Scott's Journey: From Corporate Life to Real Estate Investor

Episode Transcript
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(00:00):
Alright, what is going on?

(00:06):
Welcome back to another episode of Inside the Deal Room.
I'm your host, Gabe Bulling.
In today's episode, I have one of the most active members inside of our community, Scott
Nabok from Ohio and partially Florida.
Scott, welcome.
Thank you so much.
Cool.
Thanks, Gabe.
Appreciate it.
So, you're very quiet, you're very subtle, you're a hard worker, you've been in the trenches
for a very long period of time.
I don't think you get enough credit for what you've actually built for yourself and your

(00:29):
family.
Why don't we start with where you're at today from the real estate, the management company,
construction, basically what you're doing today and then we'll peel the story back from
where you started.
And the reason I say this is because for everybody that's listening, Scott is a perfect example
of seven to ten years of commitment and just hard work every single day.

(00:50):
Started with a single family, I think.
Started with a single family, went in, committed, turned it, did the work and then went into
another deal, went to another deal and to another deal and it's just a snowball effect
and it's the common real estate story that you see.
It's just such a unique time because most of the time it's like these guys have been
in the business for 30 years and you don't really catch them in that year seven, eight,

(01:13):
nine and 10 mark.
So, why don't we start with where you're at today and then we'll go back.
Cool.
Yeah.
Well, you know, appreciate you having me on this.
So, today, so everything that we have today including what's closing like next 30 days
would be 456 units, all multifamily, all Northeast Ohio.
So I live full time in Florida, but I split my time now.

(01:36):
So I'm six months Ohio, six months Florida.
Got it.
I have a construction company in Florida than the multifamily's up North in Ohio.
So where does it all come back from?
You know, where I got started was actually probably even longer ago.
It was probably about 2012.
Yeah.
And just forever, how old are you today because you're a young hustler man.

(01:58):
And most 32 year olds that are listening like they haven't even started.
And so you're already this far away.
So okay, you're 32 today, 456 units.
If you count the stuff that's closing in the next 30 days, really quick to clarify the
majority of this is owned privately by you or how many of you.
If you combine everything like majority is like over 50% owners.

(02:20):
Yeah.
That's a big difference.
So if I could sit here and say we're at 337.
Yeah.
You're at 456.
The net ownership is such a big difference.
Yeah.
Yeah.
100%.
Yeah.
So yeah, so I, so take it back to 2012 is essentially when I got started.
So 2012 is like I just went to Florida straight out of high school, went to Florida, was looking

(02:45):
for a house at that time.
And so that's like when I first started getting introduced to real estate.
So this is 2012, 13, like this is like kind of bottom of the market in Florida.
Perfect timing.
Perfect timing.
I'd say the GFC happened, nothing happened in 2009.
And then the market started open in 2010 and then really opened up in 11.
Correct.
You entered in 12.

(03:06):
Yep.
Anybody who entered in like was halfway good at operating a deal in 2010, 11 and 12 did
very well.
Correct.
Yeah.
So and that's the little bit of luck.
I mean, I think when you're in the trenches and you're doing the work, like you will hit
some luck and that was just like, it was just a timing thing.
So 2012, that's the first house.
So in Florida, like when I was looking for stuff, so I started to try to understand and

(03:30):
obviously I'm, it was 18 or 19 at the time.
So my mom needs to help me sign on this house to be able to get this, to be able to get a
house and the house was 115 grand.
So it's like, that's like how long ago all this was.
So 150 in Florida.
So that same house today is 450, 500.
So little tiny little house.

(03:52):
So anyway, so that's where it all started and it was just getting, I was trying to talk
my mom into like why I should, you know, she should be able to help me with this house in
Florida 1200 miles away from home.
So I ended up getting the house and then during that time, so as I got this house, I got real
interested because part of the pitch to her, like I was like pitching her as to why she

(04:14):
should help me with this house because it was 115 grand, but prior to this in 06 and
it sold for like 215 or 250.
So my theory was in most of the neighborhood was selling for between like 225 to 300.
So my thing was, well, if it gets halfway up, so if we get to, we buy for 115 and if we

(04:37):
get to 215 doesn't have to get to 300, then it'll still be okay.
And obviously all in, well, the all in was probably like, I think it was like 800 bucks
a month.
So for everything, my mortgage alone was 426 bucks a month.
So I mean, you're talking dirt cheap rent at the time, it was a three to was 13, 1400

(04:58):
bucks.
So I was like going through and like, so, and I'm not even realizing like what I'm doing
at the time.
It's just like, I'm trying to just pitch.
Are you, are you any educated?
Like, so, so walk me through and I think this is going to be important for everybody that's
listening to this.
So you come out of high school or college, whichever one is high school, okay.
And 456 units later.
That's, that's 1.6 GPA is proof.

(05:20):
You don't need it.
Yeah.
Okay.
So you graduate high school and is the real estate like a knack that you always wanted
to get into or like, how did you get exposed to real estate?
So that was the first exposure.
So that was like the whole thing of like, I just, I didn't really know what I was doing
though.
I just like, this is just what I was doing to like kind of pitch my mom to like help
me with this loan and blah, blah, blah.

(05:41):
And cause that was like 2012 also was like, you couldn't get a loan.
Like it was so nobody wanted to lend anything.
Like they had, everybody had just got completely destroyed.
And so now it was so difficult to get a loan, even though everything was so cheap.
So, but once I ended up getting it, a few months later, I mean, I think like a lot of

(06:03):
people's story, it was Rich Dad Poor Dad.
How was, what got me into like the multifamily and like this real estate investing cashflow
quadrant, all that you guys are thinking about it.
Yeah.
So like now I'm like business owner, real estate investing.
So really, let's just call it 2012 until 2017.
So all of them years later, five years later, all I'm doing is just getting kind of lost

(06:26):
in the sauce, just like everything at that time, like we didn't have all this for the
most, maybe at least I wasn't like, I didn't know it was out there.
It was just bigger pocket.
Yeah, 21 and 22 is when things actually become like, right.
So it was like bigger pockets and then there'd be like, I think we had like a radio like

(06:47):
advertisement for like a Rich Dad Poor Dad type of like, oh, come to our event type of
deal.
Interesting.
So like those were the only things that I was like exposed to prior to, but that hurt
me in a sense because from 2012 to 17, I was like, I was, if you're on bigger pockets,
it's flipping, it's wholesaling, it's multifamily, it's trailer parking, every single thing other

(07:08):
than the main thing.
So ultimately the multifamily is really what got me like, that's what got me so that was
what I was interested in in this mailbox money cash flow.
It's the biggest lie in real estate, my, but it's, but that's what got me interested.
Ultimately ended up going through this whole, like the next five years of just like trying

(07:30):
to figure out like what I'm going to do, learning everything that I could, which ultimately
led me to selling my house for the down payment of a multifamily bill.
Interesting.
So my thing was, is like, well, I don't have the cash.
I got a couple bucks saved up, like nothing.
What are you doing?
Just, I apologize for saying that.
What are you doing?

(07:50):
Because I think a lot of people don't want to like commit to like going all the way into
one thing for five years.
They're like, I'm going to chase this thing over here.
If it doesn't work for like 90 days, I'm going to quit, move on to the next thing.
What are you doing to make money during this time from that five year period?
Is it the construction side?
No, no.
So that, so during that time, because I'm fresh out of high school, so I'm like 19.

(08:14):
Oh, that's what, that's like, yeah.
So it was this, so my first job, it was my first job in Florida that had when I got the
house, which was kind of a little bit, it was an antique and oriental rug cleaning and
restoration company.
So it was dealing with like high end rugs and not like a Stanley steamer type of deal.
It was like a little bit.
I watch those videos on YouTube all the time.
How these people do in their little rug thing.

(08:35):
I don't know.
I'm a weird guy, but it's kind of satisfying.
We're going to like to watch this stuff.
It's actually interesting because like the rugs and all that stuff you deal with, I
mean, someone were a quarter million, half a million dollar rugs, like insane.
So a rug?
For a rug, yeah.
Yeah.
Tapestries, like all kinds of stuff.
So I want to read the percent.
I've been in Schwarzman's house, like Steve, Steve, I don't know if I could say that, but

(08:58):
Steve Schwarzman's house been in there.
You're going to get me super lit up.
Super excited.
Yeah.
But before I even know who they were.
Yeah.
So it's like, I'm just in this, like I just know, like this is like it all comes back.
Michael Jordan's house, like all the big, I mean, this is Palm Beach, Florida.
So this is like, think of all the old money I've been in like ever since.
Yeah.
Yeah.

(09:18):
Interesting.
I had no idea.
You're the rug guy.
Yeah.
So like that's where like it all, like now going back, it was like, because I remember like
Schwarzman was the big one where I was like, man, I had been in that guy's and I knew, like
we talked about these things when we were going in them at the time, but it was whatever.
But that's where we got started.
And then that ultimately like led on to a work admissions at a treatment center, which

(09:41):
kind of got me a little bit into like the sales side of things.
And during that time is what got me into like Cardone and business and sales and all these
type of things, which was probably, I think at that time was 2013, 2014.
And then I basically just rode that out.
I think I had one more little job for, oh yeah, I did a sales job for a moving company,

(10:04):
like a moving broker.
You want to move?
That's no fun.
Yeah.
It was my first job was a mover.
I was at 18 bucks an hour plus tips.
Wow.
But I was bodybuilding and I wanted to be like, well, how can I make money and like do something
that's productive?
Yeah.
So moving is that stuff done.
Yeah.
All right.
Sorry, I just keep going all over the place.

(10:24):
Yeah, no.
So, but that job, the last job that's moving, it was doing sales for a moving company, whatever.
It was just a, I mean, it was just a boiler room type of place.
It's just like, just kind of crazy.
And I was like, what am I doing?
Like, I have no idea what I'm doing with my life, but I'm still again, still going,

(10:44):
like looking into business, real estate.
Well, my brother, my oldest brother had moved to Florida at the time.
He was like very hands on type of guy, mechanic, did construction, those type of things.
So it was so funny how it worked.
It was like literally, he had a bad day at work.
I had a bad day at work and we're just like hanging out together.

(11:05):
And it was like, we just started this construction company.
It always starts.
Yeah.
It was like, and we put, it was like, Hey, let's do this construction thing, blah, blah,
blah.
Put, we literally put something on as crazy as it is back page.
We went like Craigslist and back page, we're like the two free places that we could put
stuff.
This was 2017.
So, and we get a bathroom room model.

(11:25):
And I think we did like 30, it was like 3500 bucks or 5500 bucks, something like that.
And we both quit our jobs.
Yeah.
We're going to get this done in two days.
I'm going all the way in.
Yeah.
And it was like, we're going to get it done in two days and end up being like a week and
a half.
And we were like, we're going to get, we're going to do 3500 bucks every, every like two

(11:47):
of those a week, three of those a week.
Yeah.
I'm going to do what I do in a month in like a week.
Yeah.
When you go all the way.
Completely didn't happen.
Yeah.
So it was like, not even close.
Like we had like that job.
And then it was like, oh, shit.
Yeah.
What do we do now?
Yeah.
We don't have another job.
Welcome to entrepreneurship.
And that's it.
The thing is, if I wouldn't, if I would have played it safe and kept the job and did this
on the side, I would have never went all in.

(12:08):
So we were, it was like, we had nothing.
Yeah.
We had both quit our jobs and like within like this all happened from like that conversation,
probably like 72 hours.
Yeah.
We had quit our jobs, had a job.
Like it was just that quick.
And so we just went all in.
So but we ended up picking up some jobs and like, you know, naturally you start like doing

(12:29):
some stuff, but all at the same time.
So this was like June of 17.
All at the same time, I'm heavy looking at real estate.
I've already made a trip.
I've convinced myself that Florida is not the market that I'm going to be in because
it was 50 a door.
So it was like 50, like all this stuff that we're buying today, like it's 150 to maybe
200 and because my market was South Florida.

(12:51):
So Palm Beach County, Broward County, that stuff was like 50 to 65 a door.
So it was before the time when Cardone bought his package, of course, St. Lucie for 60 a
door, 50 a door, whatever it was.
It changes the life.
Yeah.
And that's the thing.
It's too expensive.
50 a door is too much in Florida.
So I'm going to go to Ohio where it's 20 to 30 a door.

(13:14):
So it's half the price and I'm going to be able to get more doors and blah, blah, blah.
And plus I knew people up there and I felt like it could work.
So I had already made the trip to Ohio and I was looking at real estate and I'm talking
all these brokers and stuff.
And you know, I'm saying, hey, I'm going to have a thousand units and blah, blah, blah.

(13:34):
And what is so really quick before you go that what's so.
What do you get around different people that are doing large, what size deals are you looking
at this point?
Because you go from the.
Four to 12.
You go from the single to like now talking to brokers over here.
I'm curious what you're like, okay, I'm doing the four to 12.
These are the brokers I need to reach out.
How did you get educated?

(13:56):
They are pockets and.
Just just.
And doing.
Yeah, there was like a handful.
I only remember the books.
Who knows what they even were.
I read like probably like three or four books on real estate specific and then I read like
a bunch of like self-help like that type of stuff.
Interesting during that time.
But a lot of figuring it out.
A lot of figuring it out.
But the bigger pockets, like I would literally fall to fall asleep to a bigger pockets podcast

(14:20):
every single night.
So when I was like at the time I was working out heavy and I'd go to the gym and I'd listen
to bigger pockets like so I was over trying to create here by the way.
Yeah.
I hope somebody is in there in their first year, second year listening to this Mike shit
dude.
He's seven years.
Let me just, they're going through it right now.
Right.
I'm going to keep my head down and keep going.
That's what I'm trying to do with this.
Yeah, let's do it.
So anyways, so what I'm looking for though, to go back to that question is like I'm looking

(14:49):
at like duplexes, triplexes, quads, but I'm going up to like 12 units.
It's like kind of like where I feel like most of what I'm looking at.
Yeah.
And it's, you know, like thinking it's going to be the dream.
I'm going to get this 12 unit apartment complex.
It's going to be like mailbox money.
I'm not going to have to do anything, blah, blah, blah.

(15:10):
I had offered on a handful of buildings at this point.
I had sold my house.
My house had closed.
I had moved into a apartment complex.
So now I'm renting.
Yeah.
So just sold a house and now I'm renting.
I ended up landing probably like as soon as I start this construction company, probably
three months after we started, landed my first deal, which was 27 units in Cleveland.

(15:34):
So Cleveland, Ohio.
So that's where like that was the first thing I was like, it was so big, 675 grand for 27
units.
So it was a lot bigger than what I thought.
Then you're four to 12.
Yeah.
Yeah.
Cause like I remember I got thrown to me like, Hey, maybe you'll look at this.

(15:54):
But most of what I was looking was smaller.
And at this time it's you, your money that you don't have to get a syndication.
So my mom had helped me with the house.
So it's essentially so the part.
Yeah.
It was either going to be when we sold, it was going to be, I was going to take my half
and cause like the thing was essentially like my half your half.
I didn't go to college.
My brothers had went to college.

(16:15):
They, I was, came from a middle class family.
So my parents had paid for college and those things.
I didn't do that.
I didn't go that route.
So mine was a down payment, 20 grand on a house.
That was like the, my start to my life essentially.
So, so the idea was we were either going to split it or, uh, she was going to go in with

(16:36):
me.
Yeah.
Well, again, going back, same thing, like I needed somebody to help sign on the look
cause this is a bank, this personally guaranteed.
Like we're not doing any, it's not big enough to do anything where I'm non-recourse type
stuff.
So, um, land is 27 unit.
Kind of nervous, but like not really.
Like I kind of just felt good about having the, the construction company to fly out.

(16:59):
Yeah.
I felt good going into it.
Um, like everything was just like it just, there was nothing really super nerve wracking.
I felt like I'd put in my time the past four or five years.
Yeah.
Um, and I thought this management company was going to manage it.
Well, once we got there, we were like, we're not going to have like, there's no way this
management company is going to do any good.

(17:20):
Yep.
And I happen to have an onsite.
The guy, there's usually a lot of stuff in Cleveland comes and I think a lot of smaller
multifamily usually comes with some sort of onsite guy.
So it's either there, they might, they might do something.
This guy happened to do a lot for like 600 bucks a month was what he was getting.
So it was free writing 600 bucks.
So it was like, all right, well, let's say, let's keep this guy and just see what it's

(17:43):
about.
Cause I don't want to hire this third party and it ended up being a lot easier to just
manage it myself.
So we ended up closing it, blah, blah, blah.
We ended up, so we took the money from the house, put it, 100% of that money went into
this building.
Yep.
Now, as we're kind of getting used to things, my thinking was is like, now I need, now I

(18:05):
understand why, because this around this time I'm like very heavy in the card on and all
that stuff and like scaling and all these things.
Like 27 units is a little bit more in the hobby at that point.
So it's like, it's, it's kind of, it's not, it's not terrible, but it's also like, I
did, thankfully I'd started my company cause I'd spent the first year I'd owned it.
I closed December of 17.

(18:26):
The within the first year I'd spent like 90 days in Ohio, um, doing, I was doing everything
myself, all the turns and all that stuff.
I was doing all the turns myself.
You can't afford that stuff.
So I couldn't go hire it out.
Like I'm either way, I just didn't have that type of money and I didn't know that you could
get funding for these things.

(18:47):
I just bought it and just like put every dollar in and just like, all right, hopefully right
now.
It's the traditional, yes.
The traditional, like for me it's a, let's put it in the underwriting model.
Here's the cost to just raise it.
It doesn't steal store.
Yeah.
Okay, great.
Let's go do it.
Correct.
Um, so I didn't know, like I didn't know there was, I should be doing this fast or slow
or whatever.

(19:07):
I just like mailbox money, like it's going to come in and I'm not going to have to do
much.
Well, we learned that you have to do stuff.
Yeah, but it was fine because it got me into the experience, but what it really got me
to do was know that this is a little bit more of a business.
I ended up finding out it actually is a very real business and there is nothing passive

(19:28):
about it, but it's a, but this is, this is pretty cool.
Like, but I just need to get to more units faster.
So now I'm like, all right, what can I do to get the more units faster?
So within the next 12 months, I ended up finding a 14 unit didn't have the like, this
didn't private, like private, I didn't know you can bring on investors or I just thought

(19:50):
like you would partner with a couple of people and people would bring money.
Yeah.
What in like, who am I to be like, Oh, come partner with me.
I have 27 units.
Yeah.
Like, and I'm not that type of person that's out telling people that now you see it every
cent, you can't not see it if you go online and type multifamily.
Yeah.
So it's like, and they're like, Oh, you know, come invest with me.
I have four units.
So it's like, it's, they're just, it's, it's wild.
So now I'm like, well, how do I get this 14 unit?

(20:14):
So we get this 14 unit and it ended up being, I guess, long story short, as we ended up
getting this, this 14 unit and the down payment was like, I think it was like 60 or 65 grand.
So it's 65 grand for this.
It's the down payment.
35 of that came from a discover loan.

(20:36):
So and then like the remaining 20, 25 grand or whatever it was, was just like, I hadn't
like my grandma had passed away, had some bonds towards it.
We had some little bit extra money saved up.
Like that's just kind of how we were doing things.
Yeah.
You can be pretty creative and come up with 20 grand.
Yeah.
Yeah.
So it's not like at that time it felt like a lot, but it, you know, now it's like, man,

(20:58):
like I do anything for that.
So, yeah.
So basically I got this 27 unit, I got this 14 unit, the 14 unit closed and, you know,
I got this 18 unit, the 18 unit closed and I just sat on them.
Like I did the work.
Yeah.
Like I was going back and forth, but 20, so 2020, you know, like two years I'm just
like kind of going, I just thought that's what it was.
Like as soon as you run out of money, you just wait now.

(21:19):
And then I'm like, you refinanced like three, four years later.
I was just going to say, like, what's your business plan?
So I'm sure it changes from the single family.
So I wanted two X money.
So it is traditional to what it is today.
Like I wanted, my only thinking was I wanted like 10 to 15% cash on cash.
Really?
Yeah, that's what that meant.
And then it was, I wanted a two X the money in five years.

(21:43):
Like that's just kind of what I knew.
That was the rule of thumb that you had up from the beginning.
Yeah, yeah, because I was like, it was cash flow is what I wanted initially.
And then, but like as a longer term, if I wanted to refinance or if I wanted to sell,
I wanted a two X the money.
Like to me, I thought that would be a great deal.
Yeah.
Like over 20%, like that's a great deal.

(22:03):
But I didn't know, again, I just like, just buy and now I'm like, all right, I have these
41 units and now I'm just going to wait.
Like that's that's part of the play.
Now I just wait until they're worth more or I get, you know, save up money or whatever
the case is.
2020 happens.
And we absolutely blow up like our construction company just like, really just goes crazy.

(22:26):
So like we're just like, all kinds of work.
That's what COVID does.
Yeah.
And we just like immediately like blew up.
Like we had obviously like the whole world shut down two, three months later was like
the phone wouldn't stop ringing.
Yeah.
And what is this for?
Is it for remodels?
Yeah.
So we do interior remodeling, kitchen is vast like full home remodels.
That's the active today income as you're building.

(22:47):
Yeah.
Not as much anymore at the time.
Yeah.
Yes.
Yeah.
So that was the day to day business.
Yeah.
And then, you know, this was a this hobby or whatever it is, you know, so now COVID happened.
So remember 2018 was the last time I bought a deal.
COVID happens.
The next two years, like I'm pretty sure there was a point in time I didn't go to Ohio for

(23:08):
like 14 months or something.
Like we were so busy.
Yeah.
There was no coming out of it.
Yeah.
I forgot that was in South Florida.
That's the construction stuff.
Yeah.
Yeah.
So like I didn't even go and it was because those I'd had them for two, like those things
were those things were cooking.
Like they were actually.
Yeah.
You were done with the project.
I was done.
Yeah.
I was done with them.

(23:29):
So it was like 50, 60 grand a year, but we weren't taking anything.
Yeah.
So it was just like stock.
Yeah.
Just going in an account.
Yeah.
So we were just just whatever.
I think my mom took a I think she took a grand or something like that.
That was like her little portion.
So she would go and collect the rents.
She collecting rents.
Yeah.
Yeah.
She would go and like because we had a little we had a person on site.

(23:49):
Yeah.
They would collect the rents and do all that stuff.
Yeah.
My mom would pick up the checks and you know, whatever.
So it wasn't that active for it.
It's way more active today than it was then.
So now these so we're in 2020.
We have COVID and next two years were swamped.
Yeah.
And I look and I like next thing you know, I look up and I'm like, wait, like what the

(24:12):
heck just happened to real estate?
Like you're telling me like I could just sell my buildings today for not double like quadruple
what I paid for them.
So I was like, this is crazy.
And so yeah, like I think this was the end of 20.
This is the end of 21.
So forever forever it understands what's happening in the market.

(24:33):
Like this is the end of 21.
This is probably the peak peak.
Yeah.
December of 21 was like two gaps.
Yeah.
Two to three gaps in Florida.
So I looked up and I had like my when you get these deals, like you don't realize what's
like rents going up.
So everybody, everybody's like, oh, what's the story?
It's an old per, you know, old landlord or something like that.
Like I was that guy and I was going and I felt like I knew what was going on, but my

(24:57):
rents were below market.
Because it was a lot easier for me at that time to have.
You're down here busy making money and then you're not pulling rent stacks every single
week.
Yeah.
So I don't care.
But like it's making me 50, 60 grade.
Like that was it was at that time, it was probably it was making me a.
Probably 30 to 40% cash on cash.

(25:17):
Like this is like stupid.
So it's like we're getting.
Why do I care if I'm getting 30 to 40%?
I have no care in the world as to what's going on.
But when I looked up though, and like really like we had tried to buy stuff in 2020 that
we were right in the middle of COVID and we couldn't get financing because the banks were
scared and you know, but anyway, so 2020 at the end of 2021, I remember being the end

(25:43):
of the year and made a trip or something like that the first part of January of 22.
And I remember I called my mom out of nowhere.
I was like, we're selling like this is it like we're selling within two weeks.
I created my own OM like I put everything together and I gave it to it.

(26:04):
So there's one broker that I used in he's kind of a residential but like small multi
guy the only dude that gave me the time of day.
Yeah.
Nobody else cared who I was.
Yeah.
You know, whatever is the only dude in like to this day else anything small multi goes
to him.
No questions asked.
So I call him I'm like, like here's everything like we're selling like let's just shoot it.

(26:27):
Let's just put it out there and just figure out like what what the markets doing at this
time.
So we put everything kind of together and we just send it out as a pocket listing.
Big fan of selling off market to like I think off market first of the to talk about off
market like the worst deals thing off market in my opinion is like let's just see what
idiot's going to pay this amount of money for it.

(26:50):
And now it's like there and then usually they'll be like, oh, it's off market.
It's a pocket list.
Yeah.
Like, you know, whatever it's like, no reason to overpay it's off market.
Yeah, exactly.
So it's like that and that's exactly what we did.
So like I don't want because the market will speak the market will tell you what it's
worth.
Yeah.
Now probably looking back, I probably wanted the market to tell me that.

(27:11):
Yeah, this would have been I think I said I'm live and like, I probably I'm not sure
if it was the first part of March is the first one because I put two deals, sent them out
off market.
We put everything together, put it out to a list of buyers.
The first one we signed the contract.
I'm pretty sure that day later was the first interest rate height.

(27:32):
So it was like I was just about to say like I did the Daytona Palms right during that
period of time.
Yeah, it was very tough time to transact, especially after it closed and even everybody
wasn't until March.
Yeah.
March is when it got scary.
Yeah.
Oh my goodness.
Now we get to talk about timing.
You couldn't have timed it any better.
Yeah.
Like I mean timing wise was like now I think that one there's there's there is luck and

(27:56):
then there's like awareness and being in the market educated like that's where you're
buying you're trying to buy deals too and you're like this is crazy.
I've never seen prices.
Yeah.
So you're like you're going to sell like you're going to take your so the first so the one
the first building was the 14 unit that we got under contract paid 375 only had 25 grand
down and sold it for 825.

(28:18):
So I had to walk in with like both of these got packaged as we were we 1031.
But 25 turned into like four I think was like 450.
I can't even do the multiple on that.
Yeah.
It's like 20 something or whatever.
Yeah.
And then the other deal went under contract like a week or so later maybe two weeks later

(28:39):
and I paid 675.
I think I put 115 down on that.
And we put up what like when I did it it was like we put a hundred hundred and 15 down
on that one and just let cash flow do my rehab.
Yeah.
Like I didn't know you were supposed to bring more money and like actually like do this quick
and have a business plan.

(29:00):
Yeah.
Like I just was like all right well now as I get cash flow just do the rehab.
Yeah.
Well and then I'd use it like if I needed to do something early and use a credit card
and we'd pay it off and whatever.
So I paid 675.
The other one we ended up selling for it was like one six.
I think it was a little bit.
I think it was one six.
Yeah.

(29:20):
So that 115 turned into like almost an Ohio.
Yeah.
Yeah.
So you're talking six less.
So it went from like 25 a door to like 60s a door.
Wow.
Or high 50s.
So now I got like a million.
I got a little under a million and five from this from these.
So can we just can we because I think what I see is scrappy 25 grand in the first deal

(29:44):
and then second deal pop dub didn't have the money came up with a discovery loan and some
other stuff that with a couple years of time and some crazy COVID stuff turned into a million
five.
Yeah.
Yeah.
And plus we had a like we were stacking up.
Yeah.
There was over 100 grand in the bank account.
Yeah.

(30:04):
Like just from cash flow just over time.
So yeah.
So now we got in we got a million five but this all goes into a little bit less than
a million five million four something change.
This all goes into a 1031.
And so the first one sold I don't know we're like June or something like that.
Next one actually officially closes like July.

(30:25):
So like you know what's happening right now.
And I'm under I think I'm in best in final on 105 unit deal because as you're selling
these things you have to be finding your next deal in a 1031 you have timeframes on all
this stuff.
So I'm in best in final this thing just gets dragged out like this whole process of buying

(30:46):
this place.
And so because in Harbor Group selling it Harbor Group and institutions massive group
50 60 thousand plus units like this nothing's moving fast.
Yeah.
They don't.
Yeah.
So it's just like to the decision.
Plus who knows what they're thinking too.
Yeah.
We ended up landing the deal though.
So we got this thing under contract finally get everything shook out completely overpaying

(31:11):
for this thing.
Yeah.
Like there's no questions asked like I think it's an OK deal but it's I'm I know for a
thousand percent fact I'm overpaying but I'm very confident in the business plan.
So now I'm understanding more like now I really kind of know where like how speed is going
to really make everything change.
So this is like kind of my like I'm really starting to get involved in real estate and

(31:34):
I'm like this is going to be like real for me.
I just did like a pretty nice return over the past couple of years.
I would say so too.
Yeah.
It's it's funny how like I've done a couple of these interviews now and it's like it starts
as a hobby.
I'm doing this main thing and I want this recurring income so that attracts you to it
and then you get inside of it and you like you either very quickly find out that you

(31:55):
want to be in real estate just as an LP or you want to be in real estate as the operator
type of person and then it eventually becomes much less than a hobby and much more of the
main thing.
And the main thing that you were doing becomes kind of like a hobby because this thing's
exactly.
Yeah.
Yeah.
That's exactly for me.
So so I do.
So now we're under contract on this deal but all at the same time.
So this is 22.

(32:16):
Like I'm still swamped with work in Florida.
So I'm doing this because the market's hot now I'm like kind of what did I get myself
into like I did good but also like I'm overpaying for something and then it's only getting worse.
So like this whole time so we I knew about this deal and probably March maybe April.

(32:41):
So you already know how that goes.
So like they're they're selling this thing at at the time in Ohio is different but I think
it was like a high five or low six cap or something.
So we don't end up getting this contract signed until I think it was like July or something.
So it's only 150 basis points later.

(33:01):
Or more.
I mean it was it was insane.
So like every time like I remember because we were going to do bridge as was everybody.
So we were and we ultimately did bridge actually but the play was to do do bridge.
And I think we underwrote like when we first got into talks with it was like six and a
quarter or something like that six it was like six percent or something because the

(33:22):
market already had got spooked.
So I think everything kind of the spread started increasing.
So it was like not some people got real lucky with bridge like I didn't get so lucky.
And so we got it under contract.
We ride out this bank for like we get that you know get the like we're almost like needing

(33:42):
to close and the bank just like literally the CEO.
Yeah the C like we're on like we're just going back and forth like have no idea we have a
hundred of course we have hard money.
So if a hundred grand hard there was no like day one.
So and I have a 1031.
Yeah that has a time frame.
Tons of capital gains.

(34:03):
So now we get to I want to say this was probably September at this time.
So now I feel like it was like July to September.
My dates are probably in the range.
Well that CEO of that bridge company like you could read about him all day long now.
Like there was clearly like during that time when he's emailing us like the craziest things

(34:27):
like it all makes sense now.
What was happening.
I see.
But so like we ended up going we ended up like trying to like continue to use them because
we're on a time frame.
So we asked for an extension got the extension.
Well get down the road.
Same thing like we I think we worked him for like 30 days and we were like and we get down
to like we need another extension.

(34:49):
We don't have the extension.
Yeah.
Well thankfully they every like this it was a I think it was like seven or eight properties
in this portfolio as a portfolio sale and nobody's was closed.
First off it was it was cardinal product.
Cardinals very hard to find.
And then second it was like this the world was falling the most uncertain time in the

(35:11):
entire yeah.
Yeah.
So anything that real estate related was just like yeah frozen.
Yeah frozen.
Yes.
So we got to make a decision.
So we're like all right we get this note another extension.
We and we have to completely switch lenders.
It like we're probably a hundred something.
I can't imagine how you're sleeping at night.
Yeah.

(35:32):
During this entire period.
I don't know what there was but that wasn't even the thing is too is like that wasn't
like what was going on in the construction was way more like that was like the crazy
part is like I'm some likes ultra stress like that's why I'm graying my beard.
Yeah.
It's just like it's it's a it was just an ultra stressful time.
Yeah.
So we go we go down the road with this new lender like all right finally we got like

(35:54):
a path.
Yeah.
Whatever.
The closing.
So we get down to it and we're ending it or what was our last extension.
Yeah.
It was not like a closed insight.
We don't know what's happening like we know we're going to probably get it but we're
working around a him if I don't remember exactly what it was I think we needed to bring a little
bit more money.

(36:14):
Yeah.
And then there was like there was it just needed to took time because nobody was really
sure of anything so it wasn't like these things were closing very fast.
So now are my work we're into like December now.
Like no.
No.
Nobody's closing.
Yeah.
And they already know the good thing was I think is why it worked out is because nobody

(36:38):
was closing these deals.
Yeah.
The other ones.
Yeah.
We were the only ones and thank God for my my debt broker at the time because he's like
super well connected was helping talk to the brokers and give comfort because he he's
done a lot of deals with a lot of big people.
So it's like that adds a layer of comfort into where it's like hey listen I just need
more time like they're able to to help you work through this.

(37:00):
Yeah.
And they're trying to help yourself and trying to tell like it's not going to work as good.
So there was a lot of like relationships that help push that thing through to get it to
the finish line.
And they understand what's going on too.
It's not like you're dealing with a mom and pop that has no idea why aren't you so
a bubble bubble.
Yeah.
They're probably a little bit that probably helped us the most I would say because they

(37:21):
were pretty they were pretty good with everything.
Yeah.
And then so we get to so my my 1031 is going to expire December.
I was just about to say how far December.
I think it was December 11th or 12th was the date it was going to expire.
It was a Monday.
All I know is it was a Monday and we ended up finally closing December 9th.

(37:42):
Yeah.
So Friday.
On a Friday.
So it was like so we were dating we were dating up like literally one business day I guess
away from this thing expiring.
So it's insane.
Ultimately we ended up turning the 41 units into 105 during that time we ended up picking
up an eight unit at the same time.
So I did like 113 units.

(38:04):
Very insane.
How would you pick up the 105 for what was the price?
It was five like 5.67.
Got it.
I think is what it was.
And that came from I'm just piecing the whole the whole story together because it's like
they see you today and they're like man this isn't even like this I can't even fathom like
456.
Yeah.
That's that's a lot.

(38:24):
And it's started with the single and then that turned into a little bit of money that
turned into a 27 and then a 14 that turned into the 105 that then turned into what you
know today.
That's just insane.
I hope everybody's actually like seeing this.
It's really important.
All right.
So you close the 105.
Let's I want to kind of dive in and it's like the continuation of telling the story of where

(38:46):
you're at today but the velocity part of this because I know you're doing the 41 you see
the NOI rents going up and then you say like holy shit I just made a million dollars on
this deal.
Yeah.
So I'm like there's got to be a shift in your mind.
Yeah.
So it was there.
It was it was there and then when I was buying the next one.
So that shift was I was behind on rents.

(39:08):
I could have pressed rents at the two properties I sold.
I had another 75 like we sold it is a value idea.
Yeah.
Like it was already.
We left meat on the bone.
We left meat on the bone.
There were 75 to 100 bucks of in the rents that we could have pushed the we just didn't.
So that's where that's where I was like man I need to be like I need to do things faster

(39:29):
and I need to actually like be on top of these things.
So and then as we're closing this deal like speak because now you're closing what I didn't
mention too is my what I close with was a nine and a quarter.
I was about to go to you have to be very speedy with this.
Yeah.
So I was like nine and a quarter bridged that interest only blah blah blah.

(39:54):
And then this this eight unit that I had I don't know what it was seven percent that
was just with a little bank and but the whole thing with the eight unit and this was I need
to get this done in like 12 to 15 months.
Because I don't know the biggest problem with I think what a lot of syndicators and these
bigger groups do is everybody models out five to 10 years.

(40:15):
You have no idea what's going to happen in 12 months.
So we what I can't like you but in 12 months not usually not a ton changes because like
even during that time like people like me were still buying in a sense.
So even though interest rates rose probably I don't know how much it was on me at least
to at least two percent.
I don't know maybe more.

(40:35):
But it was a lot.
And even though they rose that much like I was still like I was I still paid the same.
Yeah.
I didn't I didn't re-create and do any of that stuff.
But for you.
So the which was all part of it too is like hey can we re-trade during it.
But it's like no let's just close the deal with the extension.
I mean yeah because I had 1031 and all this stuff.

(40:58):
But so but now I got nine and a quarter debt.
I got seven on the other one.
And I'm like I need to get this done fast.
Because at the end of the day plus the bridge loan I think I had I got two years on it anyways.
Yes.
So I need to get the business plan done and the faster I can get it done the faster I
can refinance and maybe the market is not going to change a ton.

(41:19):
The shorter time frame that I can do it.
And that's where I really under started to like actually understand velocity of capital
and how speed really changes everything.
So because again my first deal was great.
I probably could have done like three or four in that time frame.
So I get these deals.

(41:39):
I get these two.
And like that's the whole thing.
But I'm still it takes a little bit longer because I'm still in Florida heavy because
I have all this stuff.
Yeah.
So I don't get to really spend the time.
Soon as we close though like a month later this is where the syndication side of like
the story kind of comes into play.

(42:00):
So this so a few months later the deal next door like pops up 72 units right next door
the 105 that I just bought great everything's like a perfect story.
Blah blah blah and they come to me and they're like hey like here's a steal off market.
And so they're like you know it's a pretty fair price.

(42:22):
It's a little high.
It's whatever.
But they saw like if you're closing December of 20 like everybody knows everybody in the
world knows you can close you got something.
Yeah.
So it's like you people know if they're going to do a deal with you you're going to close
it because nobody was closing deals.
Yeah.
So I'm like cool.
This was like two months after something like that.

(42:43):
I think it was January or February.
And me and my so a buddy that I went to school with he was in this space so he was in the
whole private equity came from Wall Street like that type of like industry high finance
private equity care.
Yeah.
All the fancy working for syndicators.

(43:03):
So the last two jobs that he had was with syndication companies and somewhat in our
market.
So he knew the industry.
We had gone like I had known him since I was I was young five six seven or something.
We had known each other.
He was a few years older than me.
So we always like we always just knew each other.

(43:25):
Never really the closest of friends but like our his brothers and sisters like my brothers
and blah blah blah.
So I'm like this again I don't have this world of whatever.
And I think it's probably around the time we met was around this time of like I have
my own stuff and now it's like I have an opportunity.
So what do I do and I knew this syndication thing and like started to understand it like

(43:49):
a year or two prior.
You see you see Cardone.
He's already big.
Yeah.
People are doing it and I know like all right this thing's out there.
But I still don't feel like I have the network to do it.
I'm just I just work hard and just like I just do my own thing.
So I end up like he was one of the phone calls I made and it just like it was again kind
of the same story with the construction.

(44:10):
I just felt like timing was right where it was just like the timing was right.
Now it wasn't right for that deal.
Thankfully because it took us a long time because this is now 23.
Well what was 23 was just a literally a stale market.
It was it was the end of 22 on steroids like ice frozen if an ice cube could be this big

(44:31):
this that exactly the whole year.
But it was it was a blessing because one in construction we were slowing down because
all the work slowed down.
It's just rates are now high.
Yeah.
He's not free.
And it's just like it's a it's just one of those things where it was like kind of a blessing
in disguise where we can finish out work down there and then we can try to get together

(44:52):
me and my partner which because we ended up creating bloom wealth partners which is the
syndication side of what I do today.
So we know we worked that deal ended up not working out but it got us together.
So we were just like heavy working on you know how do we do this thing and blah blah
blah and like I knew things but he knew more in some areas.

(45:14):
I knew it was a good perfect relationship where it's like he's very personable.
He's more of you know he's kind of like Wall Street Main Street like there where it's like
I'm off heavy and you need that you can't have Wall Street Wall Street nobody would be
the operator.
You can't have two operators that don't know how to look at numbers at all.
Right.
Right.

(45:34):
So it's 20 20 or 20 23 you pick up or the 72 unit deal was presented to you.
You don't really know how to figure it out.
You go to submit you get together that it forms this relationship and then the whole
syndication thing comes in.
Yep.
So that's just it.
So we just spend so we're looking at deals.
I think we toured 1100 units or something like that.

(45:56):
Over these are bigger deals.
Bigger deals.
Yeah.
Anything from eight units to I think the biggest one we looked at that year was like three
three hundred some unit.
It was a little portfolio two or three buildings.
So yeah anything from eight units 300 but most of what we want to do is kind of like

(46:17):
this 50 to 150 range is like kind of like works good for our model to syndicate to raise
money and to get things done quickly.
So we just spent so we're very active or working you know we're working deals the best we can.
The whole so that whole year 2023 we're going through we're trying to you know make deals

(46:40):
work well right at the end of 23 a deal ends in our in our lab and from our like it's the
town over from where we grew up.
So it's like perfect like the story is great like I think first syndication the story is
great it's a cardinal product I already own Cardinal like very familiar with the process

(47:01):
of it.
Like I said it's from the it's the town over like everything about it from me owning a
cardinal style product and getting ready to refinance like I'm already like kind of I've
gone through the business plan I know the business plan works and I'm getting I'm almost
on that way of refinancing and then and then also like the product and all that stuff from

(47:25):
the hometown all those things start to work.
So this is like our first deal that we did together as boom well partners and and that
was the you know was a syndication.
So we end up closing that year this would have been 24 so this was like March of no
May May of 24 May of 24 when we close that deal that was a 69 unit.

(47:50):
I remember yeah 69 units that we it's actually gonna be 70 units we found on it was like
a weird thing they marketed 72 units then we end up finding it was 69 years but then we
found an area to be able to turn into such interest.
So good deal bought it actually from the family that built cardinal style product interest

(48:12):
so they had a portfolio of two or 3000 units left in Ohio and Florida and they I think they
sold off all the Ohio stuff now so these they just have ran I don't know why or what the
deal is but they just had random little portfolios in these small towns.
So yeah ended up buying that hit the ground running on that.

(48:36):
So that's been so May of 24 we purchased it were in talks or we're killing the deal.
So just business plan when exactly as planned love the market everything just worked out
I'm happy to know that because I do know that investors that are in the community invested
in it some of them did.

(48:56):
We raised money I think we skipped but we skipped past that way too fast the 69 unit
syndication submit you get together you found it how much did you raise for it.
So what was that what was that like first time raising as a syndication crazy.
So like we raised 1.1 million.
Again I submit them my partner in blue wealth partners he he was like the main person that's

(49:22):
raising money naturally for because that's the road he comes from but again you're coming
from 2023 you're it's still a hard time.
It's a tough environment to raise money.
So it's very it's difficult to raise during this time and so it wasn't easy.
Let's put it that way.
Definitely wasn't easy but we you know everything it all worked out like we had a little bit

(49:44):
extra time there's some things we found a diligence that we got some some money back
for but it also gained us a little bit extra time.
So all these things happen but it's not easy like a million like one one was the raise like
not an easy raise for your first raise.
It's a lot of money and you have a lot of guys out there like me that go out and spend
like a million bucks and no there's no money.

(50:05):
It's a lot of money.
Yeah it's a lot it's not like because it's your first time like even though like I like
you have experience you still it's still your first time it's still your first deal in their
eyes.
So yeah it's you know one of those things where it's just you have to be realistic with
it.

(50:25):
A lot of people look at these 20 30 million dollar deals their first time like oh yeah
we're gonna go raise 10 million.
Yeah no you're not good luck.
So it's like unless you have some people do have those networks.
Yeah I just don't even those networks though like at certain times like the probability
of you getting a 20 million dollar deal for your first one even if you have a rich uncle
like you still have to fit the bill and have the resume to handle and operate this.

(50:49):
Yeah it's it's like 0.0000001% chance of actually getting that.
You can have all of it.
I mean at the end of the day they want to know like most of these brokers and the banks
everybody wants to know who are you.
Like so like just because you have the money doesn't mean anything.
So it's like and sometimes too on some of these deals I would argue say maybe a lot

(51:09):
of times I know brokers love to see syndicators because they're going to see them again in
two to three five years.
So if they're selling the deal to these people they know that if you're syndicating you
have a model you have to get out of it in a certain amount of time.
So brokers love them so they're probably so you might be able to come and have have the
pocketbook to buy this 20 million dollar deal but you got to have a lot of things fall into

(51:34):
place for those things.
But anyway so the we did so that was the raise 1.1 we go into it we've been crushing it so
just hitting I mean the way we do things we underwrite conservatively like we do all these
things that and we in a good way try not to share the whole business plan.
We share everything that we need to that we have these little tricks up our sleeve like

(51:57):
adding a unit that you know we kind of knew was there doing due diligence but we didn't
really want to like say a hundred percent little surprises that ultimately the you know
the investors think you're super excited.
Yeah like the deal and the deal works without you having to like push and squeeze and wave
this Abra Abra magic wand.
Exactly because of the 70th unit we're going to yeah and we're going to tell people like

(52:18):
you know like our one bedrooms we told people we're going to run for eight and a quarter
we're going to get an 895.
So as we get into like we're coming up the leasing season in Ohio like we're going to
push 950 on some of these things.
So it's in the in the in the traction's there.
So it's just like in the collections are good like everything about it like for is just
it's a beautiful deal and we're already like we're in those talks as we're getting you

(52:39):
know taxes and all that stuff we're getting together like we're shooting these things
out we're shooting out we're already talking about OK as we fill these last few units because
we have a handful more to go.
What is this going to look like financially.
What are we looking like based upon this market if we're going to go refinance.
So we have all these talks like you have to be ahead of all this stuff.

(53:03):
So anyways syndicated the first deal so we do we syndicate deals again with blue mo
partners and also continue to buy my own deals.
So we ended up that 105 you know we were talking about earlier we ended up refinancing that.
So what was the time frame because of the speed thing again that's really important.

(53:26):
So that was I think it was 19 months.
So from from start purchase it was December of 22.
We were refinanced most of in October because we bought the dip kind of when when the Treasury
went down a few months ago.
We kind of as it was going up is when we is when we locked that in.

(53:49):
But yeah so it was I think it was 19 months.
I know operators that buy a deal they have a five year horizon they don't do anything
for the first year because it's like let's just let's just see what happens.
No I mean yeah and the thing is is like first off again just like who's buying in December
of 22.
Who's refinancing now.
And not only are you refinancing who's refinancing and getting money out.

(54:12):
Everybody's putting cash in right now.
And if you're you're if you're lucky if everything goes well you're just going to refinance and
you're going to be able to lock in some debt and get yourself out of the trouble you're
in.
We pulled almost we pulled I think almost 100% of our money out in that time frame.
So it's like so we had nine and a quarter.
We did a swap on it so we have we have a swap loan it's six six and three quarters basically

(54:38):
and but it was to get it was one just it was to get the money out into locking because
my my bridge debt was up in December.
So the time time was already running out.
Time was already running out anyways.
And we had been talking and we knew we knew months before we started to like the refi
process months before.

(55:01):
So we already knew what was going on.
It was just like a matter of timing and all these things.
But and then during that time we got a hundred sixty six unit under contract.
So this so essentially what was happening is we were refinancing using refi proceeds
to buy this hundred sixty six unit.
So get the hundred sixty six unit close that November 6th.

(55:28):
So get that thing.
Good deal like came from it all worked out real nice too because as you get as you're
doing all these things you're getting these relationships and and for me it's important
to stay in see a lot of people talking like what's your market in markets South Florida
Texas.
I'm going in different places.
Yeah.
So it's like and I don't know anybody and then you have a yeah and to me it's like hyper

(55:49):
focus on one area because everywhere even in north I call it northeast Ohio which is mainly
like Cleveland's that big market in those people know and then all the little sub secondary
and tertiary markets around it Akron and Youngstown and those things.
So to me it's just northeast Ohio.
I hyper focus on that area because I want everybody to know me in that area and I want
to have I want to have every relationship possible.

(56:12):
Well the reason like how I got that deal was the broker number one and then number two is
the guy that sold the deal.
They were actually partnered on the deal.
There actually Ken's Gary.
Really Ken's Gary is my he's I think he sold his firm that's my attorney.

(56:32):
Get out of here.
So yeah that's cool.
It's a cool story.
It's a cool story.
So I that so that their law firm represents the seller which combined it's like one dude
owns like a couple like five six thousand units.
We have the attorney in between exactly.
So it's like now they're like okay you got this guy that's closed with us multiple times

(56:54):
at this point and then you have like they share the same attorney.
So my attorney knows like it's going to be somewhat of a clean clean transaction.
The debt broker knows me and works with the with the sales guys.
So now it's like so we have all these connections and my story is their story.
Like these guys are I don't want to say they're on their way out because I don't really know

(57:16):
the full story of them but they have like combined I think it's like 10,000 units they
have some themselves somewhat partner or whatever partner together but they're like they were
young bucks coming up at one point too.
So it was like so the story was just a good story to sell me.
So I got it supposedly I mean whatever the case is a little bit less than the highest
bidder because we they knew we were going to close and you know all these different

(57:41):
things in the relationship and blah blah blah.
So yeah we closed that November just recently in the beginning of January closed a 42 unit.
So these are these are both these are non syndicated deals.
I'm lost.
So we start the single family and we go four or five years nothing and then 27 and then

(58:06):
14 couple years 2020, 21, 22 timing you sell 1031 into the 105 pick up an eight so you
got 113 and then refi the 105 you still own the 105 you're not selling it you refinance
it into the 166 you also picked up the 69 unit syndicated and now another 42.

(58:31):
Another 42.
Yep.
Yep.
So that one was a off market brought to us through relationships and die and so pick
that one up.
We got a little creative on that so we just did like a we just double closed essentially
really.
So it was a we paid more for it but we got money in return.

(58:51):
So that's why we did it ourselves.
So it's an easier deal to do because when you're especially when you're doing some
of these seller finance more creative things you're getting levered out like pretty high
to me it's like if I'm doing something with with I'll take on some of that risk I'm not
doing that with investors.
So it's like we're gonna go in and like it's confidence I am because it's it's only a mile

(59:13):
and a half from my hundred sixty six.
You got it.
So now right here we have 208 units right in this little pocket.
Right on the lake it's like beautiful settings and but these are it's because it's a little
bit more levered like we're gonna do some of these things ourselves.
Because we want a very clean deal we want the same model same thing of what I do I don't

(59:35):
I don't I don't buy a class stuff I don't buy retail I don't buy like I do see what
you do for housing.
You're good at it.
Yeah like that's that's just what we do.
So yeah and then we have so right now we have another sixty I still do small deals like
small deals are great pops.

(59:55):
Yeah a little cash flow like a couple hundred grand here.
Yeah like it'll be I can't imagine I spend more than like now like as a new person that's
gonna take more time but like my actual time like no more than 30 days and we'll make 250
grand like my side of it.
So it's like like stupid for me.
Yeah like it's just it's quick it's easy and then and then I have a 58 unit that we're

(01:00:22):
closing as well that one is through relationships that one's a hundred percent financed.
So what we're doing on that is it got brought to me.
I didn't love it.
It's right in the middle of a couple of deals I drive by it on the way to the one deal so
it's like okay I'll entertain it.
It's what I buy it's just a little bit rougher than what I buy.

(01:00:44):
So I'm like can we get creative on it.
Yeah yeah yeah if I'm gonna do this and I'm gonna do it.
Yeah it's got you know make it work the way it worked out like they're all like it's
it's a closer relationship and so we're gonna double close it essentially so we're gonna
I paid a fair I paid a fair price for it and then they'll end up carrying back so they'll

(01:01:05):
they'll close it I think it's like 800 grand or something they'll bring to the table and
then get it back you know at closing.
Six percent so the 800 I'm gonna pay six percent it's gonna go up each year until I pay him
back and so it's gonna go six percent seven percent eight percent.
Got it.
Until I pay him back.
Got it.
So and again with speed like that should be back.

(01:01:27):
What an interesting story that's cool.
Yeah yeah yeah well I mean anything that's less than 10 to 12 percent.
Yeah yeah yeah yeah.
Even you know but it's a it gives them motive it's like because the the short of it there
was they had a little insurance payout so like they can afford to whatever to make it make
sense of the deal for them.
But there it's the six seven eight you know 10 percent is a incentive for me to get out

(01:01:52):
of it.
Like I don't want to be paying more and more and more.
They want to make yeah let's just get out of it.
So but easy little structure and then the whole play is like we'll go do that business
plan in 12 months.
So it'll be like completely done you know and then once once we refinance it we'll pay
them off and then now I own the deal.

(01:02:12):
So it's just a simple little play but yeah so that means that's where so that'll bring
us that's 456 units by the time we close those in the next like two two weeks on some of
them maybe 30 days.
Yeah that's insane.
So it's you know that's essentially with a lot of stuff probably not in there.
Yeah and it was 41 even like 2020-21 until you did that 10-31 it was just those two is

(01:02:37):
a single and then just this two deals.
Yeah so 21 units in 22 essentially.
Yeah that's insane.
So it's like most people's real estate graph goes like this really really really slow and
then yeah that's what happened to you.
Yeah I mean just this year I think it's like what 142, 58 and 16 just in the first three
months so like we'll have like now now we'll start to scale but I'm not look I mean some

(01:03:05):
of these guys are scaling thousands of units at a time.
We just want to like I just want to get rich for sure.
Yeah like I'm not in it to like keep buying the deals that you already know work building
the system so you can just find the deal throw it in.
And I've had like so and I've had a business and I've had things happen in businesses where
it's like you want to scale the right way.
So you don't need to go like obviously you want to move fast like hit things with attack

(01:03:28):
speed but like you also want to not be like stupid about it.
So as you're like you have to know where your break points are and what's happening in your
business but yeah we know we want to continue to buy like we'll probably close another two
to three hundred units I'm thinking this year.
Yeah.
And then like next year will probably be a massive year because we'll have the deal we

(01:03:50):
syndicated I don't know when this will go out but nobody knows about it yet but we're
talking about refinancing it and we'll likely refinance it by month 15 somewhere between
15 and 18.
So like that's the.
And that's the one and a half or the expected one.
Yeah that's insane.
Imagine being investor I give you a hundred grand and then less than 24 months goes by

(01:04:14):
and I get back 150.
That's insane.
Yeah.
That's insane.
So okay we'll go into the future wrap it up.
What is I get is it keep doing what you're doing buying deals by yourself rolling the capital
and then these deals that are a little bit less riskier the ones that just fit perfectly
into your guys's model you'll do with the syndications and just kind of grow that from

(01:04:37):
there.
Yeah so it's it's both so it's yeah obviously like I'm going to keep buying my deals but
you run out like as an investor you're going to know that like it's like and I go all into
so it's like you go all in you go broke every time where it's like if you want to continue
to scale you have to entertain that that raising capital side of things.

(01:04:58):
Now I don't want that to be my whole portfolio and I want to do things myself and just have
it's just a lot easier that way.
There's no phone calls like it's like if if something happens I don't need to like there's
no there's nothing big I don't have to there's no annual audit that you get an email from
yeah like I it's if I don't rate like my first deal if I don't raise rents for a couple

(01:05:19):
years like nobody cares because it's it's me it's my family like it's there's it's very
like I'm doing things like myself or family or whatever the case is so it's and then it's
it's it's you know blowing up the wealth partners so like we want to like we I want to be able
to take on like give people what I've done yeah so it's like and like for example my

(01:05:40):
brother's the perfect example of this because we did an eight unit together he put in like
let's just call it 20 grand was like a teen or something like that yeah eight 20 grand
turned into like 135 in 12 months yeah but he's has two kids yeah he works a nine to
five yeah with two kids and a wife they just you know bought a house like he doesn't have

(01:06:02):
time so like you take somebody that made 20 grand and turn it into 135 so that is yeah
he was a little bit boots on the ground so he was working the weekends he had just had
a kid he was working on the weekends he'd spent 40 we were like somewhere around 4045
days at the property doing these things but made more money and is and on the side in

(01:06:23):
40 days and he did it at W2 like that's a that's great but like everybody's different
and he did all that and it's like cool that's great but I kind of want to buy a house and
like be with my family yeah so he's put money into our deals so it's like because we do
the same like I just want to do for people what I've done for myself yeah without the

(01:06:44):
headache yeah this is a business at the end yeah like we there's a lot of work that goes
into it and but if I could take people again it's that velocity capital how fast can we
do things if we could take a hundred grand and turn it into 150 and the shortest amount
of time possible yeah it's gonna multiply if you just do a hundred you know a hundred

(01:07:05):
grand turns into 150 150 turns into 227 227 turns into three whatever so it's like just
rolling and they're not doing the work that's the biggest not doing anything my brother did
it's I like feel stupid saying this my brother's never stepped foot that had in like my home
to like he goes to my parents house with his kids yeah and it's like a 20 minute drive out

(01:07:27):
of the way maybe he's never stepped on that property so it's like what he's gonna make
money but he's gonna make money yeah so it's like that's but that's what I want to be able
to do it's like where it's I want people to get involved yeah but I know everybody's different
so it's like not everybody's gonna want to do the work that it takes in my market is
a it's an ops heavy market so yeah like it's you're not gonna go in and buy these things

(01:07:51):
yourself and think you're gonna make these returns yeah it's just not gonna happen most
people just get absent like the eight unit that we sold that my brother made all his
money on that dude is getting destroyed on almost every property that I've sold those
people are getting destroyed because they're out of state yeah they're doctors lawyers
just tech people yeah that are buying them have extra income see this cash flow thing

(01:08:14):
coming to you know Cleveland where it's a high cash flow market and just get destroyed
yeah so we'll sell to them all day long but it's not a it takes a lot of work you can't
just go in there and think it's gonna be passive yeah so but I want to make it passive for
people so it gives them that opportunity and then it allows me to continue to scale and
do what I do and what I love yeah so yeah I see I see some mission behind it and I think

(01:08:37):
it's an important thing to do at the syndication side let's wrap it up with making it about
the people so think about where you were with a little bit more you know you're everybody
has a mentorship or something out today so there's a little bit more available resources
than bigger pockets think about year one year two what are you doing today or what advice

(01:09:00):
would you give to the person that's maybe wanting to do multi-family they're not gonna
go and jump into a 200 unit deal is it listed here enough I'm a big fan of the small deals
for most people getting started it's a common thing that you see in real estate for people
to start there you've done it yourself is that the is that the advice that you would
give to people here where do you start in your backyard do you start the small deals

(01:09:24):
do you bring on partners or do you do it yourself yeah so a couple things that depends on who
you are so there's a lot so if you're like dude I graduated with 1.6 GPA like just like
I just made it out of high school yeah so like I'm not a smart guy yeah so and I was
never gonna have probably this high paying you had to figure it out yeah I had to figure

(01:09:47):
it out I had to put everything out there and we're not been grinding for years so it's
just like it's been a grind for years to get to even this point so it's like where it's
up to me it's nothing but it's it's like we're just starting to like scratch the surface
here yeah and it's like but so it so it depends so if you are that scrappy guy that's like

(01:10:10):
this whatever I think it's I think it's doing your own deal yeah as much as yeah a lot of
these you know some of these people are you preach it a lot like I love that you talk
about that because it's a to me that's where you learn everything I'm a big believer of
six to twelve units depending on your market I mean depends on whatever I mean the more

(01:10:31):
you can go obviously the better yeah but there's nothing wrong with an eight unit yeah like
my brother turned 20 grand to 130 grand that's that's changing for the adult flips yeah small
enough to get in and out fairly quick and quick enough to actually be like shorter than five
years yeah to get money back yeah because you want to see and that's the thing too is like

(01:10:52):
even for our investors like we want to be able to return something back where you can see
that hey this is real yeah getting something back immediately yeah and something substantial
not a couple of drips yeah so I don't they believe are there are people going into in
their own deals like save up enough money to and learn so learn get in a group like yours
that is because you got like what you're doing with your group like if I would have that and

(01:11:16):
stick with one group don't go don't go there's so many people that are out doing every they're
in every group yeah I mean it's unbelievable like you like I don't understand it's the
same thing though I did with bigger pockets that's why it took me five years to do the
first there's everything what everything I'm listening to flipping I'm lifting the wholesale
to multi-family trailer park so it's like in every there's even though you're in multi-family

(01:11:39):
there's so many different things of multi-family so it's like everybody said but just follow
get one or two guys like ideally one in my opinion get one or two guys to follow heavy
yep and just just watch what they're doing yeah so and get in groups get around those
people and learn everything you can take a year or two learn everything you know there's

(01:12:00):
like there's so much time oh my goodness you have no idea much you have no idea how many
calls we do and it's just management of expectations yeah they will social media that you get rich
in 90 days or else whatever yeah it's like if you just learn and submit a couple offers
in the first year people most people would look at that as like I'm not doing anything
I'm I don't have a hundred units under my belt I'm like that's pretty just the fact that

(01:12:24):
you know what NOI is and submitting offers with brokers and they know who you are and
you're going through the motions it's like if it hits in month 16 or month 24 it's not
really gonna matter that alone it just I think social media has done a terrible job at managing
the expectations this is it's not a get rich quick it's a get rich for sure industry so
it's like that's all that like we're creating wealth there it's not even really you're not

(01:12:49):
even getting rich yeah because I only believe that you actually do get rich in real estate
I think that you become very wealthy yeah so it's like and there's a big difference in
that so when you understand as you get more units and all this stuff that it's you don't
get rich you just get wealthy yeah so so yeah to manage expectations it's a like go like
go all in on it spend a year or two because I mean everybody goes to school for two four

(01:13:16):
ten years whoever knows how long you go to school for and you know take a year or two
to learn all this stuff and dive all into it and then go do a deal yourself like ideally
yourself with one maybe two partners and ideally one partner and if you don't have the money
find the money person or vice versa and and I'm a big believer in self managing that deal

(01:13:37):
to like learn everything because how are you if you're gonna start with a deal and start
with a property manager how are you gonna know how to manage you don't know yeah so I've
we've done palms with Ken and he's managing we did Brian steel in Missouri he's managing
and then we did Levi that's suit this plug and play you don't do anything yeah and then
the bill is deal that one I have learned the most on the most on the small steel from an

(01:14:02):
operating standpoint because they the third party management doesn't pay attention to
it I'm checking the ledger every single day it's the 7th of the month we're 85% collected
I know all the people who haven't paid going through the applications all the people that
are getting denied why are they getting denied bad credit okay great what's our income requirements
3 to okay well that would make sense so I've learned so much more in the first six months

(01:14:28):
of operating the bill is deal that I did for the last three years of owning yeah these
deals with I mean they're performing like they perform really well yeah so my investors
are pretty happy but from like okay we take over what's the next step like what are the
indicators you're actually looking for to check the pulse on the property and then how
do you know your property manager isn't stealing from you like are you checking workers and

(01:14:50):
who's approving of it at what budget because people will steal from you and I've learned
all I guess it's insane in stealing when you say stealing that who doesn't have to be physical
well no that's what I mean yeah like yeah I need calls sends an opt-in on Thursday and
it's like Tuesday I'm like you didn't call somebody for like five days yeah what are you
doing yeah do you and that's stealing like that at the end of the day so it's like if

(01:15:13):
somebody's somebody's not calling like when a lead sitting there won't like we use apartments
dot com for a lot of our stuff when elites sitting there like I have all of our emails
we do a different email for each day when it's sitting there and it's noon and I think
has been opened yeah like that's stealing you need to call that lead like right now so
it's like those are those are little things that like but you can't do if you're not managing

(01:15:35):
yep so if you're not man and you don't even know to do like how would you know to do that
if you've if you bought a deal and you hired a third party and you just sat back the only
way you know it is if you sit back and you don't do anything and then your occupancy
dips in your collections dip and you're like now you know you're you still may not even
know it though because you just might like be mad at that version or hire another management

(01:15:56):
company so it's like get in the weeds on it and learn because you and you're gonna learn
and this is money to be crazier but I think people should do remodels I think they should
go in and remodel if you have eight units it's not that horror yeah YouTube's out there
all these things because how are you gonna manage the projects if you don't know how
to even do it how do you know a vinyl plank is not installed correctly if you if you've

(01:16:19):
never done so it's like that's where to me maybe that's crazy that's just how I am it's
it's one of those things though that for if you're buying where force house you're buying
value ideals and these things need to be done or so that's the way to get started spend
a year or two learning it but don't be afraid to invest yeah I was you're gonna say like
to to invest as an LP as an LP that's I if I would have known like for a lot of people

(01:16:43):
if I would I didn't know what this LP thing was and blah blah blah find an operator that
mimics your stuff so there's different operators out there there's people like and there's and
it depends on what stage you are in your investing career I mean just like you would do I don't
even know anything about stocks or mutual funds I've never bought I don't even know how to
buy a stock I have like two things on like Robin Hood or something like that I have like

(01:17:06):
a thousand bucks just to like see what it's like a point zero five shares of Tesla and
that's like one of my stock I'm like just seeing how good it does I think I bought it for like
five bucks and now it's worth like 15 or 20 bucks or something like that's a good return
yeah it is actually was a good return it was at the time whatever but yeah so but my but

(01:17:26):
there's different operators so there's like there's these people that do like it's set
it forget it there's rates yeah the ten year the ten year deal where it's a coupon up to
five or six and hopefully maybe even like three because sometimes four percent's not
about like that's the thing is like sometimes if you have a hundred million dollars like
I'll take four percent if I know for sure that's guaranteed money yeah like what's wrong

(01:17:47):
with four or five percent like so that's the way I kind of look at things is but you have
to be at that point yeah I'm a hundred million or a billion was gotta be exactly so it's
and then there's everything in between there so like for me right now it's about bill I
don't care about cash flow like that was like reversed everything what I got in for was cash
flow and and all these things and now I can care less about cash flow now all I care is

(01:18:09):
building essentially net worth equity or whatever you want to call it that's the big money I
want to build the net worth and then I want to get four or five percent on that yeah so
I don't care about it I don't even need to make like when I hear like eight percent or
ten percent I'm like starting to get worried like it's just it's just like some people's
expectations are because especially this whole syndication thing nowadays like if you're not

(01:18:31):
getting sixteen to twenty five percent you're like yeah it's big it was yeah it's a little
bit of marketing yeah well it's all marketing that's the thing is like you're it's never
gonna be that so let's just be real with people up front and and less depending on it could
be and there's a hundred percent there's a million cases that will say that it can be
but let's just be up front yeah so it's like that's where and so you have to pick that

(01:18:53):
operator so there's there's there's the route of doing it yourself but don't be scared if
you're if you're making money do you want her grand a year three and a gram for whatever
you're making or even you're just making a hundred grand and you're happy whatever you
don't you don't want to change learn a brand new skill set yeah all that stuff you can map
out an investing plan plan we've done it plenty of time you just have to this is where your

(01:19:15):
stuff comes in you give grant money it's locked up for ten years or indefinitely you get your
you know five hundred bucks on a hundred grand but it's locked and then you got to get with
somebody like you where it's like I'm gonna I'm focused on growing my principle as well
I don't I recognize I don't want to be the active person I'm happy with my life I make
a hundred and fifty grand I can vest fifty grand a year if I just do that for like the

(01:19:38):
next seven years and you do what you say you're gonna do I'm gonna get to where I want to
be and I don't have to do anything yep that's I think a lot of people miss that they assume
that they have to go into the active side yeah yeah and that's the thing is you don't
have to so it's it's you can have your guy just making whatever you're making just average
income yeah like you don't just have to invest in a 401k or an IRA or something like that

(01:19:59):
you could do an alternative like that's the nice thing about like it's a good and a bad
thing with this whole like syndication these funds coming up private world the private equity
world is good and bad yeah but it is good though to allow the average person to be able
to get into so yeah these things so there's there's people you know we have a lot of people
we do a lot of 506p yeah so it's like these we can bring in not a credit investors every

(01:20:26):
day just friends family type of stuff and bring those people in and give them these opportunities
and likely they will be bigger returns than what they're getting in these other places
so now you can diversify and you can get in you don't have to be an active you know real
estate investor because nobody at the end of the day if you're making 400 grand like stick

(01:20:47):
at what you're doing because what you're what you're doing you're good at like 100 just
stay good at whatever you do if not just get sharper and make even more money and then
like give the money to somebody else who's good at what they're doing which is operating
the deals yeah yeah because you don't want it like I have two phones on me because I'm
running another property in Cleveland so it's like you don't want to do it like most people

(01:21:09):
are not going to want to do that like it's it's one of those things where it's like when
you're especially when you're building out a real estate portfolio like you're in the
week you could do depending on which way you go because you can you could be the the you
know kind of buy these eight class deals and raise money for them and that's a great model
but there's also like this operations type of model and that's where I that's where I'm

(01:21:32):
at that's where my world's at and so it's like those are like you're in the week you're
you're just you kind of have a job in a sense you're you're running a business and it's
there's and you're putting fires out all day long so you're the one that's coordinating
these things you're doing all that and it's it's just because for me I'm very hands on
with like I want to know everything you want to know somebody's got to be in control somebody

(01:21:55):
yeah and that's what it de-race my deals like that's why I was able to buy in it with 9%
interest in December of 22 and refinance whatever year 24 if there was third party on it it
would be still a done deal like I'm pulling nobody's pulling the money out nobody was
pulling money out so but I'm able to do that because I have full control and when I see

(01:22:19):
something happen I can make a decision instantly so it's that's where so it's not bad like
either way I I love the way of getting boots on the ground and actually doing it like if
you're that scrappy guy it's just looking to you know to kind of they have no other
like they have no other they got to choose something to be really good at they can be a real estate
be sales be something but they're just they're lost they haven't found the job that they absolutely

(01:22:42):
love they're not making the money that they want and real estate is one of the most proven
vehicles to do it right and then there's there's like again my brother like that makes a pretty
average income little bit above average income I'd say and dude is gonna be like a multi multi
millionaire by throwing money into his deal and I'm probably gonna be jealous because

(01:23:03):
he's not gonna have to do it. Yeah, he's a beautiful family. Yeah, he's got a wife.
He's got a nice little house. He's got all these things and I'm just like busting my
ass day in day out and I'm doing all this stuff. You know like I always say I work so
hard like I'm doing everything for like the future wife and kids that don't have right
now like it's just like because I don't want them to go through this like nightmare that

(01:23:24):
I'm going through because it's like because I want to I just want to I want to live the
life like live whatever they'll the whole saying like do do it do what you can now so
you can live whatever life you can later. Yeah. And yeah, so it's like I'll probably
be jealous like that dude's gonna have millions of dollars and he's not gonna probably will

(01:23:44):
never come to a deal like just like he doesn't care enough to like it doesn't get him juiced
up enough just like your 401k you throw him in a 401k and it is no idea what stocks you
even own. So it's like it's the same concept of what he's he just take the money like
here's he's got it he has a 401k what's money I'm dedicated in this amount every year. Yeah,
real estate. Yeah, just take it whatever and dude's gonna have a lot of money like at the

(01:24:08):
end of the day. So it's like you know and in his he's gonna have a beautiful life like
at the end of it. So it's like that's where I don't think I'm I think just getting involved
in real estate though like one way or another like I'm such a believer of real estate. That's
all I do I go all in on it. But like I don't I don't know if I don't know something I don't

(01:24:31):
want to do it. So that's to me it's just like I think one way or another you should be involved
whether it's you're doing it yourself you're doing it with other people I mean this whole
private equity thing opens that door to a lot of people that have these incomes that
could throw it with them and yeah I mean that's what I would say if I'm getting started personally

(01:24:52):
doing it myself because that's all I know I don't have the money I didn't have the money.
If I have the money and I like it I don't think I want to steer away from it because
you're gonna take a big pay cut at first until you get to this point of where you have enough
enough units or whatever it is that you have. Yeah, cool. All right let's wrap it up where
can people find you because after listening to it and I think a lot of people that are

(01:25:16):
in the stage of their career where they might have a hundred grand saved up that they don't
have ten million that they can set and earn six on and live forever they're in the growth
period and I think investing with a guy like you makes a lot of sense for where they're
at in their career. Where can people actually find you get connected with Bloomberg side
of it? I say Bloomberg. No yeah so you can go to our website investbwp.com you can email

(01:25:46):
me scottscott.com or find me on Instagram which is my first and last name Scott Nalbach.
Very cool. All right last very last thing you're an operator you have a ton of experience
with putting fires out. What's the craziest thing in your career that you ran into from

(01:26:09):
the management side has anybody died at your property like what's the craziest thing that
you would tell somebody sitting down by a fire? Man there's so many of those. The car
that I was driving for six months was a dead guy's car. I always say I drive around a dead
guy's car got it for a thousand bucks from him. Really? I had died in our apartment complex

(01:26:31):
it was a horror and we got it from the estate for a thousand bucks. Wow. But no I mean dude
I don't know we've I mean you've literally see it. So the guys the dude I mean you just
see it you get so numb there's nothing. I feel like I've had crazier because I think

(01:26:52):
the financial ones are the biggest scares you know. I've had our construction company
like when you everybody wants to have their projects done and you can't get them done
because materials and labor just aren't there. I mean literally there's boats stuck in the
ocean whatever the case is like those ones are probably the most stressful. I've looked

(01:27:14):
up and been like I need to come up with two million dollars how. But I mean I've huge
I mean from from fires to like we had a pipe burst just the just the other day that was
going on for 24 hours. You know the biggest ones though I think the biggest I'll tell
you the biggest one was was nothing. It was it was a bought out the 14 unit deal. Yeah

(01:27:40):
and within two weeks at a roof leak I needed a whole new roof and at the time was 15 grand.
Yeah that was my biggest problem. Yeah ever since then your problem as your problems get
bigger like you have to experience your first big problem and things become smaller and
smaller and smaller. So now like when we had close when we close that hundred sixty six
unit like I didn't have the money to close it until like three weeks prior close. Yeah

(01:28:04):
like what if I didn't go through. Yeah like so like those are you start to have like real
big million dollar problems. You get accommodated. Yeah so it's a but I mean you see it I mean
I've seen I mean the nastiness that you see in units I mean I've seen units that are just
the most disgusting things ever and that people are living in them and the people themselves

(01:28:25):
the the dude that died actually this one here the dude that I got this car from was literally
it was a hoarder. Yeah everything was filled really in the hallway there's human shit in
the hallway because he can't go he can't get to the bathroom so he's leaning against

(01:28:46):
the wall and he's shitting in the hallway. Oh my god. Like absolutely disgusting. So
in it's like how do you deal with that. What's the conversation look like. Hey you're shitting.
Yeah I mean while we didn't get to have the conversation because he died a couple of weeks

(01:29:07):
later but yeah no it's it was one of those I mean just but but the thing is dude a lot
more people live crazy like that maybe not to that extent but they live crazy like you
see some things that are just like wild. Yeah that's just like sometimes people live like
that and you just get you know you get like some of these smells that you smell when you're

(01:29:29):
walking in unit is just like yeah those ones are those are pretty crazy but it's all like
once you see enough of it you walk enough enough doors it's like it just is what it is like
that in that particular like okay one really bad so he's shitting on the ground. Yeah but
I have a hundred and four others. Yeah that are really good. So it's like you just you

(01:29:51):
deal with it out and it is what it is. I mean it's just you know. It's the world of real
estate ladies and gentlemen. With that being said Scott seriously thank you so much. If
you guys enjoyed please make sure you drop a like comment check his check everything out
what he's doing. I would recommend investing with him especially if you're on the on the
period of time where you want to invest capital get it back in a quicker period of time so

(01:30:12):
that you can reinvest it and start that snowball effect. I think he's seven ten really ten
years in started single family and now 456 units later it is very real very possible
1.6 GPA if he can do it you can do it as well we will see you on the next one.

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