when we're
trying to work with companies.
And Tate has the heart of the teacher.
If you can't tell just from this little tinypodcast.
He wants to teach you everything about how youcan set yourself and your family up for
continued financial success and well-being.

(54:13):
And the thing is is if you if you take aninvestment and put it in a turbine, not only
does it help him, but it helps you too.
And in fact, I think in the very beginning ofthis conversation, what you said, we're the
investor is the one who gets the biggest amountof return for what they invest.
And that is it you I don't know anywhere elsethat you can do that because when I invested in

(54:35):
my GameStop, stock, And it skyrocketed and thenplummeted.
The only thing that I get really out of that isfun.
It's a good time.
Right.
But the worry and all the other stuff thatcomes with that and investing in individual
equities against, again, nothing.
If that's your game and you're good at it andyou wanna do that, that's awesome.

(54:57):
But if you want to be exposed to real estateand you're looking for another option, I want
you to give Tate a lot of attention and timebecause I knew when I found him that I was
like, alright.
What is this?
I kinda wanna I because I pilots call it b sall the time.
Right?
And it's like, oh, some pilots started at risk.

(55:17):
Never take investing advice from pilot.
Yeah.
Exactly.
Right.
That's exact.
And when I heard about it from my at the gymagain.
He's not a pilot.
I said alright.
I'm gonna look at this guy and see what'swhat's up.
And then I sent him a message on Instagram hearanything for a while.
I'm like, okay.
Typical.
You know?
And then we chatted and I go, wow.
This it's not it's not only it's it was the itwas the exact opposite of what I what I

(55:43):
expected.
I have talked to other pilots who are trying toform real estate investment groups who who who
had, and I had not I, all all of the tinglyhair on the back of the neck, all the bad
things came right out.
And totally opposite with you, man.
Yeah, and I'm not trying to kiss your ass.
You already know you got my money, so it's nota big deal.

(56:06):
But, like, one one of the things that I wantedto, the kind of in closing here, to prepare if
they if they're interested and we'll get to allthe how to get ahold of you and and find
turbine all that good stuff.
But if they're this is for the for the the the0 level.
The I haven't even started research, but I'vebeen thinking about it.

(56:29):
Where where do you suggest they go to kinda gettheir feet wet?
So when they come down to TPA NX, or they docome and chat with you, that they can either
ask a question or just say, this is myknowledge base.
I I wanna I wanna get into this space.
Where do they start?
Where where do you think that's a good placefor them to start?
Maybe, books, some digital media, a coupledifferent things so people can really get out

(56:49):
there and and take the bull by the horns.
Yeah.
Absolutely.
So so, obviously, if you haven't read the thethat purple book, by Robert Kiyosaki, I always
say to start there.
Right?
Rich Dad Poor Dad.
You know, you mentioned bigger pockets.
I think every, like, 50% of every person thatwas on that podcast who who was like, what's

(57:12):
your favorite business, but which that put out?
I mean, it just it sets the tone for the rightway of thinking about money.
That's number 1.
So for for when you're trying to get a littlebit niche down and specific in terms of real
estate, it kinda depends on what you wanna do.
If you wanna learn more about aboutsyndication, obviously pop over to our website.

(57:33):
If you if you sign up on our on our website forour mailing list, you'll get some some great,
information, just sort of like drip fed.
I'm working on an ebook right now that kind ofdives into to more of it just in a in a
holistic and and well laid out way.

(57:54):
There's a great book called, the the hands offinvestor by Brian Burke from praxis Capital.
That's a bigger pockets publication.
I think that's a another great Uhan.
And if you're looking to sort of do ityourself, I think one of the best books out
there, really, is, long distance real estateinvesting by David Green.

(58:14):
That can kind of that's the perfect book forairline pilots because A lot of us live in
expensive markets that doesn't necessarily makesense to to buy a rental property and sets a a
great book to to kinda wrap your head around.
Okay.
How do I go find a great market?
Build a team there and start buying small smalldeals there.
But, yeah, but the last thing I wanted to tokinda jump in before before we wrap up is just

(58:38):
You know, I I really want to leave people withwith this is that I implore you to to think
more and think deeper about your financialfuture.
Right?
This job is wonderful.
Wonderful.
And we we we have really generous 401 kpackages.

(59:01):
I think a lot of people tend to sort of getlazy.
He's just like, well, you know, there's a potof gold at the rain end of the rainbow, and
I'll just, you know, I'll get that when Iretire.
You can build you're now bucket too.
You don't have to just invest for the future.
You can invest for now.
I mean, across all of my personal syndicationdeals, I'm cash flowing, you know, in the

(59:22):
neighborhood of about 10%.
I only need about, I don't know, 1,200,000 cashon temperature in order to be completely
financially free.
That's $10 a month in passive income thatthat'll come in whether I work or not.
You were talking about you know, 1st upgrade aswell in terms of money, you know, if if you can
if you can put, you know, 1,200,000 ontemperature and and have you know, $10 a month

(59:46):
that just comes in for you and clear and youwanna hang out in the right seat because you
don't need the money.
How great is that?
Right?
And and it's not gonna take investing a $100 ayear every year for 12 years to get that money
on temperature either because not not only isthat first deal gonna start to cash flow?
And then your second deal is gonna start tocash flow, but then, you know, they start going

(01:00:06):
full cycle anywhere from about 3 to 5 years.
You know, you're getting that that return ofprincipal and and return on principal.
Right?
So year 3, you might end up going full cycle ona deal, getting you know, 200 k back in your
pocket, and now you're investing 300 k.
You know, so it snowballs really fast.
And I I don't think that people wrap theirheads around, and this isn't you know, a

(01:00:28):
freaking life insurance schedule.
This is this is this is real.
I mean, this is this is real verifiable andand, and people are doing it.
There's there's lots of people that you'llyou'll meet at these real estate investment
conferences if if you go to them that, thathave left their corporate jobs and and all they
do is is invest passively.
And, you know, they've got a 100% of their timeto dedicate to whatever they want.

(01:00:51):
So, it doesn't take all that much time.
We make a ton of money it's not that hard.
So so put some some time and effort into sortof learning learning about it.
It's an awesome space.
Wise wise words from a TPNX attendee, a nowpartner of of the pilot network.

(01:01:17):
And more importantly, it went from what was anacquaintance to a dear friend and no time flat
of the whole myself and then everybody else outthere.
No.
Thank you, Tate.
Because I love when somebody teaches mesomething every time I've talked to you, even
in emails, I learned something new from thisguy.
And if you can't do anything else, just popover to turbine capital.

(01:01:41):
And I think it's turbinecap.com, if I remembercorrectly.
Turbinecap.com.
Yep.
Pop over there, take a look.
And for for no other reason, then you're you'remorbidly curious about not having to work until
you're 65, fly hard to fly 85 hours a month.
There is another way to do it.

(01:02:02):
And if you want a hard fly 85 hours a month,that's cool.
And if you want a hard fly 85 hours a month,but have a place in park city, and in South
Beach and then in Manhattan.
And you also wanna have a place up in Alaskaand send all three of your kids to med school.
That's right.

(01:02:22):
Head over the turbine camp.
And this and it's and it's not get rich quick.
You know, I mean, this is, but it's it's a hellof a lot better than the stock market.
Yeah.
Tell you that.
Yeah.
I you know, unless, you know, I mean, certaindays, you're lucky, certain days, you're not.
Right?
I I can just, you
know, I can attest to that too.
And and for all of you, crypto guys out theretoo.
Crypto is cool.

(01:02:45):
I did try to get rich quick off of Shiva I madea little bit of money, and now, you know,
whatever.
It's not there anymore.
But with all that said, Tate Howls can peopleget ahold of you if they wanna what's the
easiest and best way to get ahold of you?
For sure.
You can just reach out to me directly.
My direct email is tate, t a I t atturbinecap.com.

(01:03:08):
You go through the website.
If you wanna join our mailing list, be myguest.
We're gonna have a booth at TPNX.
If you wanna wait until, till it's in person,please feel free to, to swing by.
And you can also just, reach out via text.
My cell number is 808 936-7120.
Wow.
Look at that.
I mean, that's the kind of personalized serviceyou're getting from my, by the way, CEO.

(01:03:30):
I mean, CEO, man.
Come on.
Like, you what other c suite guys are sellinghis number out there?
So and, of course, if you wanna get ahold ofMadurai, you can hit us up in, hey, guys.
Pilotnetwork.com.
If you have questions about TPNX, please sendthem our way.
We're getting a lot of questions.
There's a FAQ list in the Facebook group.
I believe I will probably put it out via the,the Facebook page as well But if you do have

(01:03:56):
any specific questions, we're we're trying toget them answered as fast as we can, and we're
we're rapidly approaching, the the no turn backday of getting certain stuff out to you.
We know that a lot of people are very curiousof when they're gonna be able to schedule their
appointments.
All that stuff's coming.
But you have to remember that there are a lotof moving parts, and we are not doing this on a

(01:04:19):
Google spreadsheet.
Whereas Matt has got a beautiful app that'sgoing to show you how to do all this stuff.
And when you see it, you're gonna absolutelylove it.
I love it.
I've I've got to play around with it.
And I think you're gonna love the wholeatmosphere of not only TPx, but talking to a
guy like Tate, working with turban cap.
We don't bring companies to you because theypay us money.

(01:04:39):
In fact, we've had to turn several of themdown.
We bring people to you who can benefit yourlife and only benefit, you as a network.
They we we would it's it's it's in my bestinterest to do that.
To you, and it's my best interest for myself.
So I want to, again, thank Tate for joining uson just another sweet little addition of the

(01:05:03):
pilot network.
Podcast.
And, also for coming to TPNX.
I'll see you in, less than a month.
See you there?
Not over not over there.
Just a few weeks away now.
Just a few weeks, man.
Not over this nonsense.
Don't say that.
Otherwise, you give me all stressed out, man.
I'm gonna start start working till 1 in themorning.
So but for everybody else out there what?

(01:05:25):
Go ahead, man.
Go.
No.
I was just gonna say what you guys are doing atTPN is just amazing.
So, I've I'm very impressed as well with withwhat you guys have built and what you're
bringing to the pilot community.
So, I'm just stoked to be part of it.
Thanks, dude.
We're trying our best.
We're trying our best all the time, and We'llkeep doing that.
We hope that this is a springboard for futurestuff that we've got going on.

(01:05:47):
A lot of cool stuff the at TPx stuff.
We're not gonna share with you till you getdown there a lot of surprises.
So to get down there, remember, Keep the shinyside up, greasy side down.
Life safe, everybody.

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