BiggerPockets Real Estate Podcast - 282: How to Create the Perfect Partnership with Tim and Jay

Episode Date: June 7, 2018

When does one plus one equal WAY more than two? Real estate partnerships! On this episode of The BiggerPockets Podcast, we sit down with two real estate investors (Jay Helms and Tim Kelly) who were attempting to build their business alone, but found they could do far more together. In this fun and fast-paced interview, you’ll learn what makes their partnership so successful, as well as how the team analyzes a market (including several can’t-miss online research websites), and how they took down a 42-unit apartment complex using some pretty fantastic creative financing. Whether you plan to build your empire alone or alongside a partner, this episode is sure to give you a variety of tips and strategies to help your business take off. In This Episode We Cover: Tim’s background story and how he got into real estate Using 203k loans to buy deals Jay’s background and his live-in flip Why they think they make up a good team How they closed on an apartment complex 6-months after partnering up How they found the deal and details about it The importance of a clear and concise plan How they financed the deal Tips for finding the right partners How to create a “sample deal package” What to look for in a partner Why they participate in the BiggerPockets Forums How to network effectively What a good deal is for them And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Webinar BiggerPockets Podcast 066: Flips, Apartments, & Protecting Yourself From Professional Tenants with Michael Blank BiggerPockets Events BiggerPockets Marketplace Best Places Bureau of Labor Statistics City Data Yelp Books Mentioned in this Show How to Win Friends & Influence People by Dale Carnegie Rich Dad Poor Dad by Robert Kiyosaki The ABCs of Real Estate Investing by Ken McElroy Sovereignty: The Battle for the Hearts and Minds of Men by Ryan Michler Wild at Heart Field Manual by John Eldredge Tax-Free Wealth by Tom Wheelwright Fire Round Questions Sellers Do Not Want to Give Due Diligence. What Do I do? If u had no ties 2 any city,Where would u move 2 start investing? Tweetable Topics: “Is there a better way to first get involved in real estate than to leverage the power of the bank?” (Tweet This!) “Once you figure out your why, then you will be able to set goals to support that why.” (Tweet This!) “It’s more important to pick something than to get stuck choosing the right thing.” (Tweet This!) “I want to live where I want to live and invest where it makes sense.” (Tweet This!) Connect with Tim Tim’s BiggerPockets Profile Tim’s Facebook Profile Tim’s LinkedIn Profile Tim’s Instagram Profile Tim’s Website Connect with Jay Jay’s BiggerPockets Profile Jay’s Facebook Group Jay’s Website Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you ever notice how every passive investment somehow turns into a very active lifestyle, active spreadsheets, active phone calls, active stress? Here's a better question. What if you could buy brand new construction homes, 10% below market value, and the best markets across the country, without making real estate your second job? That's exactly what rent-to-retirement does. They're a full-service, turnkey investment company handling everything for you. In some cases, investors get 50 to 75% of our down payment back at closing, plus interest rates

it's as low as 3.75%. They've partnered with Bigger Pockets for over a decade, helping thousands invest smarter. If you want to do the same, visit BiggerPockets.com slash retirement to learn more. A lot of property managers think their job is answering tenant emails and coordinating repairs.

That's not the job. The job of a property manager is protecting and growing your operating income and earning your trust while they do it. And that comes down to three numbers. Occupancy, to link. and net promoter score. If those numbers slip, your income slips,

and your trust slips too. And most PMs don't hold themselves to performance standards. They focus on activity, not outcomes. Mind is different. They obsess over the metrics that actually grow your cash flow. Go to mind.co slash show me

to see how mine performs and get a month of management for free. Because if you're going to hire a property manager, hire one that manages your investment like an investment. For decades, real estate has been a cornerstone of the world's largest portfolios. But it's also historically been sort of complex, time-consuming, and expensive. But imagine if real estate investing was suddenly easy.

All the benefits of owning real, tangible assets without the complexity and expense. That's the power of the Fundrise flagship fund. Now you can invest in a $1.1 billion portfolio of real estate, starting with as little as $10. The portfolio features 4,700 single-family rental homes spread across the booming sunbelt. They also have 3.3 million square feet of highly sought-after industrial facilities, thanks to the e-commerce wave. The flagship fund is one of the largest of its kind. It's well diversified, and it's managed by a team of professionals. And it's now available to you.

Visit fundrise.com slash BP Market to explore the fund's full portfolio, check out historical returns, and start investing in just minutes. Carefully consider the investment objectives, risks, charges, and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the funds prospectus at fundrise.com slash flagship. This is a paid advertisement. This is the Bigger Pockets podcast Show 282. So no for sure. You got to be patient with yourself because you have to give people reasons to want to partner with you and how do you do that? You do that by knowing what you're talking about, being able to speak the language by. You're listening to Bigger Pockets Radio,

simplifying real estate for investors large and small. If you're here looking at looking to learn about real estate investing without all the hype. You're in the right place. Stay tuned and be sure to join the millions of others who have benefited from biggerpockets.com. Your home for real estate investing online. What is going on, everyone? This is Brandon Turner. Today's host of the Bigger Pockets podcast here with my co-host, Mr. David Green. How you doing, David Green? Other than melting in this 100 degree California heat, I'm doing pretty good. How's it over there? Not not, not, definitely not 100 degrees.

All right, so I'm going to start off today's show asking you a question. I don't usually ask you. What instead of just, you know, I already guess I said, what's up? What do you know, how you doing? But what are you learning? What are you, before we get into interview, what are you learning lately, David Green? What's been on your mind? I was not expecting you to go that deep this early in the podcast.

We're going deep. Right. Yeah, what's been changing in your life? Go. So lately, I've been realizing that I tend to take on new challenges, learn them, and then get stuck there. So I'm going through a phase right now where I became a real estate agent. In my first year, I became the top selling agent in my office. It was awesome. I got up to a great start. I got really good at being a real estate agent. And then I just got stuck in just playing that

role all the time when what I really wanted to be was a business owner. I wanted to develop a business, learn how to be an agent, hire agents, teach them how to do it and have more David Greens running around that can help investors find property. Oh, please no. Please. Please. Anyway, I agree. Yeah, more David Greens. And, What ended up happening is I lost my confidence because people like, Brandon didn't believe in me and said mean things when I was recording the podcast. And I just got stuck in the same place. So what I'm realizing is every time I get comfortable, I need to start asking myself, what's the next step? How do I push forward?

You want to get comfortable with being uncomfortable. And I'm not. And it causes me to not take the steps forward that I need. So I spent pretty much all day long thinking about this and realizing I need to start hiring people, finding people, giving them new positions within my company and teaching them how to do what I'm doing so they can do it. we can help more people and en route to being the top selling real estate team in the Bay Area. So it's kind of heavy as it sits on you and you think about all the fear and uncertainty and what if it goes wrong and just like everybody else, I have all these doubts that go through my head. And I have to remind myself what we say all the time on the podcast, well, you got to think about

what could go right? What would I be missing out on if I don't do this and I don't expand exponentially? I don't teach more people and I can't help more people and then bad real estate agents end getting more business. So that's kind of what's been going on with me. And you asked for the truth. So you got it. That was deep for like an off the cuff meme, you know, throwing that at you.

Well, all right. Well, I guess if you're in the Bay Area, you should hang out with David and be part of his team. Look at that. I even gave you a plug. All right. That was nice. You like that. All right.

We're going to build your, you're going to be the number. You're not going to be the best, the biggest real estate team in Bay Area, the biggest real estate team in California. I don't know who's number one right now, but we're coming for you. That's what we're. You heard it here first, Brandon Turner, writing checks that I now have to go cash. All right. Well, we got to get on with today's show. Today's show is really fantastic.

We've got a couple guys who actually met through bigger pockets, through a mutual connection, through BP. They got together, and they've been crushing it in their real estate. And so we talk a lot today about partnerships and how to put them together, how to make them work, how they're finding deals, how they're funding deals. Some really cool stuff there. So you guys will like it, both single family, multifamily. We cover it all.

But before we get there, let's get to today's quick tip. All right, today's quick tip. Very simple. Because we're talking a lot about partnerships today, I want to encourage y'all. I'm not saying you have to go out and find a partner necessarily, but I want to encourage y'all to go find somebody on BiggerPockets in your local area. There's a lot of ways to do that, but I'd recommend just type in your zip code at BiggerPockets.com slash meet, M-E-E-T.

Type in your zip code there, find somebody local and try to connect with them, whether it's send them a private message, go out and get a cup of coffee, whatever. You never know what we'll develop. And in fact, it doesn't mean you're going to partner with that person, but they might know somebody that can maybe you'll work together someday. Maybe you share contractor ideas or or, you know, strategies, whatever. Anyway, that is my not so quick tip today. Do you like it? I love that. I mean, that's basically how the Avengers became the Avengers, right? Is they found somebody who had a skill that was different than theirs and they joined forces and they took down enemies that no one man alone

could take down. And that's kind of what today's guest did. They kind of took the Avenger approach. That's pretty much exactly what I was thinking. All right. Let me ask you this, David. If you were an Avenger, who would you be of the Avengers? Oh, man. I want to say the Hulk, but that's probably not true. I would want to say Iron Man, but I'm not that wealthy. I'd probably be Captain America because I'm kind of boring and a bit of a square and I like to like lead all the other people. I'm surprised though, Brandon, that you know who the Avengers are because with the two-year-old, all that you're really watching is like TV shows and Moana and like tele-tuby, right? Blippy. Hundreds of hours of Blippy on YouTube. If you guys don't know Blippy, YouTube them.

All right. So I would say Captain America, too. The whole cop thing, it fits. So, all right. Well, we're going to move on and we're going to get to today's show. But the last thing before we do, this coming week over on Bigger Pockets, I'm going to be doing a live online class on how to run the numbers on a rental property. So if that interests you at all, if you want to see how I run my numbers, cash flow, cash and cash return, how I incorporate appreciation in there or how I don't, because I do a little bit, little bit, I don't. Even talk about Burr investing a little bit. We're going to be coming all of that live on a real. Life webinar, which is an online class, sign up at biggerpockets.com slash webinar. Again, biggerpockets.com slash webinar and I'll see you guys there. Now with that, let's get to our interview with Jay and Tim. All righty. Jay and Tim, welcome to the Bigger Pockets podcast. How are you guys doing? Outstanding.

Great. Thank you for having us. Yeah. So I know you guys only via social media. I guess we're BFFs there, maybe, so to speak. But I want to get to know you a little about your real estate investing journey. Now, my understanding is from our little notes here is that you guys were like both getting involved in real estate independently before you kind of joined forces and took on. Is that correct?

That is correct. That is affirmative. Yes, sir. All right. So why don't we go through each of your individual stories first and then we'll jump in together? You guys want to do a little game to figure out who goes first? Sure. A little rock, paper, scissors.

Let's do it. All right. All right. All right. All right. And you got to do it to the camera. Ready? You guys look at each other and do your little things here. All right. Ready?

Who you bet not David? You rock paper scissors, scissors, right? Rock paper scissors, shoot. And then we shoot on shoe. Ready? Yeah. Rock paper scissors, shoot. Tide. Tide. Tide. All right. I'm for it. All right. I got the paper. All right. Tell us who you are. Then tell us your story. All right. Hello, everybody. My name is Timothy Kelly. I am currently active duty

military stationed in the Pensacola, Florida area. Got involved in real estate back in 2011 when I purchased my first single family home with the intentions of living in it and flipping it, you know, over the course of a couple years, adding value to it over time. Pretty successful with that. And then throughout that two or three years, I'm like, real estate is actually pretty neat. You started reading a lot more about personal finance and real estate. So my curiosity grew. And then one of my, you know, one of my partners, still one of my best friends today,

Jordan Griggs, if you're out there, I love you, man. we bought a couple small plots of land and that was pretty much it. And then I moved to that was in when I was living in Virginia, the Virginia Beach area. Then I moved to Pensacola, Florida, now where I'm stationed. And a few months after I got here, I closed on a fourplex using a 203K loan that I learned all about on bigger pockets with the intentions of house hacking it. Long story short, now that's a rental, very nicely cash flowing rental.

And just before we close on that, pretty much me and Jay, met through a bigger pockets. A broker linked us up together. We were both independently talking to him. His name is Kyle McGee on Bigger Pockets. He then recognized that we both had similar goals. And then he put Jay and I in touch. And from that point, that's when me and Jay met.

All right. So Tim, a couple quick things. First of all, can you explain what that 203K loan is? Because we do talk about it a lot of bigger pockets. It's not real well known. But I think it's one of the most powerful strategies, especially doing it with a fourplex. Oh, man.

This is like my favorite show ever because this is like, the best use, I think, for a 203K loan. So what is that? Can you kind of walk us through? What did you do? What does that mean for that deal? Absolutely. So the 203K loan is an FHA backed loan, whereas you can purchase a property with your intentions

of living in one of the units. And you could wrap in your rehab costs. When I first learned about this, I had to read it over a couple times to think and to convince myself that it was real because I'm like, how, is there a, better way to first get involved in real estate than to leverage the power of a bank, not only paying for your property, but a bank paying for your rehab. And I was like, okay, so I'm going after this. And it's, you know, really quick numbers. It was a $150,000 property fully, fully rehabbed. It needed some, some tender, loving care for sure. So then I put

$100,000 with a rehab into it. So the total loan was $250.3.5% down is all I needed to come up with, with closing costs and everything that that was about 15 grand give or take a you know a couple a couple thousand and with that I had to you know only put that 15k down and I was able to get into a four unit property that essentially included a hundred thousand dollars worth of rehab and now it's a in a very hot desirable market in Pensacola it's been fully occupied ever since and it turns out that you know we actually had the intentions of house hacking it living in one of the units running out the other three because the rehab went a little bit longer than we expected. It was supposed to go about 90 days.

It lasted for about seven or eight months. We were settled into a place. We were settled in another place. So FHA guidelines, you have to have the intentions of moving in six months in one day because we were past that. We ended just turning it into a rental. And that was pretty much one of the last deals that I closed. And it was pretty cool.

So always try to convince people if they're unaware of house hacking or unaware of the 203K loan. I love trying to get people into that, at least learn about it and try to leverage the same thing I did. Yeah, that's awesome. I love that 203K loan, yeah, because it allows you, like,

normally in a deal like that, you would have had to come with, even if you would have done an FHA, you would have had to come with, you know, three and a half percent of the 150 and, you know, and then another 100 grand of cash, which is how most people do real estate deals.

But this is like, the banks, like combine both together and then just pay three and a half percent of the total and they will fund the rehab. Like how much, how, and it's like, you know, probably a 30-year fixed mortgage. at like the lowest rates in human history.

It's like stupid good. Absolutely. Yeah. Super cool. All right. So, David, do you want to add anything to that? I'm kind of hogging today show.

I'm good. Let's hear about Jay. So I got my start in 2006, right? And because we now know the height of the market was coming shortly after that, I like to refer that as to my fault start, right? That's before bigger pockets. That was before really knowing anything other than what was shown on on HGTV, flipping, you know, flipping houses.

So I bought a 3-2 1950s ranch-style house with the idea of living in it and flipping it. That quickly turned into, we owned it, ended up being eight years, right? So after a few years of being in there and flipping it or remodeling it, doing a lot of work myself, I met Cassie, who's now my wife. And luckily, she became my designer as well because I was going to make some horrible decisions from the design of the properties. So we ended up getting the property, you know, our renovation included brandy windows all throughout, right? 1950 style.

They were the metal frame, single pane glass, brand new kitchen, renovated sunroom, renovated bathrooms. Well, at that same time, or starting in 2008, I got an opportunity to move to Pensacola for my job. So we took it. And we initially wanted to sell it, but the broker I've been working with told me, hey, hold on to it. you know, if you don't have money to come to close, when you sell it, just hold on to it. So we did. We turned it into a rental. And then at that point in time, I found bigger pockets.

I learned how to actually analyze a property for cash flow. And I started figuring out, okay, it's costing me $300 a month to hold on to this property. And that's with high of the market rents for that neighborhood. So every February, I made a call to that broker saying, hey, is it time to list? No, not yet. No, not yet. So back in 2015 or 2014, it was time to sell, right? So we walked away with some equity in that.

I now had all the knowledge that bigger pockets had no offer at that time. After selling it, we paid cash for our next one, which was a what I consider our true start. And it was a one bedroom, one bath. It was a foreclosure. We paid cash for it. We paid $23,000 cash for it. We put $9,000 into it. And it rented $600 a month from the time that it was ready, right?

So we just actually, and we thought we'd hold on that property forever, right? And we just sold it in February. I didn't have it listed for sale. I don't even know how the guy found me, but he said, hey, I've been watching this house. I'd really like to buy it. He was a new investor. And we came up with a price that I was happy with. We sold it.

And we're now using that money to 1031 exchange into a fourplex, which we're supposed to close tomorrow. But I just got noticed that's going to be postponed a little bit. That's unusual. What are you talking about? Yeah. Yeah. Yeah, exactly.

So that's it. That's how we got started. So can you tell us a little bit about this live in flip that you had? You guys have mentioned two awesome ways for people to break into real estate. One of them was FHA loan with the 203K aspect and then this live and flip. Tell us how that looked, what you did, why that made it easier for you. Yeah. So the biggest thing that helped me at the time I bought it is I was single, right?

I mean, this was a 1950-style house. Had not been touched since the 50s. I mean, it had some of the funnest wallpaper or some of the funnest looking tile bathrooms, you know, and the double oven stove was there. I mean, I think it was manufactured in the 50s. It was God awful ugly. So knowing that going into it, I knew I could put the sweat equity into it, nights and weekends was a great time for me to do that. But then my wife came along, and it truly was a blessing. She moved in.

We, you know, we did the whole thing where we moved the kitchen into the living room, right? Our fridge is hooked up. We're eating microwave meals. if we're not eating out. And she got in there with the best of them. I mean, Demo Day was absolutely fun, ripping things up. I had to say, hey, don't let me do that part because I'm afraid you're going to get hurt. I mean, she's 5'8, maybe 100, 110 pounds.

And she's out there slinging a sweatshammer trying to knock stuff down. So doing that, you know, and we are actually doing the same thing in this house that we're in right now as when we first moved in here, we didn't have a kitchen. right we had a fridge we had some folding tables utility sink but you know so i think part of that success is having the right partner is kind of where i'm circling around back to that is is having somebody who's willing to go through that and and it has tremendously gotten more difficult from the first time we did it because we didn't have kids then now we've got a three year old and a one year old it's an adventure right yeah so you guys were able to save on hard money cash you were able to save on And like you didn't have to come up all the rehab money right away.

You could kind of do some of the stuff yourself. And you just were smart enough to make it easy for yourself to get that first one under your belt. You kind of probably took some lumps like we all do in our first deal. You got a little bit of confidence built up. And then you're able to ramp up a little bit more. Am I hearing you right? Is that kind of what you guys did? Yeah.

And I will say there is some value in contracting out. Right. So that one bedroom one bath that I talked about earlier, we bought it. We closed on it when our son was three weeks old. And as you guys know, when you have kids, there's a lot of things that just change. And you can't really prepare for them until the kid gets here and you kind of start adjusting. So we went into that idea of, hey, we're going to do all. We've done this before.

I mean, all we're doing is painting some walls, putting down some flooring. Everything we've done before, we thought we can do it ourselves and we can save on that labor. Well, so we closed on in October and we didn't get ready until February of the next year. Right. And so afterwards, I did the math. I said, well, you know, we missed out on, I think it was six months or something like that, that we missed out on almost two grand in monthly rent. And then I already had contractor bids.

And it was well below that for them to do the work themselves. So, you know, there's some value in knowing your limits and knowing your time, available time, and what's going to make the most sense to produce the most cash for you. So you guys were both kind of doing your thing on your own. And then you guys met through mutual friend on bigger pockets. Can you tell us how you guys knew when you were introduced to each other that you'd make good team or how this person knew that you guys would make a good team. Tim's Hawaiian shirt. Yeah. It was the same thing I was wearing when we, uh, when we met now. So like I mentioned to

before via Bigger Pockets, a broker that was on Bigger Pockets was individually talking to myself as well as Jay individually. And he, we were all in the same area. And this broker, Kyle knew that we had the same goals and he took it upon himself to set a dinner up with all three of us where you can come and meet each other and chat and see how much more we could accomplish together. as you know all three with all three of us and from that point you know j and i recognize we we we had the same goals we knew initially we both wanted to do medium and large size multi-family for buy and hold so our goals were on track and they were very concise and then i you know jay and i both knew that we were both at just as committed we this wasn't just a hobby we weren't just playing around

in real estate we actually wanted to do big things in real estate and we were actually committed to it So that was easy to recognize that this is a business, not just the hobby. And then, you know, at that point, six months later, we closed on an apartment complex together. Yeah. So tell us about that. What, what apartment complex did you guys buy? What were some of the details behind it? Yeah.

So it's a 42 unit apartment complex in Mobile County, Alabama. It was a purchase price, $700,000. And we wrapped a $200,000 renovation budget in there. It was built in 1980. And the previous owner or the current owner, that we bought it from, had it for about 10 years. And he was an elderly man who was trying to do a lot of things himself. And when I say elderly, he's in his mid-70s, living at the property during the week. Self-managing. Self-managing. Yeah. Yeah. So, you know, the property, I think, was just as tired as he was,

right, and trying to keep it up. So it was a great opportunity for us to take it on. We're scheduled to be done with renovations next week, as long as everything comes to plan. And that included, help me out here. So we painted the exterior, right? Repave the parking lot. Repaved the parking lot. Restricted the parking lot. We had some fencing. We had to repair. We updated the playground equipment. We renamed it. Completely renamed the whole entire community from timber trace to Citronell Square, just new, updated, fresh signs. And part of that, part of the renaming was the timber trace name did not have very good reputation for the community, right? And we wanted to make sure new ownership was involved and that we're planning to turn things around.

So, and then we also renovated 12 units, right? And there's some varying, depending on how, how poor shape the units were in. Most of them got new flooring, new paint, painting kitchen cabinets were brand new kitchen cabinets, new bathrooms, lighting fixtures, new outlets, switches, the whole nine. Nice. Did you say how you found the deal? Did I miss that? We did not say that. Okay.

How did you find it? So the broker that we had met on that, that first dinner that we had, he, the broker wasn't particularly as seasoned. You know, he wasn't at the point where he's working on a CCIM for those who understand commercial brokerage. He put us in touch with a lot more of a seasoned individual who had had a CCIM and he just had a lot more experience in the commercial world and multifamily world. And, you know, quickly after that, we were introduced to him.

And then Jay and I built a relationship with him. We were very clear and concise in what we were looking for. And we told him exactly what we wanted. He knew we weren't just messing around. He knew we were serious. And that was essentially one of his pocket listings. I love that you say clear and concise. I think you said that phrase earlier too.

And I made a note to talk about it because like so many people have these goals or your plan or what you're looking for in a property or a partner or whatever. And it's like, I want this and this and this. then I think this would be cool, but maybe this would be good. And maybe I want to do that, like, right? Like, I love clear and concise goals or clear and concise, uh, objectives, right? So you're like, this is what we're looking for is a small to medium, you know, medium size apartment complex in this type of thing. Like, very easy to understand and very easy for people to get behind. Yeah. So I would encourage everyone listening right now is like, figure out what you

want and find out a way to make that more clear and concise so that other people, you don't have to spend five. If you spend more than 10 seconds explaining to somebody what you want, it's probably too complicated you need to focus in, right? And it does take some time, right, to figure out what you want. Yep. And if you can figure out why you want to invest in real estate, that that whole investing criteria is going to get much more clear. And David, as we were talking last week about one of the most frustrating things I have when I get on the forums is somebody will put, you know, is this a good deal? And they'll put these very minimum details about the deal. And, you know, usually my answer is, well, is this a good deal for you? Why do you want to buy it?

you know, what is what is driving your interest in this at all, right? And you got to figure out your why. You know, once you figure out your why, then you're going to be able to set goals to help support that why. Once you figure out your goals, you can establish investing criteria. And then you're just, as Tim was saying, clear and concise. Yeah, I love that. And I also would like, want to point out, you don't like, okay, people are saying, well, I don't know exactly what I want, right? So I don't know if I want a middle size apartment complex or if I want to maybe flip houses. Like, part of me like to tell people it doesn't really matter too much you know like it all works like you can find an example of somebody getting wealthy and pretty much every single type of real estate in the world right

so it's more important to pick something than to pick the right thing i think i mean obviously you should pick something that works in your market and your your abilities but it's one again one of those things don't spend your entire life just going i'm not really sure exactly what i want like give yourself a deadline put it on the calendar on this date three weeks from today i will have a decision on what i'm doing and then and then do it uh so i want to do it uh so i want to to shift a little bit and talk about how you were able to pull that off a $700,000 purchase and then you said $200,000, right, in repairs, that's a lot of money to come out of pocket with, right? So I'm assuming you had some kind of financing or some kind of arrangement or something.

Tim's couch cushions. It's just saving for years. Nice. I'm going to come to your house. Anyway, okay, how'd you pull it off? So we essentially, you know, that was presented to us because Jay and I slowly became, known as a couple individuals in this market that who were serious about our goals and pursuing it. We did the diligence necessary.

We did the research. We would go to the RIA meetings and we would ensure that everybody knew what we were doing, what we were looking for and thereby knew how serious we were. And so we had a couple other money partners that we actually brought in who this now, this new broker that gave us, showed us this pocket listing that we ended up closing. And this broker had worked previously with these two other individuals that we were already talking about perhaps partnering on this deal with anyway. So now we have Jay and I and then the other two partners who essentially brought the money in who had experience in multifamily, who had experience in commercial and who had a better reputation than we did because they had closed a number of deals in the past. So between the four of us, we kind of came together.

Jay and I brought the deal. We did all the due diligence. and then and then the other two partners kind of brought the money in and they brought to a little bit of the expertise to oversee everything just to make sure we're not, you know, that we fill all the gaps before closing. That we can get to the closing table. And long story, sure, that's that's it in a nutshell. Did you guys have to bring money yourselves in or did you do it? Like, how did that work out? We did.

We had the option to not because, you know, of the other efforts of raising money. But we felt, or at least I did, I felt, hey, this is my first. deal. And I've had the question posed me before is, you know, how much are you investing? And, you know, in previous one, I've said none, that quickly turned investors off, you know, and to circle that, I've kind of went back around and followed up with those guys and said, would it make a difference if I were signing on the note for the loan, right? You're not liable, but I am. Even though I'm not putting money on the table, I am liable for that $900,000 loan. There's an absolutely. That's, that's you, you know, contributing more than just putting the deal together. So that,

help with a conversation, right? That didn't happen in particular for this deal, but it's happened for others, right? Yeah, sure. We, I don't think long story short, I don't think we needed to invest, but it was such a good deal that Jay and I both ended up investing, but he brings such a good point. When you're, when you're syndicating a deal, if you're investors who are passive, who are all they want to know is they, they want to know about the deal, but they want to trust the people who are the asset managers before anything else. They want, if it's a question that they're not particularly investing as asset managers. They're like, well, wow, how would I invest if the asset managers who know the deal

better than anybody else are not investing? So especially for your first indication that we felt like we should have invested. Plus, we wanted to. It was such a killer deal anyway. Yeah, that's cool. So let me talk about this idea. I love the idea of bringing in partners to bring the money or the majority of the money, right, to be able to pull down these larger deals.

A lot of people, you know, would rather have the entire thing. Of course, we all would rather have 100%, right? but what's the phrase that we always say around bigger pocket? Like 100% of a great deal is better than 50% or no. 50% of a great deal is better than 100% of no deal, right? Yeah. So I want to talk about the actual partners that you brought in a little bit. Did you find them first or did you find the deal first?

And then second half of that question, how do you recommend other people doing it? Like if you were to give advice to somebody else, should they find the money partner first and then go with the deal or vice versa? So it's the way it happened was one to a real. when I first got here, the first month that I was here, I went to that first rea meeting. And it was in the process of growing, the real estate investment association meeting. And for all the listeners, I can go on for hours talking about the power of going to your local real estate meetups. And if there's not one, create one on meetup and establish it and go.

So essentially, went to the RIA and the first meeting. I ever let everybody know exactly what I was doing, looking for multi-family, B&C class, for value at opportunities, blah, blah, blah. and I went straight to the president of the RIA afterwards and say, hey, Matt, this is, you know, I'm Tim Kelly, blah, blah, blah. This is what I'm looking for. He directed me straight to those other two money partners who couldn't make that meeting. But he's like, these are the two guys that you need to link up with because they're known as the commercial multifamily apartment guys. That next week, I set a meeting up with one of them because those two individuals are both also active duty military so we all have kind of strict schedules and i met a meeting up with him i showed him the

deal that we were looking at and he immediately knew that it was it was a solid deal and i kind of he didn't come on say he's like you know i want to be a part of this and and and then if you you know about the next month me and jay presented it to them say we're we're trying to syndicate would you guys be willing to be a part of this and to help us get to the closing table and uh that that's how that's how it happened yeah there anything else you want to add yeah So another point to that is if you don't know who to talk to and you're very an introvert like myself, right? You don't like to get up in front of crowds like Tim does. One of the thing, and I heard this, we've heard several different versions of this,

but I heard this version on a different podcast recently is about, you know, start talking to your friends and family. Say, hey, I want to get invested and start investing in real estate. Who should I talk to? Well, take it one step further. And this is the part I heard on a different podcast was if you were to get fired today, who are the 10 to 15 people you would call? to say, okay, what should my next step be? Right?

And those are the 10 or 15 people you need to call and say, hey, I want to get invested and start investing in real estate. Who should I be talking to, right? Because those are going to be the people who give you the best advice. And they're probably much more well-connected. Yeah, that's so good. One other thing you brought up, I've never heard anybody say this strategy before.

And I don't think you meant to do it. You didn't do it on purpose, I don't think. But it's still really, really awesome. You brought the deal to the guy, it sounds like, to almost like ask advice, right? You weren't even pitching him the deal at first. You were asking advice, letting him know about the deal, getting him excited along with you. And then later, again, I'm not saying you did this on purpose, but it's such a cool strategy, right?

Then later you go back and say, hey, are you interested? Because now they've had time to think about it. They've had time to look at the deal a little bit. They know who you are. They trust you that you were asking advice. And now you can raise money. I'm totally going to steal that move. Yeah.

I mean, for everybody listening, I'm telling you, especially if you've done a little bit of real set yourself and you know you want to go after the medium. or large size multifamily deals. And you don't have that cash on hand or you don't have the reputation where you could raise a couple million for a deal. Bring it to the people that you know can. I'm telling you. Because once you get this first deal done, it's been, there's been exponential growth with

both Jay and I with now people know, look, we closed an apartment complex. And it's almost like without even realizing it, you're a magnet to money to people who want your advice, to people who want your advice, to people who, know that you have the capacity to close deals. You get more deals coming through. You get more money coming through simply because you knew how to get that first deal closed and it was a medium. It wasn't a massive, you know, size apartment complex for our first deal. But it's, it's amazing that if you bring those partners and not only that, their expertise, we essentially call them the board of advisors for this deal because they didn't really make any decisions unless me and Jay were

faced with a situation where we needed to consult them and say, hey, we're looking at, you know, this property management company before we sign a paper with them, you know, we want your input on that. Because that's a major decision when you're figuring out who's going to manage a property. So another thing, again, just for all the listeners, partner with people who have the capacity to close. Don't try to tackle itself if you can. By all means, do it.

But that is one of the easiest ways to get in to larger scale deals is to bring partners in who have already done it. Yeah, and just to add to that, the only thing that I'll critique on the way that we did it is we waited until after our deal package together on our first deal. And then we started presenting it to potential investors. The way I do it now is I'll go to sit down and have lunch with somebody that's interested. I know is interested. I'll take a sample deal package with me and say, look, at some point in time, I'm going to bring you something like this. Let's talk through it.

I want you to get comfortable with it. Make sure you understand it. And tell me what you don't like about it and what you're going to have to see to be a partner on the next. next day I'll bring you. Right? I love that. I love that. Yeah, I think my buddy Michael Blanc, who has a podcast and a blog, and he's a writer, he's been on a podcast a few times here. He talks about that. I'd never heard that before. He told me that as the sample deal, put together a sample deal deal. That might be where I got it from. That's where the sample deal package is essentially all we used. And we were able to, you know,

transition that and make that reflect our deal. And that's essentially the same one that we use for all of our deals from this point. Yeah, it's so smart. You guys bring up a really good point of there's a lot of different things that need to be done. There's raising the money. There's preparing people for when you're going to be raising the money. There's running the rehab. There's finding the deal. There's finding people that can vouch for you so that you can close a deal.

Can you tell us a little bit about how you guys split up the duties that go into taking down something like this? Well, part of that is we're still figuring that out. Right. So, you know, our first big deal together, there's a lot of moving parts, especially the rehab piece. And I think we, you know, David, you and I, or we all talked about how our personalities are different. Tim and our personality is different. And I think what's happened naturally is our personalities have to just kind of shifted and taken on roles. And we really haven't talked about it too much, but it's almost like, okay, Jay, you know you're good at this.

You focus on the details. You're going to scrutinize everything. You're probably going to make a couple contractors angry. You do this, you know. And then Tim, big picture guy, always positive attitude. Nothing can go wrong. He's going out and doing this. So that's kind of how it's evolved.

But again, it took that first deal for us together to figure that out. And the next one that comes along, it's just going to be easier. And the way I've learned is that Jay is the left brain. He's the analytical. Sometimes he overthinks. Sometimes he's the perfect epitome of the analysis paralysis. I don't think I've ever had analysis paralysis because I'm the right brain. You could have stopped it perfect.

Okay. That's it. my bad but yeah i'm i'm i'm i'm the right brain the over you know i kind of had that 10,000 foot view and i can see the big picture i could paint the vision i'm more charismatic with people i can easily strike up a conversation with pretty much anybody i'm the guy that every single rea meeting i get up in front of the everybody some people have seen it over and over and over every month and i tell everybody who we are what we do what exactly what we're looking for and then five minutes later people are you're surrounded by people who either have something for you

or could get you in touch with somebody who can provide that for you. And again, that is on the right brain guy. And it's almost like the perfect partnership. And that's what we always try to tell people when they're looking for partners. One, highly recommend one is the analytical data-driven left brain. And the other one is the more, you know, the visionary, the right brain, more charismatic could pretty much converse with anybody and talk about real estate with anybody. Yeah, that's awesome. I want to point out a couple of quick things here.

We talked about it briefly earlier about how you guys would go to these local events and that I would suggest if you don't have an event, start an event. I want to point out the URL for that on BiggerPockets is biggerpockets. com forward slash events, right? You can go there, you can see what events in your area. And if you want to start one, go ahead and do that. One of the thing I'll point out to, though,

is one of the powerful things at an event. If you're hosting an event, you're at an event. And it sounds like you guys have this at yours, is where people, like, stand up in front of the group and just say who you are and what you're, what you're looking for. I know some of the clubs around here call it like the haves, what's the haves and wants section or something like that? They do that. What do they have? What do they want? I want to point out, obviously take part of that if you're at an event like that,

make sure you do that. But I'll also point out that over on the Bigger Pockets forums, there's a place called the Bigger Pockets Marketplace. And a lot of people know the marketplace as where the deals are, right? You can go and like a lot of people list wholesale deals there and flips and things like that. It's great. But what people don't always know is you can use that as your haves or wants. Like go in there and introduce yourself. If you're a pro member anyway, you can post in the forums in the marketplace. I mean, so, hey, I'm, you know, looking to get started here in Pensacola, and I'm looking for a medium-sized apartment complex.

If anybody has any around, let me know, right? Those kind of posts, like, might attract just the right person, especially if you have some keywords in there, like city names. People will see that, read it, reach out to you. And just like in the real world where they surround you afterwards and like, hey, you know, let's work together. Hey, I got an idea. They'll do that on the digital world as well.

So I just wanted to point out there's two things for people. So biggerpockets.com slash events and biggerpockets.com forward slash marketplace. And I'm telling you, Brandon, that's amazing advice too. If you could, you know, set a weekly reminder to just repost it automatic. You don't even think about it. It will take you two minutes to write and post. If you do that on a weekly basis, you'll be one of the first results when people are searching that. Or you'll be always on the top.

If you do it once and never do it again, you may or may not get any response to you're like, well, it's not powerful enough. That doesn't do it. well, you got to be consistent, you got to be persistent, and you have to have so many knows before you get NESs. Yeah, that's true. You guys are in the forums, at least I've seen your names around, right? Like, why can I ask you like, why do you, maybe it's a little selfish question, but like,

why do you participate in the bigger pockets? It's you. What are they? We feel like everyone, no. You know, I participate for two reasons. One, to learn, because there's still a tremendous amount of value that I don't know or never thought of, right? And two, to help give back.

I promise you, if I wouldn't have found bigger pockets, I would still be buying single family homes. It cost me $300 a month to keep, right? And it's just, it was just a shift for me. And I feel like I owe it to you guys to bigger pockets to help educate others and get past that initial question, hey, here's a couple of numbers on a property. Does it, is this a good deal? Well, it goes further than that, right?

That's the beauty of bigger pockets, too. There's people who have just heard the term real estate and there appear on bigger pockets all the way to people who are multi-million dollar investors and everything in between. So if you just set a keyword notification and you say, you know, say if you don't one deal and say if it's either a flip or maybe a small multifamily using a two or three K, let's just for example, if you know you've done a deal, set a keyword for that. So when people jump on the on the forums and they ask a question that you know you could answer because you have the experience to back it up, do that.

and try to do it, you know, every week. And then at the same time, you can go, what question do you have? Post that question, you're going to have 100 responses that is just, it's just amazing that the power of Bigger Pockets is insane. And that's really the, we have to attest Bigger Pox a lot to where Jay and I are at. I mean, we're nowhere near where we want to be and our goals. But bigger pocket streamlines that process. It's if you leverage it properly. Yeah. The selfish side of me is, and maybe this is just the way I'm wired and the way

I learn, but the more I educate, the more I'll learn. That makes sense. Yeah, absolutely. They say that you learn 90% of what you teach. It's the best way to learn anything. I think one of the ways that I love to use bigger pockets is when you're on the forums or you meet somebody through there, you can click on their name, you can look at their profile and you can see all the ways they've contributed.

And based on the types of things they're answering or the questions they're asking, you can get to know what kind of person that is, right? So if I went to your guys' profiles and I looked up Jay and I looked up Tim, I would see that Jay was answering questions. that were very detail-oriented that had to do with analysis, that had to do with making sure all your ducks are in a row. And Tim was giving encouraging advice and coming up with these grandiose plans and telling people like, man, this is what you got to do. You got to stop doing that. And then me knowing myself, I can figure out which kind of person that I need in my life to help me become a better investor, right?

That's right. Yeah. The problem I think is that most of us are looking for people that are just like we are because we're more comfortable talking to people. So analyzers want to talk to analyzers. and they get in a circle of analyzation and they get their computers out and they run these numbers and they leave three hours later and they feel like they just worked and they just did something, right?

They just tickled their little analyzation. You've been to a geek class lately, Jay? I put up my propeller hat just for this. Or the opposite happens where these big thinkers together and they plan up these like 15 year plans to take over the world and be the next Elon Musk

and then they don't do anything because they don't have an analyzation guy to actually put something to place and make it happen. You can't only talk to people that are like you, you got to find people that have the skills that you don't have. That's what makes really good teams. You know, that's what the best sports teams.

They have people that do each aspect of what their team's trying to accomplish at a really high level and then they all play well together. And I just want to commend you guys for recognizing that and stepping into your comfort zone and putting it together because now you have a really good partnership. The two of you have a good rapport. You know who's doing what. You know who's good at what. And you guys are going to have, you're going to be successful in another deal, I'm sure.

Yeah. And another thing I want to tell a quick little story about how when we were We really didn't even know each other yet. We had just gone out to dinner and with that broker. Then we found this 42 unit deal. And it was still, we were conducting due diligence. I knew the first thing that we had to do was put a deal package together and investment summary for the banks, for the for the investors and et cetera.

And so I built it using, you know, Michael Blank's deal summary. That's one of one example deal summary that that I had in my toolbox. So I pretty much just made that reflect our deal. And, you know, I'm just an overview. and I put as much detail as I possibly could into it. And then, you know, the next, the next that night, I'm like, hey, Jay, you know, check this out for review. I mean, within 24 hours, I truly believe that he had some kind of investment summary

making guru like that he had in a back office of his house because of the detail and how amazing it was in a 24 hour time frame. Like all the detail he put in, all the pictures were on point. There was like all the legal, all the legal terms were on every single page that is a professional grade deal package. And I'm like, all right, from this point forward, Jay, we already know this is going to be, we already know who's going to be doing the deal packages in our, in our partnership. And so that's, that's just how we really realize that who was going to do what for that particular piece.

That's funny. Yeah, yeah, yeah. So now that you guys have, you know, found each other through, you know, networking, through bigger pockets. And how do you have any advice for other people who are listening to this that are like, you know what, I need that? I need a partner because I am the left brain or I am the right brain. and I need somebody to come up with what I lack, right? What's the kind of the first couple steps you would advise for people looking for that? So no for sure.

You got to be patient with yourself because you have to give people reasons to want to partner with you. And how do you do that? You do that by knowing what you're talking about, being able to speak the language by reading books, listening to this podcast over and over and over, even if you know it's not in the particular genre that you want to go after or the niche. So just educating yourself to where you can talk to talk and you know what you're talking about, being patient with yourself, and then going right back to having clear and concise goals and having it narrowed down into a 10 to 15 second elevator type pitch not to sound sales lead just so you could repeat it over and over in your head 10 times. So whenever when anybody asks you, what do you do or what are you looking for?

My name is Tim. I focus on B and C type multifamily properties. We're focusing hard right now on mobile home communities and apartment. complexes and desirable neighborhoods with a predictable path of progress. And if you could find, if you could just fine tune that and tell everybody something similar for your own particular situation, people will take you a lot more serious.

So be patient with yourself. Go to those RIA meetings, get in front of people, break out of your comfort zone. If you're one of those left brain type of people like Jay. I know for me it's like second nature. So I'm not really out of my comfort zone when I'm doing that stuff. But,

you know, you have to portray yourself as a side. subject matter expert, even if you haven't closed a deal, at least talk to talk and say, this is what I'm looking for. I know exactly what I'm looking for? And then brokers will take you more serious too. So what's the guy for finding partners? You know, finding partners, I would say the same thing as I do for finding brokers. You know, it's you got to have that one-on-one time. I think, I think meeting socially or through social media is one part of it, but you've got to get some face-time. You know, you got to, you know, there's really hard to portray genuality over

over the web, right, or over text. So you've got to get some FaceTime with them. And it's going to, like Tim said, it's going to be, got to be patient. It's going to take some time to develop. I think we were extremely lucky with Kyle having the foresight of saying, hey, these guys have like-minded goals. Let me link them together. And I think he was, you know, he did it as he was hoping to get a deal out of it.

And he still sends us leads, you know. So I would just say that, you know, don't be afraid to go grab coffee with somebody. Don't be afraid to go, take him to lunch. always buy lunch. You know, if you ask somebody to go to lunch, always buy. It's just, it just lets people know that you're real and then you're serious and you're genuine. And I've been doing that with brokers and realtors for the last six months, you know, and usually the conversation is about what interests them.

Hey, what's going on in your world? What's going on with your family? That kind of thing. You get real, you know, eventually get personal. Now don't, you know, the first meeting, I come in and say, hey, I was talking you on Facebook. What were you and your wife doing this week? That's not the way to do it. It's, you know, talk to them, just be a real person to them. Because now, you know, now I've been doing that for six months or so, the deals that I'm starting

to receive are much more solid. You know, they're in tune with what we're, you know, we're looking for. And it's just, it's starting. Now, we haven't closed on anything through those, but the leads that are coming in are much more solid, right? Much more in our wheelhouse. Some of the sellers just think their properties are worse more than they are. So that's it. Essentially, just read how to win friends and influence people and then apply that. Do that. In real life situations, you know, be genuinely interested in others, praise people in public. You still have me read that book?

I don't read that one. Oh, man. Well, that's good. The right brain part of the piece of the part that has. So, there you mentioned, you mentioned sellers are thinking their properties are worth way too much. And so, like, you must have some criteria on what you think a good deal is. So can you kind of walk us through?

What is a good deal to you guys? what are you looking for? So specifically we're looking for, and the reason why we're looking for this, and we're talking about multifamily now, is just our investors are looking for a minimum of 15% RR, and then somewhere in between the 7% and 10% RRI. Thank you. I'm the numbers, dude. If we met.

But the beauty about that, you know, we've talked about our 42 unit apartment complex. the way we split that up, it was a 60-40 split, right? So the asset managers got 40% of the deal, the money guys got 60% of the deal. So the beauty of that, you know that what your investors are looking for. So you can kind of tailor the deal ever how you want to, right? And the latest deal package I put together, it was ugly. We ended up throwing it out, but it was a 90-10 split. The reason why I say it's a beauty of that, and I learned this from one of our other partners, is that you go to an investor and say, hey, this is going to get you 50% return, they're probably going to look at you and say, hey, you're crazy. This is not going to matter. But he did this exact same thing. He reworked the

numbers, gave himself a larger percentage, went back to the same investors and said, okay, now what do you think? And like, yeah, we can do that. This is more realistic. So even though it's less, it's just more realistic. So it works out. Yeah. The point I want to make there is you just got to know what your investors or what your potential partners are wanting out of the deal. Yeah. So before we even look at the numbers, before, well, while Jay is stressing over the numbers, basically, I'm looking at the location, and especially if we don't know the market very well. And I haven't analyzed a deal without going to three different websites, bestplaces.net. That's Spurling's best places.com. It's bureau and labor statistics and city data, city tack data.com. And this is all we're looking for is these are

very simple metrics that are so powerful is that is the population increasing. That's it. is it going up higher than the average, where I think is like between 4% and 7% depending on where you're looking per year, the average population growth. And then not only that, but the median home price has to be above $100,000. Because if it's below $100,000,

that means that people could actually afford to buy their own home instead of running one of your units. So median home value, at least 120 is usually where our target is. We'd be willing to look between $100,000, if the other metrics are checking out. and then making sure that there's diverse employment in that market. There's more than two, three, four solid financial, or I'm sorry, solid employment industries in that market, making sure that there's health care, maybe there's government,

maybe there's aviation, maybe there's a school system of, you know, multiple, not just one. It can't just be one specific industry that is carrying the economics of that market. So, you know, the location is the first thing I look at while he's stressing over the numbers, basically. And don't be afraid of beehives either. Oh, yeah. Beehives? Oh, man. Yeah. Is there a story with us? Yeah. So dear due diligence of our 42 unit, we noticed that there were some bees swarming around this unit that was not occupied. And that was it. You know, they were swarming on the outside, whatnot. Well, then we got to go on into the unit and bees start coming into more, coming to more. So our, our manager, our property manager at the time, wanted to just go in there and have our groundsquee

spray them down and that be it. And I was like, no, something's telling me that it's just there's more to that. So we hired a professional beekeeper to come in and scope out of the situation. And the hive in there was about five years old. The size of it was ginormous. Like six feet by four feet wide. Like four feet wide by six feet long. It was massive.

It was crazy. Wow. So, but we got some, we got some pictures of it. And we got some really good honey out of it that I actually. jarred up and gave to our investors. That's right. And the running joke was

either this is going to be the most expensive jar of honey you've ever purchased or this is your first dividend. That's what it was. Yeah. But of course, that's going back to the metrics.

We're looking for those value add opportunities. You know, we're looking for the location. Obviously, the number's got to work. But value add opportunities like high expenses, you know, essentially, where's the NOI? And high expenses could mean

that the owner, paying for some of the utilities like a water where you could bill it back using rubs, a ratio utility billing system on a master meter. It simply just gets numbers get put into a formula and every tenant gets built back equally based on occupancy. So low expenses, if there are shutters that are falling off, if the grass is overgrown. And then, of course, if there's a distressed seller, if the seller is in any way distressed. And how do you know that, Jay?

How would you know if the seller is distressed? he's in his mid-70s and you look at those property around it that he's been managing and taken care of himself and you know half the shutters don't have windows on them have some of the units and you have unit numbers on them we walk in through one due diligence and one of the units had some water damage to it and there's there's mold you know surface mold that hasn't been taken care of it's like what about that he goes I've been meaning to get to that Yeah, I mean, like two years ago or, you know. So yeah, so that's pretty much.

I mean, oh, yeah, we also found a stack of about for podcast listeners. It's about four inches thick of trouble calls that were never addressed by the tenants. Oh, wow. Dating back probably just a couple years of trouble calls. So the tenants were not getting taken care of. And that's why I had the reputation that it did. And that's, that was, you know, some easy ways to identify. a good opportunity.

You know, I wonder if there's some way to, like, use, I've never heard of an investor talking about this, but I wonder, and now I'm just going to give away some massive secret here. Now, like, to find, like, use, like, Yelp and find, like, the apartments that have the worst ratings right on Yelp and then use that as lead gen source. Like, I don't know if they rate apartments on Yelp, but, like, yeah, I wonder if there's, because, like, there is probably a thing there.

Like, the more complaints that tenants have, probably the worst the landlord is, the more likely they are to sell them being distressed. Google reviews allows, you to, reviews. Maybe it's worth looking at Google reviews and so you can find the ones. Anyway, before we move on to the fire round, I'm curious. I actually got inspired just now by our conversation earlier about how a lot of the real estate clubs

have this section that has and wants. So I'm going to shift that to our guests today, you guys. Is there anything that you guys want that our listeners might have? Is there something that we could help, like our listeners who are listening right now? Like, what is it, you have the clearing size goal? So what is it that you would like our listeners to know that you guys are looking for? in your business. So and and jake you back me up or completely change it but this is what I believe that we were looking for and it is mobile home communities and apartment complexes any size any condition

and within a three hour drive of pencecola floor that means mobile Alabama Mississippi down even closer getting closer to um Orlando and Tampa and jacksonville um and then up to into Atlanta um not as far as New Orleans, that's probably like the border. But any size, any condition, mobile home community and an apartment complex or multifamily deal, we like to stay between at least over 60 units up to 100. But we're going to look at all. We're going to look at all deals because some hidden gems won't meet every, all of our criteria, which we'd be willing to flex.

What's your response to that? Yeah, from an asset standpoint, absolutely. You know, I think to along, and this is something I'm venturing all. myself is I really do want to give back. I think there's a niche that I can help serve and helping give back. And you guys have bigger pockets to do this too. But the focus for myself is, you know, real estate investing for the W2 employee, right? And that's kind of what our Facebook group is, as, or my Facebook group is dedicated to work is because I started this journey with, I'm going to clarify this in case my boss is listening. So the company that I had worked for for a little

over a decade. I was a principal at. We were required under no stretch of the imagination. Did that acquisition go good? Don't even want to say the word great. Everybody claims that. Everybody knows it. It's a very frustrating time in my life. And I was like, hey, I'm ready to pull the rip cord. I'm ready to do this full time. Well, that was three and a half years ago. And things have since ironed out and I actually love what I do, right? Just like you go. I mean, I've heard, friend, I've heard you and Mindy and Scott. I'm sure David said the same thing. is that, you know, we could all be financially free right now, but we love to be able to give back. So my focus is now, hey, you can do this while you work a full-time job and focus on that niche.

And a lot of me focusing in on that is in turn helping me learn, right, teach, but learn kind of thing. So, you know, I would love to point people to that Facebook group. But yeah, from an asset standpoint, Tim hit it right on the head. Cool. And we will link to you guys as bigger pockets profiles, obviously, in the show notes of this show, which you can get to a bigger pockets.com slash show 282. But we're not quite done yet. We still got the next segment of the show,

which we lovingly refer to as our fire round. It's time for the fire round. People love to call real estate passive income, which is interesting because most of the investors I know are very busy. Busy finding deals, busy managing teams, busy worrying they pick the wrong market. Rent to retirement flips that model. They help investors by turn to.

key new construction homes, often 10% below market value in top rental markets across the country. Their local teams handle the build, the property management, and the details, so you don't have to. In some cases, investors even receive 50 to 75% of their down payment back at closing, and there are interest rates as low as 3.75%. They've been trusted partners with BiggerPockets for over a decade. And if you want to learn more, visit BiggerPockets.com slash retirement. For decades, real estate has been a cornerstone of the world's largest. portfolios. But it's also historically been sort of complex, time-consuming, and expensive. But imagine if real estate investing was suddenly easy, all the benefits of owning real,

tangible assets without the complexity and expense. That's the power of the Fundrise flagship fund. Now you can invest in a $1.1 billion portfolio of real estate, starting with as little as $10. The portfolio features $4,700 single-family rental homes spread across the booming Sunbelt. They also have 3.3 million square feet of highly sought after industrial facilities thanks to the e-commerce wave. The flagship fund is one of the largest of its kind. It's well diversified and it's managed by a team of professionals. And it's now available to you. Visit fundrise.com slash BP Market to explore the fund's full portfolio, check out historical returns and start investing in just minutes. Carefully consider the investment objectives,

risks, charges, and expenses of the Fundrise flagship fund before investing. This and other information can be found in the fund's prospectus at fundrise.com slash flagship. This is a paid advertisement. Tax season reminder for all the real estate investors listening. If you own rental properties, short-term rentals, commercial buildings, basically anything that's not your primary residence, you need to know about cost segregation. It's an IRS compliance strategy that lets you accelerate depreciation on your properties, which means you're paying less in taxes this year and keeping more cash in your pocket for your next deal. Cost segregation guys is the go-to firm, having done over 12

thousand of these studies with 500 million in total depreciation identified. Head to Costsegregationguise.com slash BP to get a free proposal and see your potential tax savings. Today's fire round, of course, let's get to it. These questions come direct out of the Bigger Pockets forums, and I know you guys are active there, so maybe you recognize the questions or maybe not. But let's see if you can help out some people who are in the forums. Number one, I have this question.

I have three tenants. All of them are on a lease, a young woman, a young man, and the young man's father. the couple is nice and they make more than enough to afford the place. The father is clearly a freeloader. Last night, the father and the son got into a fight, and it sounds like the police were called. I'm waiting to see the copy of the police report. The dad got a restraining order for us so the couple can't stay.

There are only three months into a year-long lease. Any advice? Should I keep the couple? Should I get them all out of there? What do I do? If the couple is gone and dad's living there, I'd be fine. I would say if it went any further than that, I would seek your attorney's advice.

to see what you can legally can do. Because I don't imagine in your lease it says something like if you get in a fight with your wife or that or whatever, you have to leave. I would focus on the legal aspects of it and get some advice on that. And I'm not the person qualified to give you that advice. And that's the thing. Before I'm going to even try to manufacture some kind of answer, I'm going to go straight to the property management team and say, how are you going to handle this?

and they have an amazing attorney on retainer, and he's going to be an instrumental piece in that decision. And it's, you know, there's a lot of depending factors like, what's the occupancy and all this? Is it going to make or break the numbers? But even if it did, it's someone like that that's only going to escalate. There's no way that I could foresee that that either moving out or essentially just changing his behavior overnight to where, okay, we're going to. regardless of what you tell him or what you, you know, you try to convince him. And, you know, so it's probably not going to get any better. It's only going to get worse at that point.

Yeah. David Green, you are a cop. Any thoughts on that question? You know, this is actually such a tricky situation for police because there's no crime committed, it sounds like just an argument. And then a lot of people don't realize, like in my state, California, if you've been living in a place for a certain period of time, regardless of if you're a freeloader or not, you still have tenants' rights.

and it actually has to go to civil court and a judge has to evict you from like your parents' house if you're a kid and they've been living there for a long time. So the lease probably doesn't cover some of this stuff because legally it can't. So I think I'd do exactly what Tim did. I'd go to property management and say, how are you going to handle this? What do you guys recommend we do? And then I would just, I probably wouldn't make a decision about who I'm going to try to kick out first. I would say we need to start paying a lot more attention to this house. I want a weekly walk through. I want to make sure it's not falling apart. I want to make sure the rents are paid on time. the first mistake they make if I wanted to get rid of them, boom, that's what I would do. But I wouldn't just jump right to that and think, oh, this could get bad.

I better kick them out. No, just pay a little more attention, you know, do a little more. And maybe go into a little bit more detail on your screening process. Yeah. Yeah. Was the screening process in place at that point? Or how do they get through the process, you know? All right.

Yeah, maybe the dad wasn't even supposed to be there. That's right. Yeah. But I think it said there. He was on the lease. Yeah. He said he was on the lease. All right.

Anyway, cool. All right, good question. What's funny is like those kind of, by the way, those kind of things do happen when you're managing your own properties all the time. Oh yeah. Like, we constantly deal with stuff like that. And most of the time, our response is like, what, like, we just don't get involved unless the rent gets paid.

Like, unless they break the lease, I don't get involved with the drama. Because there's always going to be drama with tenants. Like the lower income you have, the more drama you have. Yeah. It's just. My first question was, are they paying rent on time every single. Yeah, exactly. It's like, well, then maybe give them a little bit of flexibility, you know, but.

Yeah. And that's why I use property management. That's right. Exactly. I don't have the authority to arrest you. I don't want to be involved. It's just fresh. All right on.

All right. Next question. The sellers do not want to give me a due diligence period in the offer I'm writing. What do I do? Walk away. I would say walk away unless they can give you all the requested financials, which are essentially a one sheet of paper with all kinds of bullet marks, everything from certified financials to a P&L dating the last 36 months.

So in all leases, if they can provide me everything I'm asking for, it's still going to be, that's only paper. But you still need time to walk the property and take a vendor through. So I'm trying to figure out a way like around that. I'm just wondering how they're going to sell it. They're going to probably sell it to somebody who either is paying cash and doesn't know what they're doing or somebody who has the resources to not conduct the diligence because they know the property very well. And they have all financial data that they already have in their game. So it basically comes down to. You've got a process, you know, that works.

Yeah. And, you know, the way to repeat success is to use that same process. If you're used to doing acquiring properties like that, by means, so be it. I'm not there. Yeah, we're not. I don't know that I ever will be. It's funny this came up in the fire round because this exact scenario has happened to me last week.

My agent's calling me and I'm finally like, what? She's like, there's a great deal. I really want you to buy it. So we go look into it. She says, okay, the sellers don't want to offer. offer you a due diligence period. And I'm like, well, why? They just want to sell it just as is. They don't want to have to do any work. I said, okay, well, did they already do a home inspection that I can look at? No, they didn't do one. Okay, well, do they have any reports of what work has been

done. No, that's not the case. They said that you can pay for a report yourself and then write an offer if you like it. And I thought the same thing is you like, who's going to buy your house? If you're telling you a, I won't give you due diligence period, that just puts up red flag. So I'm going to probably pay more attention than I wouldn't have if you wouldn't have said that. And then you didn't even get a report done for me to be able to be able to, to look at myself. So now we're just like in a stalemate and it's stupid because that house is going to sit on the market for 60 days. I probably could go just get my own inspection report and nobody would ever buy it. But just set a pure principle. I don't want to me. Me and Jay, we're just talking about

that. It seems like now sellers are doing due diligence on the buyers before the buyers even start due diligence. So we put it, I'm trying to put an LOI in for this mobile home community. And before we even get it under contract, they're like, we need to see a pre-approved from a bank. We need to know exactly how much to put it down. We need to know what bank they're using like all this whole list of stuff they're doing due diligence on us before we even get it under contract it's like I don't know if I want to proceed with this deal there isn't too many deals out there to you know mess with this one so it's but that's fun I just thought of that when you asked the question and I know we're in the fire but I've got a similar experience it wasn't

it wasn't a due diligence window it was verifiable income right so I had a 36 pad mobile home park under lease or under under lease under contract and kept asking initial request in the sales agreement was provide verifiable income expense statements. Anyway, ended up walking away from it because they would not do it. They would not provide them. They, you know, they're, I think their last comment after many, many excuses was, we're just good people. You just need to trust us.

You need to trust us. Clearly, they're not very motivated to sell if they were. Well, it's funny is when I was doing the mobile home, I mean, I'm still, I'm looking for mobile home, but when I was buying my first mobile home park, I was running across that kind of thing all the time. Like, so many mobile home park operators do not have any records. Like they just, they probably like walk door to door and like, hey, you guys got your change out of your couch cushions today. And they just collect rent when they want, how they want.

Yeah. Well, you take a piece of notebook paper with our. Yeah. Maybe signed or maybe it's not signed. I don't think they're motivated to sell because I even offered to do a master lease for three years. So I could build that financial information and then, you know, strike a deal with them. But they weren't up for it. So yeah.

Until the next one. Yep. All right. Next question. If you had no ties to any. city in the U.S., where would you move to start your investing career? So me personally, I'm going to live where I want to live and I'm going to invest where it makes sense.

So investing would be the middle of the United States, okay, the south and the Midwest. That is where there's steady growth. When you're looking at the United States, the East Coast and the West Coast is the most volatile that reacts the most to the person. say market cycle, the cyclical 20-year period of time that homes appreciate and depreciate. So the middle of America is the most proven to be steady growth. There's going to still be down markets, but during those super volatile times where California and Florida are going up and down, the Midwest and the South are stable.

So I would invest there and maybe move to Hawaii and hang out and learn how to serve from Brandon. You're invited anytime. Nice. You've already got the shirt. There you go. Pull the money out of your, pull the money out of your couch cushions.

You can pay for your plane ticket and you're ready to go. Easy day. Brandon, why don't you go and take this last question? All right. I can do it because I was really, I think it's an interesting question, but it's kind of long.

So 12 months ago, this guy paid off his first rental property in Boise, Idaho. Now he's making cash full of a little over $1,000 a month. He thinks, he can sell the property for like $230,000. All right. So it's worth $2.30. He's making about $1,000 a month in cash flow. So he wants to take that money and use it elsewhere. He's not making a massive return off of what the property is worth. The two options are, A, sell it and take the money and invest it in two separate single family house rentals, maybe put 20, 25% down on each one,

or not sell it, take out a home equity line of credit instead, a line of credit on it, and then use that to buy one more house. What would you do? What you got, Jay? So I don't know this guy over his goals, right? So it really depends on what he wants to accomplish. For me, I'm in it for cash flow. I would, if what's going to give me the,

I'm going to pursue the option that's going to give me the most cash flow. Now, I do like home equity line of credits, right? Because you're only going to pay for what you're using, right? So it's versus selling it off, putting down payments. I don't know. I'd have to run the numbers. Here's the overthinker and analyzer coming out of me. I want to see what's going to give me the most cash flow.

Yeah. You know, I think it's a really interesting question. I never had anybody, you know, ask it before. I've never seen it before. That's why I wanted to bring it up is because while this guy was talking about a paid off property, the same question comes up all the time from people wondering, should I sell the house I live in right now and buy a rental with it or should I just refinance it or get a home equity line of credit.

And so, yeah, for me, I'm kind of like you, Jay. I just go through the number. I'm like, well, which would give me the highest return? And I go and run all the numbers and the return on equity. I know, David, you use that number a lot, the return on equity. And is it worth pulling out? And anyway, there is no right around equity in property. Not only is it not financially smart because you don't have the return on equity, right?

But you're just making yourself more and more vulnerable to our very litigious society. And the more equity that you have in your property, the more people are going to look at you and try to go after your assets if something happens. Yeah, you can have all the asset protection in the world and an umbrella policy on your insurance and everything, but there's not enough coverage with you. If you have a completely paid off property, they're going to look at you before they have someone

who look at someone who has 100 properties with low equity in every single one of them. So I don't foresee myself anytime in the near future leaving a whole lot of equity in any property. There you go. All right. Well, let's transition to the last segment of the show, which we call our famous four.

These are the same four. Four questions. We ask every guest every week, and we're going to throw them at you guys right now. Number one, I'm sure you've heard these before. Number one, what's your favorite real estate? Each of you can answer individual. Cool. Individually, what's your favorite real estate related book or current favorite? Are we paper, or not? Go ahead. So rich dad, poor dad. You guys have mentioned it a lot, you know, many, many guests have mentioned on the show. That book just, you know, but there was a trifecta when I discovered that book and it was actually discovered through bigger pockets. But, you know, we talked about the merger. acquisition I was a part of and how horrible a nightmare that was. My wife was pregnant with our first child. Discovering that book just had a paradigm shift for me in the way I look at managing money and growing a lifestyle for us. So it has to be rich dad, poor dad. Yeah. So everybody defaults to rich dad, poor dad, because it's the mindset shift that gets everybody into. So I'm going to have to say

rich dad, poor dad. But for real estate, I'm probably going to have to go. I'm probably going to have to go to Ken McElroy's ABCs of real estate investing. He is the reason why I pretty much stopped looking at small residential property. I went straight for multifamily. It's like a literally, and Brandon, you're the one who mentioned it countless over times over and over. So I'm like, maybe I should buy and I should read it. That was a couple of years ago. And it's a step-by-step guide of how to analyze multifamily property, you know, how to conduct due diligence. And it's just like he simplifies everything. And then, of course, his advanced guy is the next one. So if I had to choose one, you know, rich that port has that mindset shift, but the ABCs of

real estate investing was probably the most, had the most profound impact on my career so far. Isn't it scary how much advice we get from a guy has to wear a few sets, headsets. Hey, double hearing protection. And it enhances the audio, too. Yeah, nobody can see that. But like, before the show started today, I'm at my buddy's house recording this podcast, hence the bad sound. And I put on a pair of headphones on they're massive.

They're like air trapped controller headphones. And then he got sitting here another pair of headphones. So I thought, why don't we throw those on too? You'll make the point. So I've got more headphones than any person could ever need. What's even funnier is people don't realize this, but Brandon suffered a concussion yesterday because he's too tall. And he walked into the ceiling of the house where he's staying at.

And it actually looks like he's wearing a special helmet to protect him. Where are there concussions? That's because his double headsets. His eye was also gouged. out and he just doesn't see how funny it actually looks. He only has one working eye at this point. I've had a rough few days, all right? I've had a rough few days here.

It looks like we're visiting him in like the mental institution and he's got a soft helmet on and he's been poking himself in the eye, poor guy. But he's here providing amazing content for all of us in this podcast. Wow. Wow. All right. shifting. Shifting back to you guys.

Back to business. It's not being fun of Brennan anymore. Tell me what are your favorite business books. So is this me? Yes, that is it. So I'll give you two. I'm a big fan of Grant Cardone, anything he puts out. But are you guys familiar with Ryan Mickler at all?

Or do you know, man? So he just recently released a book, Sovereignty, Battle for the Hearts and Minds of Men. It gets into business a little bit, but it is a little bit more inclusive about protect, preside, and provide for your family and what it takes to be a man. And so that book alongside Rich Dad, Poor Dad, it was a paradigm shift for me. Have you read Wild at Heart? No. Heard of it. That's one of David Green and I talk about that book a lot.

We both love that book. It reminds me of what you just said about sovereignty. I haven't looked that one up, but I'll look it up. I'll read it out of the list right now. Yeah, Wild at Heart, awesome book. But anyway. All right. Tim.

All right. So if I had to, again, there's so many great ones. And it turns out, I'm going to, I'm going to name two because they had equal profound, equal impact on my life and my career. The first one would have to be tax-free wealth by Tom Wheelwright, that is Rich Dad's advisor, his CPA. And everybody hears how much, how many tax incentives you get investing in real estate. But it's, he really just simplifies why there's so many tax benefits and so many incentives.

And he was, he was the guy that maybe understand the IRS. and the fact that the IRS is not just trying to, you know, consume as much capital as possible from the W-2 earner. The IRS simply incentivizes certain behavior. That behavior is to provide housing and to provide jobs. If you invest in real estate, you happen to be doing both. So that's why the IRS gives so many tax cuts and so many tax benefits to investors. Plus, he goes on on tangent and kind of a step-by-step guide to choosing the CPA that's right for

you. So tax free wealth is huge. And then the second one is the go giver. That one is an amazing book. It's just the five, I think the five steps to stratospheric success or something like that. But it's all based on giving. It's all based on the more you give, the more you will see. The amount of income that you earn is based on how much value you could bring, you know,

and how much you can give all day, but you have to also be open-handed and, have to be willing to receive as well. So the go-giver, I'll have to throw out of that. That was short read, super short read, super easy read. Even the tax free will, it's super easy read. But those are probably the two that I had to mention. Yeah, someone gave me the go-giver. I haven't read it yet.

Oh, man. And, it's great. Wow, somebody gave you the go-giver. Somebody was paying attention. All right. What about hobbies? What do you guys enjoy doing when you're not cleaning out beehives from abandoned apartments? Yep.

anything the family wants to do, you know, love my family, love my wife, love my kids. We're situated in Gulf Breeze, which is between downtown Pensacola and Pensacola Beach. So, you know, downtown Pensacola has been going through this revitalization for about 10 years now, and it's just an incredible booming, you know, area. So we hop down there if we get tired of going to the beach or on the boat or fishing or whatnot. Cool. So, yeah. amazing, beautiful wife, Allison, spending as much time with her as possible.

We don't have kids. So this is the time in our lives where the time together actually means a lot before we start becoming parents. And then, Brandon, you don't know this yet. But I too have a four-pound Yorkie. He's amazing. Do you? His name is McGee. Best dog ever, man. I never thought I would be a dude that has a four-pound Yorkie.

I was one of the German Shepherd or the Rottweiler because of a guy. But best dog ever. He's spending much time with them as possible, of course. Did you name him McGee off the McGee and me kids videos back when we were your kids? You remember those at all? I never actually. Yeah, I never actually.

Yeah, you remember those, David, right? Yeah, I do. They were like veggie tales before veggie tails. Yeah, it was like 80s kids videos. Anyway, my wife and I first got together, she would call me McGee, just random. And then one of my favorite all-time bands is unfreezee, awesome band out of Chicago. and that will transition into, you know, the fact that music is my passion.

I can't live without music. I've been playing drums all my life. We are playing a live band. I play in a band in this area. We, you know, have shows most weekends. And so I love going to see music. And that's one of the reasons why I wanted to get into real estate so my wife and I could travel the world and go see music all over the world and enjoy.

It just takes me and do it into a different mindset when I'm at seeing live music. And then just staying active being on the water where at Pensacold Beach is one of the, one of the finest beaches in Florida and super clear. I like to scuba dive and stay active and enjoy the summertime. Awesome. Yeah. Awesome. All right.

Well, my last question. You guys are going to answer this independently if you want or together. It doesn't matter. What do you think separate successful individuals from those who give up, fail, or never get started? I think we both have the same answer, right? Pretty close. Pretty close is that you got to know your why. I've touched on this earlier.

You've got to know why you want to invest. And then you can set up goals to support that why. And then you can focus on your investing criteria to support those goals. But you got to know why. And I could say it's the grit, you know, never giving up. That's it. Just knowing that this is whatever you're happening, whatever is happening in your career, whatever you're failing at, know in the back of your head that this is all part of the process.

Just keep going. Keep talking to people. If there's a brick wall that you have faced, it's usually one person. that's missing from the equation or maybe one book or something that you just need to get that little piece of advice or one podcast that you just need to listen to. Just don't, don't give up, don't stop. And establishing your why, I do, I have to emphasize that because I spent so much time establishing my why, not only like, you know, why I want to do this for myself because, you know, I want freedom and I want to give back and help promote financial education all,

you know, all over the world, but understand why people get into real estate, really educate, on yourself on why people get involved, why there's so much tax benefits, why the government struggles providing affordable housing, why all that. So if you have that solid why, I mean, I can say, well, you need to set up your why, but learn about all the reasons why people do this and why real estate is so powerful. I think because I spent so much time on that, everything is just a habit. Like, I don't even have to think, oh, I just got to keep going. I fail, but I have to keep going. It's just a habit now. It just automatically happens because of that that why is so strong and so stable.

And it's a motivator, right? So when we talk about all the good stuff that happens in the deals and growing our financial wealth and independence, things go wrong. And you've got to have something you can allow on to help pick you back up and get you motivated again. And the clearer your why is, the easier that it is to do. All right. Tell us, guys, how can people find out more about you?

So, of course, on bigger pockets. I think I'm Timmy Kelly on bigger pockets. and pretty active on Facebook and LinkedIn, Timmy Kelly on Facebook and then LinkedIn is Timothy Kelly, pretty active on Instagram, the Timothy Kelly. And then my website, Kelly Housing Group.

It's probably any of those ways. And then you could always give me a call, area code 847-910, 9161, or shoot me an email anytime, Tim, T-I-M at KellyH-H-G.com. You just gave it. You just gave up your cell phone number to 200,000. Only 1% of them may even consider calling. By all means, I'm very, very open to address.

All right, Jay, what's your cell phone number? Yeah. 5, 5, 5.5. 5. So I have a landing page that I went to everybody to is Helms, R-E-I.com. From there you can hop over. We've got all the social media links. There's some things you can download.

one of the things we talked about earlier, sample deal package, there's a link to the Facebook group. And the email, of course, is on there. But, yeah, Helms, H-E-L-M-S-R-E-I.com. All right. Good deal. Well, thank you, gentlemen.

This has been a lot of fun today and kind of excited to see where you guys had next in your little partnership. So super cool. Absolutely. Thank you for having. Brandon, watch your head when you get up. Yeah.

That beam is too low. I had to take sure that you know. Thank you. Good man. Good bad. All right. We're getting out of here. Adios. All right. That was our show with Jay Helms and Tim Kelly. Super, super cool. I love that story. I love hearing people who are, you know, they connect on bigger pockets or through bigger pockets, you know, getting together, work and real estate together. Because, I mean, it's like you said in the nature, right? The Avengers, right? Sometimes we have things that we're really good at, some that we're not. You find people to work together and you can take on a lot of bad guys or bad guys. Yeah, these guys took down a 42 unit property together. I would. venture to guess that they would not have bought a 21 unit apartment individually. Yep. Right. So like the sum of the parts is greater than the sum of the whole or however that saying goes. That's definitely the case with these guys. So that's very encouraging. You know, if you're not getting the success you want, maybe you're missing a partner. There you go. Yeah,

I actually use a lot of partners in various deals. I've kind of always done that. In fact, I'm looking at another deal right now that I'm trying to put together and I'm going to use a partnership for it. So more on that as it develops. But I'm kind of excited should push me over the 100 unit number that I was trying to get to. So we'll see. Oh. Yeah, you know. That's really something. It's really something. I'm growing up, putting on my big boy pants. A hundred unit club. Yeah. If I get it, it'll be like the 150 unit club, which will be. Oh, wow. That'll be pretty exciting. Yeah, we'll see. I'll tell you more about that later. Off the air, because I don't have it under contract yet. So, all right, y'all. Now, it's been fun.

Thank you guys for joining us today. If you guys like this show, make sure you subscribe to this show. whether on iTunes, whether you're on Google, whether on YouTube, whether you're on Facebook, whatever, subscribe, hit that little button, hit the little like buttons, share this with your friends, make sure you like and comment and all that. And again, another good way to find partners, if you want to find people, start sharing stuff like this on your Facebook page. I'm not saying that for selfish reasons. Go share somebody else's stuff that's not even related to BP. Just share real estate content on your Facebook or on your Instagram or on your Snapchat or whatever you do,

Snapchat, if you're like seven. And let people know that you are into real estate. and they'll reach out to you and you never know who you're going to find. So with that, DG, anything you want to add? I think you said it. If you ain't subscribing, you ain't trying. So you better go subscribe and let everyone know that you're legit. And with that, this is David Green for Brandon.

I am Groot Turner. Signing off. You're listening to Bigger Pockets Radio. Simplifying real estate for investors large and small. If you're here looking to learn about real estate investing, without all the height, You're in the right place. Be sure to join the millions of others who have benefited from biggerpockets.com. Your home for real estate investing online.

Thank you all for listening to the Bigger Pockets Real Estate podcast. Make sure you get all our new episodes by subscribing on YouTube, Apple, Spotify, or any other podcast platform. Our new episodes come out Monday, Wednesday, and Friday. I'm the host and executive producer of the show, Dave Meyer. The show is produced by Ian K. Copywriting is by Calico Content. And editing is by Exodus Media. If you'd like to learn more about real estate investing or to sign up for our free newsletter,

please visit www.w.w.com. The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. So use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. And remember, past performance is not indicative of future results. Bigger Pocket's LLC disclaims all liability for direct, indirect, consequential,

or other damages arising from a reliance on information presented in this podcast.