April 24, 2025 • 34 mins
Summary
In this conversation, Colm McEvilly shares his extensive experience in raising capital and the importance of understanding various roles within the real estate sector. He emphasizes the significance of having the right team members, particularly those who can handle underwriting and numbers, to ensure successful investment outcomes.
Takeaways
I've probably had over 10,000 investor calls.
I've helped raise around $230 Million.
Do you have the time to do the underwriting?
Are you the numbers person?
This is like the hot chick at the bar.
Everybody needs this person.
Chapters
00:00 Introduction
43:51 Transitioning from W-2 to Real Estate Investing
46:43 Colm's Early Life and Construction Background
52:57 Health Challenges and the Drive for Passive Income
58:50 Starting with Single Family Homes
01:04:41 The Shift to Multifamily and Commercial Real Estate
01:10:51 Building Cash Flow and Avoiding Burnout
01:16:59 Advice for New Investors
01:19:57 Conclusion and Legacy Building
01:21:26 New Chapter
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
You could be raising capital, right?
It's kind of like me. So I'm on the phone.
I've probably had over 10,000 investor calls.
I, I, I just did the math. I've helped raise around 230
million. You could be the property
manager person, you could be theacquisitions person.
So do you have the, the time to do the underwriting?
Are you the numbers person? And I actually think this person
(00:22):
is the, is the rare person. This is like the hot chick at
the bar. Everybody needs this person.
Welcome to the Real Prop Pro podcast, where strategy,
innovation, and wealth converge to redefine real estate
investing. Hello and welcome to the RPP
(00:47):
Podcast. I'm your host, Ian Deitler.
I'm a real estate investor basedin Sacramento, CA.
I focus on fix and flips and joint venture projects with
other investors. This podcast is about real
people doing real deals with themindset and mission to build
something that lasts. RPP stands for Real Prop Pro and
(01:10):
we are a training resource and we offer mentorship and we also
have software to help real estate investors across several
different strategies. Whether you're learning
wholesaling, fix and flips, tax deed and tax lien investing,
creative finance, and much more,Please visit realproppro.com to
(01:32):
learn more about our company andhow we can provide value to you
and your company. We help investors take action
with the right tools and training.
Again, please visit realproppro.com.
Today's guest is someone whose story really hits different.
Colm is a commercial real estateinvestor with a powerful story,
(01:56):
the story of adversity, life changing experiences and clarity
that most people never reach until it's too late.
He has built a portfolio, built a mission, and most importantly,
he's built a purpose around whathe's doing in real estate.
This isn't just about investing in properties, it's about
(02:16):
creating cash flow, protection and legacy.
Calm. Thank you for being here on the
show today. Heck yeah.
And let's do it. I mean, the the goal of the show
is really to get people to want to take action, get out there.
And and part of the tools that we'll talk about today are your
company. I mean, real prop pro.
I've seen it. I mean, there's a lot of
resources on there. So my story is really more about
(02:39):
the transition from the W2 into maybe something that's kind of
morbid and then the realities oflife and then and then
recognizing that, you know, we only have so much time here.
What's fulfilling? And then how do you protect, you
know, for your, for your, you know, how do you create that
legacy? So, but thank you for having me
on. I've known you for about 6 years
(03:00):
now and I met you at the, one ofthe local real estate meetups in
Sacramento. And that kind of ties into the
transition of the W2 into entrepreneurial because when you
first leave your W2, I mean, it's terrifying.
And so we talked about meetups and that's where you can create
a community. And the power of the community
(03:21):
is when you make decisions, you kind of have a sounding board.
So I don't know if Real Prop Prohas any community engagement
like they they post on communityevents and stuff.
But I certainly host quite a fewmeetups in Northern California.
If you want to reach out, I can get you in contact.
Also, there's a couple of resources all throughout the
(03:41):
Sacramento Valley that that willcover so.
Great. Thank you so much for that.
Let's let's, let's take it back quite a bit of time.
Can you talk about like where you're born and where you were
raised and, and kind of what your home life was like way back
(04:04):
in the day? Yeah, basically just, you know,
I'm the son of a of a contractor.
So went out really truthfully, just being in the shop and up in
Norsac kind of Del Paso Heights ordinary and just, you know,
really being in the shop sortingfittings until I was about 13.
And then when I was in 14 to 22,I went out in the field.
(04:25):
And so I always had this access and exposure to construction.
I mean, I was truly, you know, digging ditches, reading
blueprints, laying pipe, hangingstuff.
We did a commercial water, sewer, fire and gas.
So I always wanted to build stuff and I, I kind of forgot
about it when I went to college.I wanted to be a developer.
(04:45):
I got a 100% Commission sales job out of college and I forgot
about the power of building things and how how fulfilling it
is just to kind of reconnect with with like your, your home
emotions, which is building things.
You said you went to school for developing.
Was it so you went to some college classes?
(05:06):
Did you complete that? What did that look like?
What did that education look like?
Yeah, so I went to college. So I, my dad was a plumber and
that's why I said I was digging dishes and stuff.
So and we did, we did large facilities and my dad said he'd
break my effing fingers if I became a plumber and told me I
had I had to be an engineer. So like most people, you kind of
do what your parents force you to do.
(05:27):
I'm grateful to have two parents.
I didn't have a lot of friends that had two parents.
So I went, I went to Cal Poly, got an engineering degree and
the whole point of that was to, to get back into developing, but
I kind of got sidetracked. You know, in college you get
exposure to different clubs and,and I, I ended up selling
(05:47):
commercial air conditioning. And The funny thing was because
I had grown up in construction, I thought I knew a lot about
commercial air conditioners. So I'm selling like 50 ton.
Well, they're, they're the things that are the size of the
school bus. They're, they're called chillers
and big old air handlers that goin hospitals and industrial
facilities. And, and I, I kind of thought I
(06:08):
knew a lot about that because I grew up in construction and man,
I had a lot to learn. I mean, I, there's, there's just
so many different things and I, I really, again, I strayed away
from the building and the, one of the things that I really like
about the building is you're sequentially, you're adding
additional income streams over time.
(06:28):
And so I, I get this W2, I'm doing great.
And then when I get about 2930, I actually have a heart failure.
And so the heart failure it's, you know, everybody talks about
having a midlife crisis and I, Ifeel like I was blessed to have
one a little bit earlier becauseit, it, it put me in a, a real
(06:50):
reality check that we're not here forever.
And so I have the heart failure and I realize that I need to do
something more fulfilling than just something that pays the
bills. And, and I, I realize that
everybody's really just racing against their bills.
You know, you have income comingin, you have, you have income
going out. And so I thought, well, if I
(07:12):
have another heart surgery, because I had to have heart
surgery and I moved back home, actually, I changed jobs and if
I have to have heart surgery again, it doesn't go well.
How are my kids going to be taken care of?
And so I thought, OK, man, I gotto figure out a way where I have
money coming in, where if my next procedure doesn't go well,
(07:37):
I have like some sort of income runway.
And so that's where I started getting into the passive
investing side of things where you know, you, if you know
you're making money while you sleep, you know, and, and so
first I started buying rentals kind of like everybody.
And then when you have a bunch of single family rentals, you
think you know everything about commercial properties and multi
(08:01):
family and you don't. When you get into multi family,
I feel like multi family is kindof like or even single family,
you could save like the gateway drug in the passive investing
because you get a couple, you gofull cycle on a couple
investments and then you're hooked.
But I think the key thing to take away is think about what
you're trying to create and what, what's really important,
(08:23):
but then also realize that therecould be reasons outside of
health that prevents you from from being able to work.
You know, I have AI have a friend who struggles with
substance abuse. I, I had a, a friend that had a
breakup. Both of those guys couldn't
really work for a while to theirsame level of productivity, but
at the same, the same time, theyhad passive income stream.
(08:45):
So the goal is to get out in front of these problems before
they show up and get educated, take action and create these
income streams. Because you never know, you
might get in a car crash and then you know, you're, you can't
work for two months. Do you think your job's going to
still be there? Maybe it will, maybe it won't.
But the whole thing is, is really like if you have an
(09:07):
opportunity to start taking action now, getting educated and
working on, you know, you know, don't work, Don't don't be
perfect. Just get it going because you
can't course adjust if you're not on course, you know, so they
always say version 1's version is better than version none.
So, and part of it is just me, me just learning that you got to
(09:32):
start taking action. And if you try to be perfect and
you don't take action, you're trying to fix version one point
O and somebody else is already fixing like version 4 point O,
you know, but there may be version 4 point O is not going
to be good as your one point O, but they're down the road.
So, you know, I feel like I'm, I'm kind of going into just my
(09:55):
own personal learning lessons about, you know, if you're
scared to do things each, you can sometimes confuse
perfectionism as a reason not totake action.
And that's one of the things I want to talk about today is, is
how to really just recognize that at the end of the day, it
doesn't matter as long as you start taking action and, and
moving forward on doing things because you, you can't fix it if
(10:18):
you're not started. Yeah, thank you for sharing
that. You know, really personal story
about how you know your health. You know, you kind of kind of
how a lot of us go through life taking our health for granted,
thinking that everything is going to be fine.
And then one day, you know, at afairly young age, you know, you
got to experience something thatreally shifted the way that your
(10:43):
mind thinks about money and, andhow much time we have left and,
and the future and your legacy. So can you get into some of the
details about how you got started in buying some of those
single family homes? And like, were you, were you
working at W2 at some point? And then something snapped and
you're like, hey, I and you're like, hey, I need to get into
(11:06):
real estate. Yeah, so I kind of got lucky
again. Goes back to my family, Super,
super supportive parents and stuff.
I got a when I was 25. My dad says, he calls me up, he
goes, hey, how much money you got?
I said I got about 8, maybe 10,000 bucks and my dad goes,
you're buying this house. He's like what he's like, Yeah,
this thing's really cheap. So that's what you're saying you
(11:28):
got thrown into the deep end of real estate investment?
I mean, think about how fortunate it is to have a parent
support you like that. So the first house was basically
it's like I this guy, you're doing it and then you're and
then and then someone kind of shoves you through the process.
So that was, that was when I was25 and then basically every
other year, you know, I would just buy another rental.
(11:52):
And, and I did that until the asset prices or the individual
cost per unit in Northern California just kind of got so
expensive where it wasn't reallycash flowing.
And then I wanted to look for other ways to, to make, to make
money and great equity and investments.
And I had a sales background. And so I thought, well, hey, I
(12:16):
can, I can help some of these groups grow and bring in
investor capital in exchange forequity.
And, and so I, I really, I got into to owning commercial
properties using other people's money by bringing their money
into the investment. But one thing I wanted to say is
when I first started out, you know, I, I got, I got, you know,
(12:39):
shiny object syndrome. So I think about all this equity
I'm getting and but equity doesn't pay your bills.
So if you think about it, if youhave a bunch of equity, but you
don't have a bunch of cash flow,it's like having a bunch of
bunch of muscles but not having a lot of blood.
You know, you can have all the, all the muscles in the world,
(13:00):
but if you don't have blood to recirculate it, that your
blood's your life flow and, and so you basically die.
So the point is you can build upall this equity, but don't do
that before you have cash flow, because if you don't have cash
flow, you can't pay your 2027 bills, you know, or you can't
pay your 2025 bills with the 2027 equity check.
(13:22):
And that's one of the things that I learned is I get in and I
actually did a cash out refi on one of my one of my properties
with math the mortgage guy one one of the bigger lenders in
Northern California. So I take money out and then I
start, I start creating all thisequity by I think so I helped
raise money for 2323 investmentsso far.
(13:44):
I think the four, the first fourteen of them I had equity
in, but they're all new developments and they took
forever. So, you know, I have all this
unrealized equity, but I don't have any cash flow coming in and
I started feeling a lot of pressure and really tight.
So the lesson here is create thecash flow first before you start
(14:07):
building equity. And I know, I know with you,
Ian, you still have AW2. You're working, you're working
to get out of it. And, and the point is your,
your, your W2's that stability, it's that cash flow that you
have coming in. And then your projects that
you've been working on, all yourflips and stuff, those are and
you're buy and sell your holds those, those are the equity that
(14:28):
you're building. And, and you're smart enough to
not make the same decision that I same mistake that I made where
I just jumped all in. You know, I kind of jumped off a
Cliff. And, and so I would recommend
that prior to leaving a stable income source with your
investments, you should have about 3 times the annual income.
(14:50):
And the reason is your investment income kind of
fluctuates. It could be all over the board.
You know, you can make 01 month,you can make 90,000 in the next
month. And, and so when you're doing
that, you don't have a lot of income, you know, you don't have
a lot of stability and it could be nerve wracking.
You know, like I in 2023, I didn't really work at all.
(15:13):
I, I had some personal, some personal challenges.
I mean, I worked for one month, but I still made quite a bit of
money. But I only really got a check in
February, a check in June and a check in October.
So I only got 3 checks, but those three checks were there
was a significant amount. But I mean, I got to be honest,
(15:36):
I was kind of getting nervous inme, you know, because I didn't
have that cash flow. So think about what you guys as
listeners think about your war chest that you need.
And when I say war chest, the war chest is your runway and
everybody has a different war chest.
What I like to tell my investorsis you need to understand what
(15:56):
your your runway is. Let's say six months or a year.
What? What's that number that makes
you feel comfortable? I have a friend, he doesn't like
to invest if he doesn't have at least 200,000 in his bank
account. Me, I probably wouldn't invest
if I don't have at least maybe 40, maybe 30,000.
(16:17):
It depends on the investment. But the reason is now I have
some more sources of income. If I really need money, I, I can
get it quickly. But my friend, he has a couple
kids and so and he has lots of liability.
So for him, his war chest numberis 200.
I'd say mine's about 40. Anything above 40, I give myself
(16:39):
permission to invest. I don't know if Ian, do you have
anything like that Where I know,I know with you, when you do
your flips, it's kind of like you deploy your money.
It's working for you, you get itback.
Do you have a particular number that you you don't like to go
below with yourself in terms of just having kind of that
sideline cash? And, and I know you have, you're
(17:00):
married and you have your wife, I assume that she brings in some
income. I'm not sure but but that also
provides extra stability, you know?
You know, I like to always have 40 to 50 just showing in the
bank. But the other thing is too that
I borrow so much of the money todo the flips that not a lot of
it comes out of pocket, right? So I can get hard money loans, I
(17:23):
can get private money loans to do the purchase.
I can borrow money from credit cards and Home Depot credit
cards. So so yeah, that that's debt
that's accumulating. But when I sell it in about two
to three months, then I pay it all back.
And so a lot of times I'm not I don't have a whole lot of money
(17:43):
into it. So to answer your question, I
like to at least have like 4050 sixty thousand in the bank.
But if I don't and a deal comes on where I can invest with
almost zero out of pocket and still make you know that minimum
$40,000, then I'll do that deal.Do you, do you have any tools on
on your website on RPP that thatcover that?
(18:06):
We do have trainings on wholesaling and fixed and
flipping and several other things.
So yes, for members we do have some training on these topics.
OK. I got to check that out because
what and I didn't really get into what I do, but essentially
what I do is I, I help create passive income streams for
investors by identifying investment opportunities.
The last couple years I've been working specifically with a self
(18:29):
storage operator. If they have 21 facilities,
they've we've recently moved in,in the last three years, we've
been doing basically ground up development on self storage
facilities because we're findingthere's a lot more yield out
there. So that's something that you
guys want to learn more about. You can reach out to me and,
and, and I the first thing I would do is I'd want to
(18:51):
understand and establish a decision making process for how
you evaluate investments. And I'd want to hear where
you're at with investing, where you'd want to go with your
investing and, and, and figure out if there's any resources
that I can connect you with to help you along that journey.
I mean, part of that's the RPP tools.
Kind of a hypothetical question here.
(19:13):
If you were able to retain all the knowledge and skills and
learning lessons that you have now, but we're but started all
over in real estate, what would be your strategy to start over
and, and build wealth? How?
How would you How would you do that?
Well, I mean this, this is actually not going to be too too
(19:37):
much of AA deal. I don't know.
I don't know how to say this is a, everybody talks about like
planning and all this stuff, butthe truth is if you don't have
focus, you know, you can't get anything done.
And I struggled a lot of a long time with focus and, and, and
that could be with managing yourdistractions, prioritizing your
(19:58):
time. But I, I think focus and
consistency of little actions outweigh these big goals.
And so. Personally, I've, I've had,
because I have heart problems, alot of congenital heart
problems. So I was born with heart
problems. When you're in the womb and you
don't fully develop, you also your body's protecting itself.
(20:20):
So there's other things that candevelop.
So a lot of people with heart problems have spinal issues.
They have, you know, mental, youknow, ADHDADD and, and maybe
some other learning disorders. So for me, you know, going back
1015 years, knowing what I know now, I would see ADHD medicine
as a tool. I, I saw it as a weakness for a
(20:42):
long time. And the truth is I really
struggled with productivity. And I'm an ambitious person.
So if you're an ambitious person, you have to think about
the verbiage and the things thatyou're, you're, you're telling
yourself. And if you're not getting stuff
done and you're feeling discomfort and pain, you have to
think about, OK, what's the lesson from this pain?
(21:03):
A lot of times I would just be really, I'd say really nasty
things about myself. Oh, I, I can't do this.
I'm not doing well. So it doesn't matter all the
specific knowledge that I know about real estate if I can't get
it done. So if I were to go back 1015
years, I would probably go to a psychologist and get my focus
(21:24):
with, with establishing some like really good, you know,
stimulant or non stimulant ADHD medicine, then I'd be able to be
productive. So all the all the knowledge
that I have isn't executable if I don't have the focus.
So the first thing is getting the focus.
So everybody talks about, you know, all these things you need
(21:46):
to learn, but nobody really talks about the power of being
able to optimize your focus and getting into a deep work state.
So working on fundamentals, I would work on how do I get
productive? How do I cut out distractions?
And then everything else that comes in can be, can be done.
(22:07):
So it's like, you know, it's kind of like my dad always says,
you say it's like pulling up your pants before you wipe.
You know, that's like you got to, you got to get your
foundations done so you can actually do something.
And because it doesn't really matter what you're trying to do
if if you can't do it. So the number one thing is, is
(22:28):
get the focus. The number two thing is get the
cash flow. I one of the big mistakes that I
had and we already talked about this was I, I got a bunch of
money and unrealized equity by doing these things.
Meanwhile, my war chest was, was, you know, shrinking every
month because I was building allthis back end equity and there's
really some financial stress, you know, and, and I got lucky.
(22:51):
Some of the projects went full cycle, but it wasn't a fun time.
So I would get the cash flow first.
I think I would read, I would, Iwould understand the difference
between establishing short term,medium term and long term
income. So the long term incomes at
equity, the medium term income could be maybe something more
(23:13):
like a Commission check or like a flip.
You know, Ian, I know you do flips.
That's kind of like that medium term income.
Long term could be maybe a passive investment or a buy and
hold. And then the short term could be
your W2 or, or maybe like an upfront acquisition fee on a
project. So recognizing the differences
in the different types of of income and creating those
(23:36):
streams. Because if you do all long term,
you're going to die. You know if you do all short
term, you could be missing out on the overall growth of your
investment portfolio. Yeah, and you can burn out, too.
I see it all the time. You know, I see a lot of
wholesalers get it into the business.
They get excited and they start doing stuff, doing stuff, doing
stuff. Well, all of a sudden you're
(23:57):
like a year later and it's like what happened to Bobby?
I mean, he used to be here and now he's, you know, doesn't show
up anymore. I think he went back to his job.
So, you know, that's another thing to consider is not to get
burnt out on some of this stuff because I've seen it so many
times and I'm sure you have as well, you know, like people just
(24:18):
doing that short term activity, just always doing it, doing it,
doing it. You know what?
I've seen more than that. It's not as sustainable.
I've seen infotainment where people feel the fulfillment of
doing the activity from learningabout it but not actually doing
it. So you know, I, I met you
probably six years ago, seven years ago now at a meet up and
there's a guy there and I won't say his name, but he had been
(24:40):
interested and doing real estatesince probably 2010.
He's probably in his late 40s now.
And I, I remember talking to himbecause I ran into him in 2022
and he's still doing all the educational stuff, hasn't done
one investment. And it's like, dude, you, you
missed the whole, you missed 12 years of opportunity.
(25:02):
Like you kind of missed some of the best years in our last
cycle. And it was because he was too
scared to take action. And I'm, I'm guilty of that too.
You know, there's things I got abook half written for the last
two years. And there's other reasons that I
didn't get it done. But it's like, really think
about what's preventing you from, from moving forward.
Because it's kind of pathetic when you, when you're preventing
(25:26):
yourself from doing something because maybe you're worried
about the perception of what somebody else might think when,
you know, 100 years from now, noone's going to care.
No one. It's like you're preventing
yourself from doing something that could potentially benefit
you because of the perceived opinion of somebody else.
Like no one cares. No one gives a about you.
(25:46):
You know, no one really cares about you.
It's what's in it for them. So the recommendation is just
get out there and try it and, and, and take action because the
1st 50 things you do, they're going to be bad.
But that 51st 1 is is really where it's going to start to
blossom and make sense. I love, you know, your
(26:06):
persistence and, and your just determination to really make
this happen and like fight through some of these struggles
that you've had. You know, it's really inspiring
to hear you talk about the struggles and, and kind of what
you did to overcome them and howyou worked so hard to get where
you are today. So thank you for sharing a lot
(26:27):
of that stuff. So I want to kind of switch
gears to kind of talk about the the change from buying single
family homes to buying multi family like apartment, more
commercial type of properties. Can you give our listeners a
(26:48):
little bit of advice? Let's say they are doing
wholesalers or they are doing fix and flips on single family
homes. Can you give them a little bit
of advice on how they should getinto maybe buying or investing
into, you know, multi family commercial real estate?
Yeah, there's two things. One, go out, get involved in
(27:09):
your local meetups because there's going to be people that
are going to want to do that. And, and the second thing is
think about the value that you can potentially bring to a team.
So there's, there's four big ways that you can bring value.
You can be raising capital, right?
It's kind of like me. So I'm on the phone.
I've probably had over 10,000 investor calls.
I, I, I just did the math. I've helped raise around 230
(27:31):
million. I've only brought in maybe 60 of
that, but, but I, you know, I'm having like 10,000 investor
calls. Seriously.
So you can, you could be the money raiser, you could be the
property manager person, you know, so you know, do you have
the, the, the time commitment tofly out and go look at a
property? You know, maybe you do, maybe
(27:53):
you don't. You could be the acquisitions
person. So do you have the the time to
do the underwriting? Are you the numbers person?
And I actually think this personis the is the rare person.
This is like the hot chick at the bar.
Everybody needs this person because most people think they
can raise money. They're probably not that good.
But this is the real the acquisitions person is really
(28:15):
the hard person to find in my opinion.
And then the last person could be the asset manager, it could
be the marketing person, it could be the database person.
Really I'd say more of the marketing element.
So think about those four key traits.
You could, could you do propertymanagement?
Could you do acquisitions? Could you be sales?
(28:35):
Could you do marketing? Those are probably the four key
areas. See if your talents align with
any of those. If they do, continue to develop
those talents and then go out into the two meetups,
conferences and really go meet people.
The way I was able to get in waswith OPM.
You know what OPM is? Other people's money.
(28:58):
Yeah. So, yeah.
So it's like I don't have money to to buy these places.
I don't have, you know, so the project I'm working on right
now, we need 6.3 million. It's a $16,000,000 self storage
facility. It's 861 units.
It's a 2.3 equity multiplier. I don't have 6.3 million.
So we're, we're bringing together about, I don't know,
(29:22):
maybe, maybe 50 investors or so into the project.
We're going to close, we're shovel ready.
We have permits in hand, but it's a, it's really a team play.
And then, and then you have to learn to, to really treat these
other people's money like it's your grandmother's money, you
know, and, and really protect that money.
I've left a couple companies because I didn't believe in some
(29:43):
of the underwriting. There might have been a
misalignment of of ethics where my heart on my chest and I don't
ever, I don't ever want to have that painful conversation with
an investor saying that we lost your money.
So if you are a money raiser, understand the risks that are
associated with certain types ofcharacteristics within a
(30:04):
property, I would recommend reading the book The Hands Off
Investor by Brian Burke. We can share that link if you if
you want. There's a couple other books.
Rob Beardsley has two books on underwritings.
They're short. They're each about 100 pages.
You can knock them out on a flight from Dallas to to SF.
I've actually done that twice. So there's a few books out there
(30:28):
that I recommend getting startedin from under to better
understand the numbers. Brian Burke's book highlights
the the red, yellow and green flags of of being a passive
investors. So maybe what are the tricks,
what are the tips? What are some things to look out
for? You know, what are the green
(30:49):
flags in an investment opportunity?
I always try to coach my investors on creating a decision
making process. And, and there's four key
elements. There's the sponsor, you know,
there's all these aspects that that connect to the sponsor.
There's aspects that connect to the metro, There's aspects that
(31:09):
connect to the strategy, the business strategy.
And then the the last segment isall the numbers.
And notice that the numbers are last.
Because if the business strategydoesn't make sense or the metro
isn't good, then the numbers andthe investment don't matter at
all. It's probably not going to
succeed. And if anybody that wants to
(31:30):
learn more about that, they can reach out to me, I'd be happy
to, to send them my PowerPoint. Ian's actually seen the
presentation. It's, it's something that I
think, yeah, it's, it's just going to save headache and
heartache with your decision making process.
And, and really, as you're looking through, I don't know,
1020 investment opportunities a month, when you have your
(31:51):
established criteria, it will save you time because you'll
find things quickly that you don't feel comfortable with.
You know, find things quickly that you like so you can sift
through your, your passive investment opportunities a lot,
a lot quicker. Man, I love that.
So much good wisdom, so much good knowledge from someone
that's, you know, really lived it and really, you know, been
(32:12):
through the the trenches in in this game.
Combs journey reminds us that real estate isn't just about big
deals or big checks. It's about freedom, protection
and purpose. His story shows that time isn't
guaranteed and that if you're not building cash flow and
structure, you might not get thechance later.
(32:34):
So with that being said, we havewhat we do every week.
We do a weekly book giveaway, and so I'm going to show some of
the options right here. Three books are given away.
(32:55):
We got the go giver cash flow quadrant, rich dad, poor dad,
think and grow rich must have. If you guys don't know about the
E Myth Revisited, that one is just like one of my favorite
books of all time. So.
So we're giving one of these away to 1 lucky winner.
All they have to do is like the episode and comment on which
(33:18):
book they'd like to receive. We'll reach out to you, get a
mailing address, and ship them straight to your house free of
charge. You should interview them they.
What are your top 10 takeaways from your read?
Yeah, Yeah, maybe, maybe we willdo that.
You know, we're going to pick a winner, 5 dates from the air
date and we'll ship it straight to your house.
I want to leave you with this. We all think we have time.
(33:41):
We all think we'll grind now, enjoy life later.
But what if later never come? Combs stared that reality in the
face, and it didn't break him. It gave him clarity.
The money you're chasing, the freedom you want.
It's not only about you, it's about the people you who rely on
you. So build cash flow, build
(34:01):
protection, build something thatkeeps on going even after you're
gone. Your legacy is what you leave
behind when you're no longer here to keep building it.
Thanks for tuning in and we'll see you on the next one.
Thanks, Kaum.
You could be raising capital, right?
It's kind of like me. So I'm on the phone.
I've probably had over 10,000 investor calls.
I, I, I just did the math. I've helped raise around 230
million. You could be the property
manager person, you could be theacquisitions person.
So do you have the, the time to do the underwriting?
Are you the numbers person? And I actually think this person
(00:22):
is the, is the rare person. This is like the hot chick at
the bar. Everybody needs this person.
Welcome to the Real Prop Pro podcast, where strategy,
innovation, and wealth converge to redefine real estate
investing. Hello and welcome to the RPP
(00:47):
Podcast. I'm your host, Ian Deitler.
I'm a real estate investor basedin Sacramento, CA.
I focus on fix and flips and joint venture projects with
other investors. This podcast is about real
people doing real deals with themindset and mission to build
something that lasts. RPP stands for Real Prop Pro and
(01:10):
we are a training resource and we offer mentorship and we also
have software to help real estate investors across several
different strategies. Whether you're learning
wholesaling, fix and flips, tax deed and tax lien investing,
creative finance, and much more,Please visit realproppro.com to
(01:32):
learn more about our company andhow we can provide value to you
and your company. We help investors take action
with the right tools and training.
Again, please visit realproppro.com.
Today's guest is someone whose story really hits different.
Colm is a commercial real estateinvestor with a powerful story,
(01:56):
the story of adversity, life changing experiences and clarity
that most people never reach until it's too late.
He has built a portfolio, built a mission, and most importantly,
he's built a purpose around whathe's doing in real estate.
This isn't just about investing in properties, it's about
(02:16):
creating cash flow, protection and legacy.
Calm. Thank you for being here on the
show today. Heck yeah.
And let's do it. I mean, the the goal of the show
is really to get people to want to take action, get out there.
And and part of the tools that we'll talk about today are your
company. I mean, real prop pro.
I've seen it. I mean, there's a lot of
resources on there. So my story is really more about
(02:39):
the transition from the W2 into maybe something that's kind of
morbid and then the realities oflife and then and then
recognizing that, you know, we only have so much time here.
What's fulfilling? And then how do you protect, you
know, for your, for your, you know, how do you create that
legacy? So, but thank you for having me
on. I've known you for about 6 years
(03:00):
now and I met you at the, one ofthe local real estate meetups in
Sacramento. And that kind of ties into the
transition of the W2 into entrepreneurial because when you
first leave your W2, I mean, it's terrifying.
And so we talked about meetups and that's where you can create
a community. And the power of the community
(03:21):
is when you make decisions, you kind of have a sounding board.
So I don't know if Real Prop Prohas any community engagement
like they they post on communityevents and stuff.
But I certainly host quite a fewmeetups in Northern California.
If you want to reach out, I can get you in contact.
Also, there's a couple of resources all throughout the
(03:41):
Sacramento Valley that that willcover so.
Great. Thank you so much for that.
Let's let's, let's take it back quite a bit of time.
Can you talk about like where you're born and where you were
raised and, and kind of what your home life was like way back
(04:04):
in the day? Yeah, basically just, you know,
I'm the son of a of a contractor.
So went out really truthfully, just being in the shop and up in
Norsac kind of Del Paso Heights ordinary and just, you know,
really being in the shop sortingfittings until I was about 13.
And then when I was in 14 to 22,I went out in the field.
(04:25):
And so I always had this access and exposure to construction.
I mean, I was truly, you know, digging ditches, reading
blueprints, laying pipe, hangingstuff.
We did a commercial water, sewer, fire and gas.
So I always wanted to build stuff and I, I kind of forgot
about it when I went to college.I wanted to be a developer.
(04:45):
I got a 100% Commission sales job out of college and I forgot
about the power of building things and how how fulfilling it
is just to kind of reconnect with with like your, your home
emotions, which is building things.
You said you went to school for developing.
Was it so you went to some college classes?
(05:06):
Did you complete that? What did that look like?
What did that education look like?
Yeah, so I went to college. So I, my dad was a plumber and
that's why I said I was digging dishes and stuff.
So and we did, we did large facilities and my dad said he'd
break my effing fingers if I became a plumber and told me I
had I had to be an engineer. So like most people, you kind of
do what your parents force you to do.
(05:27):
I'm grateful to have two parents.
I didn't have a lot of friends that had two parents.
So I went, I went to Cal Poly, got an engineering degree and
the whole point of that was to, to get back into developing, but
I kind of got sidetracked. You know, in college you get
exposure to different clubs and,and I, I ended up selling
(05:47):
commercial air conditioning. And The funny thing was because
I had grown up in construction, I thought I knew a lot about
commercial air conditioners. So I'm selling like 50 ton.
Well, they're, they're the things that are the size of the
school bus. They're, they're called chillers
and big old air handlers that goin hospitals and industrial
facilities. And, and I, I kind of thought I
(06:08):
knew a lot about that because I grew up in construction and man,
I had a lot to learn. I mean, I, there's, there's just
so many different things and I, I really, again, I strayed away
from the building and the, one of the things that I really like
about the building is you're sequentially, you're adding
additional income streams over time.
(06:28):
And so I, I get this W2, I'm doing great.
And then when I get about 2930, I actually have a heart failure.
And so the heart failure it's, you know, everybody talks about
having a midlife crisis and I, Ifeel like I was blessed to have
one a little bit earlier becauseit, it, it put me in a, a real
(06:50):
reality check that we're not here forever.
And so I have the heart failure and I realize that I need to do
something more fulfilling than just something that pays the
bills. And, and I, I realize that
everybody's really just racing against their bills.
You know, you have income comingin, you have, you have income
going out. And so I thought, well, if I
(07:12):
have another heart surgery, because I had to have heart
surgery and I moved back home, actually, I changed jobs and if
I have to have heart surgery again, it doesn't go well.
How are my kids going to be taken care of?
And so I thought, OK, man, I gotto figure out a way where I have
money coming in, where if my next procedure doesn't go well,
(07:37):
I have like some sort of income runway.
And so that's where I started getting into the passive
investing side of things where you know, you, if you know
you're making money while you sleep, you know, and, and so
first I started buying rentals kind of like everybody.
And then when you have a bunch of single family rentals, you
think you know everything about commercial properties and multi
(08:01):
family and you don't. When you get into multi family,
I feel like multi family is kindof like or even single family,
you could save like the gateway drug in the passive investing
because you get a couple, you gofull cycle on a couple
investments and then you're hooked.
But I think the key thing to take away is think about what
you're trying to create and what, what's really important,
(08:23):
but then also realize that therecould be reasons outside of
health that prevents you from from being able to work.
You know, I have AI have a friend who struggles with
substance abuse. I, I had a, a friend that had a
breakup. Both of those guys couldn't
really work for a while to theirsame level of productivity, but
at the same, the same time, theyhad passive income stream.
(08:45):
So the goal is to get out in front of these problems before
they show up and get educated, take action and create these
income streams. Because you never know, you
might get in a car crash and then you know, you're, you can't
work for two months. Do you think your job's going to
still be there? Maybe it will, maybe it won't.
But the whole thing is, is really like if you have an
(09:07):
opportunity to start taking action now, getting educated and
working on, you know, you know, don't work, Don't don't be
perfect. Just get it going because you
can't course adjust if you're not on course, you know, so they
always say version 1's version is better than version none.
So, and part of it is just me, me just learning that you got to
(09:32):
start taking action. And if you try to be perfect and
you don't take action, you're trying to fix version one point
O and somebody else is already fixing like version 4 point O,
you know, but there may be version 4 point O is not going
to be good as your one point O, but they're down the road.
So, you know, I feel like I'm, I'm kind of going into just my
(09:55):
own personal learning lessons about, you know, if you're
scared to do things each, you can sometimes confuse
perfectionism as a reason not totake action.
And that's one of the things I want to talk about today is, is
how to really just recognize that at the end of the day, it
doesn't matter as long as you start taking action and, and
moving forward on doing things because you, you can't fix it if
(10:18):
you're not started. Yeah, thank you for sharing
that. You know, really personal story
about how you know your health. You know, you kind of kind of
how a lot of us go through life taking our health for granted,
thinking that everything is going to be fine.
And then one day, you know, at afairly young age, you know, you
got to experience something thatreally shifted the way that your
(10:43):
mind thinks about money and, andhow much time we have left and,
and the future and your legacy. So can you get into some of the
details about how you got started in buying some of those
single family homes? And like, were you, were you
working at W2 at some point? And then something snapped and
you're like, hey, I and you're like, hey, I need to get into
(11:06):
real estate. Yeah, so I kind of got lucky
again. Goes back to my family, Super,
super supportive parents and stuff.
I got a when I was 25. My dad says, he calls me up, he
goes, hey, how much money you got?
I said I got about 8, maybe 10,000 bucks and my dad goes,
you're buying this house. He's like what he's like, Yeah,
this thing's really cheap. So that's what you're saying you
(11:28):
got thrown into the deep end of real estate investment?
I mean, think about how fortunate it is to have a parent
support you like that. So the first house was basically
it's like I this guy, you're doing it and then you're and
then and then someone kind of shoves you through the process.
So that was, that was when I was25 and then basically every
other year, you know, I would just buy another rental.
(11:52):
And, and I did that until the asset prices or the individual
cost per unit in Northern California just kind of got so
expensive where it wasn't reallycash flowing.
And then I wanted to look for other ways to, to make, to make
money and great equity and investments.
And I had a sales background. And so I thought, well, hey, I
(12:16):
can, I can help some of these groups grow and bring in
investor capital in exchange forequity.
And, and so I, I really, I got into to owning commercial
properties using other people's money by bringing their money
into the investment. But one thing I wanted to say is
when I first started out, you know, I, I got, I got, you know,
(12:39):
shiny object syndrome. So I think about all this equity
I'm getting and but equity doesn't pay your bills.
So if you think about it, if youhave a bunch of equity, but you
don't have a bunch of cash flow,it's like having a bunch of
bunch of muscles but not having a lot of blood.
You know, you can have all the, all the muscles in the world,
(13:00):
but if you don't have blood to recirculate it, that your
blood's your life flow and, and so you basically die.
So the point is you can build upall this equity, but don't do
that before you have cash flow, because if you don't have cash
flow, you can't pay your 2027 bills, you know, or you can't
pay your 2025 bills with the 2027 equity check.
(13:22):
And that's one of the things that I learned is I get in and I
actually did a cash out refi on one of my one of my properties
with math the mortgage guy one one of the bigger lenders in
Northern California. So I take money out and then I
start, I start creating all thisequity by I think so I helped
raise money for 2323 investmentsso far.
(13:44):
I think the four, the first fourteen of them I had equity
in, but they're all new developments and they took
forever. So, you know, I have all this
unrealized equity, but I don't have any cash flow coming in and
I started feeling a lot of pressure and really tight.
So the lesson here is create thecash flow first before you start
(14:07):
building equity. And I know, I know with you,
Ian, you still have AW2. You're working, you're working
to get out of it. And, and the point is your,
your, your W2's that stability, it's that cash flow that you
have coming in. And then your projects that
you've been working on, all yourflips and stuff, those are and
you're buy and sell your holds those, those are the equity that
(14:28):
you're building. And, and you're smart enough to
not make the same decision that I same mistake that I made where
I just jumped all in. You know, I kind of jumped off a
Cliff. And, and so I would recommend
that prior to leaving a stable income source with your
investments, you should have about 3 times the annual income.
(14:50):
And the reason is your investment income kind of
fluctuates. It could be all over the board.
You know, you can make 01 month,you can make 90,000 in the next
month. And, and so when you're doing
that, you don't have a lot of income, you know, you don't have
a lot of stability and it could be nerve wracking.
You know, like I in 2023, I didn't really work at all.
(15:13):
I, I had some personal, some personal challenges.
I mean, I worked for one month, but I still made quite a bit of
money. But I only really got a check in
February, a check in June and a check in October.
So I only got 3 checks, but those three checks were there
was a significant amount. But I mean, I got to be honest,
(15:36):
I was kind of getting nervous inme, you know, because I didn't
have that cash flow. So think about what you guys as
listeners think about your war chest that you need.
And when I say war chest, the war chest is your runway and
everybody has a different war chest.
What I like to tell my investorsis you need to understand what
(15:56):
your your runway is. Let's say six months or a year.
What? What's that number that makes
you feel comfortable? I have a friend, he doesn't like
to invest if he doesn't have at least 200,000 in his bank
account. Me, I probably wouldn't invest
if I don't have at least maybe 40, maybe 30,000.
(16:17):
It depends on the investment. But the reason is now I have
some more sources of income. If I really need money, I, I can
get it quickly. But my friend, he has a couple
kids and so and he has lots of liability.
So for him, his war chest numberis 200.
I'd say mine's about 40. Anything above 40, I give myself
(16:39):
permission to invest. I don't know if Ian, do you have
anything like that Where I know,I know with you, when you do
your flips, it's kind of like you deploy your money.
It's working for you, you get itback.
Do you have a particular number that you you don't like to go
below with yourself in terms of just having kind of that
sideline cash? And, and I know you have, you're
(17:00):
married and you have your wife, I assume that she brings in some
income. I'm not sure but but that also
provides extra stability, you know?
You know, I like to always have 40 to 50 just showing in the
bank. But the other thing is too that
I borrow so much of the money todo the flips that not a lot of
it comes out of pocket, right? So I can get hard money loans, I
(17:23):
can get private money loans to do the purchase.
I can borrow money from credit cards and Home Depot credit
cards. So so yeah, that that's debt
that's accumulating. But when I sell it in about two
to three months, then I pay it all back.
And so a lot of times I'm not I don't have a whole lot of money
(17:43):
into it. So to answer your question, I
like to at least have like 4050 sixty thousand in the bank.
But if I don't and a deal comes on where I can invest with
almost zero out of pocket and still make you know that minimum
$40,000, then I'll do that deal.Do you, do you have any tools on
on your website on RPP that thatcover that?
(18:06):
We do have trainings on wholesaling and fixed and
flipping and several other things.
So yes, for members we do have some training on these topics.
OK. I got to check that out because
what and I didn't really get into what I do, but essentially
what I do is I, I help create passive income streams for
investors by identifying investment opportunities.
The last couple years I've been working specifically with a self
(18:29):
storage operator. If they have 21 facilities,
they've we've recently moved in,in the last three years, we've
been doing basically ground up development on self storage
facilities because we're findingthere's a lot more yield out
there. So that's something that you
guys want to learn more about. You can reach out to me and,
and, and I the first thing I would do is I'd want to
(18:51):
understand and establish a decision making process for how
you evaluate investments. And I'd want to hear where
you're at with investing, where you'd want to go with your
investing and, and, and figure out if there's any resources
that I can connect you with to help you along that journey.
I mean, part of that's the RPP tools.
Kind of a hypothetical question here.
(19:13):
If you were able to retain all the knowledge and skills and
learning lessons that you have now, but we're but started all
over in real estate, what would be your strategy to start over
and, and build wealth? How?
How would you How would you do that?
Well, I mean this, this is actually not going to be too too
(19:37):
much of AA deal. I don't know.
I don't know how to say this is a, everybody talks about like
planning and all this stuff, butthe truth is if you don't have
focus, you know, you can't get anything done.
And I struggled a lot of a long time with focus and, and, and
that could be with managing yourdistractions, prioritizing your
(19:58):
time. But I, I think focus and
consistency of little actions outweigh these big goals.
And so. Personally, I've, I've had,
because I have heart problems, alot of congenital heart
problems. So I was born with heart
problems. When you're in the womb and you
don't fully develop, you also your body's protecting itself.
(20:20):
So there's other things that candevelop.
So a lot of people with heart problems have spinal issues.
They have, you know, mental, youknow, ADHDADD and, and maybe
some other learning disorders. So for me, you know, going back
1015 years, knowing what I know now, I would see ADHD medicine
as a tool. I, I saw it as a weakness for a
(20:42):
long time. And the truth is I really
struggled with productivity. And I'm an ambitious person.
So if you're an ambitious person, you have to think about
the verbiage and the things thatyou're, you're, you're telling
yourself. And if you're not getting stuff
done and you're feeling discomfort and pain, you have to
think about, OK, what's the lesson from this pain?
(21:03):
A lot of times I would just be really, I'd say really nasty
things about myself. Oh, I, I can't do this.
I'm not doing well. So it doesn't matter all the
specific knowledge that I know about real estate if I can't get
it done. So if I were to go back 1015
years, I would probably go to a psychologist and get my focus
(21:24):
with, with establishing some like really good, you know,
stimulant or non stimulant ADHD medicine, then I'd be able to be
productive. So all the all the knowledge
that I have isn't executable if I don't have the focus.
So the first thing is getting the focus.
So everybody talks about, you know, all these things you need
(21:46):
to learn, but nobody really talks about the power of being
able to optimize your focus and getting into a deep work state.
So working on fundamentals, I would work on how do I get
productive? How do I cut out distractions?
And then everything else that comes in can be, can be done.
(22:07):
So it's like, you know, it's kind of like my dad always says,
you say it's like pulling up your pants before you wipe.
You know, that's like you got to, you got to get your
foundations done so you can actually do something.
And because it doesn't really matter what you're trying to do
if if you can't do it. So the number one thing is, is
(22:28):
get the focus. The number two thing is get the
cash flow. I one of the big mistakes that I
had and we already talked about this was I, I got a bunch of
money and unrealized equity by doing these things.
Meanwhile, my war chest was, was, you know, shrinking every
month because I was building allthis back end equity and there's
really some financial stress, you know, and, and I got lucky.
(22:51):
Some of the projects went full cycle, but it wasn't a fun time.
So I would get the cash flow first.
I think I would read, I would, Iwould understand the difference
between establishing short term,medium term and long term
income. So the long term incomes at
equity, the medium term income could be maybe something more
(23:13):
like a Commission check or like a flip.
You know, Ian, I know you do flips.
That's kind of like that medium term income.
Long term could be maybe a passive investment or a buy and
hold. And then the short term could be
your W2 or, or maybe like an upfront acquisition fee on a
project. So recognizing the differences
in the different types of of income and creating those
(23:36):
streams. Because if you do all long term,
you're going to die. You know if you do all short
term, you could be missing out on the overall growth of your
investment portfolio. Yeah, and you can burn out, too.
I see it all the time. You know, I see a lot of
wholesalers get it into the business.
They get excited and they start doing stuff, doing stuff, doing
stuff. Well, all of a sudden you're
(23:57):
like a year later and it's like what happened to Bobby?
I mean, he used to be here and now he's, you know, doesn't show
up anymore. I think he went back to his job.
So, you know, that's another thing to consider is not to get
burnt out on some of this stuff because I've seen it so many
times and I'm sure you have as well, you know, like people just
(24:18):
doing that short term activity, just always doing it, doing it,
doing it. You know what?
I've seen more than that. It's not as sustainable.
I've seen infotainment where people feel the fulfillment of
doing the activity from learningabout it but not actually doing
it. So you know, I, I met you
probably six years ago, seven years ago now at a meet up and
there's a guy there and I won't say his name, but he had been
(24:40):
interested and doing real estatesince probably 2010.
He's probably in his late 40s now.
And I, I remember talking to himbecause I ran into him in 2022
and he's still doing all the educational stuff, hasn't done
one investment. And it's like, dude, you, you
missed the whole, you missed 12 years of opportunity.
(25:02):
Like you kind of missed some of the best years in our last
cycle. And it was because he was too
scared to take action. And I'm, I'm guilty of that too.
You know, there's things I got abook half written for the last
two years. And there's other reasons that I
didn't get it done. But it's like, really think
about what's preventing you from, from moving forward.
Because it's kind of pathetic when you, when you're preventing
(25:26):
yourself from doing something because maybe you're worried
about the perception of what somebody else might think when,
you know, 100 years from now, noone's going to care.
No one. It's like you're preventing
yourself from doing something that could potentially benefit
you because of the perceived opinion of somebody else.
Like no one cares. No one gives a about you.
(25:46):
You know, no one really cares about you.
It's what's in it for them. So the recommendation is just
get out there and try it and, and, and take action because the
1st 50 things you do, they're going to be bad.
But that 51st 1 is is really where it's going to start to
blossom and make sense. I love, you know, your
(26:06):
persistence and, and your just determination to really make
this happen and like fight through some of these struggles
that you've had. You know, it's really inspiring
to hear you talk about the struggles and, and kind of what
you did to overcome them and howyou worked so hard to get where
you are today. So thank you for sharing a lot
(26:27):
of that stuff. So I want to kind of switch
gears to kind of talk about the the change from buying single
family homes to buying multi family like apartment, more
commercial type of properties. Can you give our listeners a
(26:48):
little bit of advice? Let's say they are doing
wholesalers or they are doing fix and flips on single family
homes. Can you give them a little bit
of advice on how they should getinto maybe buying or investing
into, you know, multi family commercial real estate?
Yeah, there's two things. One, go out, get involved in
(27:09):
your local meetups because there's going to be people that
are going to want to do that. And, and the second thing is
think about the value that you can potentially bring to a team.
So there's, there's four big ways that you can bring value.
You can be raising capital, right?
It's kind of like me. So I'm on the phone.
I've probably had over 10,000 investor calls.
I, I, I just did the math. I've helped raise around 230
(27:31):
million. I've only brought in maybe 60 of
that, but, but I, you know, I'm having like 10,000 investor
calls. Seriously.
So you can, you could be the money raiser, you could be the
property manager person, you know, so you know, do you have
the, the, the time commitment tofly out and go look at a
property? You know, maybe you do, maybe
(27:53):
you don't. You could be the acquisitions
person. So do you have the the time to
do the underwriting? Are you the numbers person?
And I actually think this personis the is the rare person.
This is like the hot chick at the bar.
Everybody needs this person because most people think they
can raise money. They're probably not that good.
But this is the real the acquisitions person is really
(28:15):
the hard person to find in my opinion.
And then the last person could be the asset manager, it could
be the marketing person, it could be the database person.
Really I'd say more of the marketing element.
So think about those four key traits.
You could, could you do propertymanagement?
Could you do acquisitions? Could you be sales?
(28:35):
Could you do marketing? Those are probably the four key
areas. See if your talents align with
any of those. If they do, continue to develop
those talents and then go out into the two meetups,
conferences and really go meet people.
The way I was able to get in waswith OPM.
You know what OPM is? Other people's money.
(28:58):
Yeah. So, yeah.
So it's like I don't have money to to buy these places.
I don't have, you know, so the project I'm working on right
now, we need 6.3 million. It's a $16,000,000 self storage
facility. It's 861 units.
It's a 2.3 equity multiplier. I don't have 6.3 million.
So we're, we're bringing together about, I don't know,
(29:22):
maybe, maybe 50 investors or so into the project.
We're going to close, we're shovel ready.
We have permits in hand, but it's a, it's really a team play.
And then, and then you have to learn to, to really treat these
other people's money like it's your grandmother's money, you
know, and, and really protect that money.
I've left a couple companies because I didn't believe in some
(29:43):
of the underwriting. There might have been a
misalignment of of ethics where my heart on my chest and I don't
ever, I don't ever want to have that painful conversation with
an investor saying that we lost your money.
So if you are a money raiser, understand the risks that are
associated with certain types ofcharacteristics within a
(30:04):
property, I would recommend reading the book The Hands Off
Investor by Brian Burke. We can share that link if you if
you want. There's a couple other books.
Rob Beardsley has two books on underwritings.
They're short. They're each about 100 pages.
You can knock them out on a flight from Dallas to to SF.
I've actually done that twice. So there's a few books out there
(30:28):
that I recommend getting startedin from under to better
understand the numbers. Brian Burke's book highlights
the the red, yellow and green flags of of being a passive
investors. So maybe what are the tricks,
what are the tips? What are some things to look out
for? You know, what are the green
(30:49):
flags in an investment opportunity?
I always try to coach my investors on creating a decision
making process. And, and there's four key
elements. There's the sponsor, you know,
there's all these aspects that that connect to the sponsor.
There's aspects that connect to the metro, There's aspects that
(31:09):
connect to the strategy, the business strategy.
And then the the last segment isall the numbers.
And notice that the numbers are last.
Because if the business strategydoesn't make sense or the metro
isn't good, then the numbers andthe investment don't matter at
all. It's probably not going to
succeed. And if anybody that wants to
(31:30):
learn more about that, they can reach out to me, I'd be happy
to, to send them my PowerPoint. Ian's actually seen the
presentation. It's, it's something that I
think, yeah, it's, it's just going to save headache and
heartache with your decision making process.
And, and really, as you're looking through, I don't know,
1020 investment opportunities a month, when you have your
(31:51):
established criteria, it will save you time because you'll
find things quickly that you don't feel comfortable with.
You know, find things quickly that you like so you can sift
through your, your passive investment opportunities a lot,
a lot quicker. Man, I love that.
So much good wisdom, so much good knowledge from someone
that's, you know, really lived it and really, you know, been
(32:12):
through the the trenches in in this game.
Combs journey reminds us that real estate isn't just about big
deals or big checks. It's about freedom, protection
and purpose. His story shows that time isn't
guaranteed and that if you're not building cash flow and
structure, you might not get thechance later.
(32:34):
So with that being said, we havewhat we do every week.
We do a weekly book giveaway, and so I'm going to show some of
the options right here. Three books are given away.
(32:55):
We got the go giver cash flow quadrant, rich dad, poor dad,
think and grow rich must have. If you guys don't know about the
E Myth Revisited, that one is just like one of my favorite
books of all time. So.
So we're giving one of these away to 1 lucky winner.
All they have to do is like the episode and comment on which
(33:18):
book they'd like to receive. We'll reach out to you, get a
mailing address, and ship them straight to your house free of
charge. You should interview them they.
What are your top 10 takeaways from your read?
Yeah, Yeah, maybe, maybe we willdo that.
You know, we're going to pick a winner, 5 dates from the air
date and we'll ship it straight to your house.
I want to leave you with this. We all think we have time.
(33:41):
We all think we'll grind now, enjoy life later.
But what if later never come? Combs stared that reality in the
face, and it didn't break him. It gave him clarity.
The money you're chasing, the freedom you want.
It's not only about you, it's about the people you who rely on
you. So build cash flow, build
(34:01):
protection, build something thatkeeps on going even after you're
gone. Your legacy is what you leave
behind when you're no longer here to keep building it.
Thanks for tuning in and we'll see you on the next one.
Thanks, Kaum.
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