No Broke Months For Salespeople - The Art of Negotiation

Episode Date: December 14, 2023

Paul Thompson founded My Freedom Foundry and Next Lever Mastermind, where he helps other real estate entrepreneurs grow and scale their businesses. Through his companies, Paul was able to share his knowledge and experience with others and help them achieve financial freedom through real estate investing.In today's episode, Paul Thompson and Dan Rochon talks about The Art of Negotiation.4:01 - Paul Thompson's Journey in Attaining Financial Freedom9:04 - Skills That You Will Need to Become a Good Negotiator15:02 - Do Not Do This When Negotiating!27:03 - Tax Benefits of Doing Deals31:17 - ROI From the Deals--To find out more about Dan Rochon and the CPI Community, you can check this link:www.NoBrokeMonths.com --Do you want to win a FREE 45-minute complimentary coaching session with Dan Rochon and a FREE copy of the book "Real Estate Evolution," a comprehensive 10-step guide to achieving Consistent and Predictable Income?❗❗JOIN THE NO BROKE MONTHS FOR REAL ESTATE AGENTS MONTHLY RAFFLE HERE ❗❗--Stop 🛑 wasting your time ⏳ or spending too much money 💸not getting the results you want in sales; I would love you to join me for the upcoming 5-Day Listing Challenge.You will learn how to find YOUR Way to having closings every month.www.5daylistingchallenge.com--Get your free copy of the Real Estate Evolution here:bit.ly/RealEstateEvolution_GetYourBookThis book shows you the step by step on how to:Step 1: Believe in your unknown potentialStep 2: Deconstruct persuasion techniquesStep 3: Find a business and get hired consistentlyStep 4: Be proactive in the relationship with your clients.Step 5: Learn and implement the exact steps to hire, train, lead, and train virtual assistants so that they can build, support, and guide a winning team to scale.And if you’d like to have a consistent and predictable income, like this page, and don’t forget to join the Facebook group to network with the top agents:https://www.facebook.com/groups/newbieagents/ To find out more about Dan Rochon and the CPI Community, you can check these links:Website: No Broke MonthsPodcast: No Broke Months for Salespeople PodcastInstagram: @donrochonxFacebook: Dan RochonLinkedIn: Dan Rochon

The whole strategy around negotiations in real estate anyway, probably in most businesses, is you're trying to get on their side of the table and use the market or some external force as the enemy versus you being the enemy. Welcome to the No Broke Months for Real Estate Agents podcast. Working as a real estate agent can be incredibly rewarding and fulfilling, but it can also be frustrating if you aren't making the money you deserve. So if you're ready to end the stressful cycle of working hard for no results, then get started with a proven step-by-step system so that every month is no broke months. Paul Thompson founded my Freedom Foundry and Next Lever Mastermind, where he helps other real estate entrepreneurs grow and scale their businesses.

Through his companies, Paul was able to share his knowledge and experience with others and help them achieve financial freedom through real estate investing. In today's episode, Paul Thompson and Dan Rochon talks about the art of negotiation. My name is Dan Rochon. I'm the host of the No Broke Months podcast, which is a show for real estate agents to help you have no broke months. Thanks for joining me. Enjoy the show. Hello, hello, hello. Welcome, Consistent Predictable Income Community. Today, we're talking about the art of negotiation with Paul Thompson. He's from Little Rock, Arkansas, and does a lot of stuff in Dallas, Texas, but he's got a fund. If you're interested from anywhere

in the country, if you're interested in investing, I'm sure Paul will tell us about that. Paul, and welcome. How are you? I'm awesome. Thanks for having me. I'm excited about this conversation. All right. The art of negotiation. We're going to talk about that, but before we do so, what do we need to know about Paul? What can you share with the audience? Who is Paul? Sure. So I'm a recovering corporate drone who followed traditional advice of going to college or, you know, getting a degree, working hard. And then I just kind of didn't have a plan and I didn't know the alternative. So I just kind of settled into life and always had in the back of my mind, these like latent hopes and dreams and fantasies of creating wealth and having control of my time and, you know, doing the things

that we kind of all dream about. But I wasn't actually making any moves to make that happen. And I had this kind of wake up call moment where I realized that I had to get in the game, that if I didn't own equity in businesses or real estate projects that I could get some of the upside of, then I would never be able to escape a day job. Like I would just continue to have to work the corporate job and, you know, make my way up the corporate ladder, maybe to find out halfway through that I was going to get laid off and start all over again. And two years into my project of, or my attempt to escape the day job, I was probably three years, two years into a three-year plan of, or my, my attempt to escape the day job, I was probably a three year,

two years into a three-year plan of, you know, building this bridge to passive income. I was laid off. And so I was far enough into that that I realized, okay, I can do this. I wasn't quite as far along as I wanted, but now's the time. And I think now I would make a terrible employee or maybe I'd make the best employee ever because I would actually just do what was good versus what got me paid because those two those things don't always line up but I would have a hard time going back to having to ask permission to go on vacation again yeah I say I say to others I tell others I am unemployable and they're like what does that mean like a lot

of people don't Paul you get that but but a lot of people don't get that. I am unemployable. I am not able to work for somebody else. It's just not going to happen. Maybe to run somebody's company, maybe. It'd have to be the right fit though. All right. So how long ago was that that you had that journey? The two out of three years, when did that happen? It was in 2015 is when I started and in 2017 i was laid off it was like the the week before thanksgiving and it's like ouch that's that's a tough time to companies don't think about when when it's best for you to not be there anymore and so all right so what did you do next so in those two years while i I was building my bridge to financial independence and being able to not have a day job, I was buying single family properties in Little Rock, Arkansas, which is where I live.

And I just happened to live in a market where cash flow was pretty easy to come by. And I looked at a lot of different options to figure out a way to replace my income. I looked at, you know, becoming an insurance agent or, you know, starting some sort of franchise or just kind of brainstorming out what kind of business I could start. And I just didn't really have any good ideas. And every kind of business that I thought about buying into, I couldn't help but feel like I'd be buying myself another job. And so I really wanted to do something where it was mine, where I was in control and I wouldn't have to always be there being the slave, the workmaster, whatever, you know, like the manager, the employee, whatever, the pie maker, so to speak. Now I wanted to be the owner of the company. And I found that real estate was a way for me to dip my toe into it and buy one single family property at a time to see if I liked it. And once I started getting those checks come in, you know, those residual income streams that really wasn't a one for one relationship with my time.

I mean, there was still time put into it, but it wasn't like I was trading a dollar for a dollar for an hour, you know, or an hour for a dollar better. So that is how I kind of bridged myself into that. And I think I had like 25 rental properties at the time that I was laid off. I really wanted to get to more like 30 or 40, but I was on my way. And so from there, I just spent more of my time finding better properties and finding new deals. And then I started doing some wholesaling and some flipping. And then a couple of years into it, I realized, what am I doing? Let's scale this thing up and let's go commercial. So can you still apply cashflow properties on Low Rock or is that done? It's not done, but it is a lot harder. In 2023, when we're recording this,

appreciation has happened both in values and in rents, but the values have been much higher than rents. So it's still possible to find 1% deals here, even off the MLS, but it's not as easy as it was in 2015. All right. So then, yeah, at some point in your journey, let's scale this up. Let's get in a commercial. When was that and what did you do? Well, three or four years ago, I started looking at projects where I could like get into apartments. And so I bought a very small, kind of like a, you know, this is like a six unit apartment complex. So super small, right. And I was able to do that myself with my own financing. It was like buying six houses. And so that was like a proof of concept that it makes sense. I knew how to manage it. I realized that I personally wasn't a good person to be managing it and I needed help.

And to scale things up, I thought, okay, I can do this. But in my market, most multifamily projects just trade at really ridiculous cap rates, given what the market market is so if i'm going to buy properties at those kind of cap rates why don't i go to a different market that gets me a lot more bang for my buck and and i started looking all over in dallas i only live about five hours by drive or an hour flight from dallas and so i go down there a lot for business conferences and whatnot. And I started making some friends and I was in a mastermind and a buddy of mine that we became really good friends and through the mastermind and decided we can go into business together. We were looking for projects and we were having a hard time finding our own deals. And so we said, well, let's just like buy some land and develop it like that. That shouldn't be that much harder, right?

It's way, way, way harder. but we have now figured out that game we figured out the game where we can buy land and we can hire the engineers and get the entitlements done and sell entitled land to builders and so that's kind of our angle now got it okay let's transition the conversation for a moment into negotiation because in that extensive career that you've had, I'm sure you've learned negotiation on a ninja style level. Would you say that'd be accurate? And what's interesting about is I do not have a natural gregarious personality. I do not have the classic sales training or personality. I'm an engineer by personality. I'm an introvert. And so I'm not the classic salesperson.

But I think that's why it makes it much more interesting to talk about negotiation because business owners can still be really good negotiators without having classic sales training. Okay. So what are the skills needed to be a really good negotiator? I think fundamentally, if you can understand the other party's needs and wants and not assume that you know what they want. And a lot of times people will tell you, but they tell you indirectly. Like if you ask somebody it's like what is this all about like what what would this what make this successful um transaction for

you they'll tell you to sell it at the at the at the highest value at the highest amount at first and then you say well what what would happen if you couldn't sell this at the highest price what would you do then and you just kind of ask the question a different way. You know, you ask, you know, this is coming from, you know, Chris Voss's, you know, never split the difference. You ask what and how questions and you understand where they're coming from. And the whole strategy around negotiations in real estate anyway, probably in most businesses, is you're trying to get on their side of the table and use the market or some external force as the enemy versus you being the enemy. Right. So in other words, you want X amount and the market is suggesting that you can get X minus whatever amount.

Right. And certainly not that you're framing it in this way because this, but this is ultimately what, what you're saying is because I'm not going to pay X amount because it's worth X minus whatever. Right. And, but you have to frame it so that it's not Paul or Dan that's saying,

I'm not going to pay your price. It's the market that's saying, I'm not going to pay your price. Yeah. The market that's saying, I'm not going to pay your price. Yeah. The market doesn't support this. What are we going to do about it? The market is just not working for us. Interest rates are high. You need to sell and you repeat back the problems that they've told you. You repeat back, you really need to sell quickly. Like you have this big tax concern you're worried about.

What are we going to do about that? You know, what, what, what are your ideas? And like, I don't know, what, what, what do you think? Well, I have some suggestions, you know, what do you think? Well, I have some suggestions. How about I present with you three options? And it's like the A, B, X strategy, right? You give them two strategies that you really want, and you have one strategy that you really, really don't want, and they don't want, and they can throw that out. It gives them power. No, X is stupid, and I'm not doing that. Well, how about A or B? Which of those is most to your liking? Got it.

And either way, A or B is going to work for something that's going to be something you want to present it to them if it wasn't something that was going to work for you. Exactly. Exactly. Excuse me for interrupting my own show. You are freaking amazing. And because you're amazing, I'm going to ask for a quick favor. We'll just take you 30 seconds for you to leave a favorable five-star rating or review on your favorite platform.

Then what I'll do is I'll enter you into a raffle where we can meet 45 minutes for a free coaching session. And I'll also give you a copy of the book, Real Estate Evolution, which is the 10-step guide to CPI, consistent and predictable income. Oh, by the way, I'm a copy of the book, Real Estate Evolution, which is the 10-step guide to CPI, consistent and predictable income. Oh, by the way, I'm the author of that book. So if you'd like for me to coach you, give you some nuggets and help you in your business, go ahead and leave a review and you can enter into the monthly raffle to win. I love what you said, Paul, about finding out. And I think that's something that, you know, I do a lot of negotiations on behalf of, you know, homebuyers and home sellers and residential sales.

And something that I train the real estate agents in the Consistent Predictable Income community for them to do is to first question negotiation is to consider what is it the other person wants. Now, don't go in there with a false sense of belief of what you think they're going to want. You actually have to find out what they're going to want. Because a lot of times you may think what they want is the highest price. Well, everyone wants that, right? But timing, is it ease? Is it something that's terms or something that's different than just price? And so to be empathetic to find out what is it that they really want, and also that there's multiple parties involved sometimes, oftentimes. You've got in commercial, you've got the banks, you've got investors, you've got maybe multiple principals, maybe you've

got a broker involved in there and whatever the case may be. But when you start finding like there's, you know, multiple players in a component, then you also, you almost have to, you know, figure out, well, what does each person want to be most successful? What are your thoughts on my perception of that? I think it's spot on. And this is especially interesting for agents because as an investor, I often deal with agents, whether it be the selling agent or listing agent, and oftentimes difficult for an investor, frustrating for an investor who really prefers to go direct to the consumer and direct to the seller when I'm having to go through an agent. But when I'm going through a really good agent

who gets it, knows the business, and is there to make the deal happen, which, I mean, to me, why isn't every agent there to make the deal happen? That's how you get paid. But you'd be surprised. A lot of agents, I think, tear down a deal. They keep the deal from happening

because they have some sort of preconceived notion. So really good agents are much better at understanding the dynamics of all the players that you're talking about and understanding what they want. And it's very rare that I have an agent that asks me, what is your ideal outcome here? What is it that you really want? And when you get someone who asks that, you understand they understand negotiation. They're trying to figure out the levers that could be pulled to solve

all the different variables at play to make the deal happen so they get paid. Yeah, I've seen, I mean, I completely believe, I agree with you, Paul. I think the biggest challenge that I see agents make, or the biggest mistake rather, when you talk about negotiations, is that the agent suddenly takes their own values and beliefs and they put that into the negotiation. They impose it on the transaction.

It's like, this is not your deal. You're helping the deal. You're making the deal happen, for sure. You're a facilitator, but this is not your deal. When it comes down to it, you're not the one signing on the bottom. When all the dust clears, you're getting commissioned. And I think it's an important thing to remember that the principles in the transaction are the interests that you want to understand first. And if you're the agent representing your client, so that's the piece there. Yes, I want to find out what the customer, what the person on the other side of that, I want to find out what's important to them.

What are their goals? How can we make this work? Yet, I'm there to represent the client, the person who hired me. I'm there to represent their interests. And I've even seen often where the agent doesn't necessarily understand that the client is the one that's calling the shots. And then they take their own values and

they impose that into the transaction. Nevermind finding out what Paul wants, right? It's not even recognizing what seller wants. And that's where I think that they really, really do a true disservice. And it's a tight rope to walk. I used to be an agent for like two seconds. Then I realized very quickly that that's not a personality that made our, my personality didn't suit me to be in that, be in that business. I was getting it to be an agent, to learn about the mechanics of investing so that I could become an investor. And there are two different ways of looking at the world fundamentally, right? One is a commission-based business where you control your time, but you do a lot of work to earn your commission and you can make a very good living

doing it. Or you can be an investor who has a, you know, you're the principal in the transaction, you have equity in these transactions. And they can sometimes align, but oftentimes those interests can conflict. And being a real estate agent, I think, or any sort of commission sales where there's a lot of zeros on the transactions is a really good way to make money quickly and to earn an income so that you can take that income and then turn it into investments like save and invest. It's very, I would caution any commission salesperson to get, be careful of not getting trapped into always having to create the next transaction to make your business and your life spin.

It's a great skillset that you can bring to the market very quickly and make good money doing it, but do something smart with that money as well. Yeah, well, there's a difference between creating cash flow and creating wealth. Right. You know, cash flow is active work for pay, you know, for payment soon. That could be whether you're brokering a deal as an agent does. That could be whether you're flipping a house as some investors do. But ultimately, unless if you really have a business that's flipping houses, and that's really the business that's the asset.

And we're talking like a massive scale. Short of that, even flipping houses is not going to create you wealth. I agree. you will. It's taking that cash flow and then investing into a business, what you mentioned earlier, or investing into real estate, which you continue to mention, and then allowing for that to start growing so you get a better than a one hour for $1 return, where it's one hour for multiple dollars through the rest of your life, really, if you choose. Right. Well, it's creating residual income, right? It's that one-to-many transaction conversation that's, I think, really important for people to get their head around.

So tell me, Paul, so I know that part of what you do, um, I believe, so correct me if I'm wrong. I believe that you work with some, you know, like you're basically like a syndicator where you help to raise capital. You find the deal, you do the deal, maybe you manage it. I'm not quite sure exactly, you know, exactly your entire role on that, but walk me through that, like what you're doing today. And if somebody is watching this and they're, you know, they're making money, but they do want to take that money that they're making and now parlay that into, you know, from cash flow into wealth. Walk me through that if you could. Like, what are you doing today? How are you helping people?

Sure. So let's just talk about fundamentally the high level. I'm not going to assume anybody knows what a syndication is. A syndication is just simply a way to buy a big asset like an apartment complex, as an example, where there are principles that are usually referred to as general partners. And then there are financial catalysts, usually referred to as limited partners, that come in in a passive way. So let's call it a $10 million investment. The general partners,

they may bring, you know, three, four, $500,000 of their own cash into it, but then they get a, a loan for say $6 million. And they have another $4 million raise for which they'll bring in 500,000 or so. I'm making these numbers up right around numbers and they need to do another 3.5 raise. And so that's called the equity raise. And that's what they bring in limited partners for. And typically, it's, you know, the minimum investments, like 50,000, sometimes $100,000 in order to raise the capital, and the limited partner gets a return on their on their investment. And that's all they do. They have limited control.

They have limited risk, but they have an agreement with the general partners that they get paid first, which is referred to as a preferred return. So as cash flows come in and as the general partners manage the apartment complex,

in this example, they earn a return. And then that return, it pays the bills. And then what's the profit is then paid to the limited partners first. And then there's a split between the GP and LP. That's a syndication in its simplest form. I can I can think of a fund to set the same way, except for it's for not a specific deal, but for a an idea.

Like I want to go flip a bunch of houses or something and I want to buy a bunch of single family properties, whatever your thesis is, a fund does that, and you pre-raise the money for this idea versus a specific project. And I'm going to assume they have to be accredited investor, is that correct? So the term accredited investor is a definition that created by the SEC, I think in the early 80s is when it was first defined. And at the time it was, or even still, you had to have a net worth of a million dollars or an income of 250 or higher. Generally speaking, there's some nuances there, but we'll keep it that simple. And so for me to openly talk about it, my fund or syndication, I can only take money from accredited investors because I'm using a certain type of syndication or a certain type of fund,

which is called a 506C. There's also a 506B where I can take up to 35 unaccredited investors, meaning they don't hit that financial criteria, But I can't advertise publicly on Facebook or send out blast emails to people I don't know. Like I have to talk to my people about how I have a material relationship with. So Dan, you and I are just meeting today. I couldn't come to you and say, hey, I have this deal, this 506B, do you want in? Right? We'd have to have this relationship and you'd have to see that I'm doing deals. You'd have to raise your hand and say, Paul, I'm interested.

So that's the distinction between an unaccredited versus an accredited transaction or deal. You already know 87 percent of all real estate agents fail in this business. And you also know it doesn't have to be that way. If you're a real estate agent and you're looking for consistent and predictable income, I invite for you to get your free copy of Real Estate Evolution, The 10-Step Guide to CPI, Consistent and Predictable and predictable income for real estate agents. And you can do so when you visit www.therealestateevolution.com. I'll share with you your book that I authored to show you the way. Thanks. Where you're at now, are you raising capital for a fund or are you raising capital for specific deals? So I do both. So as a deal comes up, are you raising capital for a fund or are you raising capital for specific deals?

So I do both. So as a deal comes up, I'll raise capital as needed. And that depends on the circumstance. If I only need to raise, say, $500,000, I might be able to do that with my private network and just do a 506B, meaning I don't have to go all the way to a 506C and only take accredited investors. Or if I'm doing a much bigger raise for a specific project, then I might do a 506C and openly talk about the deal. I'll try and basically find strangers that are accredited and they're interested in looking for higher returns for their money. I might raise it that way.

And I have a fund as well. That's a 506C, meaning I can openly talk about it. And I'm constantly raising for that, right? So that's a $10 million fund that I lend money out to land flippers and do transactional lending. So it's a financing company for real estate transactions. And people can invest, as accreditedited investors can invest in my financing company. And so they're looking for a passive residual return with also money coming out of a solo 401k or a subject IRA is very common in that scenario, because that's money you really can't do much with

anyway, but they're looking for a way to get higher returns. And so we're offering 12% as a preferred return, and it could be as high as 15. And that's interesting to people who are accredited and have some cash in their IRA, but they're really don't know what to do with it. And it's kind of sitting there lazy. Got it. Okay. So basically said in simple terms, you have a fund that acts in the capacity of hard money to the final end user. And then to raise that capital, you're doing so through the 506. Yeah. What about the ones that you are like, let's say like a multifamily.

So you're investing into long-term projects. Right. Primarily in Dallas, Texas, but in other parts as well as is that correct? That's correct. Yeah. Is there, we can explain this if, if it's appropriate, but is there an opportunity like for like cost segregation, that type of thing for the investors in the properties that you're investing? Yes. So when I buy physical real estate that has improvements on it, like an apartment complex, then when you talk about cost segregation, that's just an advanced technique for depreciation that allows us to pass on some tax savings to investors. So you put in $100,000

as an investment, a percentage of that you can get back each year as we pass through depreciation through the investment to you. So if you're doing a tax, if you have $100,000 in a savings account, and it's not really earning much income, and you invest it into a syndication that passes through tax advantages, then you might be able to get a write-off of $3,000, $5,000, $10,000 per year that basically effectively lowers your income basis. And if you're in an IRA that already has taxable advantages or tax advantages to it, then you would probably forego that cost segregation and pass it on to other investors. Yeah.

So neither, Paul, you're not a CPA, right? I'm not. I'm not an attorney. I'm not an accountant. I'm not a professional. I'm an investor. So neither of us are any of that yet. I would suggest to the viewer and the listener to understand that there's a major tax benefits that you would want to talk about with your professional that you could be able to really benefit from doing this type of deal. Would that be accurate, you said, Paul?

Yes. And so typically when you're buying an apartment complex, it's very common that you own that for five or seven years. So a big group comes in, buys an apartment complex for five or seven years. They're usually doing some sort of value add. They improve the operations. They're trying to increase the value of the sales price of that property. So they buy it for $10 million. And seven years later, they want to buy it, sell it for $18 million, right? That's the idea. Well, about $8 million of that purchase price was for not the land, was for the, not the land, but the improvements, the actual buildings that were top of it, those wear down over time. So the tax code allows us to take the, the wear down depreciation of those assets as a savings in taxes. So you pass that

on to investors as well. You know, the, the GPs get it as well, but the LPs also get it because they're putting a lot of money. And so that could be a good way for the life of that ownership, the five or seven years, every year you're getting, like it basically lowers, it basically, let's call it $3,000. $3,000 every year, it gets wiped out of your investment saying that, so if you say your income was $100,000 this year, if you had the depreciation marked down, then now your adjusted gross income is $97,000. So, if you had the depreciation markdown, then now your adjusted gross income is $97,000. So if you do that enough times, it can actually drop you into a lower tax bracket. Yeah. And from the way that I understand it is that a normal investment is going to be depreciated at something like 27 point something years, but can with the cost segregation accelerate so the entire

improvement is could be you know accelerated through a five or seven year period right so i understand that correctly yeah generally speaking yes so by default a single family house is depreciated every 1 27th and a half years so you're basically the value of the house is depreciating by 1 27 and a half i was guessing guessing at the 27 and change ball. I'm pretty impressed. I knew it was in there somewhere, but I wasn't quite sure about that memory. So for, for commercial it's 35 years. So, so it's for commercial you just different. So the default is that it's one one 35th, right?

Whereas if you do a cost segregation study, you basically pay an accountant type person to say, okay, well, we did like the, the roof is a 20 year roof. So we can cost segregate that and basically say the roof is, can be accelerated. Like we'll break that down to one 20th or the cabinets only last so long. So that'll be, you know, one 10th, you know, our 10 years will be one 10th and they'll look at the, the flooring, which you have to replace every five years and you get one fifthtenth. Our 10 years will be one-tenth. They'll look at the flooring, which you have to replace every five years, and you get one-fifth of that. Well, then some of the advantages that the Trump tax bill brought in was this idea of accelerated depreciation of doing a cost seg, which some of

that will be grandfathered out. In the last few years, there's been an opportunity for major tax savings. He was a real estate investor. And when he put that together, he was clearly thinking about real estate investors when he put that together. Probably pretty self-serving. But it was a huge advantage to all real estate investors in that tax bill. So that basically allows us to get a whole bunch of our cash back as credit. And so you're not paying taxes on it. It basically lowers your tax basis. And that is usually not in the first year.

It happens in the second and third years when that really picks up. And so you put in $100,000 this year, two or three years down the road in your five to seven year hold, then you really start seeing the big tax advantages. All right. So we got really, really, really close to getting wonky with the audience there and geeky and nerdy, right? So we'll stay away from diving deeper into the numbers. But what I want the viewer and listener to get from that conversation is really just understand there's an opportunity for some major tax benefits as well as a preferred return, which means that you get paid first. Yes, there's risk to everything, yet your risk is lower, right? And we'll just leave it at that without getting into what the

risk is. I'm sure if you wanted to talk to Paul, he can run through that with you. But you're looking at something that's a really, really good return on investment, lots of tax benefits, and a way to be able to get into real estate investing without raising $10 million with being a part of that raise of capital. Is that all correct, Paul? It's all spot on because very few of us are given a trust fund when we come out of college, and we don't have $10 million in our back pocket. These transactions are too big to take down by yourself. You say very few of us, Paul. Are you saying you're the one of us on that?

I wish. There's only two of us in this conversation right now, man. I'm not a trust baby for sure. I think most people who have that get messed up. It's so much better to go out and earn it yourself. But yeah, the way you summarize that was spot on. These transactions are just too big for any one person, unless you're a trust fund baby, to take down yourself.

And so you end up doing it together as a team project and you find partners and you bring in limited partners to make the project happen. Love it. Paul, how can somebody get in touch with you if they want to learn more? The best way to get ahold of me is at my website, pauldavidthompson.com. That's spelled the way you would expect all of those names to be spelled, pauldavidthompson.com. And I'm sure you'll drop that link in the show notes so people can find me. And if you want to check out my fund, if you're interested in learning more about that,

then I'll send you the link for that as well. It's OneCallCapital. And you can find that for my website as well. And then I'm Paul David Thompson on most every social site. Paul David Thompson, thank you for your time today. I wish you the best in everything, real estate agents, investors, everybody else listening to the show today. Thank you for your time today. I wish you the best in everything, real estate agents, investors, everybody else listening to the show today. Thank you for your time. And I wish that you have the best day of your life. Be grateful, make good choices, go help somebody. And for your real estate agents, go find a listing. Thanks so much for listening to the No Broke Months podcast today. Until the next show, I invite for you to be grateful, make good choices, help someone,

have the best day of your life, and go find a listing. I'm very excited about the conversation we're about to have. I want to introduce you to Dan Roshan, who is the owner and co-founder of Greetings Virginia. I am so excited to introduce my next guest, Dan Rochon. He reads, he writes, he does improv. A frequent speaker and often quoted about the real estate market. I'm going to bring on a guy that is a winner. We had some really cool conversations before going live with this show. We dan rochon so i'm gonna encourage for you to think big i'm gonna encourage you to think big and then multiply it by two and then take huge action because whatever you want you're only five years away from that