Epic Real Estate Investing - OPM and YOUR Real Estate Fund w/ Joel Block - Epic Wealth Wednesday | 289

Episode Date: August 28, 2017

Epic Wealth Wednesday is back! Matt Theriault gets the scoop on raising low cost capital with insightful investment guru Joel Block. Learn how the private securities industries works from the inside and discover benefits to working with flexible financial structures. Limit liability and open up possibility! Improve your cash flow and the speed of your money creating successful relationships with investors. Epic Wealth is here! ________________________________   What your financial planner isn't telling you... and much more. Go to http://CreditBump.com for up to $150,000 of business lines of credit. 0% Interest. No Fees. Discover your path to financial freedom through passive income at http://passiveincomeaudit.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Hello, it's me, Matt, over at Epic Real Estate, and you've probably noticed we've gotten a bit off track with our Epic Wealth Wednesdays, and maybe you haven't, I don't know, but I'm here to resume today. And if you've just found us recently, allow me to share with you what Epic Wealth Wednesdays are all about. You see, I'm putting together a new book, Epic Wealth. That's going to be my flagship book, encompassing everything that I know about making money and creating wealth, everything that I've done to create. it for myself. And initially I was inspired to put this together as a, I don't know, I guess a textbook for my son so that he doesn't get distracted by what the mainstream has to share with people on how to get wealthy. And I mean, there's just, there's a ton of dangerous information circulating the seemingly, I should say, countless forms of media that we have at our disposal. And if at some point, Mateo decides making money and creating wealth is important to him,

and it's something he wants to pursue, I want to make sure he has good information on how to get it done. So the book, Epic Wealth, it's for him. I'm writing it for him, but I'm going to share it with you too. So whether that be for you and your use or something you want to pass on to your kids as well. All righty? Anyway, mid-last year I launched a new podcast of the same name, Epic Wealth,

to coincide with the release of the new book. And Murphy's Law seemed to take over, and the podcast was released before. the book was complete and because of that, I wasn't too happy, nor was I too inspired to promote the podcast. So there I have what I feel is really my best work poured out onto the tape recorder there. And it's the best work that I've done to date stranded out there somewhere in podcast purgatory. And no one has really discovered it. So I just feel like it's out there floating and no one's benefiting from it. So I decided to release it here on Epic Wealth Wednesdays. And I

I think we're about halfway through the series, and then real estate and the Epic Intensive got in the way, and it kind of interrupted the flow. So on Wednesdays, I understand it's more of a wealth creation topic and not such a real estate topic. It's not so real estate specific. And with that said, it presented a perfect opportunity to introduce you to an advisor of mine who helped me set up the Epic Wealth Fund. I've received some inquiries on how to set one up. There are some people out there that feel they're ready for it. They want to know if they're ready for it. They want to take that same path.

And I thought there's likely more people out there that have wandered the same. And if you haven't, hey, this is information you should at least have and likely aspire to someday. I think it's important for you to have this information when the timing is right. But it's looking at real estate in a very different way, in a much bigger way, particularly when it comes to using other people's money to build your real estate business, to build your real estate portfolio, to build your overall wealth. So I'm going to introduce you to our guest right after this.

This is Terrio Media. It ain't what you don't know that gets you into trouble. It's what you know for sure. That just ain't so. You don't have a money problem. You have an idea problem. Welcome to the final frontier, where the average person has a legitimate shot at creating.

Epic. Well, your host, Matt, Tim. All right, please help me. Welcome to the show today, Mr. Joel Block. Joel, welcome to Epic Wealth Wednesdays here on the Epic Real Estate Investing Show. Hey Matt, thanks, man. You bet. Glad you're here. I can't believe it's been this long since I've actually invited you to come on. So I think the timing is good.

It's, I guess it's overdue, but it's good. And here's why. That, you know, I've been talking about my epic wealth fund for a while on the show in different capacities, not really promoting or pitching or anything, but just kind of mentioning it here and there. And it has sparked a lot of curiosity and people have approached me of when it would be a good time for them to make that move. or why did I do that instead of a different way? And so I have my answers. And I'll just kind of run through my quick reason why I started a fund and why I asked you to help me do it.

And then you can kind of tell me what's the typical or what are some other options? Is that okay? Sure. Okay, perfect. Super. So, you know, I started investing in real estate with, you know, I really had no real capital to begin with. And after the music business and a divorce, my credit score was devastated. So banks were never an option.

So I got really good at raising private money to the point where I had, I got up to, I don't know, nine or ten different LLCs with different partnerships, different strategies, all different structures. And it just became a real bookkeeping nightmare for me. And it got really difficult to keep track of who was in which LLC and which strategy were doing and when their payments were due and what their share was and how much they were supposed to be paid. It just got to be a real headache for me to the point where money was coming my way. And I just had to say no to it. I said, I don't want it. I don't want any more headaches. I don't want to set up a new logo.

I don't want another tax return. I don't want other bookkeeper, blah, blah, blah, blah. And, you know, you don't want to be in a good position. I mean, you don't want to be in that position to where people are offering you money. And you have to say no because it's too cumbersome. So I had a business partner at the time, still a very good friend of mine, Fernando. And I think he caught your interview on Kevin Bumps's podcast. Exactly.

Yeah. That was a long time ago. Yeah. And Fernando's was the guy with always the wild and crazy ideas. We got to do this. We got to do that. We got to do this. And he came and he kind of shared what that conversation, that interview on that, the podcast

sounded like. And it just sounded like another wild and crazy idea of Fernandos. But he was really persistent with this one. And he went and on his own dime purchased us tickets to your symposium. And so we came out and I remember I was right in the middle of a deal. So I was in and out of your symposium the whole time. And Fernando stayed there. But I was catching bits and pieces.

I was like, okay, interesting, interesting. And then I was there on the third day. And I had to piece a lot of it together. But it all came really, became really clear for me that, oh, my God, I could get rid of all this headache that I have with all these new LLCs. And it would be so much easier for me to take in money this way. And actually it would be so much easier for me to report and return the money this way. And so I was like, sign me up. I'm in.

And that, that, that. That's exactly what it's done for me is I don't know if I'm your typical client, but maybe you can kind of describe to me, you know, who your typical client is and wins a good time for someone to start considering opening a fund. Well, first of all, I don't know that your experience is totally normal in terms of, you know, people having different structures, different people, different this, different this, different that. I mean, it sounds like you have a pretty sophisticated operation and knowing you. I know you have a more sophisticated operation than a lot of people. but the reason the the reason that earlier stage people will come and you can't be very early stage but people that are earlier than you the reason is that you know they they go get their money you know from private money lenders they get their money from hard money lenders and and the rule of thumb is

that as you get better at your craft your cost of capital should come down i mean that just is a given that your money should cost you less as you become less of a risk you should be compensated for getting better at what you do by having a lower cost of capital. And when the cost of capital comes down, you get to keep more money. I mean, that's just the way it works. Right. So what happens is that people eventually kind of get to the lowest limit of what hard money and private money is going to cost them.

And what they're doing is they're cobbling together. You know, there are many guys that have a lot of different sources for this capital. So they'll call one guy, hey, got any money for me? No, my money's out. It's busy right now. nobody's got unlimited, and the banks aren't loaning guys like us. So they'd be on the phone all the time, scrambling around, calling for money. And even though it's not equity money, it was still lending money, they still were calling,

scrambling around for it. And maybe the investors had capital, maybe they did not. The other thing is that a lot of times they'd say, well, I want to see the deal. Well, gee, we don't have a lot of time for you to look at the deal. This is really an emergency. I'm really good at what I do. I've gotten very, very good at this. We're not talking about it being your first or second or third deal.

You've been to the rodeo a few times. and you know you're good at this now. So what happens is that there's control of capital, there's decision making, there's speed of moving forward, there's cost of capital, there's a lot of reasons why you want to control the money. And ultimately, all you have to do is ask, do the guys on Wall Street do it the same way you do? The answer is no, they don't do it the same as you.

And so then the question is, do they do it better than you? And it's certainly yes. and they make more money than you, yes. Well, how do those guys do it? And what are they doing? And what they do is they then go get capital from individual people, and they put it into a pool. And there are very strict rules about how you create a pool, which we're calling a fund. There's very strict rules about this.

And you have to follow the rules. Now, the rules aren't terribly complicated. I mean, it's not like when you were 16, you learned how to drive a car. You know, it was scary then, but you learned how to do it. And setting up a fund might be scary now. if you follow the rules, you learn how to do it. And ultimately, you end up controlling much better capital for a much lower cost with almost no restrictions. And you can do a lot more stuff, a lot faster.

And if you could access the capital faster, let's say you had a bank count full of money and a deal came along. Who's going to get the best deal? You or somebody else. Truth, you know, listen, so you've got a fund now. You know what this is. Right? Oh, yeah. No, I said yes.

You didn't hear me. Yeah. I mean, so, you know, those that, listen, those are the guys typically that come to me. They're guys that say, hey, listen, I've been doing this for a while now. I deserve, you know, a break in the cost of my capital. I deserve better capital. How do I get it? And they just don't know because it's, you know, it's, this is kind of an advanced maneuver.

And, you know, it's not typically, you can't read about it in books. They're not typically talking about this at Ria clubs because it's, it's kind of the place where you kind of outgrow the basic information. Right. And then you want to get into a network of guys that are doing higher level stuff. Now, that doesn't mean you're buying giant buildings like the Empire State Building.

I mean, you could buy multifamilments. You could buy 20 houses at one time. You know, my fund, we mostly buy distress assets in the Midwest, so we're fixing and flipping mostly single family homes. We're in a portfolio of distress notes, REOs. We build single family homes. I mean, so we're still doing a lot of

single family stuff, that the money, it doesn't matter what you do with the money. What matters is how you get the money, how you structure the money, how you pay out the money and the cost of your capital. So those are really the issues. Got it. So we might have jumped into this really quickly, and I have a tendency to do that. I make false assumptions, and I don't know if this is false or not, but we should probably kind of go over what a fund actually is. Yeah. Can we do that real quick? Sure, sure. So, you know, at its core, so let's look at it from two sides. Let's look at it from the syndicator's side. The syndicator is the person who's putting the deal together. So it's an active investor. You know, Matt, it would be one of the guys that takes one of your

classes or participates with you, probably your podcast listeners. They're out there looking for deals either to wholesale or fix and flip or do something with. And what they eventually say is, gee, it would be better for me to have the money available to me than to have to go look for it every single time I need some capital. So before you do the deal, you go out to people and you say, listen, I'm doing pretty good at real estate. We're making a lot of money doing stuff. The next time I find a deal, would you like to be involved in it? And you'd be very surprised to find out that a lot of people are sitting on IRA money, savings accounts, and other things. They're very unhappy with the returns that they're getting. Maybe they're

getting a half a percent or even a percent. And there are people who are going to say, you know, I'm not going to give you all my money, but, you know, I'd like to give you some of it because I'd like to earn, you know, 8, 10, 12%. That's kind of the range that we try to, you know, keep people in as 8, 10, 12 percent. And a good percentage of that is based on how successful the deal is. So if the deal is very successful, they get a little more. If the deal is not successful, and they just get a baseline of, say, like, 8%. And, you know, so they get, you know, they get the first money, they get some. Well, so you now have a pool of capital that people have given to you. And basically, they're putting bullets in your gun so you can go out and you can go

property hunting and you can find deals. And when you go find those deals, you can take them down faster. So a pool is really a mechanism for you to be able to buy more real estate, buy it faster, buy it cheaper, and also be able to participate in the profits, but not only participate in the profits because you really get paid in two ways in this business. One is you get paid for your time, your labor and you get paid basically that way that's fees. And the second thing is you get paid for being smart, which is percentage of the profits. It's not one or the other. It's both.

So you get paid for labor like that means if the deal needs a broker, you could be the broker if you're licensed. If the deal needs a money broker, you could be the money broker if you're licensed. If it needs a contractor, you can do that. So all the things that all the services that the deal needs, you can do those things. And it's all legal. you just have to tell the investors in advance through your documents that you're going to be taking these fees. And once they sign them, that's their way of saying, okay. And then you go in, you run your

business so that you don't have to wait until the end of the deal a year or two or three from now. You're getting profits right this minute right up front. So you're spreading your profit, instead of getting a whole bunch on the back and you're spreading it across the front, the middle, and the back of the deal, which helps you stay in business. It makes you more secure in being able to take care of the responsibilities you have. It prevents those cash flow nightmares that so many real estate people deal with. It's a smarter way to do it. This is the Wall Street way that guys raise money and handle their affairs.

And people are used to it. Accounts are used to it. Attorneys are used to it. They like this structure. It's a good structure. It's been going for about 50 years. So we aren't making this stuff up. We're very good at it.

We have formulas that are very successful. but it's something that's been adopted by the United States. And it's called private securities industry. So what you're basically doing, and here's really what's happening, is you're putting the money in an LLC, and then the LLC goes and buys the real estate. So what do the investors get? They get shares in the LLC,

and they become basically silent partners in the LLC. And that's the key part is that they're silent partners. They're not calling you, telling you to paint the bill, red or plant blue flowers or you know they're silent partners they're just money partners and you're designated as the active partner which means that you make the decisions and you know and and they are good with that so right uh you know and there are reasons are good with that so that's but that's really important is you want them to be silent partners perfect perfect yeah the one one thing i really like the way how you at your symposium how you explain it was constantly drawing that metaphor or that

or the similarities between real estate and Wall Street and how real estate can be run more efficiently if it's run in a structure like Wall Street. And I really got an amazing insight as to why the hedge fund managers are essentially the richest people walking the planet, you know, are very much among the richest people. You just got to see how money really works. And it just gave you a bigger insight of how, like,

I guess globally money works, really. Well, let me put it like this. I'll give you your listeners and you, just another way of thinking about this. So let's say you raise a million dollars. And let's say you're going to get 40% of the profits because you're buying distressed assets and a 60-40 split is fair. So you're going to get 40% of the profits. A lot of people, some guys will say, well, that doesn't sound good.

Right now I get 50-50. So your deal's worse. But there's no cost of capital. You're not paying for any interest before you split. So you're getting a much bigger amount. for you split. But anyway, so let's say this. So let's say that you get 40% on all the profit that you generate from a million dollars. And that works out pretty good on whatever your number is. Let's say you make a couple hundred thousand in one year, whatever the number is. So you're doing pretty good.

Let's say you want to make more. Now you go raise another couple million dollars. Now let's say you're at five million. Now you're making 40% on five million. But let's say you raise more. You want to raise, you know, now you go to 10. 40% of 10 million. That's why the guys on Wall Street, are the richest guys. They're making some percentage of profit on billions and billions of dollars. Now, we don't get to billions because billions is a, that's a different stratosphere for guys in real estate. But you can imagine that if you're making profit on all the money that you manage, the more money you manage, the more money you can make. And you just have to do it in a smart way. You've got to put a deal out there that investors can say yes to. You have to understand how the deal

works and you have to put it out there in a way that the accountants and attorneys like it. And if you do that and you do it well, people will get involved with you. And I'll tell you, man, they're going to, you know, they're going to be, they're going to make you a successful person. Yep. Absolutely. And I'm about, I'm almost a full year now into the fund being open. You know, we've just started at Q4. And as great as everything that you, you suggested, it's not like, It's not just, you know, plug and play. And I just kind of want to share a couple of the mistakes that I made and then maybe you point out some other issues and how I could have done that differently and how you've

helped people smooth that over. Is that okay? Sure, sure. Okay. Cool. So I'm looking back, now I've got some really clear hindsight now. Looking back is one thing I would suggest is not raising more money than you can deploy because you have a preferred return and that starts ticking the day of the day.

that you really open up your doors for business. So that was one thing. So you don't, like I had this idea of, oh, my God, I'm going to go out and raise $5 million. I might have a $5 million fund because I kind of wanted to say I had a $5 million fund. But, you know, as we got just to a half a million dollars, I was like, okay, let me, I started doing the math. I was like, okay, well, we might want to put this to work before I go out and aggressively raise anymore. So that was one thing. The second thing was the accounting has been a real issue.

for the fund finding because you have to have a fund administrator and that that has been an issue to find someone that would take on a fund is the size of ours and then the third thing just opening up a bank account that would handle a fund that we've kind of like that was an issue as well so can you address those of how I probably could have plugged into the support a little bit better or how you would advise somebody or what your comments would be for somebody with those three issues. Yeah, well, the first one, I always tell everybody the same thing, just exactly what you said. You know, you raise the money as you need it. So the beauty of a fund is you don't have to raise it all on one day. So you raise a million dollars, you put a million dollars to work, and then you go get

another million, you put that to work, and you get another million. So you grow it slowly over time. You know, you don't get $5 million on your first day. You'd be overwhelmed, and that would not be good. Right. As far as, you know, your accounting or administrative support, You know, you need a good accountant for sure. And remember, the fund pays for all these things. I mean, so you're not, you know, it's not coming out of your side. It's coming out of the fund. It's very important, you know, maybe, and you and I can talk offline if you're still

having some of these difficulties. But, you know, it's, listen, a fund is a business. And it just requires the development of some new skills. You have to learn how to run your business in a different way, a more sophisticated way. And like everything, you have to up the ante on your skills. You had to get better marketing skills to get better. You had to get better negotiating skills to get better. And when you get into a fund structure, it takes about a year to kind of catch on to how it works.

And if there are still some little bugabooos that aren't working just right, you know, you and I should talk offline and I'll give you some specifics and maybe introduce you to some guys that could help you. But there are people internally, you got to keep, you know, your basic books and records and then you give it out to your accountant at the end of the year. And it should probably be somebody who's familiar with this kind of a, of a. structure. So it shouldn't be all that complicated. And if it is complicated, then maybe we need to take a look at what you're doing and maybe you're making it, you know, more complicated than it needs to be. Mm-hmm. Mm-hmm. So. That wouldn't be the first time I've ever done that. But I think you're right about this year period. I mean, we're about, we got nine months in the books and like we're in the middle of Q4. And I think we're just finally starting to like get it,

like everything that the investments and the stuff that we've done are starting to produce their return and everything's starting to come to fruition as the way that we originally envisioned it um and uh yeah so we're moving forward now but what are some other mistakes or landmines people thinking about this they would want to um avoid or sidestep well you know i i think that probably the biggest one is a lot of people you know say jollis and i know a billionaire and uh he's like a really good friend of mine and he's definitely going to want to put money in my fund. Well, unfortunately, probably not. You know, there are very specific kinds of people who invest in these kinds of deals and billionaires are not your people. People that have 50 or 100 million dollars

are probably not your people. And here's why. Those kind of guys have entourages of stock brokers, money managers, asset managers, and other kind of people that surround them like boxers. And they're not surrounding them because the guy wants to be surrounded. They're surrounding them to keep everybody else out because they don't want anybody to get near that person because they want to hold on to everything themselves. And, you know, it's just, it's the way it is. You know, people that are at that level, they have a huge amount of deal flow. They're being bombarded all the time by request for money.

They're not your best guys. They're just not. The best guys for something like this are people that kind of fly low under the radar. They're people that probably have a one to $10 million net worth. So they're maybe doctors or business people or lawyers. I mean, they're people that do very well. They're successful in business. But they're not at the next stratosphere.

And those are just typically, you know, the very good guys that you want to go for. You know, and by the way, there's two kinds of investors. You have these non-accredited ones, these one, the people that they've got some stuff, but they don't make either a couple hundred thousand a year or they don't have a million dollars net worth. They're still very good investors. And you have to decide up front if you want to deal with those kind of people or not. And there are reasons that we talk about in the symposium about why you might deal with them

or why you might not. And then you have people that have a net worth over a million dollars and you can do, you know, whatever you like with them. Those people are unrestricted. So, you know, you have to build your network. You have to build your database. You have to create relationships. and a lot of times people will say, well, gee, I don't know any of those kind of people.

They're afraid to move forward because they're afraid that they don't have relationships with investors. Well, you know, if I said to you, when's the last time you saw a yellow car, you'd say, well, I don't really see a lot of yellow cars. But if I said, start looking for yellow cars, all of a sudden, you're going to see a yellow car every single day. It's just, it's the way our brains work. And if you're not seeing passive investors who want to put money into a syndication or a fund, like what we're talking about, it's because you're not looking. looking for them. And it's not because they're not around. It's that you're not looking for them.

Once you start looking for them, they're everywhere. They're in elevators, they're in escalators, they're in restaurants. They're everywhere that you go. And if you have something to talk about and you have something to offer to them, then all of a sudden the conversation can go somewhere. Let's say you were to start looking for people and you didn't have a deal. And you said, that's what's great about a fund is you always have a fund available to take in capital. if somebody said, hey, well, listen, I'm kind of interested in this. Well, I don't have any. I'm not working on anything right now.

Kind of busy. I just took in money a couple months ago, and I'm working on a deal. So I'll call you in six more months. That's the wrong answer. You don't want to say to a guy who starts inquiring about giving you money. You don't want to tell them. You'll call them in six months because I can promise you in six months. Guess what?

That money will be somewhere else and it'll be gone. You won't have access to it. Money is fleeting and you have to grab it while it's there. So having a fund. makes it possible for someone to say, gee, this is very interesting to me. I'd like to put some number of dollars in it and then you can move that forward and make it happen. So, you know, a lot of guys are a little nervous about moving forward because they don't have, they don't think they have the databases or access. But in fact, they haven't been looking for it. They haven't

really got anything to sell anyway, even if they were to meet somebody. So that's an issue that comes up very frequently. And, you know, it's something that I always talk to people about. So, you know, dealing with people that are at the wrong income bracket or the wrong asset bracket, you know, those are very simple things. And those kind of things make a huge difference in terms of getting people to be successful. And I would even imagine when you guys were going forward at the very beginning and I remember, you know, working with you guys about this, you know, maybe you were calling on the wrong investors. And, you know, and your partner would call me and say, listen, this isn't working.

This wasn't. And I'd give them some advice about, you know, how to fine tune, you know, the conversations or how to fine tune who the people were. So, you know, this isn't the kind of thing you take a class and you just go out and you start doing it. I mean, this is a business. And you've got to get some coaching. You've got to get some advisement about how to move forward and how to do it right so that you

end up with the right people. And the other thing is that you want to make sure that the relationships start off on the right foot. If you start taking phone calls from people who call you and say, hey, listen, I want to, my wife and I drove by the building. and we think that you should paint it yellow. You know, if you start following the advice of the investors, you are going to hate this business

because your phone's going to be ringing off the hook. So you have to establish boundaries and parameters. And we talk a lot about that too, about how to create a relationship, a successful relationship with an investor so that they don't bother the hell out of you and just cause you to have a living nightmare. And now, so people would say,

well, gee, why would an investor be okay with you telling them to not call anymore. Well, the reason is that, you know, we use LLC's limited liability companies. And all investors want to have limited liability. And what that means is that if they give you $100,000 and something goes wrong, somebody falls down or breaks their leg or whatever happens to them and they sue, the most the investor can lose is their $100,000. They're limited to their liability to that $100,000.

They don't, whoever sues can't go and take away all the other money that they have. But if the investor starts acting like a general partner making operating decisions, then they lose the protection of their limited liability. And then the court might say, gee, you know, you have been quite active in making decisions. Maybe you should not be a limited person anymore. Maybe you should be a general person and you should have more liability. So when you explain that to investors, investors are going to say, gee, I don't want to have extra liabilities. So you know what? Thanks for telling me, I will not be calling you with suggestions

anymore. And, you know, so there's a right, there's a right and polite way to get people to, you know, abide by the rules that get set up. These things, these things have been set up and they've been successful for a long time. And remember, I said they're called private securities. Well, one of the things that would surprise people is that the private securities industry is bigger than the entire United States stock market. Most people have never even heard of it, but it's bigger than the whole stock market and the whole country. And you're thinking, well, how could this possibly be? How is it possible, you know, that this industry could be so big. And I never even heard of it. Well, it's because almost all real estate, investment real estate is

owned this way. Almost every building, if you fly in an airplane and you see buildings and commercial properties and other things, it's all owned in LLCs. Businesses are owned in LLCs. all these private businesses are all private stock, and that's called private securities. So investors are very comfortable with this. That's why I said the attorneys and accountants understand it very well. And you just have to advise people to operate in some guidelines. And if you do it correctly, you're going to have a good experience. Yeah, totally.

And, you know, as you kind of exhibited there, I don't know if you were intentional about it, but I think it just comes out because that's just the kind of guy you are. You're really giving. You're really sharing. and you're super, super knowledgeable about this, and you always have a great answer for me any time that I need help. So I know you've got a symposium coming up

and you're going to cover three full days. Is it still three full days? Tell me about it. It's coming up soon. Yeah, October 22nd, it'll be in Las Vegas. It goes for three days. So it's Sunday evening as a cocktail reception, then all day Monday, Tuesday, and part of Wednesday.

Everybody qualifies in. They either qualify in because they're a real estate professional license some state in some state or because they're a financial type person CPA attorney banker lender or because they have asset class specialization like they're a really good house flipper or they're a really good apartment building rehab or whatever they are everybody who takes the class has to qualify and they have to meet some criteria so there's no beginners there's no wannabes the networking is extraordinary you'll never go somewhere with better networking than this and that's wise because everybody's at a high level.

I mean, imagine a roomful of guys like Matt. I mean, think about that, Matt. I mean, it's guys like you that come. And a lot of guys that teach other people kind of the basics of real estate, those guys end up, you know, taking this class too. And because what they find out is that having a fund is a really cool alternative. So they teach some people, but they also want to do the real estate deals themselves. And the best way to do those real estate deals is frequently inside of a fund structure

or some other kind of a structure that's similar. Right. So we have great guys, and that's it. So the program is coming up in about two months from right now, and there you go. I mean, it's coming up quick. Perfect. So I know everybody has to basically have a quick conversation with you

before you admit them, and they've got to essentially apply, quote-unquote, if that's the right term. I like to, you know, once in a while, people buy a ticket, you know, just they'll go on the website, which is dealmaking symposium. Okay. Once in a while, people buy a ticket. I'll usually almost always pick up the phone and just double check that, uh, that they're the right guys. And my experience is, uh, when they come by referral from someone like you or a program like this, they're almost always the right people because, uh, people who aren't, uh, who don't have the fundamentals under control, uh, are not going to, they just tend not to move forward. I mean, you know, put it like this. The reason that we have these criteria in place is investors are not going to let you practice with their, money. They're just not going to allow you to, they're not going to give you their money and say,

you know, go ahead and give it a try. I mean, I've had a lot of people say, listen, I'm just getting started. I've never done this before. I don't have two nickels rub together. So I thought this would be a really good way to get some money. Well, you know, my answer is, I can't help you yet because investors are not going to give you any money because you don't have the underlying fundamentals under control. And, you know, one of the things I always say is that there's a reason doctors practice on cadavers. You know, I mean, it's a low value target. You know, and I mean, there's a reason for that, you know, and you have to get your practice, however you get your practice. But once you take other people's money into your stewardship, that's really serious.

And you want to be very careful that you know what you're doing before you allow that to happen. So that's the reason that we have the criteria, and that's the reason that people self-select. I mean, the right people tend always to come. And so the networking's awesome and it's just perfect. So if people want to participate, I'd say either go to dealmaking symposium.com or they can reach out directly to me, Joel at bullseyecap.com. Bullseye cap? Yeah. Okay. Joel at bullseyecap.com or go to dealmaking symposium.com.

Everybody that I have referred to, Joel, has been totally ecstatic and pleased with the experience. And I know several of them have already opened up their fun through your channels and your avenues and with your help and stuff. service. So thank you for being a great partner, a good friend, and we'll talk soon. Hey, listen, man. Thanks. You bet. Take care. If waiting for your investments to grow feels like waiting for pink to drive, there's a powerful secret your financial planner doesn't want you to know. You can accelerate your investments growth by two, three, or even four times. That's bad news for Wall Street, but great news for you.

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