Full Transcript for How an Engineer Pivoted from Single Family to Multifamily Investing: Breaking Down Doors with Stephen Predmore

on average, probably at least once a quarter, do an episode where it's just you and I we're talking. 00:02:04.865 --> 00:02:11.301 And something that hit me being a parent, being an adult of a 12-year-old boy who's going to be a teenager. 00:02:11.301 --> 00:02:17.585 He wanted to get into business, so him and I I'm like the only way that I can really teach him about business is start a company. 00:02:17.585 --> 00:02:24.701 So I did, and the reason that we did this one was to be able to teach him financial literacy, financial education, financial responsibility, because he had none. 00:02:24.701 --> 00:02:38.030 But also, we've been doing this for about a year and I wanted to take all the information from our amazing guests, put it all into just a huge kind of YouTube and on social media, and I'm like you know what? 00:02:38.030 --> 00:02:42.953 Let's take all the stuff that we've learned, all the things that we've taught our students, and let me see if I can teach this to the youth. 00:02:42.953 --> 00:02:50.858 And so I'm excited to be able to say that, after like a month and a half roughly, we have gotten just about out of the red. 00:02:53.939 --> 00:02:54.441 And that's exciting. 00:02:54.441 --> 00:03:03.435 That's so awesome and it's funny because there's so many friends, colleagues, just people in general that we talk and work with, that have this challenge of like, how do you teach your kids to learn this stuff? 00:03:03.435 --> 00:03:05.968 How do you raise them in all these different ways to factor it in? 00:03:05.968 --> 00:03:12.467 And I'm not a parent yet so I can't answer that question, but it's so cool to see you doing it, figuring it out, making it work. 00:03:12.467 --> 00:03:13.631 I mean, that's insane. 00:03:13.631 --> 00:03:16.685 So I'm sure everyone's going to be curious about how that goes. 00:03:16.824 --> 00:03:23.586 Ask more questions, but without further ado, I know we really got to get into this interview and I'm super excited to have this guest on. 00:03:23.586 --> 00:03:26.873 Before we do that, I have one quick favor. 00:03:26.873 --> 00:03:34.942 The one thing, guys, that helps us tremendously, that helps us grow, and if you help us grow, then we can bring on more people that you want to hear from. 00:03:34.942 --> 00:03:37.592 So that one thing is just please leave us a review. 00:03:37.592 --> 00:03:43.584 If you go on, wherever you're listening to this Apple, spotify, whatever platform it is, just leave us a review. 00:03:43.584 --> 00:03:45.265 Whether you like it, don't like it, don't care. 00:03:45.265 --> 00:03:46.227 That'll help us. 00:03:46.227 --> 00:03:47.127 So thanks so much. 00:03:48.590 --> 00:03:49.670 A thousand percent, dude. 00:03:49.670 --> 00:04:04.435 I'm so excited Out of like all the episodes that we do not saying that those aren't like top for me as well, but I love talking to folks that have partnered with us, and this gentleman right here, stephen Predmore, amazing CEO of Talbot Investments. 00:04:04.435 --> 00:04:05.377 He is an amazing man. 00:04:05.377 --> 00:04:09.950 All right, let's go ahead, bring him on stage, see how he's doing, stephen, how you doing, brother. 00:04:10.560 --> 00:04:14.251 Hey guys, good to be here, excited to share my story with your audience. 00:04:15.400 --> 00:04:16.925 Dude, the pleasure is all ours. 00:04:16.925 --> 00:04:18.709 So please tell us a little bit about yourself, man. 00:04:18.709 --> 00:04:19.380 What got you here? 00:04:19.380 --> 00:04:20.062 What brought you here? 00:04:21.324 --> 00:04:23.651 Yeah, so I'm a W2 guy. 00:04:23.651 --> 00:04:24.733 I'm an engineer. 00:04:24.733 --> 00:04:29.201 Yeah, so I'm a W2 guy. 00:04:29.201 --> 00:04:33.916 I'm an engineer, very technical, grew up in Western New York, I went to school in Buffalo, got sick of the snow and so I moved down South with the family. 00:04:33.916 --> 00:04:42.932 And so I'm down here in Baltimore, maryland, and working for automotive industry for 20 plus years. 00:04:43.351 --> 00:04:44.973 Uh, I thought my job was secure. 00:04:44.973 --> 00:04:57.199 Um, you know, we, we had just opened like a brand new facility here in Baltimore and it was all like electric vehicles and battery stuff, and so, you know, I thought we were golden. 00:04:57.199 --> 00:05:01.735 I never thought that, uh, the day would come when, uh, I would walked out the door. 00:05:01.735 --> 00:05:06.029 Uh, after being there 20 plus years, uh, they walked the entire department out. 00:05:06.029 --> 00:05:08.327 It was a total punch in the gut. 00:05:08.327 --> 00:05:15.408 So when that happened, you know I have a degree, so I mean I ultimately got another job. 00:05:15.408 --> 00:05:23.122 But, you know, your whole idea of this whole security was just shattered in that one moment. 00:05:23.122 --> 00:05:24.564 It was just shattered in that one moment. 00:05:24.584 --> 00:05:30.346 And I had been listening to BiggerPockets, you know, for I'd say probably about six months. 00:05:30.346 --> 00:05:38.889 But that was kind of like the impetus to start investing and, like a lot of people, I went down the single family route. 00:05:38.889 --> 00:05:42.252 I bought a couple of single families here in Baltimore. 00:05:42.252 --> 00:05:43.572 Baltimore is a very cheap market. 00:05:43.572 --> 00:05:49.375 Bought them for $65K, put about $,000 in and renting for about $1,400. 00:05:49.375 --> 00:05:51.776 So you know I was crushing the 1% rule. 00:05:51.776 --> 00:06:06.529 But you know, just with all single families there's this one little thing can go, and it happened to be during COVID and the one thing that went was my tenant lost her job and stopped paying rent and the one thing that went was my tenants lost their job and stopped paying rent. 00:06:06.529 --> 00:06:10.194 And Baltimore City is very challenging, very blue state to get people out. 00:06:10.194 --> 00:06:21.480 Took me about six months to evict her and yeah, it was just a learning

curve and I just started looking at other avenues and so that's kind of when I pivoted to larger deals. 00:06:21.480 --> 00:06:24.350 So that's kind of just in a nutshell how I got started. 00:06:24.350 --> 00:06:26.880 Oh my. 00:06:26.920 --> 00:06:28.384 God, I'm scrambling to take notes here. 00:06:28.384 --> 00:06:39.230 I got to say I love talking to all guests, but I get so fired up when we talk to people that are in real estate specifically, and so I got a million things I just want to highlight there that you talked about. 00:06:39.230 --> 00:06:43.206 So one you talked about being in the auto industry and working there for 20 years. 00:06:43.206 --> 00:06:57.187 That's a long ass time and then, like you said, that security blanket gets shattered and we hear this story time and time again, and so you, thankfully, were prepared, like you said, you got another job, but you already had that kind of inner workings or the learnings like, okay, what can I do? 00:06:57.187 --> 00:07:01.190 So you started buying Question real quick. 00:07:01.190 --> 00:07:04.387 You mentioned 1% rule For somebody listening going like wait, wait, what was that? 00:07:04.387 --> 00:07:05.971 What is a 1% rule? 00:07:07.581 --> 00:07:12.452 So it's based like the amount that you put into the deal versus how much you're getting out of the deal. 00:07:12.452 --> 00:07:15.644 So I put in 65 plus 40, that's 105. 00:07:15.644 --> 00:07:21.035 And 1% would be getting $1,050 in rent per month. 00:07:21.035 --> 00:07:25.896 Well, I was getting $1,400 per month, so that's like 1.3. 00:07:25.896 --> 00:07:47.012 So that's like a really good cash flowing asset and in certain markets are better at cashflow Some of the like older markets like Baltimore, Philly, Cleveland or some real high cash flowing markets and that really attracts a lot of people, especially new people, because it works really well in a spreadsheet. 00:07:47.012 --> 00:07:48.264 I mean the numbers are great. 00:07:48.264 --> 00:08:11.091 But as I've learned and I try to teach people is that just because it works great in a spreadsheet doesn't mean it works well in life, because it was a C minus asset and there was a lot of unforeseen expenses and just you know, just rent, rent, late, late rent and, like I said, ultimately an eviction. 00:08:11.130 --> 00:08:13.281 So oh my gosh. 00:08:13.281 --> 00:08:15.769 Okay, nate, before you jump in, I got to finish this thought out. 00:08:15.769 --> 00:08:21.463 So I love the explain, the 1% rule, and I just want to highlight again that's such a good baseline metric. 00:08:21.463 --> 00:08:32.807 We use that all the time to see if something makes sense and just as a baseline, like you said, for cashflow, because if it's under 1% you're not making money, at least not cashflow, and I like that. 00:08:32.807 --> 00:08:35.513 You talked about the single families, the challenges that you ran into. 00:08:35.513 --> 00:08:37.826 So my question is you did the single families?

00:08:37.826 --> 00:08:41.721 You saw the challenges a lot of people do, especially when you're starting with only a couple. 00:08:41.721 --> 00:08:44.105 So you said you got into larger deals. 00:08:44.105 --> 00:08:46.288 Why into larger deals? 00:08:46.288 --> 00:08:47.509 Can you go more into that? 00:08:47.509 --> 00:08:49.030 And what did those larger deals look like? 00:08:49.030 --> 00:08:50.832 Like, what are the advantages of that? 00:08:51.894 --> 00:08:53.535 So actually I'll take a step back. 00:08:53.535 --> 00:08:59.999 My first, my half step, was I went into Section 8 after the first division. 00:08:59.999 --> 00:09:03.890 Well, the US government can pay for the bulk of the rent. 00:09:03.890 --> 00:09:09.125 So I went down that route as kind of an intermediary step and that went a little bit better. 00:09:09.125 --> 00:09:13.700 For example, the government was paying $1,000 and the tenant was paying $400. 00:09:13.700 --> 00:09:18.572 So, like clockwork, I was getting that $1,000, you know, in the first of the month, which is great. 00:09:18.572 --> 00:09:25.861 But even though the rent was only $400, they were still falling behind, which is very frustrating. 00:09:25.861 --> 00:09:34.902 Because you know I would go to the property and I, you know I was, I was, I'm a handyman, so I would be doing all the maintenance and I would see they were not struggling for an extra $400 a month. 00:09:34.902 --> 00:09:36.465 It's just rent wasn't a priority. 00:09:36.544 --> 00:09:38.349 So why did I pivot? 00:09:38.349 --> 00:09:39.532 I don't know. 00:09:39.532 --> 00:09:44.846 Again, an engineer mindset looking at the spreadsheets, looking at larger deals, the numbers just make more sense. 00:09:44.846 --> 00:09:51.115 Buying, you know, 10, 20 unit properties just makes more sense. 00:09:51.115 --> 00:09:53.903 So I joined some groups. 00:09:53.903 --> 00:10:00.601 You know this is a scary thing to kind of do by yourself, kind of how. 00:10:00.601 --> 00:10:02.549 You know, how am I going to come up with these millions of dollars? 00:10:02.549 --> 00:10:04.960 It's just a big mindset shift to go from single to multi. 00:10:04.960 --> 00:10:13.860 It's just a big mindset shift to go from single to multi and so you really need to surround yourself with people, with mentors, that have done it and kind of coach you through and so you're not scared about these bigger transitions. 00:10:13.860 --> 00:10:21.673 And it helps to have people that you that also join the mastermind, that kind of lift you up and you kind of do it together. 00:10:25.761 --> 00:10:27.124 Oh my gosh, I love this. 00:10:27.124 --> 00:10:29.528 Okay, this is the point where everybody hates me. 00:10:29.528 --> 00:10:32.761 Pause, rewind, play this whole thing all the way back. 00:10:32.761 --> 00:10:34.326 So many gems were just dropped. 00:10:34.326 --> 00:10:38.028 One of the biggest things is that real estate is a team sport. 00:10:38.028 --> 00:10:39.374 Don't try to go

it alone. 00:10:39.374 --> 00:10:40.659 You don't have to go it alone. 00:10:40.659 --> 00:10:44.697 Find yourself mentors, find yourself coaches, find yourself a support system that can be able to help you out. 00:10:44.697 --> 00:10:46.884 Hope that you guys are driving that point home. 00:10:46.884 --> 00:10:52.899 So, fred Moore, what I would love to be able to talk about? 00:10:52.899 --> 00:10:55.408 You talked a little bit about some of the struggles when you had a tenant stop paying. 00:10:55.408 --> 00:10:58.402 But what were some of the struggles that you had right before that? 00:10:58.402 --> 00:10:59.719 What was any struggle that you had? 00:10:59.719 --> 00:11:04.181 Maybe trying to get into the market, and then also struggles that you had trying to get from. 00:11:04.181 --> 00:11:09.317 Hey, I need to now go and pivot into larger multifamily, a lot bigger. 00:11:09.317 --> 00:11:11.946 What were some of the struggles on both sides of the fence for that? 00:11:13.294 --> 00:11:16.142 Well, obviously the biggest struggle is money. 00:11:16.142 --> 00:11:18.147 Your first deal is always the hardest. 00:11:18.147 --> 00:11:19.317 How are you going to come up with money? 00:11:19.317 --> 00:11:22.464 It's just a large mountain to kind of come over. 00:11:22.464 --> 00:11:26.700 I ended up taking money out of my 401k. 00:11:26.700 --> 00:11:30.960 I'm sorry I took a loan against my 401k, so that's how I did. 00:11:30.960 --> 00:11:32.225 There's no penalty when you take a loan. 00:11:32.225 --> 00:11:40.849 I was able to take 50% of the the value and use that as a as a down payment on my first deal and that kind of got me over the hump. 00:11:40.849 --> 00:11:48.998 I tell you, once you do your first deal, the juices start flowing and you start thinking, well, how I can get money and how you know it's it's. 00:11:49.278 --> 00:11:53.880 I've met a lot of people in this industry that have done zero deals and I've met a lot of people that have done a lot of deals. 00:11:53.880 --> 00:11:56.158 I don't think I've met somebody that has done one deal. 00:11:56.158 --> 00:11:58.812 So it's the rule of the first deal is getting that done. 00:11:58.812 --> 00:12:00.897 And again, I took a 401k loan. 00:12:00.897 --> 00:12:02.378 Some people wouldn't want to do that. 00:12:02.378 --> 00:12:06.403 So, yeah, it is challenging to do that first deal, even though it was only $65,000. 00:12:06.403 --> 00:12:08.745 Property you know was that. 00:12:08.745 --> 00:12:12.389 So you know, 20% down to that is like $13,000. 00:12:12.389 --> 00:12:13.571 It wasn't a huge amount. 00:12:20.475 --> 00:12:24.138 But when you're you know a working person with two kids, raising two kids. 00:12:24.138 --> 00:12:25.458 Coming up with that kind of money is scary. 00:12:25.458 --> 00:12:26.960 Absolutely love that and I think it's so funny. 00:12:26.960 --> 00:12:28.261 I've never heard it said like that. 00:12:28.261 --> 00:12:30.543 I've met a lot of people that have done no deals so correct. 00:12:30.543 --> 00:12:32.144 I've met a lot of people that have done a ton of deals. 00:12:32.144 --> 00:12:33.605 Never met somebody that's done just one. 00:12:33.605 --> 00:12:36.828 That is such a good line and it's so true when you think about it. 00:12:36.828 --> 00:12:39.291 So I want to back up a quick second. 00:12:39.291 --> 00:12:41.111 You said you took a loan from your 401k. 00:12:50.760 --> 00:12:51.102 Is that work? 00:12:51.102 --> 00:12:51.705 Can somebody do that? 00:12:51.705 --> 00:12:52.408 What does that look like? 00:12:52.408 --> 00:12:52.809 Is that illegal? 00:12:52.809 --> 00:12:53.735 Because that's amazing. 00:12:53.735 --> 00:13:09.336 So I mean you need to have a balance. 00:13:09.336 --> 00:13:11.542 So, yeah, I mean this is again, this is my active job, so it's my active 401k and you're able to. 00:13:11.542 --> 00:13:13.687 I mean, I just went into my Fidelity portal and I was able to take a loan against that 50% value. 00:13:13.687 --> 00:13:17.014 Now you're paying that back slowly to yourself and while that money is out of the stock market, you're not making any type of returns, but you are using it on your own. 00:13:17.014 --> 00:13:22.734 Now I've also done the self-directed thing from with, so that's an active 401k. 00:13:22.734 --> 00:13:34.447 You can also take an old 401k, roll that into a self-directed account and put that into another deal, and I've done that as well invested in near deals actually with some self-directed funds. 00:13:38.216 --> 00:13:39.601 Oh my gosh, oh my gosh. 00:13:39.601 --> 00:13:40.224 Okay. 00:13:40.224 --> 00:13:43.183 So two again golden nuggets dropped. 00:13:43.183 --> 00:13:55.445 One if you happen to have a career that you are working, if you're chilling on the couch right now still working the W2 job and trying to figure out how can you get into your next venture and you would like to get off the couch, here's an opportunity for you. 00:13:55.445 --> 00:13:57.118 This is something to be able to look into. 00:13:57.118 --> 00:14:02.116 For Steven, he was able to utilize Fidelity to be able to borrow against a 50%. 00:14:02.116 --> 00:14:03.860 He gave you the whole spiel on that. 00:14:03.860 --> 00:14:10.450 It's an amazing opportunity for you to be able to find a little bit of that capital that you might need, some of that seed money to help you for whatever the endeavor is. 00:14:10.450 --> 00:14:15.967 The other option is if you have an old job that you've transitioned out of for an old 401k, you can roll over a self-directed IRA. 00:14:16.554 --> 00:14:18.278 Listeners, I hope that you guys are taking notes. 00:14:18.278 --> 00:14:21.447 I hope that you guys are jotting this stuff down, because this is amazing. 00:14:21.447 --> 00:14:29.977 So moving forward just a little bit then. 00:14:29.977 --> 00:14:32.750 So then, thinking about when it got into one roof, to one roof with multiple doors underneath, what was it like?

00:14:32.750 --> 00:14:33.995 I know you love analyzing spreadsheets. 00:14:33.995 --> 00:14:35.017 I know you love numbers. 00:14:35.017 --> 00:14:36.642 You've got the engineer mindset. 00:14:36.642 --> 00:14:41.743 So when you saw that in front of you, looking and trying to underwrite your first deal, what was that like? 00:14:41.743 --> 00:14:48.043 What were some of the struggles, some of the trials and tribulations from thinking, okay, 1% really here, is it still applicable here? 00:14:48.043 --> 00:14:51.835 What then made you decide you want to jump off and go into the deep end? 00:14:52.836 --> 00:14:54.299 Well, I didn't jump off. 00:14:54.299 --> 00:14:56.062 It's a slow transition. 00:14:56.062 --> 00:15:04.346 I joined the mastermind and then I started just by being an LP, just by being a partner in somebody else's deal. 00:15:04.346 --> 00:15:07.924 Somebody else has already done the heavy lifting and I think that's very important. 00:15:07.924 --> 00:15:12.717 I think to kind of get your feet wet and see the mechanics of how a larger deal works. 00:15:12.717 --> 00:15:21.885 Now, as an LP, you just basically send a large check, a wire, to the operator of the deal and I've done that. 00:15:21.885 --> 00:15:30.320 I've done that several times and then you start getting more and more comfortable and then you start looking at deals that you want to take on yourself. 00:15:30.320 --> 00:15:39.761 So it's a gradual transition and I wouldn't have done it without that type of slow burn. 00:15:39.782 --> 00:15:44.224 If I would have gone in and just tried to buy a bigger deal, I don't know how I would have done. 00:15:44.224 --> 00:15:58.855 I wouldn't know how to structure it, I wouldn't know how to talk to an attorney, I wouldn't know how to set up the operating agreement, all these things that are just it's a big mountain to go to, to, to get to go out and get over, so having coaches and mentors and kind of walking through it slowly and slowly. 00:15:58.855 --> 00:16:02.359 And now I'm at the point where I am looking at those deals, nate. 00:16:02.359 --> 00:16:03.701 I am looking at those spreadsheets. 00:16:03.701 --> 00:16:07.905 And now I'm you know, I have a big, bigger network. 00:16:08.186 --> 00:16:13.131 I can now approach people offline and ask them hey, would you be interested in this opportunity? 00:16:13.131 --> 00:16:15.921 And that's how you got to phrase it. 00:16:15.921 --> 00:16:18.625 This is like hey, I don't need $50,000. 00:16:18.625 --> 00:16:20.660 It's hey, this is an opportunity. 00:16:20.660 --> 00:16:21.624 Here's the returns. 00:16:21.624 --> 00:16:23.702 This is the reason why I'm selecting this market. 00:16:23.702 --> 00:16:25.179 Do you want to be part of it? 00:16:25.179 --> 00:16:27.976 And if not, that's fine. 00:16:27.976 --> 00:16:34.299 I kind of have that attitude like I'm giving you an opportunity and whether you want to get into it or not, I don't beg for money. 00:16:34.299 --> 00:16:41.062 I was just saying friends and family not a lot of friends and family get it. 00:16:41.062 --> 00:16:43.844 Not a lot of friends and family understand it. 00:16:43.844 --> 00:16:45.500 So that's fine. 00:16:45.500 --> 00:16:46.860 I've offered it to all of them. 00:16:46.860 --> 00:16:48.676 Most are not interested. 00:16:48.676 --> 00:16:49.216 That's fine. 00:16:49.216 --> 00:16:54.466 There's plenty of people that I met that are so, so good. 00:16:54.587 --> 00:16:59.523 I'm about to pull a Nate here and say rewind that, because that is fantastic, fantastic info. 00:16:59.523 --> 00:17:16.926 So question for you um, as you advance into the larger deals, your opportunity opportunity opens up, and what I mean for that is you no longer have to stay local, necessarily, right, because you're no longer the one doing the management yourself right there, so you can go partner with different people all over the place. 00:17:16.926 --> 00:17:20.384 So when you're looking at deals, how are you choosing markets? 00:17:20.384 --> 00:17:24.078 And I guess you could, if you want to brief that into how are you choosing people. 00:17:24.078 --> 00:17:26.982 But right now I'm curious how are you choosing markets? 00:17:26.982 --> 00:17:28.385 Like, what are you looking for in a deal? 00:17:28.385 --> 00:17:31.150 Like, should I invest in the South, the Midwest? 00:17:38.575 --> 00:17:39.637 the East, like what are you looking for? 00:17:39.637 --> 00:17:45.236 It's really the operator, and I mean I generally not looking in blue states, blue cities anymore just because I had a bad experience in Baltimore City. 00:17:45.236 --> 00:17:52.109 So I've been branching out into West Virginia, red State, north Carolina Red State, south Carolina Red State. 00:17:52.109 --> 00:17:56.041 I have a 30 unit deal in Alaska Red State. 00:17:56.041 --> 00:18:03.138 So that's kind of it's not one particular thing, it's the operator and it's people that I have relationships with. 00:18:03.138 --> 00:18:13.386 I want to make sure that you know, I know I can trust them and that there's boots in the ground in these cities, because I'm not traveling to all these places all the time. 00:18:13.386 --> 00:18:22.022 I do want to, you know, I do want to get a little bit closer, like, at least initial, I want to go visit it and meet the people with boots on the ground. 00:18:22.022 --> 00:18:25.096 So that's one of the big things. 00:18:25.096 --> 00:18:28.766 Also, you know growing markets, carolinas are booming right now. 00:18:28.766 --> 00:18:33.801 So those are some of the things, but again, the biggest thing is the operator. 00:18:36.656 --> 00:18:48.936 I love that a thousand percent Before I get into my next question, if any of our listeners are anything like me which is a scary thought if anybody is like me but I read the title and I put on a podcast when I'm driving in. 00:18:48.936 --> 00:18:52.066 I never read like the bio or the description because I'm just on the move.

00:18:52.066 --> 00:18:57.247 So one thing that we haven't yet dove into is we talked about your start, but where are you today? 00:18:57.247 --> 00:18:59.558 What all do you have on your belt? 00:18:59.558 --> 00:19:00.842 What asset classes? 00:19:00.842 --> 00:19:04.097 Talk to us a little bit about your firm and what you've got going on. 00:19:05.542 --> 00:19:08.071 Yeah, so I'm still a W2 engineer. 00:19:08.071 --> 00:19:09.616 I work in the aerospace industry now. 00:19:09.616 --> 00:19:11.300 I have a high demanding job. 00:19:11.300 --> 00:19:13.405 I got calls right after this call. 00:19:13.405 --> 00:19:26.337 So where I am right now is one of the things that I like to do is help other engineers like myself figure out how they can invest in real estate. 00:19:26.337 --> 00:19:34.767 A lot of people turn on HGTV and see something and say, hey, I want to flip a house or I want to buy a cheap rental. 00:19:34.767 --> 00:19:41.305 So I try to coach Coach is not the right word, but I provide content. 00:19:41.305 --> 00:19:50.987 I have a lot of outreach on LinkedIn to kind of connect with people that might be interested in investing and just give them some feedback. 00:19:51.027 --> 00:19:52.147 As to this was my journey. 00:19:52.147 --> 00:19:53.329 This is what I learned. 00:19:53.329 --> 00:19:54.519 I wouldn't do it again. 00:19:54.519 --> 00:19:56.840 There's better ways to invest. 00:19:56.840 --> 00:20:01.527 Honestly, my passive investments have well outperformed my active investments. 00:20:01.527 --> 00:20:03.858 So that's just. 00:20:03.858 --> 00:20:04.461 You know. 00:20:04.461 --> 00:20:08.963 That happens to be me, so maybe I can impart that to somebody else. 00:20:09.444 --> 00:20:10.067 Where am I at? 00:20:10.067 --> 00:20:14.026 I have about seven syndication deals that I've done. 00:20:14.026 --> 00:20:22.099 I still have one single family in Baltimore that I'm holding on to because it's just working out well and it's a great tenant. 00:20:22.099 --> 00:20:23.223 So I'm not going to rock the boat. 00:20:23.223 --> 00:20:26.077 But as soon as that tenant moves, I'm definitely selling and putting it into a larger deal. 00:20:26.077 --> 00:20:27.179 But again, like I said, I'm not going to rock the boat. 00:20:27.179 --> 00:20:29.121 But as soon as that tenant moves I'm definitely selling and putting it into a larger deal. 00:20:29.121 --> 00:20:30.622 But again, like I said, I'm I'm I'm in a lot of red States. 00:20:30.622 --> 00:20:33.085 I do like some smaller JV deals as well. 00:20:33.085 --> 00:20:36.407 I do like to get a little close to some of the action. 00:20:36.407 --> 00:20:48.938 So I have a 23 unit in West Virginia that there's just six of us in on it and we really can get involved. 00:20:48.938 --> 00:20:50.523 Jv deals are smaller and you can actually do some of the value add stuff. 00:20:50.523 --> 00:20:50.805 I I like that. 00:20:50.805 --> 00:20:59.666 So I'm looking at other smaller deals as well as

looking at bigger syndications with larger operators love that, and I have a two-part question. 00:20:59.846 --> 00:21:05.359 part one is based on what you just said where do you see the next couple years going, so like? 00:21:05.359 --> 00:21:05.842 Where does it look? 00:21:05.842 --> 00:21:07.508 Where do you see the next couple of years going, so like, where does it look? 00:21:07.508 --> 00:21:08.069 Where do you want to go? 00:21:08.069 --> 00:21:11.241 And that could be next couple of years, that could be next 20 years, whatever. 00:21:11.241 --> 00:21:12.144 Where do you want to go? 00:21:12.144 --> 00:21:16.779 And then part two is I want to go back to that Alaska deal and talk about that. 00:21:16.779 --> 00:21:18.905 So we'll go there after, but go ahead. 00:21:20.694 --> 00:21:22.958 I would love to walk away from my W2. 00:21:22.958 --> 00:21:32.330 I would love to, but honestly, I'm finding that I'm finding investors by wearing both hats. 00:21:32.330 --> 00:21:38.387 By being a W2 employee, I have like street cred that really speaks to them, I think. 00:21:38.387 --> 00:21:43.039 So I kind of go back and forth on that. 00:21:43.039 --> 00:21:54.646 Again, I would love to be able to walk away and have my passive investments be what I need, but honestly, a lot of these passive investments are not get-rich-quick schemes. 00:21:54.646 --> 00:21:55.896 They're slow burns. 00:21:56.478 --> 00:22:05.820 It's a cashflow type thing and you're kind of banking on the exit or the refi is when you kind of would get a bigger pop. 00:22:05.820 --> 00:22:09.397 So you know, at this point I'm just stacking assets. 00:22:09.397 --> 00:22:17.635 I'm going to continue to buy one or two deals a year, or at least involved in one or two deals a year, and in a few years I haven't gone full cycle on any of these deals. 00:22:17.635 --> 00:22:20.162 So you know, I haven't had any of those big pops yet. 00:22:20.162 --> 00:22:36.553 But you know, in a couple of years they're going to start to come over and so at that point I'll probably re-evaluate whether whether I need to keep working my w-2 love it, absolutely love it, and I want to go into this and it's going to shoot me because I know he's got more questions. 00:22:36.613 --> 00:22:41.221 But tell me about alaska, like why, where, how did that come up? 00:22:41.221 --> 00:22:44.576 And I asked this just because it's, I feel, like such a unique place to invest. 00:22:44.576 --> 00:22:47.644 I'm sure it has all the fundamentals, but what does that deal look like? 00:22:47.644 --> 00:22:49.167 How'd you find that? 00:22:49.167 --> 00:22:51.101 Give us some just info on it. 00:22:51.101 --> 00:22:52.124 I think it's super cool. 00:22:52.826 --> 00:23:01.526 Yep Found it through people in a mastermind, people that actually live up there, and I had money that I wanted to invest and this came up. 00:23:01.526 --> 00:23:04.317 It was JV opportunity which intrigued me. 00:23:04.317 --> 00:23:13.790 It was also kind of pitched as a JV on training wheels which really spoke to me because I had done the LP things and I wanted to take the next step. 00:23:13.790 --> 00:23:21.376 I wanted to be more involved, so I got involved in this deal. 00:23:21.376 --> 00:23:22.398 It's a 30 unit multifamily in Anchorage, alaska. 00:23:22.398 --> 00:23:28.789 It's right across from two military bases, j-bear military bases. 00:23:28.789 --> 00:23:32.204 I'm going to say there's like 5,000 or 6,000 active military right there. 00:23:32.204 --> 00:23:35.285 So the setup was great. 00:23:35.285 --> 00:24:03.115 The problem was and we're actually selling it, let's see this week or next week the execution We've had problems with property managers up there and we've had problems with sense of urgency, meaning that turns were taking 60 to 90 days, and it's just been a struggle and I don't know if you folks have ever gone through like a property management changeover. 00:24:03.855 --> 00:24:11.828 It's really tumultuous and we've had a lot of damage to the property. 00:24:11.828 --> 00:24:15.482 People have damaged the property, so our turns have been really expensive. 00:24:15.482 --> 00:24:17.717 It just hasn't worked out like we wanted. 00:24:17.717 --> 00:24:24.296 We're hoping to get our money back, but certainly not like the 2X equity multiple. 00:24:24.296 --> 00:24:26.381 That was kind of forecasted. 00:24:26.381 --> 00:24:31.181 But you know, just like any type of education, I learned a ton. 00:24:31.181 --> 00:24:34.307 I learned a ton, and I think a lot of the folks that did as well. 00:24:34.307 --> 00:24:36.502 I would never do something that far away again. 00:24:36.502 --> 00:24:37.867 I wouldn't do something that. 00:24:37.867 --> 00:24:43.741 I don't personally know that it was kind of a one-off type person, like an acquaintance, so. 00:24:43.741 --> 00:24:45.944 But again, I learned a ton. 00:24:45.944 --> 00:24:48.890 It's just one of the things you got to learn. 00:24:48.890 --> 00:24:52.105 As you're doing, you're going to have some bad deals and some some home runs. 00:24:54.076 --> 00:25:10.642 I'm so glad that Cole asked this question on so many different levels, and the first and most important is I've been in the industry for a handful of years now and one of the things that I've come to realize is that not everyone deals in full transparency. 00:25:10.642 --> 00:25:18.096 It's sad, it's a shitty situation, but not everybody will talk about some of the nitty gritty and some of the hard points of things that they go through. 00:25:18.096 --> 00:25:36.605 Everybody is all talking about the shiny bells and the whistles and all the other things, but the fact that you're willing to come on and willing to talk about, hey, this is some of the stuff that went wrong, speaks volumes to your character, speaks volumes to everything that you just said prior to where you're just like, hey, I like to be able to dabble using the street cred and I'm able to talk to

folks about stuff that I've done and that you should never fucking do. 00:25:36.605 --> 00:25:52.039 And so I just want to give you your kudos, give you your flowers now to say, dude, that's awesome, and the fact that you can say hey, yeah, if you guys want to go left, that's cool. 00:25:52.039 --> 00:25:58.359 I'm going to go right over here because I know that this is going to be a little bit better, on that same note, talk to me a little bit about, or talk to us in our audience, what it would be like for somebody thinking that they would like to get into it. 00:25:58.740 --> 00:26:02.576 Kind of on the risk mitigation side, you mentioned the importance of getting in on the operator. 00:26:02.576 --> 00:26:05.657 So they have the deals cool, the numbers are awesome, the spreadsheet's cool. 00:26:05.657 --> 00:26:08.220 That's what's up, but what really is is about the operator. 00:26:08.220 --> 00:26:14.804 So if you were somebody, or you're talking to somebody that has no operators no, no one what kind of questions do you want to ask? 00:26:14.804 --> 00:26:16.365 How do you want to get to know that person? 00:26:16.365 --> 00:26:17.145 What? 00:26:17.145 --> 00:26:19.847 What does it mean to be able to say, hey, I want to get to know the operator? 00:26:19.847 --> 00:26:22.609 Is that like, hey, just a handshake and take their word for credibility? 00:26:22.609 --> 00:26:23.349 I don't know. 00:26:23.349 --> 00:26:24.111 Let us know. 00:26:25.932 --> 00:26:32.523 No, no, it's obviously much more than that and you know, I want to be with operators that I'm actually paying. 00:26:32.523 --> 00:26:37.785 Like I said, pay for my friends, but I want to pay to be in a mastermind where there's other people that are doing it. 00:26:37.785 --> 00:26:44.064 I don't think very rarely I would just kind of find somebody on the street or find somebody at like a local meetup. 00:26:44.064 --> 00:26:50.862 I want to know somebody that's actually like paying money to be doing this and investing in their education. 00:26:50.862 --> 00:26:58.363 And you know, with these groups you meet weekly and so there's lots of there's also like in-person events. 00:26:58.363 --> 00:27:03.401 So that's something that I would, you know, insist on. 00:27:03.401 --> 00:27:09.237 You know, somebody may have a great Facebook or YouTube channel and just be talking the talk. 00:27:09.596 --> 00:27:13.467 I'm sorry, I'm not going to invest in that type of person like a Grant Cardone. 00:27:13.467 --> 00:27:14.416 I'm not. 00:27:14.416 --> 00:27:22.836 There's too many unknowns and you know I don't want to be paying for some fancy website and that type of stuff. 00:27:22.836 --> 00:27:26.520 I want to be paying for people that actually put the work in and are doing it. 00:27:26.520 --> 00:27:33.549 So that's kind of my advice is don't fall for these fancy courses online. 00:27:33.549 --> 00:27:35.277 I would pick my mastermind. 00:27:35.277 --> 00:27:41.557 That's maybe smaller, that maybe you can shake hands with this person on a regular basis, which I've done. 00:27:41.557 --> 00:27:57.517 I think that that's the kind of deal that I operator, that I would look for and, obviously, looking at their track record, like how many full deals have they done, how their returns been, what type of asset classes are they looking in? 00:27:57.517 --> 00:28:11.292 Those are the things I would go for so, so good I'm I was watching your facial expressions. 00:28:11.373 --> 00:28:17.583 This we're only like 30 minutes in and I know you've got a hard stop, but I just want to say again this is phenomenal. 00:28:17.903 --> 00:28:20.450 I I love everything about this interview. 00:28:20.450 --> 00:28:26.692 I love the fact that it's just like we were chilling on the couch, having having a conversation, having a beer, having a cigar and just relaxing man. 00:28:26.692 --> 00:28:28.643 So, thank you, thank you for that. 00:28:28.643 --> 00:28:34.855 We're going to get into a few other things here shortly, but I want to make sure that we have time for this. 00:28:34.855 --> 00:28:36.967 So I think, cole, it might be time. 00:28:36.967 --> 00:28:37.930 What do you think? 00:28:38.580 --> 00:28:40.788 That's what I was going to say is, don't make sure and cut you off. 00:28:40.788 --> 00:28:41.490 So let's do it. 00:28:41.490 --> 00:28:48.123 All right, stephen, here's the deal. 00:28:48.123 --> 00:28:49.445 We're going to ask you six questions. 00:28:49.445 --> 00:28:55.105 We ask these to every guest, um, and our goal here is just to ask you the question and then you just give us your thoughts on it and you can answer however you like. 00:28:55.105 --> 00:28:59.592 You can give us a one word answer or, preferably, you can give us kind of more your thoughts behind it. 00:28:59.592 --> 00:29:08.067 Um, nate and I always get super excited, though, and kind of interject and then start having a whole separate side conversation with you about it, and we're going to do our best to not do that. 00:29:08.067 --> 00:29:10.443 So, anyways, let's get into these. 00:29:10.443 --> 00:29:11.526 Nate, you ready, let's do it. 00:29:11.526 --> 00:29:13.710 I'm ready, let's try it. 00:29:13.710 --> 00:29:14.792 All right. 00:29:14.792 --> 00:29:22.334 Question one what separates top performing entrepreneurs, investors, whatever, from the rest of the crowd? 00:29:24.040 --> 00:29:26.008 Willing to get up after they get punched in the face. 00:29:26.008 --> 00:29:30.049 I know real estate's a great avenue. 00:29:30.049 --> 00:29:32.588 Lots of people have made, you know, a lot of money on it. 00:29:32.588 --> 00:29:36.029 Just can't get demoralized when you get punched in the face. 00:29:36.029 --> 00:29:37.385 You know I had an eviction. 00:29:37.385 --> 00:29:40.768 I lost a lot of money but I got up and started doing more deals. 00:29:40.768 --> 00:29:42.251 That's what it takes. 00:29:44.381 --> 00:29:45.824 So freaking good. 00:29:45.824 --> 00:29:48.089

Okay, hold it together, nate, okay. 00:29:48.089 --> 00:29:51.065 So what are the daily habits that's contributed to your success? 00:29:54.372 --> 00:29:56.776 I'm a handyman so I work my W-2. 00:29:56.776 --> 00:30:10.271 So after my handyman business kind of pays for a lot of my real estate stuff, I mean obviously my W-2 does well, but I take all my honey handyman money and I put it all into my next deal, my next syndication. 00:30:10.271 --> 00:30:13.410 So I'm always working on it, and if I'm not doing that I'm going to the gym. 00:30:13.410 --> 00:30:14.983 So one of those two things I'm always doing every day. 00:30:14.983 --> 00:30:16.529 So that contributes to my success. 00:30:17.680 --> 00:30:18.361 Wait, wait, wait, wait. 00:30:18.361 --> 00:30:24.569 We're just not going to gloss over that, because you're saying that like it's nothing, and I know that there's a hell of a lot more to that. 00:30:24.569 --> 00:30:27.213 So can you tell us more about that? 00:30:27.213 --> 00:30:28.174 What does that look like? 00:30:28.174 --> 00:30:29.505 How'd you get into that? 00:30:31.563 --> 00:30:34.230 It's one of those app things where people can go online. 00:30:34.230 --> 00:30:52.688 It's actually through TaskRabbit, and I've just been doing it for years and I hang TVs, hang curtains, hang ceiling fans, lights, that kind of stuff, and I do that after work every day and I make a couple hundred bucks every day and just just just adds up and those all go towards my syndication fund, so it's just a skill set I have. 00:30:52.949 --> 00:30:59.932 It's actually a blessing and a curse because you know I'm also a landlord and so you know I I can do stuff. 00:30:59.932 --> 00:31:07.630 But you know, should I be doing stuff is the question is like well, I can pay somebody you know 30 bucks an hour to do that, or I can make $100 doing something else. 00:31:07.630 --> 00:31:09.854 It's a blessing and a curse. 00:31:11.339 --> 00:31:12.701 We told you all. 00:31:12.701 --> 00:31:15.503 I know you guys hate me on this, but we were going to fail. 00:31:15.503 --> 00:31:16.444 We did fail. 00:31:16.444 --> 00:31:16.925 Here we go. 00:31:16.925 --> 00:31:19.288 Cole and I both are going to talk on this. 00:31:19.288 --> 00:31:23.172 Did you listeners understand and comprehend what just happened? 00:31:23.172 --> 00:31:26.615 This man works a W2 job but he's like hey, no, I got the W2. 00:31:26.615 --> 00:31:27.256 That's fine, that's. 00:31:27.256 --> 00:31:36.094 Over here I have started another entrepreneurial spirit, started another hustle that allows me to fuel this other passion over here. 00:31:36.094 --> 00:31:40.034 That is mind blowing hats off. 00:31:40.034 --> 00:31:41.579 All right, let me be quiet. 00:31:41.579 --> 00:31:43.969 That is amazing, so good. 00:31:43.990 --> 00:31:45.836 All right, I'm sorry, that is amazing, so good. 00:31:45.836 --> 00:31:48.339 All right, I'm sorry I'm confusing myself because I got so excited. 00:31:48.339 --> 00:31:49.584 Nate, are we on question three? 00:31:49.584 --> 00:31:52.151 All right, thank you. 00:31:52.151 --> 00:31:57.392 What is a piece of advice that you would give to yourself if you're starting over? 00:31:59.201 --> 00:32:05.646 Well, starting over younger, I would house tech, house tech young guy, as opposed to renting. 00:32:05.646 --> 00:32:07.661 That would be the biggest piece of advice. 00:32:07.661 --> 00:32:11.931 And I have a 24-year-old son and that's what he's going to be doing. 00:32:11.931 --> 00:32:13.501 He's looking at houses now. 00:32:13.501 --> 00:32:15.948 So that's the biggest piece of advice to get started early. 00:32:15.948 --> 00:32:17.392 I started late in this game. 00:32:17.392 --> 00:32:31.609 I started in my 40s and so I feel like that's like lost time that I had as far as owning real estate and he can get in owner occupied house, hack and live there for a year and move out and then he's cash flowing more, and so that's the biggest piece of advice. 00:32:31.609 --> 00:32:35.490 I tell it to all my young young friends and people I meet at meetups. 00:32:38.381 --> 00:32:39.262 So good, I love it. 00:32:39.262 --> 00:32:42.731 What is your favorite business and or real estate book? 00:32:44.500 --> 00:32:46.145 Who Not how, who Not how. 00:32:46.145 --> 00:32:47.309 I've read it a couple times. 00:32:47.309 --> 00:32:50.626 Every time I read who Not how, I end up hiring another VA. 00:32:50.626 --> 00:32:52.290 So I've read it twice. 00:32:52.290 --> 00:32:56.044 I got two VAs and yeah, it's just been a game changer. 00:32:56.044 --> 00:33:01.133 I can't recommend that you got to. 00:33:01.133 --> 00:33:09.891 If you want to grow, you need to kind of give up some of the low-hanging fruit and social media and social media outreach and commenting and posts and stuff like that. 00:33:09.891 --> 00:33:11.051 That's low-hanging fruit. 00:33:12.954 --> 00:33:13.276 Love it. 00:33:13.276 --> 00:33:20.140 What is your favorite part of I'm trying to think how to describe, I guess cater to you. 00:33:20.140 --> 00:33:22.920 What is your favorite part of your investment portfolio? 00:33:22.920 --> 00:33:23.200 What is? 00:33:24.941 --> 00:33:31.763 your favorite part of your investment portfolio, the smaller JV deals where there's value add, where we can be creative. 00:33:31.763 --> 00:33:38.047 Again, with the larger syndications you don't have that ability at all. 00:33:38.047 --> 00:33:42.509 You send your money and then they handle everything and that's your whole role. 00:33:42.509 --> 00:33:54.334 In a JV deal four or five folks you can get very creative on the financing and types of extra income that you can add, which is a huge lever. 00:33:54.334 --> 00:34:03.459 That you really can't do in single families Adding laundry units, charging pet fees, submetering the electric some of those things that can really drive the value. 00:34:06.441 --> 00:34:08.083 That's probably my favorite part. 00:34:08.083 -->

00:34:12.208 Following Cole's lead on this one, I'm going to change up my last question just a tad bit. 00:34:12.208 --> 00:34:18.576 What are some of the KPIs and the metrics that help you feel as though you've hit success? 00:34:23.686 --> 00:34:26.157 rather be on a weekly, monthly, quarterly basis. 00:34:26.157 --> 00:34:26.679 What do you track? 00:34:26.679 --> 00:34:27.440 Oof, that's a tough one. 00:34:27.440 --> 00:34:28.063 That's a tough one for me. 00:34:28.063 --> 00:34:32.710 I feel like I got so many pokers in the fire KPIs that I track. 00:34:32.710 --> 00:34:36.985 I don't have a great answer for you on that one, nate, I don't. 00:34:37.025 --> 00:34:47.733 It's okay, that's all right, I'll rephrase it what are things that you care about that help you feel as though you're waking up and moving in the right direction, that you're moving the needle forward? 00:34:50.521 --> 00:34:53.230 Looking at deals, looking at a couple of deals per day. 00:34:53.230 --> 00:34:58.949 Yeah, that's a broker. 00:34:58.949 --> 00:35:00.092 Outreach is another one. 00:35:00.092 --> 00:35:04.469 You know, honestly, actually this is what it is. 00:35:04.469 --> 00:35:06.467 It's more LinkedIn connection requests. 00:35:06.467 --> 00:35:27.429 So, my, I have my VA, um kind of you know, um targeting my, my target avatar, which is like a senior level engineer who is thinking about doing a real estate, who might have money to invest, and so, um, you know, we try to do like a hundred connection requests a day and then so, that's kind of what I've been going for. 00:35:27.429 --> 00:35:29.527 So I guess that that's probably it. 00:35:30.822 --> 00:35:33.385 We kind of go First off, you're doing it. 00:35:33.385 --> 00:35:36.925 Secondly, that answer just knock it out, grand slam, knock it out of the park. 00:35:36.925 --> 00:35:38.802 Those are metrics that we were looking for. 00:35:38.802 --> 00:35:48.494 Like that is awesome because it gives us something for the viewers to be able to, or listeners to be able to sort of envision and see what they can be able to do, to write down, to see what can I strive for. 00:35:48.494 --> 00:35:49.695 So I think that's awesome. 00:35:50.476 --> 00:35:53.527 Yeah, and a shout out to LinkedIn Sales Navigator. 00:35:53.527 --> 00:35:54.471 I don't know if you guys use it. 00:35:54.471 --> 00:35:56.137 Huge, huge, great. 00:35:56.137 --> 00:35:59.289 It's a great way to be able to target your audience. 00:35:59.289 --> 00:36:03.889 So you can target people that have recently changed jobs. 00:36:03.889 --> 00:36:05.811 You can target people that have recently changed jobs. 00:36:05.811 --> 00:36:08.112 You can target people that have posted on LinkedIn. 00:36:08.112 --> 00:36:11.394 All these things that you know help your connection request. 00:36:11.394 --> 00:36:17.623 So if somebody hasn't posted on LinkedIn or hasn't touched LinkedIn in 10 years, well, don't even bother sending it to them. 00:36:17.623 --> 00:36:25.166 Somebody who's recently changed jobs on LinkedIn with the last 6090 days, they have potentially a self directed IRA that you can tap into. 00:36:25.166 --> 00:36:27.489 So there's certain things that we like to go after. 00:36:30.253 --> 00:36:30.775 So good. 00:36:30.775 --> 00:36:39.028 There is so much here that somebody that is trained in listening and really is like in with this stuff is going to be obsessed with. 00:36:39.028 --> 00:36:47.657 And you're so dialed in staying with all your answers here and there's just so much that you're just on top of and you're so just smooth and confident with it and I just absolutely love it. 00:36:47.657 --> 00:36:54.804 I mean, we went through so many topics and all these varieties and you have every answer that we're looking for and I just think that's so important. 00:36:54.804 --> 00:36:59.744 I think people need to understand that if you want to be a successful investor, you need to be just like that. 00:36:59.744 --> 00:37:04.572 You need to have all the answers to what you think you're doing, and if you don't know, that's fine, but you're working towards it. 00:37:04.572 --> 00:37:12.083 I just love this episode, and so I have two final questions Before I well, hold on. 00:37:12.083 --> 00:37:12.606 Let me back up. 00:37:12.739 --> 00:37:14.847 I wanna go through some of the things that we talked about, cause there's a billion things. 00:37:14.847 --> 00:37:26.222 One I wanna dial all the way back to the beginning, when we just talked about your initial auto industry job, the kind of thing going sideways and, after being in all that time, you went into real estate. 00:37:26.222 --> 00:37:30.532 We talked about the 1% rule, single families, evictions, heading into larger deals. 00:37:30.532 --> 00:37:35.541 We didn't get to talk about C assets or the rougher stuff, which another day I'd love to dive into that. 00:37:35.541 --> 00:37:57.445 We talked about loans, your 401k, potentially IRAs, starting as an LP, all the different things with deals, what to look for, what not to look for, masterminds, kpis, and one other thing I just want to circle back to is that getting punched in the face, because a lot of people hear that and they're like, oh, like, yeah, everything's going to hurt, like it's just not that easy. 00:37:57.445 --> 00:38:02.726 When you actually get punched in the face, it really does hurt and so, like you said, your ability to recover is huge. 00:38:02.726 --> 00:38:05.371 Anyways, my two final questions. 00:38:05.431 --> 00:38:15.103 For you is one any final advice for somebody listening? 00:38:15.103 --> 00:38:16.344 And two, where can people get in contact with you? 00:38:16.344 --> 00:38:17.206 I'll start with the first. 00:38:17.206 --> 00:38:18.106 Linkedin is a great place. 00:38:18.106 --> 00:38:30.351 Also, my website, talbot Investments, that's with three Ts, talbot Investments where you can look at all the types of deals that we're currently involved in and

any opportunities that, if you are looking to invest, we do have opportunities. 00:38:30.351 --> 00:38:32.965 What was your first question? 00:38:35.043 --> 00:38:38.246 Any final advice for somebody listening with all the stuff we went through? 00:38:41.161 --> 00:38:44.809 If you want to do larger deals, I highly recommend joining a mastermind. 00:38:44.809 --> 00:38:45.512 Meetups are great, even to this day. 00:38:45.512 --> 00:38:47.400 You know, if you want to do larger deals, I highly recommend joining a mastermind Doing meetups. 00:38:47.400 --> 00:38:49.085 Meetups are great, even to this day. 00:38:49.085 --> 00:38:53.471 I still find people who are just looking to offload properties. 00:38:53.471 --> 00:38:59.590 You know, now I'm also buying, so it's really it's an untapped resource. 00:38:59.590 --> 00:39:02.148 People are afraid to go out to meetups and shake hands. 00:39:02.148 --> 00:39:03.806 I've definitely gotten over that. 00:39:03.806 --> 00:39:08.099 I'm sure you guys are definitely getting over that, but you know that's something you got to get over. 00:39:08.099 --> 00:39:13.224 If you want to be successful in this industry, is you got to be open saying hey, my name's Steven. 00:39:13.224 --> 00:39:13.806 What do you do? 00:39:13.806 --> 00:39:18.472 You know that's a good piece of advice. 00:39:18.472 --> 00:39:25.012 Just go to meetups and just be open and you'll be surprised how many people are open it's definitely in the century who are open to share their story. 00:39:28.434 --> 00:39:29.617 Steven, this has been amazing. 00:39:29.617 --> 00:39:31.967 Brother, I want to say thank you bottom of our hearts. 00:39:31.967 --> 00:39:36.621 Having you here with us in Fortune Fire has been an honor, it's been a pleasure, it's been a privilege. 00:39:36.621 --> 00:39:38.268 Our house is your house. 00:39:38.268 --> 00:39:44.382 So, very similar to what Cole was saying, we haven't yet dove into like C-class markets and assets and all that fun stuff. 00:39:44.382 --> 00:39:45.525 So we got more to talk about. 00:39:45.885 --> 00:39:47.327 So you're going to be getting another invite. 00:39:47.327 --> 00:39:54.445 We're going to be bringing you back here Maybe when we hit season two, just so we can dive more into it and see how your portfolio has grown, see what's new in your world. 00:39:54.445 --> 00:39:56.827 So again, we want to thank you so much. 00:39:56.827 --> 00:40:02.146 If you are driving, if you are out there moving, doing your daily commute, get home safely, reach out to us. 00:40:02.146 --> 00:40:04.050 Cole asked you guys one favor in the very beginning. 00:40:04.050 --> 00:40:05.152 That was just to leave a review. 00:40:05.152 --> 00:40:07.255 Whether it's positive, negative, doesn't matter to us. 00:40:07.255 --> 00:40:14.188 Just leave us a review, let us know your thoughts, let us know because it helps us to be able to target other folks we want to bring in, so we can continue to bring you guys value every single week. 00:40:14.188 --> 00:40:17.623 With that being said, you guys, stephen, it looked like you wanted to say something, brother. 00:40:18.643 --> 00:40:26.096 No, yeah, so I do have a resource on my website for any engineer out there, any engineer who wants to kind of hear my story. 00:40:26.096 --> 00:40:28.664 It's tailbitinvestmentscom slash engineer. 00:40:28.664 --> 00:40:34.347 It's a free download and it kind of just goes over some of the a lot of the things that you know. 00:40:34.347 --> 00:40:37.402 Engineers, they love spreadsheets, they love opening sell-ins. 00:40:37.402 --> 00:40:41.521 There's a lot of things in there that go over that you're not thinking of. 00:40:41.521 --> 00:40:43.003 You're not thinking of the headspace. 00:40:43.003 --> 00:40:53.528 You're not thinking of all the things that could blow your cashflow a roof, a hot water heater Some of these things that you really should and maybe active investing isn't the best route for you. 00:40:53.528 --> 00:40:58.449 Maybe you might find an operator and put your money into a passive deal. 00:40:58.449 --> 00:41:00.728 That's a great way to get involved in investing. 00:41:02.302 --> 00:41:11.364 So, thank you, and, with that being said, I'm actually going to one up and do you one better If you are driving, if you're moving and he did say that and sped right through it we're going to put the link right down below. 00:41:11.364 --> 00:41:17.722 So all you got to do is, once you get to the office, go ahead, scroll down, click that link, reach out to him Steven Perpimer is an amazing man. 00:41:17.722 --> 00:41:19.965 Tell him we sent you All right, you guys. 00:41:19.965 --> 00:41:22.186 Take care everybody, we'll talk to you guys very soon. 00:41:24.068 --> 00:41:28.052 Thanks for tuning in to another episode of Forged in Fire. 00:41:28.052 --> 00:41:35.777 If you enjoyed today's raw, unfiltered stories, don't forget to like, subscribe and leave us a review. 00:41:35.777 --> 00:41:41.913 Your feedback helps us bring more real-world insights to entrepreneurs like you. 00:41:41.913 --> 00:41:50.047 Be sure to join us next time for even more lessons, struggles and breakthroughs on the road to success. 00:41:50.047 --> 00:41:52.152 Keep forging ahead.