No Broke Months For Salespeople - The Art of Negotiation - Paul Thompson

Episode Date: December 5, 2024

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. You can find Paul in these links below: WebsiteFacebookInstagram 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 Salespeople podcast, the ultimate destination for salespeople, business people, and entrepreneurs. As you immerse yourself in this show, you'll discover the secrets to unlocking consistent and predictable income. We reveal the new way to persuade human behavior by mastering the art of the teach-to-sell method. Get ready to transform your approach and achieve unparalleled success. 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 Rashan talks about the art of negotiation. Hello, friends. My name is Dan Rochon. I'm the host of the No Broke Months for Salespeople podcast, where you learn how to teach to sell, which is the new way to persuade human behavior. And when you teach yourself, you're going to unlock consistent and predictable income. You're going to strengthen relationships to achieve self-fulfillment, and you're going to avoid the number one sales mistake to never face rejection again and learn how to use normal linguistic programming to influence and handle difficult people. Welcome to 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, 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 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, 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'll 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 a lot of people don't get that. I say, 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 week before Thanksgiving. And it was like, ouch, that's, that's a tough time to companies don't think about 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 was building my 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 becoming an insurance agent or 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, there's residual income streams that really didn't, 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 cash flow 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 know appreciation has happened in um it's both in values and in rents but the the values have have been much higher than rents so it's still possible to find one percent deals here um even off the mls but it's not as as easy as it was in 2015 all right so then yeah at some point in your journey let 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 get into apartments. And so I bought a very small, kind of like a six-unit apartment complex. So super small. 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 is. So if I'm going to buy properties at those kinds 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 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, you've, I'm sure you've learned negotiation on a ninja style level. Would you say that'd be accurate? Yes. I would say that I've, I've gotten a lot better at it. And what's interesting about is my 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, well, what is this all about? What would make this a successful transaction for you? They'll tell you to sell it at the highest value, at the highest amount at first. And then you say, well, 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, 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, but this is ultimately what you're saying is because I'm not going to pay X amount because it's worth X minus whatever. Right. 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 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 are your ideas? And like, I don't know, what do you think? Well, I have some suggestions, you know, like 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. 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. Hey, excuse me for interrupting my own show, but this is really important. Do you want to know how to teach to sell? If yes, I invite for you to visit www.nobrokemonths.com. That's nobrokemonths.com to be able to get your exclusive electronic swag bag when you pre-order my upcoming book, Teach and Grow Rich. In Teach and Grow Rich, you're going to learn how to increase your influence, avoid the number one sales mistake.

You'll learn about that when you read the book and get what you want. And when you get the book, I'm going to give you that swag bag, which is going to include 11 ways to be able to believe in yourself. If you've ever had doubt before, this document is going to show you the scientific way that you can then believe in yourself. The swag bag is also going to include to you a document that's going to show you how to get people to call you back. How to get people to call you back guaranteed will show you the proven strategies to make sure that that call gets returned. And my good friend Janine Driver, who is a New York Times bestselling author and a body language

expert it's going to give you a chapter of her book you can't lie to me so that you can sharpen your bs detector so that you can learn to be able to understand truthful emotions and the difference between that and deceptive reactions so you're also going to get a whole bunch of other cool stuff in the swag bag so visit now www.nobrokemonths.com. That's nobrokemonths.com to be able to pre-order your book, Teach and Grow Rich. Nobrokemonths.com. And I look forward to helping you. God bless. 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 home buyers and home sellers and residential sales and something that i train um

the real estate agents in the consistent predictable income community to 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 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 lend you've got the banks you've got investors you've got um maybe multiple principals maybe you've got a broker involved in there and uh 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 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 a 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 asked me, what is your ideal outcome here? What is 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 the all the different variables at play to make the deal happen so they get paid. agents make or the biggest mistake rather when you talk about negotiations is that the agent suddenly takes their own values and beliefs and make it and they put that into the negotiation they impose it on on the transaction it's like this is not your deal you're you're helping the deal you're making the deal happen for sure you're a 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 interest 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.

Never mind 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. And I realized very quickly that that's not a personality that made our my personality didn't suit me to 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,

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 and 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, is or any kind of high, 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. I would caution any commissioned salesperson to 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 skill set 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 cashflow and creating wealth. Right. You know, cashflow 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, right? But ultimately, unless if you really have a business that's flipping houses, right? 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 your wealth. It's taking that cashflow 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 you, a part of what you do today is, 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. 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 cashflow 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, 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 it's called 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 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 think of a fund is set the same way, except for it's for not a specific

deal, but for 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 a credit 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. When you become an entrepreneur, a business owner, you have to start out with so much optimism.

And that's quickly taken over by fear. Because you soon realize, man, this is so much harder than I thought it was going to be. More money, more time, more skill and energy. It takes so much more. And often, we encounter that number one sales mistake, which is the feeling of not good enough. It's that self-doubt that holds so many people back from achieving their sales goals. And with so many ups and downs, the biggest thing that you need is faith. Faith in yourself that you can keep going, but you don't have to manufacture that faith. It's why I wrote the book, Teach and Grow Rich, how to increase your your influence avoid the number one sales mistake and get what you want i invite for you to get your copy and visit www.teach to sell now.com

that's teach to sell now.com teach yourself now.com go ahead visit that site and claim your copy where you're at now are you raising capital for a fund or are you raising capital for and claim your copy. 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, I'll raise capital as needed. And that depends on the circumstance.

If I only need to raise, say, 500 grand, 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, but 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 accredited 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 into um you're investing into you know long-term projects right in um primarily in dallas texas but in other parts as well as is that correct

that's correct it's spot on yeah is there we can explain this if if it's appropriate um 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 we 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 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, which 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 some major tax benefits that you would want to talk about with your professional that you could be able to really benefit from from doing this type of deal. Would that be would that be accurate? Yes. And so typically, when you're buying an apartment complex, it's very common that you owe you own that for five or seven years. So a big group comes in buys an apartment complex, it's very common that you own that for five to 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, say, $10 million. And seven years later, they want to sell it for $18 million, right? That's the idea. Well, about $8 million of that purchase price was for the, the, 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 wear down depreciation of those assets as a savings in taxes. So you pass that on to investors as well. You know, 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 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 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 gonna be depreciated at something like 27 point something years, but you can with the cost segregation. 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. Yeah. So by default, a single family house is depreciated every one 27th and a half years. So you're basically the value of the house is depreciated every one 27th and a half years so you're basically the value of the house is depreciating by 127 and a half i was guessing that's a 27 and change ball i'm pretty i i knew it was in there somewhere but uh i wasn't quite sure about that memory so for for commercial it's 35 years so um so it's for commercial you're just different so the default

is that it's 135th right whereas if you do a cost segregation study, you basically pay an accountant type person to say, okay, well, we did like 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 fifth of that. Well, then some of the advantages that the tax, the Trump tax bill brought in was this idea of accelerated depreciation of doing a cost seg, which some of that will be uh grandfathered out but in the last few years there's been an opportunity for major tax savings you know he was a real estate investor and he was when he put that together he basically he was clearly thinking about real estate

investors put that together uh probably probably pretty self-serving um but it was a huge advantage to all real estate investors in that uh in. 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, you know, really, really good return on investment, lots of tax benefits, and a way to be able to get into real estate investing

without raising the $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, are given a trust fund when we come out of college and we don't have $10 million in our back pocket. Like these transactions are too big to take down by yourself. So are you saying like, you're the one of us on that? I mean,

I wish there's only two of us in this conversation right now, man. Yeah. I'm not, I'm not a trust baby for sure. And you know, I think it messes, it messes, most people who have that get messed up, right? So it's so much better to go out and earn it yourself. But yeah, the way you summarize that was, was spot on. These transactions are just too big for any one person, unless you're a trust fund baby, to, 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 one call capital. And you can find that from 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. 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 for listening to the show today. I am truly passionate about watching great business owners like you and salespeople to grow. And nothing excites me more than hearing your incredible success stories. And I invite for you. In fact, I dare you to reach out to me on social, Dan Roshan, and ask me any question, whether you're

struggling or just want to share one of those great success stories. And I promise you, I'll reach back to you. So until the next time, have the best day of your life. Be grateful. Make good choices. Go help somebody. And let's connect on social. Hey, I just had the best 45 minutes interviewing Dan Rochon. He's from Virginia, right outside the

DC area. He's been in a stable market for a long time. Within 18 months, he created so much success where he was actually able to buy the brokerage as a real estate agent. Dan is a leader of vision, focus, and passion. His enthusiasm is truly infectious. He just came out with a book for real estate agents to kind of help people pivot. We went through and talked about how to succeed in adversity from his big traits out there.