{"version":"1.0.0","segments":[{"startTime":0.36,"endTime":1.32,"body":"And did you?"},{"startTime":1.32,"endTime":5.72,"body":"How did you first"},{"startTime":1.32,"endTime":5.72,"body":"do your due diligence for the sponsor"},{"startTime":5.72,"endTime":7.76,"body":"or the operator that you work with?"},{"startTime":7.76,"endTime":9.92,"body":"Because it was a new process for your."},{"startTime":10.24,"endTime":11.52,"body":"What made you decide that?"},{"startTime":11.52,"endTime":13.76,"body":"This is a team that I wanted to go with?"},{"startTime":13.76,"endTime":15.12,"body":"That's a that's a very good question."},{"startTime":15.12,"endTime":20.36,"body":"So for me, I, I first"},{"startTime":15.12,"endTime":20.36,"body":"joined a multifamily mentorship group"},{"startTime":21.12,"endTime":25.68,"body":"so I could learn and so that I could be"},{"startTime":21.12,"endTime":25.68,"body":"around other people that have done it."},{"startTime":26.36,"endTime":28.72,"body":"And then I started to ask other people,"},{"startTime":28.96,"endTime":32.72,"body":"you know, who of you invested with you"},{"startTime":28.96,"endTime":32.72,"body":"know, what, what's been your experience?"},{"startTime":33.0,"endTime":35.32,"body":"And I started getting recommendations"},{"startTime":33.0,"endTime":35.32,"body":"from people,"},{"startTime":35.88,"endTime":38.04,"body":"You know,"},{"startTime":35.88,"endTime":38.04,"body":"you really should talk to these people."},{"startTime":38.04,"endTime":43.0,"body":"And and then I got on a bunch of different"},{"startTime":38.04,"endTime":43.0,"body":"people's email list, and then I started"},{"startTime":43.0,"endTime":46.92,"body":"to get emails with different,"},{"startTime":43.0,"endTime":46.92,"body":"you know, deal opportunities."},{"startTime":46.92,"endTime":49.8,"body":"And then my first deal,"},{"startTime":46.92,"endTime":49.8,"body":"I invested with somebody"},{"startTime":49.8,"endTime":53.6,"body":"that a lot of people had had given me"},{"startTime":49.8,"endTime":53.6,"body":"positive recommendations for."},{"startTime":55.28,"endTime":57.6,"body":"Welcome to the Real Estate Vibe show,"},{"startTime":57.84,"endTime":60.96,"body":"where we empower you"},{"startTime":57.84,"endTime":60.96,"body":"to take control of your financial life."},{"startTime":61.36,"endTime":64.48,"body":"Are you ready to discover"},{"startTime":61.36,"endTime":64.48,"body":"how to make your money work for you?"},{"startTime":64.68,"endTime":66.24,"body":"But don't know where to start."},{"startTime":66.24,"endTime":68.36,"body":"Well, you've come to the right place."},{"startTime":68.36,"endTime":72.24,"body":"Join your host, Vinky Loomba,"},{"startTime":68.36,"endTime":72.24,"body":"as she interviews highly successful"},{"startTime":72.24,"endTime":73.6,"body":"industry professionals"},{"startTime":73.6,"endTime":75.84,"body":"who will share their life"},{"startTime":73.6,"endTime":75.84,"body":"experiences and mindset"},{"startTime":75.84,"endTime":78.36,"body":"that played a pivotal role"},{"startTime":75.84,"endTime":78.36,"body":"in their success."},{"startTime":78.36,"endTime":81.72,"body":"Learn how to build generational wealth"},{"startTime":78.36,"endTime":81.72,"body":"through commercial real estate investing."},{"startTime":82.24,"endTime":85.52,"body":"By the way, it's important to note"},{"startTime":82.24,"endTime":85.52,"body":"that the show is strictly for educational"},{"startTime":85.52,"endTime":89.12,"body":"purposes and should not be considered"},{"startTime":85.52,"endTime":89.12,"body":"legal accounting or investment advice."},{"startTime":89.6,"endTime":92.28,"body":"Please stay tuned"},{"startTime":89.6,"endTime":92.28,"body":"as we have a free gift for you at the end."},{"startTime":92.64,"endTime":93.96,"body":"If you enjoyed the show, please"},{"startTime":93.96,"endTime":96.44,"body":"don't forget to give us good ratings"},{"startTime":93.96,"endTime":96.44,"body":"and leave a comment below."},{"startTime":97.24,"endTime":100.52,"body":"This is very El CID WIP show"},{"startTime":97.24,"endTime":100.52,"body":"and I'm your host, Winky Loomba,"},{"startTime":100.52,"endTime":102.32,"body":"a commercial real estate investor."},{"startTime":102.32,"endTime":106.04,"body":"And today I have a very good friend,"},{"startTime":102.32,"endTime":106.04,"body":"Darren Batchelder, with me."},{"startTime":106.44,"endTime":108.84,"body":"Welcome to the real Sid Wife Show. Darren."},{"startTime":108.84,"endTime":109.32,"body":"Thank you."},{"startTime":109.32,"endTime":110.32,"body":"Thank you for having me."},{"startTime":110.32,"endTime":112.92,"body":"I'm excited."},{"startTime":110.32,"endTime":112.92,"body":"This going to be fun. Exactly."},{"startTime":113.24,"endTime":114.36,"body":"A little bit about Darren."},{"startTime":114.36,"endTime":118.4,"body":"Darren is a seasoned multifamily"},{"startTime":114.36,"endTime":118.4,"body":"syndicator, successful podcast host,"},{"startTime":118.72,"endTime":122.88,"body":"published author and a savvy investor"},{"startTime":118.72,"endTime":122.88,"body":"with extensive experience"},{"startTime":122.88,"endTime":125.68,"body":"in managing over 9000 multifamily units."},{"startTime":126.0,"endTime":130.6,"body":"He's also a dynamic business owner"},{"startTime":126.0,"endTime":130.6,"body":"with a proven track record of success."},{"startTime":130.92,"endTime":134.92,"body":"And today we're going to be discussing"},{"startTime":130.92,"endTime":134.92,"body":"that topic multifamily investing."},{"startTime":135.24,"endTime":137.16,"body":"So before we get started, Darren,"},{"startTime":137.16,"endTime":139.44,"body":"would you please"},{"startTime":137.16,"endTime":139.44,"body":"briefly share your background with me?"},{"startTime":139.48,"endTime":142.56,"body":"How did you get involved in real estate"},{"startTime":139.48,"endTime":142.56,"body":"investments?"},{"startTime":143.16,"endTime":144.96,"body":"Sure. So I was."},{"startTime":144.96,"endTime":146.6,"body":"So I'm 53 now."},{"startTime":146.6,"endTime":152.04,"body":"I only got involved"},{"startTime":146.6,"endTime":152.04,"body":"probably five years ago when I was 47, 48."},{"startTime":152.04,"endTime":153.32,"body":"And and"},{"startTime":154.48,"endTime":156.72,"body":"my past I started out as a CPA."},{"startTime":156.72,"endTime":161.04,"body":"Then I was in software sales,"},{"startTime":156.72,"endTime":161.04,"body":"and then I was trading large"},{"startTime":161.04,"endTime":165.12,"body":"portfolios of loans for a large Dutch bank"},{"startTime":165.36,"endTime":168.36,"body":"called ABN Amro and which was focused"},{"startTime":168.36,"endTime":171.56,"body":"on residential multifamily"},{"startTime":168.36,"endTime":171.56,"body":"and commercial real estate loans."},{"startTime":173.08,"endTime":176.4,"body":"Actually,"},{"startTime":173.08,"endTime":176.4,"body":"they were only multifamily and residential"},{"startTime":176.4,"endTime":181.12,"body":"and two, that that was like 22, 26, 27."},{"startTime":181.12,"endTime":184.12,"body":"I started my own company doing that"},{"startTime":181.12,"endTime":184.12,"body":"and I still have that company."},{"startTime":184.72,"endTime":188.4,"body":"And, you know, over the years"},{"startTime":184.72,"endTime":188.4,"body":"I had so many bank"},{"startTime":188.4,"endTime":194.04,"body":"presidents and chief planning officers"},{"startTime":188.4,"endTime":194.04,"body":"tell me that they they just love"},{"startTime":194.04,"endTime":197.16,"body":"the performance of multifamily loans"},{"startTime":197.64,"endTime":199.76,"body":"in good times and in bad times."},{"startTime":200.32,"endTime":203.32,"body":"And, you know, shame on me."},{"startTime":203.32,"endTime":207.0,"body":"I took me a long time before I decided,"},{"startTime":203.32,"endTime":207.0,"body":"you know what?"},{"startTime":207.16,"endTime":209.0,"body":"You might have something here."},{"startTime":209.0,"endTime":212.24,"body":"So finally I got involved and said,"},{"startTime":209.0,"endTime":212.24,"body":"You know what?"},{"startTime":212.28,"endTime":214.36,"body":"I've been hearing this for years."},{"startTime":214.36,"endTime":216.88,"body":"I'm actually going to go out and start"},{"startTime":214.36,"endTime":216.88,"body":"buying some real estate."},{"startTime":217.32,"endTime":221.64,"body":"And I started with a duplex"},{"startTime":217.32,"endTime":221.64,"body":"and then I just grew from there."},{"startTime":221.64,"endTime":226.32,"body":"And now,"},{"startTime":221.64,"endTime":226.32,"body":"you know, I'm invested in over 9000 units"},{"startTime":226.32,"endTime":231.12,"body":"and as a as an LP"},{"startTime":226.32,"endTime":231.12,"body":"and then as a 14 properties."},{"startTime":232.08,"endTime":233.32,"body":"So it's been a"},{"startTime":233.32,"endTime":237.96,"body":"great run and I've learned a ton"},{"startTime":233.32,"endTime":237.96,"body":"and the returns have been fantastic."},{"startTime":238.8,"endTime":239.0,"body":"All right."},{"startTime":239.0,"endTime":241.24,"body":"So let's talk about"},{"startTime":239.0,"endTime":241.24,"body":"a little bit of the lingo here."},{"startTime":241.24,"endTime":244.76,"body":"A lot of people use this analogy"},{"startTime":241.24,"endTime":244.76,"body":"out, Bees and bees."},{"startTime":244.92,"endTime":245.44,"body":"Yeah."},{"startTime":245.44,"endTime":250.72,"body":"What was your first impression about out"},{"startTime":245.44,"endTime":250.72,"body":"bees and what was your understanding"},{"startTime":250.96,"endTime":255.68,"body":"and how did you get the deeper"},{"startTime":250.96,"endTime":255.68,"body":"understanding of the meaning of it?"},{"startTime":255.68,"endTime":258.88,"body":"And you decided, okay,"},{"startTime":255.68,"endTime":258.88,"body":"I want it to be just out. Bee."},{"startTime":259.48,"endTime":259.92,"body":"Yeah."},{"startTime":259.92,"endTime":263.92,"body":"So LPI stands for Limited partner, G.P."},{"startTime":263.96,"endTime":268.56,"body":"stands for General Partner and after"},{"startTime":263.96,"endTime":268.56,"body":"I bought the duplex, my wife and I"},{"startTime":270.0,"endTime":271.68,"body":"was like, We're going to make money on it,"},{"startTime":271.68,"endTime":275.16,"body":"but it's just going to take forever"},{"startTime":271.68,"endTime":275.16,"body":"to really build any significant wealth."},{"startTime":275.64,"endTime":277.72,"body":"So I went looking for a way to go bigger."},{"startTime":277.96,"endTime":283.8,"body":"And at first I went to different real"},{"startTime":277.96,"endTime":283.8,"body":"estate seminars and and local REIA groups,"},{"startTime":283.8,"endTime":288.4,"body":"and they were mainly focused"},{"startTime":283.8,"endTime":288.4,"body":"on fixing flip single family homes."},{"startTime":288.4,"endTime":289.8,"body":"And I knew I didn't want to do that."},{"startTime":289.8,"endTime":291.96,"body":"I wanted to do larger deals."},{"startTime":291.96,"endTime":297.04,"body":"And so I finally came across a group"},{"startTime":291.96,"endTime":297.04,"body":"that was focused just on multifamily."},{"startTime":297.6,"endTime":300.0,"body":"And I met some people there."},{"startTime":300.0,"endTime":300.6,"body":"And, you know,"},{"startTime":300.6,"endTime":305.84,"body":"I just happened to meet a nice couple"},{"startTime":300.6,"endTime":305.84,"body":"that said that they were in the same boat."},{"startTime":305.84,"endTime":307.92,"body":"They really didn't"},{"startTime":305.84,"endTime":307.92,"body":"understand the industry,"},{"startTime":307.92,"endTime":310.76,"body":"but they wanted to get something"},{"startTime":307.92,"endTime":310.76,"body":"that was scalable."},{"startTime":311.28,"endTime":316.12,"body":"And then they started sharing with me"},{"startTime":311.28,"endTime":316.12,"body":"their returns and it was unbelievable."},{"startTime":316.12,"endTime":319.88,"body":"So at that point I was like,"},{"startTime":316.12,"endTime":319.88,"body":"All right, I'm going to give this a chance"},{"startTime":320.48,"endTime":323.64,"body":"and I'm first going to invest"},{"startTime":320.48,"endTime":323.64,"body":"in other people's deals."},{"startTime":323.64,"endTime":325.88,"body":"And that's"},{"startTime":323.64,"endTime":325.88,"body":"what being an aluminum partner is."},{"startTime":326.28,"endTime":330.36,"body":"You're taking some of your money"},{"startTime":326.28,"endTime":330.36,"body":"and you're investing in a deal"},{"startTime":330.36,"endTime":333.04,"body":"with somebody else"},{"startTime":330.36,"endTime":333.04,"body":"who they're going to manage the deal."},{"startTime":333.48,"endTime":336.48,"body":"And so I took money"},{"startTime":333.48,"endTime":336.48,"body":"out of the stock market"},{"startTime":336.92,"endTime":340.0,"body":"and then I started to invest"},{"startTime":336.92,"endTime":340.0,"body":"with other syndicators."},{"startTime":340.04,"endTime":344.2,"body":"And I knew I wanted to be"},{"startTime":340.04,"endTime":344.2,"body":"a lead syndicator at some point."},{"startTime":344.2,"endTime":348.2,"body":"So I kind of spread my capital"},{"startTime":344.2,"endTime":348.2,"body":"around to different syndicators"},{"startTime":348.2,"endTime":351.36,"body":"because I wanted to learn"},{"startTime":348.2,"endTime":351.36,"body":"how do they manage the deal,"},{"startTime":351.8,"endTime":353.96,"body":"how do they communicate"},{"startTime":351.8,"endTime":353.96,"body":"with their investors?"},{"startTime":354.56,"endTime":355.84,"body":"What's the process?"},{"startTime":355.84,"endTime":359.04,"body":"So that I could form my own opinion"},{"startTime":355.84,"endTime":359.04,"body":"on how I want to do it."},{"startTime":359.04,"endTime":361.52,"body":"When I when I get started."},{"startTime":359.04,"endTime":361.52,"body":"I wanted to go with."},{"startTime":361.92,"endTime":363.24,"body":"That's a that's a very good question."},{"startTime":363.24,"endTime":368.52,"body":"So for me, I, I first"},{"startTime":363.24,"endTime":368.52,"body":"joined a multifamily mentorship group"},{"startTime":369.28,"endTime":373.8,"body":"so I could learn and so that I could be"},{"startTime":369.28,"endTime":373.8,"body":"around other people that have done it."},{"startTime":374.52,"endTime":378.84,"body":"And then I started to ask other people,"},{"startTime":374.52,"endTime":378.84,"body":"you know, who have you invested with?"},{"startTime":379.16,"endTime":381.2,"body":"You know, what?"},{"startTime":379.16,"endTime":381.2,"body":"What's been your experience?"},{"startTime":381.2,"endTime":383.48,"body":"And I started getting recommendations"},{"startTime":381.2,"endTime":383.48,"body":"from people,"},{"startTime":384.0,"endTime":386.2,"body":"You know,"},{"startTime":384.0,"endTime":386.2,"body":"you really should talk to these people."},{"startTime":386.2,"endTime":391.16,"body":"And and then I got on a bunch of different"},{"startTime":386.2,"endTime":391.16,"body":"people's email list, and then I started"},{"startTime":391.16,"endTime":395.08,"body":"to get emails with different,"},{"startTime":391.16,"endTime":395.08,"body":"you know, deal opportunities."},{"startTime":395.08,"endTime":398.0,"body":"And then my first deal,"},{"startTime":395.08,"endTime":398.0,"body":"I invested with somebody"},{"startTime":398.0,"endTime":401.76,"body":"that a lot of people had had given me"},{"startTime":398.0,"endTime":401.76,"body":"positive recommendations for."},{"startTime":402.88,"endTime":404.48,"body":"So what would you recommend"},{"startTime":404.48,"endTime":409.44,"body":"to a aspiring investor, how or what"},{"startTime":404.48,"endTime":409.44,"body":"they should do?"},{"startTime":409.92,"endTime":413.88,"body":"Yeah, so a lot of people"},{"startTime":409.92,"endTime":413.88,"body":"talk about limited partners."},{"startTime":413.88,"endTime":416.64,"body":"So if you're going to get"},{"startTime":413.88,"endTime":416.64,"body":"in your first deal, what should you do?"},{"startTime":416.64,"endTime":419.32,"body":"And a lot of people will answer."},{"startTime":419.52,"endTime":422.6,"body":"You know, pick a syndicator that you know,"},{"startTime":419.52,"endTime":422.6,"body":"like and trust."},{"startTime":422.92,"endTime":427.32,"body":"You know, somebody I,"},{"startTime":422.92,"endTime":427.32,"body":"I particularly have one step before that."},{"startTime":427.32,"endTime":429.68,"body":"I say pick the market first."},{"startTime":430.2,"endTime":434.04,"body":"So, you know,"},{"startTime":430.2,"endTime":434.04,"body":"I'm invested in growth markets."},{"startTime":434.28,"endTime":438.96,"body":"So like Arizona, Texas,"},{"startTime":434.28,"endTime":438.96,"body":"the Carolinas, Georgia,"},{"startTime":439.16,"endTime":442.68,"body":"you know, I'm not invested in Florida,"},{"startTime":439.16,"endTime":442.68,"body":"but I would I would invest in Florida."},{"startTime":443.0,"endTime":446.88,"body":"So first is the markets"},{"startTime":443.0,"endTime":446.88,"body":"and then once you know what markets"},{"startTime":446.88,"endTime":451.72,"body":"you want to be in, then find syndicators"},{"startTime":446.88,"endTime":451.72,"body":"that do deals in those markets"},{"startTime":452.2,"endTime":454.36,"body":"and get on their email list."},{"startTime":455.08,"endTime":457.52,"body":"Then once you're on their email list,"},{"startTime":455.08,"endTime":457.52,"body":"when they have a deal,"},{"startTime":457.52,"endTime":459.2,"body":"they're going to send you the deal."},{"startTime":459.2,"endTime":463.12,"body":"And most of the time"},{"startTime":459.2,"endTime":463.12,"body":"they're going to have a webinar"},{"startTime":463.44,"endTime":465.4,"body":"so you can sign up for the webinar."},{"startTime":465.4,"endTime":471.2,"body":"And it's it's no, you don't have to"},{"startTime":465.4,"endTime":471.2,"body":"invest it, but it's a learning process."},{"startTime":471.52,"endTime":474.56,"body":"So you, you listen to the webinar,"},{"startTime":471.52,"endTime":474.56,"body":"you watch the webinar,"},{"startTime":474.76,"endTime":478.68,"body":"you hear questions that other investors"},{"startTime":474.76,"endTime":478.68,"body":"ask and then you learn from that."},{"startTime":480.24,"endTime":482.56,"body":"I would highly recommend getting involved"},{"startTime":482.56,"endTime":486.52,"body":"in a multifamily mentorship group"},{"startTime":482.56,"endTime":486.52,"body":"if you have the capital to do so."},{"startTime":486.92,"endTime":490.36,"body":"If you don't, I would recommend that"},{"startTime":486.92,"endTime":490.36,"body":"you go to multifamily"},{"startTime":490.36,"endTime":492.72,"body":"meetups, you know, the free meetup groups."},{"startTime":493.56,"endTime":495.68,"body":"So you meet other people that have done it"},{"startTime":496.08,"endTime":499.08,"body":"and then you ask them,"},{"startTime":496.08,"endTime":499.08,"body":"Who have you invested with?"},{"startTime":500.24,"endTime":502.52,"body":"You mentioned first"},{"startTime":502.52,"endTime":505.88,"body":"research the market,"},{"startTime":502.52,"endTime":505.88,"body":"and that's a very good tip right there."},{"startTime":506.2,"endTime":510.6,"body":"But as a newbie, a lot of times"},{"startTime":506.2,"endTime":510.6,"body":"people don't know about the markets."},{"startTime":510.6,"endTime":514.08,"body":"They just want to maybe invest"},{"startTime":510.6,"endTime":514.08,"body":"in their own backyard right now"},{"startTime":514.16,"endTime":516.72,"body":"where they are and they do not know"},{"startTime":514.16,"endTime":516.72,"body":"much about the market."},{"startTime":516.72,"endTime":518.72,"body":"So can you share some of the tips"},{"startTime":518.72,"endTime":522.36,"body":"or tools that work for you"},{"startTime":518.72,"endTime":522.36,"body":"in the market research site?"},{"startTime":522.96,"endTime":524.0,"body":"One, why?"},{"startTime":524.0,"endTime":526.32,"body":"Why do I pick growth markets?"},{"startTime":526.32,"endTime":530.56,"body":"You know, and and you know,"},{"startTime":526.32,"endTime":530.56,"body":"what are some of the other aspects"},{"startTime":530.56,"endTime":532.16,"body":"that I look at for markets."},{"startTime":532.16,"endTime":534.6,"body":"You know one is is it landlord friendly?"},{"startTime":534.76,"endTime":535.08,"body":"Right."},{"startTime":535.08,"endTime":538.72,"body":"So the states that I'm investing"},{"startTime":535.08,"endTime":538.72,"body":"in, if there's a"},{"startTime":539.24,"endTime":542.4,"body":"you know, a tenant that is in the property"},{"startTime":539.24,"endTime":542.4,"body":"and they're not paying their rent,"},{"startTime":543.48,"endTime":544.88,"body":"it's it's landlord"},{"startTime":544.88,"endTime":547.72,"body":"friendly the state"},{"startTime":544.88,"endTime":547.72,"body":"so you're able to get the tenant"},{"startTime":548.76,"endTime":552.44,"body":"evicted if they're not paying the rent"},{"startTime":548.76,"endTime":552.44,"body":"where there's some states"},{"startTime":552.44,"endTime":555.76,"body":"that are more tenant friendly"},{"startTime":552.44,"endTime":555.76,"body":"and they may stay in the"},{"startTime":555.76,"endTime":559.92,"body":"in the unit for six months or nine months"},{"startTime":555.76,"endTime":559.92,"body":"or I've heard people have horror stories"},{"startTime":559.92,"endTime":562.68,"body":"where they're in for 12 months"},{"startTime":559.92,"endTime":562.68,"body":"and they're not paying the rent."},{"startTime":563.16,"endTime":566.36,"body":"Well, that really impacts"},{"startTime":563.16,"endTime":566.36,"body":"the performance of the of the investment."},{"startTime":566.36,"endTime":568.8,"body":"So I want to be in landlord"},{"startTime":566.36,"endTime":568.8,"body":"friendly states."},{"startTime":569.32,"endTime":572.4,"body":"I want to be in states"},{"startTime":569.32,"endTime":572.4,"body":"that have growth of population"},{"startTime":572.92,"endTime":575.36,"body":"and growth of income, growth of jobs."},{"startTime":576.2,"endTime":578.04,"body":"Why is that important?"},{"startTime":578.04,"endTime":582.84,"body":"That's important because if you"},{"startTime":578.04,"endTime":582.84,"body":"if a tenant leaves, you want to know that"},{"startTime":582.84,"endTime":587.68,"body":"there's people that are wanting to come in"},{"startTime":582.84,"endTime":587.68,"body":"and and fill that spot."},{"startTime":588.0,"endTime":591.84,"body":"If you're in a market,"},{"startTime":588.0,"endTime":591.84,"body":"so you're in a market that is losing"},{"startTime":591.84,"endTime":593.52,"body":"population, okay?"},{"startTime":593.52,"endTime":595.64,"body":"But you're like, well,"},{"startTime":593.52,"endTime":595.64,"body":"I want to be in my backyard."},{"startTime":596.72,"endTime":597.12,"body":"Well, if a"},{"startTime":597.12,"endTime":600.84,"body":"tenant leaves you"},{"startTime":597.12,"endTime":600.84,"body":"may not find another tenant for a while"},{"startTime":601.2,"endTime":603.48,"body":"and then you have nobody paying rent"},{"startTime":601.2,"endTime":603.48,"body":"in that unit."},{"startTime":604.2,"endTime":606.64,"body":"You know, in these"},{"startTime":604.2,"endTime":606.64,"body":"what I found in these growth states,"},{"startTime":606.96,"endTime":609.56,"body":"there are just a ton of people moving in,"},{"startTime":610.08,"endTime":612.88,"body":"and that provides competition"},{"startTime":610.08,"endTime":612.88,"body":"for those units."},{"startTime":614.28,"endTime":618.92,"body":"So what was your first hesitation"},{"startTime":614.28,"endTime":618.92,"body":"to invest in multifamily?"},{"startTime":618.92,"endTime":620.4,"body":"Did you have any hiccups there?"},{"startTime":620.4,"endTime":624.68,"body":"Because a lot of times, you know,"},{"startTime":620.4,"endTime":624.68,"body":"investors, they get into analysis"},{"startTime":624.68,"endTime":627.6,"body":"paralysis and they're just sitting"},{"startTime":624.68,"endTime":627.6,"body":"on the sidelines all the time."},{"startTime":627.96,"endTime":631.72,"body":"And then they was you might have heard"},{"startTime":627.96,"endTime":631.72,"body":"this multiple times from multiple people,"},{"startTime":631.72,"endTime":635.72,"body":"Oh, I wish I should have started"},{"startTime":631.72,"endTime":635.72,"body":"ten years ago."},{"startTime":635.96,"endTime":637.92,"body":"I wish I should have done this."},{"startTime":637.92,"endTime":640.2,"body":"Could I have done this?"},{"startTime":637.92,"endTime":640.2,"body":"You know, all those things."},{"startTime":640.2,"endTime":641.92,"body":"So what would you recommend"},{"startTime":641.92,"endTime":645.72,"body":"or what would you share"},{"startTime":641.92,"endTime":645.72,"body":"from your experience with my audience?"},{"startTime":646.08,"endTime":650.96,"body":"How can they break those limitations"},{"startTime":646.08,"endTime":650.96,"body":"and jump on the board?"},{"startTime":651.24,"endTime":653.2,"body":"That's it's a great question."},{"startTime":655.24,"endTime":658.56,"body":"I, I believe that you have to have"},{"startTime":655.24,"endTime":658.56,"body":"you have to"},{"startTime":658.6,"endTime":662.08,"body":"you have to decide"},{"startTime":658.6,"endTime":662.08,"body":"that you're actually going to invest."},{"startTime":662.76,"endTime":664.28,"body":"You have to make that decision."},{"startTime":664.28,"endTime":666.36,"body":"It has to be a conscious decision."},{"startTime":666.36,"endTime":669.76,"body":"Then you have to believe you have to"},{"startTime":666.36,"endTime":669.76,"body":"believe that you could actually do it"},{"startTime":670.04,"endTime":670.6,"body":"right."},{"startTime":670.6,"endTime":673.44,"body":"You know, whether it's doing it"},{"startTime":670.6,"endTime":673.44,"body":"passively or doing it actively."},{"startTime":673.96,"endTime":677.72,"body":"If you don't believe it, then you you're"},{"startTime":673.96,"endTime":677.72,"body":"most likely going to back out."},{"startTime":679.6,"endTime":682.92,"body":"What I found is almost every deal"},{"startTime":679.6,"endTime":682.92,"body":"that I've invested in,"},{"startTime":684.28,"endTime":688.12,"body":"there are some"},{"startTime":684.28,"endTime":688.12,"body":"something that I don't like."},{"startTime":688.12,"endTime":693.24,"body":"There's a lot of things I like, but"},{"startTime":688.12,"endTime":693.24,"body":"there's there's risk in every investment."},{"startTime":693.24,"endTime":694.36,"body":"There's risk."},{"startTime":694.36,"endTime":697.4,"body":"And so, you know, when I decided to do it,"},{"startTime":697.4,"endTime":702.32,"body":"I just decided to push past the fear and"},{"startTime":697.4,"endTime":702.32,"body":"and invest"},{"startTime":702.84,"endTime":706.44,"body":"and then I saw positive returns."},{"startTime":706.44,"endTime":710.32,"body":"And that gave me more confidence"},{"startTime":706.44,"endTime":710.32,"body":"to do it again and again and again."},{"startTime":711.96,"endTime":713.6,"body":"Can you talk about some of the risk, too,"},{"startTime":713.6,"endTime":716.44,"body":"and how somebody can gauge their risk"},{"startTime":713.6,"endTime":716.44,"body":"appetite?"},{"startTime":717.48,"endTime":717.84,"body":"Yeah."},{"startTime":717.84,"endTime":721.8,"body":"So, you know, most deals"},{"startTime":723.12,"endTime":725.64,"body":"it's funny because I get a lot of deals"},{"startTime":723.12,"endTime":725.64,"body":"coming through my desk."},{"startTime":725.64,"endTime":727.32,"body":"You probably do too. Right."},{"startTime":727.32,"endTime":732.56,"body":"And and the return profile on"},{"startTime":727.32,"endTime":732.56,"body":"most of the deals looks similar."},{"startTime":733.48,"endTime":735.72,"body":"It's going to be somewhere between"},{"startTime":736.32,"endTime":740.04,"body":"five and 8% cash on cash"},{"startTime":736.32,"endTime":740.04,"body":"and somewhere between,"},{"startTime":740.36,"endTime":743.88,"body":"you know, an 80% return and and a 120%."},{"startTime":743.88,"endTime":748.32,"body":"So, you know, a2x multiple and that."},{"startTime":748.68,"endTime":751.28,"body":"So people say like, well,"},{"startTime":748.68,"endTime":751.28,"body":"how do I pick the right deal?"},{"startTime":751.88,"endTime":752.4,"body":"Right."},{"startTime":752.4,"endTime":756.0,"body":"You know, And then all of a sudden"},{"startTime":752.4,"endTime":756.0,"body":"somebody has an outlier and they say it's"},{"startTime":756.0,"endTime":759.8,"body":"a three and a half X, Wow,"},{"startTime":756.0,"endTime":759.8,"body":"this one looks really good, right?"},{"startTime":760.2,"endTime":765.92,"body":"But, you know, you can manipulate the"},{"startTime":760.2,"endTime":765.92,"body":"spreadsheet to kind of say what you want."},{"startTime":765.92,"endTime":768.28,"body":"So that's where it goes back to."},{"startTime":768.8,"endTime":771.16,"body":"And everybody has a different way"},{"startTime":768.8,"endTime":771.16,"body":"of looking at it."},{"startTime":771.16,"endTime":775.32,"body":"But I look at the market"},{"startTime":771.16,"endTime":775.32,"body":"and then I look at the people."},{"startTime":775.48,"endTime":778.2,"body":"And if the people have a strong track"},{"startTime":775.48,"endTime":778.2,"body":"record"},{"startTime":778.8,"endTime":783.84,"body":"of providing strong results,"},{"startTime":778.8,"endTime":783.84,"body":"then I look at the deal."},{"startTime":783.84,"endTime":787.84,"body":"Third, I look to see, you know,"},{"startTime":783.84,"endTime":787.84,"body":"is there anything that sticks out to me"},{"startTime":787.84,"endTime":789.24,"body":"as a red flag?"},{"startTime":789.24,"endTime":793.2,"body":"If it doesn't, then I'm you know, I'm"},{"startTime":789.24,"endTime":793.2,"body":"trusting in in that syndicator"},{"startTime":793.2,"endTime":796.56,"body":"because it is a big reputation"},{"startTime":793.2,"endTime":796.56,"body":"business, as you know."},{"startTime":797.6,"endTime":798.64,"body":"Yeah, I agree on that."},{"startTime":798.64,"endTime":801.08,"body":"You said it very well"},{"startTime":798.64,"endTime":801.08,"body":"because this is all about"},{"startTime":801.08,"endTime":803.76,"body":"you're betting on the jockey versus"},{"startTime":801.08,"endTime":803.76,"body":"the horse, right?"},{"startTime":804.12,"endTime":806.4,"body":"The jockey is good. An operator is good."},{"startTime":806.4,"endTime":810.36,"body":"They're going to talk about"},{"startTime":806.4,"endTime":810.36,"body":"the deal in a prudent is not good."},{"startTime":810.36,"endTime":813.36,"body":"They're going to come a good deal,"},{"startTime":810.36,"endTime":813.36,"body":"a bad deal, too, regardless of the market,"},{"startTime":813.72,"endTime":817.72,"body":"regardless of the location,"},{"startTime":813.72,"endTime":817.72,"body":"regardless of the property type."},{"startTime":817.72,"endTime":821.84,"body":"You know, it all depends upon the operator"},{"startTime":817.72,"endTime":821.84,"body":"and the business plan"},{"startTime":821.84,"endTime":823.24,"body":"because that's very important."},{"startTime":823.24,"endTime":825.72,"body":"And then everybody"},{"startTime":823.24,"endTime":825.72,"body":"should pay attention to that and like"},{"startTime":825.72,"endTime":830.28,"body":"what kind of assumptions they have"},{"startTime":825.72,"endTime":830.28,"body":"and then what is a track record, You know,"},{"startTime":830.28,"endTime":833.72,"body":"how did they complete"},{"startTime":830.28,"endTime":833.72,"body":"their business plan in the past deals?"},{"startTime":834.64,"endTime":838.92,"body":"Were they ahead of schedule or"},{"startTime":834.64,"endTime":838.92,"body":"they were on schedule or what was missed?"},{"startTime":839.2,"endTime":842.04,"body":"Because all those things are important"},{"startTime":839.2,"endTime":842.04,"body":"when you're looking into any deal."},{"startTime":842.04,"endTime":843.84,"body":"I really agree with you on that."},{"startTime":843.84,"endTime":845.6,"body":"So I'm going to ask you this question."},{"startTime":845.6,"endTime":849.28,"body":"Can you tell me about a time"},{"startTime":845.6,"endTime":849.28,"body":"when you face a major challenge"},{"startTime":849.28,"endTime":851.96,"body":"in one of your deals that you invested in,"},{"startTime":852.32,"endTime":856.44,"body":"and how did you mitigate that challenge"},{"startTime":852.32,"endTime":856.44,"body":"or how did you communicate"},{"startTime":856.44,"endTime":857.28,"body":"with the operator?"},{"startTime":858.36,"endTime":859.44,"body":"Yeah,"},{"startTime":860.84,"endTime":862.08,"body":"good question."},{"startTime":862.08,"endTime":869.32,"body":"So I get talked to 211 being as an LP"},{"startTime":862.08,"endTime":869.32,"body":"and one being as a as a general partner."},{"startTime":869.32,"endTime":872.4,"body":"So one as an LP"},{"startTime":873.48,"endTime":874.4,"body":"I've had"},{"startTime":874.4,"endTime":877.68,"body":"because you know, you have a podcast,"},{"startTime":874.4,"endTime":877.68,"body":"I'm sure you get asked this all the time."},{"startTime":877.68,"endTime":879.96,"body":"I get asked this old timer,"},{"startTime":877.68,"endTime":879.96,"body":"who are the good operators"},{"startTime":879.96,"endTime":883.96,"body":"and who are the bad ones,"},{"startTime":879.96,"endTime":883.96,"body":"and I don't throw anybody under the bus."},{"startTime":883.96,"endTime":887.12,"body":"I'm like, you, you know,"},{"startTime":883.96,"endTime":887.12,"body":"you got to do your own due diligence."},{"startTime":888.56,"endTime":891.68,"body":"And I remember when I first was asked"},{"startTime":888.56,"endTime":891.68,"body":"that question,"},{"startTime":892.68,"endTime":894.92,"body":"I was in a number of deals as an LP"},{"startTime":894.92,"endTime":898.48,"body":"and I saw this the syndicator in my head."},{"startTime":898.48,"endTime":900.48,"body":"It was my dog deal."},{"startTime":900.48,"endTime":902.2,"body":"It just, you know, we bought it."},{"startTime":902.2,"endTime":906.6,"body":"It was like 80"},{"startTime":902.2,"endTime":906.6,"body":"something percent, 85% occupied."},{"startTime":906.96,"endTime":909.68,"body":"And then it dropped into the seventies"},{"startTime":906.96,"endTime":909.68,"body":"and I'm like,"},{"startTime":909.68,"endTime":913.72,"body":"Oh no, this is going to be"},{"startTime":909.68,"endTime":913.72,"body":"this is going to be trouble. And"},{"startTime":915.24,"endTime":919.44,"body":"so I purposely did not, you know,"},{"startTime":915.24,"endTime":919.44,"body":"say the person's name."},{"startTime":919.6,"endTime":922.52,"body":"And then about a year later,"},{"startTime":922.52,"endTime":927.04,"body":"all of a sudden I saw deals that were"},{"startTime":922.52,"endTime":927.04,"body":"were trading around that property."},{"startTime":927.04,"endTime":931.56,"body":"And I'm like, holy cow,"},{"startTime":927.04,"endTime":931.56,"body":"those are trading at fantastic levels."},{"startTime":932.4,"endTime":937.08,"body":"Our property now is back in the eighties"},{"startTime":932.4,"endTime":937.08,"body":"and now into the nineties."},{"startTime":937.72,"endTime":939.84,"body":"That's probably"},{"startTime":937.72,"endTime":939.84,"body":"going to be one of my better deals."},{"startTime":940.08,"endTime":943.68,"body":"MM And it's"},{"startTime":940.08,"endTime":943.68,"body":"kind of like the newspaper article like,"},{"startTime":943.68,"endTime":947.76,"body":"you know, once"},{"startTime":943.68,"endTime":947.76,"body":"it comes out and you know, mouth somebody,"},{"startTime":948.96,"endTime":951.12,"body":"you know,"},{"startTime":948.96,"endTime":951.12,"body":"even if they write another article"},{"startTime":951.12,"endTime":954.96,"body":"a week later, it doesn't matter,"},{"startTime":951.12,"endTime":954.96,"body":"the damage is done right."},{"startTime":954.96,"endTime":959.6,"body":"So I what I've learned is some of these"},{"startTime":954.96,"endTime":959.6,"body":"deals don't go in a straight line up,"},{"startTime":960.4,"endTime":964.08,"body":"you know, some of them, you know,"},{"startTime":960.4,"endTime":964.08,"body":"they're great right from the get go."},{"startTime":964.76,"endTime":966.84,"body":"Some of them have some challenges."},{"startTime":966.84,"endTime":969.04,"body":"And those challenges"},{"startTime":966.84,"endTime":969.04,"body":"have to be worked out."},{"startTime":969.04,"endTime":969.72,"body":"And thankfully,"},{"startTime":969.72,"endTime":973.48,"body":"I was invested with some people that I,"},{"startTime":969.72,"endTime":973.48,"body":"you know, know like and trust."},{"startTime":973.48,"endTime":975.72,"body":"And they"},{"startTime":973.48,"endTime":975.72,"body":"they did a great job turning it around."},{"startTime":977.04,"endTime":978.12,"body":"So that's one scenario."},{"startTime":978.12,"endTime":981.6,"body":"As an LP, I did not,"},{"startTime":981.6,"endTime":985.24,"body":"you know,"},{"startTime":981.6,"endTime":985.24,"body":"let anybody else know that I was worried."},{"startTime":985.24,"endTime":988.12,"body":"I did not"},{"startTime":985.24,"endTime":988.12,"body":"I did not reach out to the operator."},{"startTime":988.92,"endTime":994.44,"body":"It probably had I done it again,"},{"startTime":988.92,"endTime":994.44,"body":"I probably I would advise"},{"startTime":994.44,"endTime":998.16,"body":"to reach out to the operator, say,"},{"startTime":994.44,"endTime":998.16,"body":"you know, hey, what's going on?"},{"startTime":999.52,"endTime":1001.96,"body":"I just want to understand"},{"startTime":999.52,"endTime":1001.96,"body":"what you guys are doing about it."},{"startTime":1002.12,"endTime":1003.84,"body":"You know, like that's the important part."},{"startTime":1003.84,"endTime":1007.32,"body":"There's going to be challenges"},{"startTime":1003.84,"endTime":1007.32,"body":"and you want to be communicated"},{"startTime":1007.88,"endTime":1012.56,"body":"what those challenges are,"},{"startTime":1007.88,"endTime":1012.56,"body":"but you also want the leader to tell you"},{"startTime":1012.56,"endTime":1015.88,"body":"what action they're taking to try to,"},{"startTime":1012.56,"endTime":1015.88,"body":"you know, change course."},{"startTime":1017.04,"endTime":1020.36,"body":"So that's that's the one on the side."},{"startTime":1020.84,"endTime":1026.24,"body":"I got involved in a deal"},{"startTime":1020.84,"endTime":1026.24,"body":"that just was undercapitalized"},{"startTime":1026.24,"endTime":1029.48,"body":"and I didn't realize it,"},{"startTime":1026.24,"endTime":1029.48,"body":"you know, at first"},{"startTime":1030.04,"endTime":1034.04,"body":"the rehabs just took a lot longer"},{"startTime":1035.28,"endTime":1037.44,"body":"to and were a lot costlier."},{"startTime":1038.0,"endTime":1040.64,"body":"And so"},{"startTime":1038.0,"endTime":1040.64,"body":"and that's the deal I'm still in and"},{"startTime":1040.72,"endTime":1043.36,"body":"and that's still still a challenging deal."},{"startTime":1043.68,"endTime":1046.16,"body":"But, you know,"},{"startTime":1043.68,"endTime":1046.16,"body":"I see the light at the end of the tunnel."},{"startTime":1046.16,"endTime":1050.28,"body":"But it's you know, that's where you learn,"},{"startTime":1046.16,"endTime":1050.28,"body":"I guess is those those difficult ones."},{"startTime":1050.88,"endTime":1051.4,"body":"Exactly."},{"startTime":1051.4,"endTime":1054.92,"body":"And then I agree with you on that,"},{"startTime":1051.4,"endTime":1054.92,"body":"because they each team has a time line"},{"startTime":1055.2,"endTime":1058.48,"body":"3 to 5 years to seven years, you know,"},{"startTime":1055.2,"endTime":1058.48,"body":"And on those"},{"startTime":1058.48,"endTime":1061.52,"body":"3 to 5 or seven years,"},{"startTime":1058.48,"endTime":1061.52,"body":"it could be a rollercoaster ride."},{"startTime":1061.88,"endTime":1062.88,"body":"Anything can happen."},{"startTime":1062.88,"endTime":1067.04,"body":"But as long as the deal"},{"startTime":1062.88,"endTime":1067.04,"body":"is backed up on time, by the time"},{"startTime":1067.04,"endTime":1070.56,"body":"you're excited and you're meeting"},{"startTime":1067.04,"endTime":1070.56,"body":"your predictions, it has to be good."},{"startTime":1070.88,"endTime":1076.0,"body":"But I don't think we should be getting"},{"startTime":1070.88,"endTime":1076.0,"body":"heart attack in the middle of the deal."},{"startTime":1076.0,"endTime":1077.0,"body":"You know, anything."},{"startTime":1077.0,"endTime":1078.24,"body":"Only heart attacks like that."},{"startTime":1078.24,"endTime":1081.36,"body":"You know, I see people like,"},{"startTime":1078.24,"endTime":1081.36,"body":"you know, you post"},{"startTime":1081.36,"endTime":1084.56,"body":"bad stuff on social media"},{"startTime":1081.36,"endTime":1084.56,"body":"about their syndicate."},{"startTime":1084.56,"endTime":1088.6,"body":"Like, look, I'm LPN and GP"},{"startTime":1084.56,"endTime":1088.6,"body":"and I know like,"},{"startTime":1088.96,"endTime":1092.44,"body":"I don't know"},{"startTime":1088.96,"endTime":1092.44,"body":"any GP's that aren't like hustling,"},{"startTime":1092.56,"endTime":1095.6,"body":"trying to make their deal,"},{"startTime":1092.56,"endTime":1095.6,"body":"you know, the best it can be."},{"startTime":1096.04,"endTime":1102.0,"body":"So you know, the LP just putting a post"},{"startTime":1096.04,"endTime":1102.0,"body":"on Facebook I think is,"},{"startTime":1102.64,"endTime":1105.0,"body":"I don't know, I'm"},{"startTime":1102.64,"endTime":1105.0,"body":"not really in agreement with that. Like"},{"startTime":1105.0,"endTime":1108.08,"body":"you have a problem, call the syndicator"},{"startTime":1105.0,"endTime":1108.08,"body":"and have a conversation with them."},{"startTime":1108.32,"endTime":1110.0,"body":"You know, that's true."},{"startTime":1110.0,"endTime":1114.16,"body":"As long as the communication is clear"},{"startTime":1110.0,"endTime":1114.16,"body":"and press correct and you're on board"},{"startTime":1114.16,"endTime":1117.52,"body":"like what exactly is happening with"},{"startTime":1114.16,"endTime":1117.52,"body":"the deal, you should be okay with that"},{"startTime":1117.52,"endTime":1123.08,"body":"because you are well worth the risk"},{"startTime":1117.52,"endTime":1123.08,"body":"once you started investing in the deal."},{"startTime":1124.32,"endTime":1126.68,"body":"That's the reason"},{"startTime":1124.32,"endTime":1126.68,"body":"we say we should do our due diligence."},{"startTime":1126.68,"endTime":1128.76,"body":"Whosoever you're trying to invest in."},{"startTime":1128.76,"endTime":1132.92,"body":"And then on the op ed side"},{"startTime":1128.76,"endTime":1132.92,"body":"and the sponsors, they should be a clear"},{"startTime":1132.92,"endTime":1137.68,"body":"on their communications to"},{"startTime":1132.92,"endTime":1137.68,"body":"they should be appraising all the Altis,"},{"startTime":1137.68,"endTime":1141.0,"body":"you know, day one, telling them exactly"},{"startTime":1137.68,"endTime":1141.0,"body":"what's happening in each and every deal"},{"startTime":1141.52,"endTime":1143.2,"body":"and nothing just by surprise."},{"startTime":1143.2,"endTime":1147.08,"body":"Okay, This thing went wrong"},{"startTime":1143.2,"endTime":1147.08,"body":"all of a sudden last month, it was okay."},{"startTime":1147.32,"endTime":1148.96,"body":"So which is not acceptable."},{"startTime":1148.96,"endTime":1150.32,"body":"Yeah, those. Are."},{"startTime":1150.32,"endTime":1151.96,"body":"Yeah, Yeah. Because that's"},{"startTime":1151.96,"endTime":1155.24,"body":"what it shows that the team is working"},{"startTime":1151.96,"endTime":1155.24,"body":"good, are not working good."},{"startTime":1155.6,"endTime":1156.72,"body":"And then it's not."},{"startTime":1156.72,"endTime":1159.48,"body":"It's never going to be a straight line"},{"startTime":1156.72,"endTime":1159.48,"body":"or upward line. Okay."},{"startTime":1159.48,"endTime":1164.36,"body":"I must say now so it's, there's going"},{"startTime":1159.48,"endTime":1164.36,"body":"to be upward trend all the time, you know,"},{"startTime":1164.84,"endTime":1169.88,"body":"but by the end if the projections are mad,"},{"startTime":1164.84,"endTime":1169.88,"body":"that's the best way to look at it."},{"startTime":1169.88,"endTime":1171.96,"body":"Anybody strike track part of the deal?"},{"startTime":1171.96,"endTime":1173.28,"body":"It's up. To somebody."},{"startTime":1173.28,"endTime":1177.28,"body":"And somebody said this about real estate"},{"startTime":1173.28,"endTime":1177.28,"body":"recently to me."},{"startTime":1177.28,"endTime":1179.12,"body":"They said, you know, with real estate,"},{"startTime":1180.48,"endTime":1181.04,"body":"it doesn't really"},{"startTime":1181.04,"endTime":1184.2,"body":"matter"},{"startTime":1181.04,"endTime":1184.2,"body":"what the valuation is in the middle."},{"startTime":1185.04,"endTime":1188.12,"body":"You know, as long as you"},{"startTime":1185.04,"endTime":1188.12,"body":"you keep making the mortgage payment"},{"startTime":1188.12,"endTime":1191.84,"body":"and you hold on, really"},{"startTime":1188.12,"endTime":1191.84,"body":"what just matters is"},{"startTime":1191.84,"endTime":1195.2,"body":"what did you buy it at and what do you"},{"startTime":1191.84,"endTime":1195.2,"body":"what do you sell it at five years later"},{"startTime":1196.12,"endTime":1199.4,"body":"in the middle, it doesn't matter"},{"startTime":1196.12,"endTime":1199.4,"body":"as much where stocks is really hard"},{"startTime":1199.4,"endTime":1203.24,"body":"because you look at your portfolio"},{"startTime":1199.4,"endTime":1203.24,"body":"on your phone and you can see it's"},{"startTime":1203.24,"endTime":1209.04,"body":"50% down and you're like, oh, now"},{"startTime":1203.24,"endTime":1209.04,"body":"it has to go up 100% just to break even."},{"startTime":1209.88,"endTime":1210.96,"body":"Hmm, that's true."},{"startTime":1210.96,"endTime":1213.64,"body":"And but the thing is, you know,"},{"startTime":1210.96,"endTime":1213.64,"body":"and the stock market, if you're investing"},{"startTime":1213.64,"endTime":1216.28,"body":"like that, is always going to be"},{"startTime":1213.64,"endTime":1216.28,"body":"most of the time you're going to lose it."},{"startTime":1216.56,"endTime":1217.96,"body":"Not I shouldn't say all the time."},{"startTime":1217.96,"endTime":1221.44,"body":"Most of the time, because the thing is"},{"startTime":1217.96,"endTime":1221.44,"body":"here, your money is locked in."},{"startTime":1221.8,"endTime":1226.24,"body":"So even the property went downhill a"},{"startTime":1221.8,"endTime":1226.24,"body":"little bit, you know, for the time being."},{"startTime":1226.48,"endTime":1230.88,"body":"And you feel like you have more vacancy"},{"startTime":1226.48,"endTime":1230.88,"body":"and you're not seeing"},{"startTime":1231.64,"endTime":1236.0,"body":"as much cash flow that you're saying,"},{"startTime":1231.64,"endTime":1236.0,"body":"you know, few months before"},{"startTime":1236.84,"endTime":1240.48,"body":"still you're not able to liquidate it"},{"startTime":1236.84,"endTime":1240.48,"body":"because you cannot ride it all the way."},{"startTime":1240.48,"endTime":1245.12,"body":"And you might not at the end,"},{"startTime":1240.48,"endTime":1245.12,"body":"not like stock market, like a so volatile,"},{"startTime":1245.44,"endTime":1249.76,"body":"you just buy the stock always at the high"},{"startTime":1245.44,"endTime":1249.76,"body":"and then we sell it always at the low"},{"startTime":1249.76,"endTime":1254.12,"body":"because it's all emotional,"},{"startTime":1249.76,"endTime":1254.12,"body":"irrational decisions, right there."},{"startTime":1254.36,"endTime":1255.16,"body":"And it happens."},{"startTime":1255.16,"endTime":1256.64,"body":"You know, I'm not even joking"},{"startTime":1256.64,"endTime":1259.12,"body":"because people sit on the sideline,"},{"startTime":1256.64,"endTime":1259.12,"body":"they wait for the stock,"},{"startTime":1259.4,"endTime":1260.48,"body":"Oh, I'm not going to buy."},{"startTime":1260.48,"endTime":1262.36,"body":"It's going down, down, down sometimes."},{"startTime":1262.36,"endTime":1264.84,"body":"Just let me see an upward trend"},{"startTime":1265.28,"endTime":1268.24,"body":"and then buy it high"},{"startTime":1265.28,"endTime":1268.24,"body":"and then it could go down again."},{"startTime":1268.6,"endTime":1269.0,"body":"Right."},{"startTime":1269.0,"endTime":1273.36,"body":"I sometimes people buy at low"},{"startTime":1269.0,"endTime":1273.36,"body":"when stock is going down and then"},{"startTime":1274.4,"endTime":1277.56,"body":"I know this bank that just went belly up"},{"startTime":1274.4,"endTime":1277.56,"body":"just recently."},{"startTime":1277.92,"endTime":1282.16,"body":"And I know one of my friends,"},{"startTime":1277.92,"endTime":1282.16,"body":"he invested and retired on $100"},{"startTime":1282.36,"endTime":1284.0,"body":"and it was like ten or 20 bucks."},{"startTime":1284.0,"endTime":1286.16,"body":"I thought he was like,"},{"startTime":1284.0,"endTime":1286.16,"body":"Oh, this is a good time to buy."},{"startTime":1286.52,"endTime":1288.2,"body":"And it was so much money."},{"startTime":1288.2,"endTime":1291.92,"body":"So now what happened"},{"startTime":1288.2,"endTime":1291.92,"body":"is, you know, he's gone."},{"startTime":1292.16,"endTime":1293.32,"body":"Somebody else took over."},{"startTime":1293.32,"endTime":1295.24,"body":"I don't want to name"},{"startTime":1293.32,"endTime":1295.24,"body":"any other banks. Right."},{"startTime":1295.24,"endTime":1297.32,"body":"But anyways,"},{"startTime":1295.24,"endTime":1297.32,"body":"let me ask you another question."},{"startTime":1297.36,"endTime":1298.16,"body":"Sure."},{"startTime":1298.16,"endTime":1302.0,"body":"What are the some of the common mistakes"},{"startTime":1298.16,"endTime":1302.0,"body":"that new multifamily investors make"},{"startTime":1302.28,"endTime":1303.92,"body":"and how can they avoid that?"},{"startTime":1303.92,"endTime":1307.44,"body":"Since we were talking about, you know,"},{"startTime":1303.92,"endTime":1307.44,"body":"from the output perspective, mostly today."},{"startTime":1309.8,"endTime":1311.08,"body":"So so mistakes"},{"startTime":1311.08,"endTime":1314.24,"body":"that the LPs make or mistakes"},{"startTime":1311.08,"endTime":1314.24,"body":"that the GP's make."},{"startTime":1314.28,"endTime":1315.92,"body":"Yeah, the multifamily investors,"},{"startTime":1315.92,"endTime":1319.44,"body":"you know, all the new investors,"},{"startTime":1315.92,"endTime":1319.44,"body":"what kind of mistakes that they make."},{"startTime":1319.84,"endTime":1323.84,"body":"And yeah so I think, you know, I've,"},{"startTime":1319.84,"endTime":1323.84,"body":"I've interviewed a lot of people"},{"startTime":1323.84,"endTime":1328.04,"body":"and one of the things"},{"startTime":1323.84,"endTime":1328.04,"body":"that rings true for me is that,"},{"startTime":1328.88,"endTime":1331.4,"body":"you know, some deals have had challenges."},{"startTime":1331.6,"endTime":1332.8,"body":"I know I've asked people"},{"startTime":1332.8,"endTime":1336.72,"body":"that have been in 50 different deals"},{"startTime":1332.8,"endTime":1336.72,"body":"and have you ever lost money?"},{"startTime":1337.28,"endTime":1337.56,"body":"Right."},{"startTime":1337.56,"endTime":1341.76,"body":"And in 57 deals,"},{"startTime":1337.56,"endTime":1341.76,"body":"this guy tells me never lost money,"},{"startTime":1342.92,"endTime":1344.72,"body":"you know, So that tells me"},{"startTime":1344.72,"endTime":1347.96,"body":"that it kind of marries up"},{"startTime":1344.72,"endTime":1347.96,"body":"with what the presents"},{"startTime":1347.96,"endTime":1351.44,"body":"and chief lending officers were telling me"},{"startTime":1347.96,"endTime":1351.44,"body":"all those years that,"},{"startTime":1351.84,"endTime":1355.8,"body":"you know, for capital preservation,"},{"startTime":1351.84,"endTime":1355.8,"body":"it's really a strong asset, you know,"},{"startTime":1357.16,"endTime":1361.88,"body":"But I did have one person"},{"startTime":1357.16,"endTime":1361.88,"body":"that actually I've had two,"},{"startTime":1361.88,"endTime":1365.4,"body":"and they were both doctors"},{"startTime":1361.88,"endTime":1365.4,"body":"that had deals that went bad."},{"startTime":1365.96,"endTime":1368.88,"body":"One of them didn't do any due"},{"startTime":1368.88,"endTime":1371.6,"body":"diligence on the actual sponsor,"},{"startTime":1372.72,"endTime":1375.12,"body":"and it ended up being fraud."},{"startTime":1375.8,"endTime":1380.96,"body":"So they"},{"startTime":1375.8,"endTime":1380.96,"body":"the sponsor was actually raising money"},{"startTime":1380.96,"endTime":1384.08,"body":"for property"},{"startTime":1380.96,"endTime":1384.08,"body":"that they didn't even have under contract."},{"startTime":1384.76,"endTime":1386.96,"body":"So, yeah, that was that's horrible."},{"startTime":1387.12,"endTime":1391.92,"body":"You know, So you have to do due diligence"},{"startTime":1387.12,"endTime":1391.92,"body":"on the person that you're investing with."},{"startTime":1392.4,"endTime":1394.88,"body":"The second person,"},{"startTime":1396.28,"endTime":1399.0,"body":"you know, the way he explains it is that"},{"startTime":1400.08,"endTime":1403.16,"body":"he looked at some Sony Pictures"},{"startTime":1403.16,"endTime":1408.36,"body":"and he thought the property looked nice"},{"startTime":1403.16,"endTime":1408.36,"body":"and he didn't know how to evaluate it."},{"startTime":1408.8,"endTime":1412.0,"body":"And he invested and he lost his capital."},{"startTime":1413.72,"endTime":1417.88,"body":"So both those scenarios, those were,"},{"startTime":1413.72,"endTime":1417.88,"body":"you know, getting to know"},{"startTime":1417.88,"endTime":1421.88,"body":"the people that you're investing with,"},{"startTime":1417.88,"endTime":1421.88,"body":"you know, that's very, very important."},{"startTime":1422.72,"endTime":1424.64,"body":"MM Yeah, you said it very well."},{"startTime":1424.64,"endTime":1427.36,"body":"It's very important"},{"startTime":1424.64,"endTime":1427.36,"body":"to build a relationship"},{"startTime":1427.72,"endTime":1431.24,"body":"before investing"},{"startTime":1427.72,"endTime":1431.24,"body":"and do not invest with somebody."},{"startTime":1431.24,"endTime":1434.96,"body":"Day one,"},{"startTime":1431.24,"endTime":1434.96,"body":"do your due diligence, you know, No matter"},{"startTime":1435.36,"endTime":1439.52,"body":"how good it looks, develop a relationship"},{"startTime":1435.36,"endTime":1439.52,"body":"before doing any kind of investments."},{"startTime":1440.0,"endTime":1444.68,"body":"So how do you build or maintain"},{"startTime":1440.0,"endTime":1444.68,"body":"relationship with the partners, investors"},{"startTime":1445.0,"endTime":1447.92,"body":"or even different"},{"startTime":1445.0,"endTime":1447.92,"body":"stakeholders in the deal?"},{"startTime":1449.48,"endTime":1452.72,"body":"So with the investors, you know, it's"},{"startTime":1453.32,"endTime":1456.56,"body":"typically so different if you haven't"},{"startTime":1453.32,"endTime":1456.56,"body":"invested in one of these deals."},{"startTime":1456.88,"endTime":1457.56,"body":"What's different"},{"startTime":1457.56,"endTime":1461.6,"body":"with these syndication deals versus, say,"},{"startTime":1457.56,"endTime":1461.6,"body":"investing in the stock market?"},{"startTime":1461.6,"endTime":1465.6,"body":"You buy stock in Amazon"},{"startTime":1461.6,"endTime":1465.6,"body":"and then you just kind of,"},{"startTime":1465.96,"endTime":1469.04,"body":"you know, wait and"},{"startTime":1465.96,"endTime":1469.04,"body":"and you just hope that the price goes up"},{"startTime":1470.72,"endTime":1472.04,"body":"with syndications."},{"startTime":1472.04,"endTime":1476.44,"body":"You're going to get an email"},{"startTime":1472.04,"endTime":1476.44,"body":"from the lead syndicator"},{"startTime":1476.44,"endTime":1481.48,"body":"on a monthly basis that is going to,"},{"startTime":1476.44,"endTime":1481.48,"body":"you know, outline, you know,"},{"startTime":1481.52,"endTime":1485.12,"body":"what's going on with the property"},{"startTime":1481.52,"endTime":1485.12,"body":"and then also attach financials."},{"startTime":1485.12,"endTime":1487.4,"body":"So not only"},{"startTime":1485.12,"endTime":1487.4,"body":"are they going to be telling you,"},{"startTime":1487.4,"endTime":1490.32,"body":"but you're actually going to be able"},{"startTime":1487.4,"endTime":1490.32,"body":"to see the growth."},{"startTime":1490.64,"endTime":1493.72,"body":"So you're going to be able"},{"startTime":1490.64,"endTime":1493.72,"body":"to see the collections of the property."},{"startTime":1493.72,"endTime":1495.68,"body":"You're going to be able"},{"startTime":1493.72,"endTime":1495.68,"body":"to see the expenses."},{"startTime":1495.68,"endTime":1498.72,"body":"And that's partly how you learn to"},{"startTime":1495.68,"endTime":1498.72,"body":"is being able to."},{"startTime":1499.04,"endTime":1502.52,"body":"So you invest in a deal,"},{"startTime":1499.04,"endTime":1502.52,"body":"you see their communication"},{"startTime":1502.96,"endTime":1507.2,"body":"and then it's kind of,"},{"startTime":1502.96,"endTime":1507.2,"body":"you know, this business just makes sense."},{"startTime":1507.2,"endTime":1510.4,"body":"You're collecting rent"},{"startTime":1507.2,"endTime":1510.4,"body":"and then you're paying, you know,"},{"startTime":1510.44,"endTime":1513.4,"body":"property taxes, insurance and utilities,"},{"startTime":1513.4,"endTime":1517.44,"body":"and then you have an income"},{"startTime":1513.4,"endTime":1517.44,"body":"and then you pay the mortgage, right?"},{"startTime":1517.44,"endTime":1522.08,"body":"I mean, so it's it's"},{"startTime":1517.44,"endTime":1522.08,"body":"pretty basic in terms of the PNL,"},{"startTime":1522.4,"endTime":1526.24,"body":"but you get to see that as as an LP"},{"startTime":1522.4,"endTime":1526.24,"body":"on a monthly basis."},{"startTime":1527.04,"endTime":1528.48,"body":"Guy tells you the story, right."},{"startTime":1528.48,"endTime":1532.04,"body":"What exactly what the incoming is."},{"startTime":1532.48,"endTime":1534.4,"body":"Money is and what are the expenses are,"},{"startTime":1534.4,"endTime":1536.56,"body":"what is the leftover,"},{"startTime":1534.4,"endTime":1536.56,"body":"what it's going to look like."},{"startTime":1536.56,"endTime":1539.84,"body":"So it's kind of educational"},{"startTime":1536.56,"endTime":1539.84,"body":"if you pay attention to it."},{"startTime":1540.56,"endTime":1542.96,"body":"So let me ask you this question over here"},{"startTime":1542.96,"endTime":1545.92,"body":"in the I share with me,"},{"startTime":1542.96,"endTime":1545.92,"body":"what was your first raise like?"},{"startTime":1546.0,"endTime":1548.32,"body":"That's a question"},{"startTime":1546.0,"endTime":1548.32,"body":"I wanted to ask, because since your."},{"startTime":1548.48,"endTime":1550.36,"body":"First capital raise. Yes."},{"startTime":1550.36,"endTime":1556.4,"body":"So the first capital raise was on a deal"},{"startTime":1550.36,"endTime":1556.4,"body":"where I was the lead syndicator."},{"startTime":1556.4,"endTime":1561.6,"body":"I partnered with a gentleman"},{"startTime":1556.4,"endTime":1561.6,"body":"by the name of Raj Gupta out of Chicago."},{"startTime":1561.8,"endTime":1564.04,"body":"Really a good guy."},{"startTime":1561.8,"endTime":1564.04,"body":"So he was the experienced guy."},{"startTime":1564.04,"endTime":1569.04,"body":"It was my first syndication and I think"},{"startTime":1564.04,"endTime":1569.04,"body":"we raised like two and a half million."},{"startTime":1569.48,"endTime":1573.88,"body":"And you know, the difference"},{"startTime":1569.48,"endTime":1573.88,"body":"between the new guy"},{"startTime":1573.88,"endTime":1578.0,"body":"and myself at that time"},{"startTime":1573.88,"endTime":1578.0,"body":"and the experience guy was"},{"startTime":1578.24,"endTime":1582.16,"body":"he was like calm, cool and collected"},{"startTime":1578.24,"endTime":1582.16,"body":"in terms of the capital raise."},{"startTime":1582.16,"endTime":1585.96,"body":"And I was like, What if we don't get it?"},{"startTime":1585.96,"endTime":1586.36,"body":"You know?"},{"startTime":1586.36,"endTime":1591.4,"body":"And, and what you know,"},{"startTime":1586.36,"endTime":1591.4,"body":"what I realized was there there's a lot of"},{"startTime":1591.92,"endTime":1595.92,"body":"people out there that are looking"},{"startTime":1591.92,"endTime":1595.92,"body":"to put money into good investments."},{"startTime":1596.48,"endTime":1598.92,"body":"And if, you know, if you learn"},{"startTime":1599.44,"endTime":1602.2,"body":"to, you know, that it's not personal."},{"startTime":1602.52,"endTime":1603.72,"body":"You know it's not personal."},{"startTime":1603.72,"endTime":1606.76,"body":"Some people have a different use"},{"startTime":1603.72,"endTime":1606.76,"body":"for their money."},{"startTime":1607.16,"endTime":1610.16,"body":"Some people have different ways"},{"startTime":1607.16,"endTime":1610.16,"body":"of looking at money."},{"startTime":1610.16,"endTime":1611.8,"body":"Some people want to invest in real estate."},{"startTime":1611.8,"endTime":1613.48,"body":"Some people want to start a business."},{"startTime":1615.52,"endTime":1618.6,"body":"Another thing I learned was"},{"startTime":1618.6,"endTime":1621.6,"body":"don't make the decision for,"},{"startTime":1622.28,"endTime":1624.96,"body":"you know, your your network."},{"startTime":1624.96,"endTime":1628.88,"body":"So what I mean by that is"},{"startTime":1624.96,"endTime":1628.88,"body":"there were certain people that I was like,"},{"startTime":1628.92,"endTime":1632.48,"body":"Oh, this person is wealthy, no brainer."},{"startTime":1632.56,"endTime":1634.08,"body":"He's going to invest."},{"startTime":1634.08,"endTime":1637.92,"body":"And then another person I'm like, Oh no,"},{"startTime":1634.08,"endTime":1637.92,"body":"there's no way this person can invest."},{"startTime":1638.4,"endTime":1641.88,"body":"And I was surprised, like the"},{"startTime":1638.4,"endTime":1641.88,"body":"the wealthy person was like, Hey,"},{"startTime":1641.88,"endTime":1645.12,"body":"Darren, man, I just put capital"},{"startTime":1641.88,"endTime":1645.12,"body":"into this other business."},{"startTime":1645.12,"endTime":1647.52,"body":"I don't have the capital right now."},{"startTime":1647.52,"endTime":1649.88,"body":"The other guy's like a,"},{"startTime":1651.08,"endTime":1653.0,"body":"how does this multifamily thing work?"},{"startTime":1653.0,"endTime":1657.16,"body":"And we meet for coffee and talk about it"},{"startTime":1653.0,"endTime":1657.16,"body":"and then invested"},{"startTime":1657.8,"endTime":1661.36,"body":"like had I not given him the opportunity,"},{"startTime":1662.04,"endTime":1664.44,"body":"you know,"},{"startTime":1662.04,"endTime":1664.44,"body":"I never would have known that that's true."},{"startTime":1664.76,"endTime":1669.76,"body":"You know, I would say it's an opportunity"},{"startTime":1664.76,"endTime":1669.76,"body":"for for everybody."},{"startTime":1670.24,"endTime":1673.84,"body":"And, you know, if they decide"},{"startTime":1670.24,"endTime":1673.84,"body":"not to pursue that opportunity,"},{"startTime":1674.44,"endTime":1677.88,"body":"there's no personal feelings,"},{"startTime":1674.44,"endTime":1677.88,"body":"you know, just move on to the next person."},{"startTime":1677.88,"endTime":1681.36,"body":"But there's another person"},{"startTime":1677.88,"endTime":1681.36,"body":"that is sitting in cash"},{"startTime":1681.68,"endTime":1683.92,"body":"and wants to have a better return."},{"startTime":1684.32,"endTime":1688.64,"body":"And when you get to that person,"},{"startTime":1684.32,"endTime":1688.64,"body":"then they're like, Thank you for calling."},{"startTime":1690.36,"endTime":1691.8,"body":"Mastro angry on that."},{"startTime":1691.8,"endTime":1696.24,"body":"I mean, there's so many people out there,"},{"startTime":1691.8,"endTime":1696.24,"body":"so you should hang on to one person"},{"startTime":1696.24,"endTime":1697.32,"body":"anyways, you know?"},{"startTime":1697.32,"endTime":1700.28,"body":"But the other question I wanted to ask"},{"startTime":1697.32,"endTime":1700.28,"body":"you here is you have a podcast,"},{"startTime":1700.36,"endTime":1701.76,"body":"a very famous one."},{"startTime":1701.76,"endTime":1707.88,"body":"So how do you leverage your podcast to"},{"startTime":1701.76,"endTime":1707.88,"body":"reach out to the new investors or educate"},{"startTime":1707.88,"endTime":1712.04,"body":"your existing investors in your database"},{"startTime":1707.88,"endTime":1712.04,"body":"or how to reconnect with them?"},{"startTime":1712.28,"endTime":1714.56,"body":"So if you can share any tips and tricks"},{"startTime":1712.28,"endTime":1714.56,"body":"there."},{"startTime":1714.92,"endTime":1715.92,"body":"That's there."},{"startTime":1715.92,"endTime":1719.76,"body":"So when I, when I started the podcast,"},{"startTime":1715.92,"endTime":1719.76,"body":"I really wasn't"},{"startTime":1719.76,"endTime":1722.76,"body":"sure what the ROI would be, you know,"},{"startTime":1723.8,"endTime":1726.32,"body":"and I have received,"},{"startTime":1726.84,"endTime":1729.52,"body":"you know, passive investors"},{"startTime":1726.84,"endTime":1729.52,"body":"that have reached out to me,"},{"startTime":1730.72,"endTime":1733.64,"body":"you know, from listening to the podcast."},{"startTime":1733.64,"endTime":1736.36,"body":"But you know, the podcast"},{"startTime":1733.64,"endTime":1736.36,"body":"when I look back on it"},{"startTime":1736.36,"endTime":1740.24,"body":"now, is really one"},{"startTime":1736.36,"endTime":1740.24,"body":"I've learned a ton, you know,"},{"startTime":1740.84,"endTime":1744.44,"body":"because I've talked"},{"startTime":1740.84,"endTime":1744.44,"body":"to a lot of other people"},{"startTime":1744.44,"endTime":1747.24,"body":"that are in the business"},{"startTime":1744.44,"endTime":1747.24,"body":"and have asked a lot of questions."},{"startTime":1747.44,"endTime":1749.72,"body":"So I've learned so much."},{"startTime":1749.72,"endTime":1754.28,"body":"Secondly, a lot of the guests"},{"startTime":1749.72,"endTime":1754.28,"body":"that I've brought on are syndicators,"},{"startTime":1754.76,"endTime":1758.6,"body":"and they actually were like, Hey, Darren,"},{"startTime":1754.76,"endTime":1758.6,"body":"let's partner on a deal together."},{"startTime":1759.28,"endTime":1760.2,"body":"So I,"},{"startTime":1761.52,"endTime":1764.12,"body":"I would say that the bigger"},{"startTime":1764.12,"endTime":1768.8,"body":"return has been partnering on deals"},{"startTime":1764.12,"endTime":1768.8,"body":"with other people that have come on"},{"startTime":1768.92,"endTime":1772.08,"body":"the podcast more so than than"},{"startTime":1772.16,"endTime":1774.84,"body":"having the the LPs that are listening."},{"startTime":1775.2,"endTime":1778.68,"body":"But I enjoy teaching people"},{"startTime":1775.2,"endTime":1778.68,"body":"how to get involved."},{"startTime":1778.68,"endTime":1783.2,"body":"And I just think it's I think it's a shame"},{"startTime":1778.68,"endTime":1783.2,"body":"that, you know, it's kind of"},{"startTime":1783.2,"endTime":1787.28,"body":"like a hidden, hidden thing until you meet"},{"startTime":1783.2,"endTime":1787.28,"body":"somebody that's in this world."},{"startTime":1787.92,"endTime":1789.84,"body":"MM I agree on that."},{"startTime":1789.84,"endTime":1792.44,"body":"So we are out of time, but"},{"startTime":1789.84,"endTime":1792.44,"body":"I'm going to ask you one last question."},{"startTime":1792.92,"endTime":1796.48,"body":"What do you see"},{"startTime":1792.92,"endTime":1796.48,"body":"as our future of the multifamily investing"},{"startTime":1796.48,"endTime":1799.48,"body":"and how do you see the market"},{"startTime":1796.48,"endTime":1799.48,"body":"evolving over the next few years?"},{"startTime":1800.44,"endTime":1803.36,"body":"So, you know,"},{"startTime":1800.44,"endTime":1803.36,"body":"we definitely have headwinds, right, with"},{"startTime":1803.48,"endTime":1805.88,"body":"with higher interest rates."},{"startTime":1805.88,"endTime":1808.84,"body":"So so that is a challenge"},{"startTime":1809.36,"endTime":1811.88,"body":"because, you know, people are like, why?"},{"startTime":1811.88,"endTime":1813.44,"body":"Why do higher interest rates matter?"},{"startTime":1813.44,"endTime":1818.04,"body":"Well, higher interest rates than your"},{"startTime":1813.44,"endTime":1818.04,"body":"your payment on the loan is higher."},{"startTime":1818.04,"endTime":1819.56,"body":"So it impacts cash flow."},{"startTime":1823.16,"endTime":1825.04,"body":"That's a headwind."},{"startTime":1825.04,"endTime":1826.6,"body":"But I don't know."},{"startTime":1826.6,"endTime":1828.04,"body":"I'm I'm still buying."},{"startTime":1828.04,"endTime":1831.88,"body":"I'm still a believer that you know,"},{"startTime":1828.04,"endTime":1831.88,"body":"in growth"},{"startTime":1831.88,"endTime":1834.04,"body":"markets, people need a place to live."},{"startTime":1834.04,"endTime":1834.88,"body":"That's true."},{"startTime":1834.88,"endTime":1839.68,"body":"And so I'm in the Dallas market"},{"startTime":1834.88,"endTime":1839.68,"body":"and I look at, you know,"},{"startTime":1839.68,"endTime":1844.28,"body":"single family homes, residential homes"},{"startTime":1839.68,"endTime":1844.28,"body":"have skyrocketed in price."},{"startTime":1844.84,"endTime":1847.88,"body":"And then so the price of single family"},{"startTime":1844.84,"endTime":1847.88,"body":"homes went up"},{"startTime":1848.36,"endTime":1850.6,"body":"and then interest rates doubled."},{"startTime":1851.24,"endTime":1853.48,"body":"Well, how do you afford a home?"},{"startTime":1853.48,"endTime":1856.0,"body":"You know, so I'm thinking that"},{"startTime":1856.4,"endTime":1859.76,"body":"that's going to force more people"},{"startTime":1856.4,"endTime":1859.76,"body":"to stay in the renter community"},{"startTime":1860.24,"endTime":1864.84,"body":"and then there's all this talk about,"},{"startTime":1860.24,"endTime":1864.84,"body":"you know, we may have a major recession."},{"startTime":1864.84,"endTime":1866.6,"body":"You know, we have an inverted yield curve."},{"startTime":1866.6,"endTime":1870.2,"body":"There's all this talk"},{"startTime":1866.6,"endTime":1870.2,"body":"about having a major recession coming."},{"startTime":1870.56,"endTime":1873.68,"body":"It hasn't,"},{"startTime":1870.56,"endTime":1873.68,"body":"you know, really shown its head yet. But"},{"startTime":1875.12,"endTime":1875.88,"body":"if it if it"},{"startTime":1875.88,"endTime":1878.16,"body":"does happen, what happens"},{"startTime":1875.88,"endTime":1878.16,"body":"during a recession?"},{"startTime":1878.88,"endTime":1881.96,"body":"Typically, you know, if there's layoffs"},{"startTime":1882.4,"endTime":1885.52,"body":"and you have a mortgage,"},{"startTime":1882.4,"endTime":1885.52,"body":"you have to sell your house."},{"startTime":1886.4,"endTime":1886.76,"body":"Right."},{"startTime":1886.76,"endTime":1890.08,"body":"And if you sell your house,"},{"startTime":1886.76,"endTime":1890.08,"body":"you have to live somewhere."},{"startTime":1890.68,"endTime":1893.48,"body":"So you're most likely"},{"startTime":1890.68,"endTime":1893.48,"body":"that's going to increase"},{"startTime":1894.28,"endTime":1895.84,"body":"the renter pool."},{"startTime":1896.48,"endTime":1898.6,"body":"So in addition,"},{"startTime":1899.64,"endTime":1902.96,"body":"typically the Fed will start cutting rates"},{"startTime":1903.44,"endTime":1905.64,"body":"to try to stimulate the economy."},{"startTime":1906.16,"endTime":1911.84,"body":"So I think we're at a difficult time right"},{"startTime":1906.16,"endTime":1911.84,"body":"now, but I'm still a believer."},{"startTime":1911.84,"endTime":1916.28,"body":"And in the future"},{"startTime":1911.84,"endTime":1916.28,"body":"it may not be positive for six months"},{"startTime":1916.28,"endTime":1920.36,"body":"or a year or two years,"},{"startTime":1916.28,"endTime":1920.36,"body":"but when I look at five years, ten years"},{"startTime":1920.36,"endTime":1923.0,"body":"down the road,"},{"startTime":1920.36,"endTime":1923.0,"body":"I want to be owning as much as possible."},{"startTime":1924.12,"endTime":1926.36,"body":"I agree with you because it's a long term"},{"startTime":1924.12,"endTime":1926.36,"body":"game."},{"startTime":1926.56,"endTime":1928.16,"body":"It's a marathon, not a sprint."},{"startTime":1928.16,"endTime":1930.68,"body":"So whatever you're getting today,"},{"startTime":1928.16,"endTime":1930.68,"body":"it's not."},{"startTime":1930.68,"endTime":1933.2,"body":"We are getting out the next day either."},{"startTime":1933.2,"endTime":1936.52,"body":"You know, we a good four"},{"startTime":1933.2,"endTime":1936.52,"body":"or 5 to 7 years in this deal"},{"startTime":1936.88,"endTime":1940.24,"body":"and 5 to 7 years is kind of a different"},{"startTime":1936.88,"endTime":1940.24,"body":"trajectory."},{"startTime":1940.24,"endTime":1942.04,"body":"Market is not going to be the same."},{"startTime":1942.04,"endTime":1943.72,"body":"We're not going to be in recession"},{"startTime":1942.04,"endTime":1943.72,"body":"five or something."},{"startTime":1943.72,"endTime":1945.92,"body":"Now, inflation's"},{"startTime":1943.72,"endTime":1945.92,"body":"going to be that high either."},{"startTime":1946.2,"endTime":1947.4,"body":"So things are going to be different."},{"startTime":1947.4,"endTime":1949.48,"body":"So you have to keep that in perspective."},{"startTime":1949.72,"endTime":1954.8,"body":"And plus, I think that whatever happened"},{"startTime":1949.72,"endTime":1954.8,"body":"in 2018 will not replicate that year."},{"startTime":1955.08,"endTime":1956.6,"body":"You know, not necessarily."},{"startTime":1956.6,"endTime":1957.24,"body":"Things happen."},{"startTime":1957.24,"endTime":1959.48,"body":"The same way"},{"startTime":1957.24,"endTime":1959.48,"body":"because we learn from our mistakes."},{"startTime":1960.08,"endTime":1963.08,"body":"We might see something different,"},{"startTime":1960.08,"endTime":1963.08,"body":"but not exactly the same."},{"startTime":1963.44,"endTime":1966.36,"body":"And that brings us"},{"startTime":1963.44,"endTime":1966.36,"body":"to the end of our podcast."},{"startTime":1966.36,"endTime":1970.04,"body":"But I wanted to ask you"},{"startTime":1966.36,"endTime":1970.04,"body":"one golden nugget for my audience."},{"startTime":1970.56,"endTime":1971.72,"body":"One golden nugget."},{"startTime":1973.36,"endTime":1976.28,"body":"You know, I would say push past the fear."},{"startTime":1976.4,"endTime":1978.96,"body":"I mean, everybody is afraid"},{"startTime":1979.4,"endTime":1983.4,"body":"and especially their first investment"},{"startTime":1979.4,"endTime":1983.4,"body":"property,"},{"startTime":1983.4,"endTime":1987.08,"body":"whether it's a first indication"},{"startTime":1983.4,"endTime":1987.08,"body":"or buying your first investment property,"},{"startTime":1987.56,"endTime":1991.4,"body":"you got to figure out if the cash flows"},{"startTime":1987.56,"endTime":1991.4,"body":"and the numbers work."},{"startTime":1992.36,"endTime":1995.32,"body":"You know, you've got to push past the fear"},{"startTime":1992.36,"endTime":1995.32,"body":"and do it."},{"startTime":1995.32,"endTime":1998.88,"body":"That's what I agree on,"},{"startTime":1995.32,"endTime":1998.88,"body":"that everybody should look into investing"},{"startTime":1998.88,"endTime":2002.64,"body":"some kind of week, all up investing,"},{"startTime":1998.88,"endTime":2002.64,"body":"because that's the way to go."},{"startTime":2002.64,"endTime":2006.64,"body":"If you're not investing,"},{"startTime":2002.64,"endTime":2006.64,"body":"you are wasting your wonderful,"},{"startTime":2006.64,"endTime":2009.44,"body":"wonderful resources,"},{"startTime":2006.64,"endTime":2009.44,"body":"time and money bought."},{"startTime":2009.88,"endTime":2011.44,"body":"So you need to tie in to that."},{"startTime":2011.44,"endTime":2013.24,"body":"So this brings us to Rapid Fire."},{"startTime":2013.24,"endTime":2017.2,"body":"Now, I'm going to ask you five questions"},{"startTime":2013.24,"endTime":2017.2,"body":"you have to answer in one word or one"},{"startTime":2017.2,"endTime":2018.76,"body":"sentence only."},{"startTime":2018.76,"endTime":2020.8,"body":"Spontaneous answers. Are you ready?"},{"startTime":2020.8,"endTime":2023.52,"body":"Okay, let's see."},{"startTime":2020.8,"endTime":2023.52,"body":"Let's go. Let's go for it."},{"startTime":2023.8,"endTime":2026.08,"body":"I just wanted to scare my guess."},{"startTime":2026.08,"endTime":2026.96,"body":"That's what it is."},{"startTime":2028.56,"endTime":2030.0,"body":"See? All right, here we go."},{"startTime":2030.0,"endTime":2030.88,"body":"Okay, let's go."},{"startTime":2030.88,"endTime":2032.0,"body":"The first question."},{"startTime":2032.0,"endTime":2034.04,"body":"What is one of the most important?"},{"startTime":2035.32,"endTime":2038.2,"body":"What is one of the most important things"},{"startTime":2035.32,"endTime":2038.2,"body":"that you've learned in your life?"},{"startTime":2038.52,"endTime":2041.36,"body":"And how did it change your life"},{"startTime":2038.52,"endTime":2041.36,"body":"after learning it?"},{"startTime":2042.8,"endTime":2045.16,"body":"I'm you got to take risk."},{"startTime":2045.16,"endTime":2046.6,"body":"I love that."},{"startTime":2046.6,"endTime":2048.64,"body":"That's the important thing in life, right?"},{"startTime":2049.2,"endTime":2051.4,"body":"If there's no risk, there's no excitement."},{"startTime":2051.64,"endTime":2052.6,"body":"Excitement in your life."},{"startTime":2052.6,"endTime":2052.96,"body":"I mean."},{"startTime":2052.96,"endTime":2057.72,"body":"I'm 53 and lately, you know,"},{"startTime":2052.96,"endTime":2057.72,"body":"I've been listening to people that say,"},{"startTime":2058.2,"endTime":2060.24,"body":"you know,"},{"startTime":2058.2,"endTime":2060.24,"body":"what are people say on their deathbed?"},{"startTime":2060.88,"endTime":2062.88,"body":"And most people know"},{"startTime":2063.32,"endTime":2066.92,"body":"the regrets, things"},{"startTime":2063.32,"endTime":2066.92,"body":"that they didn't try and try."},{"startTime":2067.64,"endTime":2068.32,"body":"That's true."},{"startTime":2068.32,"endTime":2072.28,"body":"What are you going to lose"},{"startTime":2068.32,"endTime":2072.28,"body":"right when you're trying because you came"},{"startTime":2072.28,"endTime":2075.64,"body":"with nothing in this life"},{"startTime":2072.28,"endTime":2075.64,"body":"and you're going to leave with nothing."},{"startTime":2076.32,"endTime":2081.6,"body":"And this is the line that we have"},{"startTime":2076.32,"endTime":2081.6,"body":"between B and D, and that's what life is."},{"startTime":2081.6,"endTime":2084.04,"body":"I would call it E like enjoyment, right?"},{"startTime":2084.12,"endTime":2087.6,"body":"Whatever resources that we have,"},{"startTime":2084.12,"endTime":2087.6,"body":"we should use it fully"},{"startTime":2088.12,"endTime":2091.96,"body":"and use our optimum"},{"startTime":2088.12,"endTime":2091.96,"body":"skill sets that we have or knowledge,"},{"startTime":2092.24,"endTime":2096.16,"body":"whatever you can call it,"},{"startTime":2092.24,"endTime":2096.16,"body":"and use the best possible use of our life."},{"startTime":2096.48,"endTime":2098.36,"body":"We're not going to take anything with us."},{"startTime":2098.36,"endTime":2100.68,"body":"But the thing is, it's"},{"startTime":2098.36,"endTime":2100.68,"body":"just a matter of understanding."},{"startTime":2101.2,"endTime":2103.24,"body":"What's your maximum potential?"},{"startTime":2103.24,"endTime":2104.12,"body":"Exactly."},{"startTime":2104.12,"endTime":2106.68,"body":"Exactly. Optimum"},{"startTime":2104.12,"endTime":2106.68,"body":"financial is very important."},{"startTime":2106.68,"endTime":2111.92,"body":"And every life, I think on this chart"},{"startTime":2106.68,"endTime":2111.92,"body":"wants to use their optimum potential."},{"startTime":2111.92,"endTime":2114.6,"body":"But the thing is, our conditioning is"},{"startTime":2115.68,"endTime":2117.16,"body":"a such way"},{"startTime":2117.16,"endTime":2121.96,"body":"that we have so many limitations around us"},{"startTime":2117.16,"endTime":2121.96,"body":"and we never get out of that."},{"startTime":2122.2,"endTime":2124.56,"body":"I That's a topic for another time. Sure."},{"startTime":2125.36,"endTime":2129.8,"body":"Oh, can you recommend one"},{"startTime":2125.36,"endTime":2129.8,"body":"good book to my audience?"},{"startTime":2130.28,"endTime":2132.52,"body":"I love it."},{"startTime":2132.52,"endTime":2134.68,"body":"Something tribe,"},{"startTime":2135.52,"endTime":2136.48,"body":"Tribe,"},{"startTime":2136.68,"endTime":2139.6,"body":"tribe of mentors or something like that."},{"startTime":2139.6,"endTime":2141.76,"body":"It was about three different."},{"startTime":2141.76,"endTime":2144.16,"body":"So there was health, wealth and and"},{"startTime":2146.28,"endTime":2148.12,"body":"Africa with success or something."},{"startTime":2148.12,"endTime":2151.32,"body":"And there were all these interviews"},{"startTime":2148.12,"endTime":2151.32,"body":"with other people."},{"startTime":2151.32,"endTime":2156.68,"body":"It was it was Tim Ferriss,"},{"startTime":2151.32,"endTime":2156.68,"body":"and he had the best of his podcast."},{"startTime":2156.68,"endTime":2160.16,"body":"And I'm when I was done with it,"},{"startTime":2156.68,"endTime":2160.16,"body":"I told my wife, I said,"},{"startTime":2161.08,"endTime":2163.52,"body":"you know, I'm not meeting the three people"},{"startTime":2164.12,"endTime":2167.08,"body":"because I would I would read"},{"startTime":2164.12,"endTime":2167.08,"body":"about three people every morning."},{"startTime":2167.52,"endTime":2169.4,"body":"And then when it was over,"},{"startTime":2167.52,"endTime":2169.4,"body":"I was disappointed."},{"startTime":2169.4,"endTime":2171.6,"body":"Like I learned from each one of them."},{"startTime":2171.6,"endTime":2172.44,"body":"Nice."},{"startTime":2172.44,"endTime":2175.2,"body":"Good one in one word,"},{"startTime":2172.44,"endTime":2175.2,"body":"what does life mean to you?"},{"startTime":2177.52,"endTime":2179.16,"body":"Relationships."},{"startTime":2179.16,"endTime":2179.8,"body":"I like that."},{"startTime":2179.8,"endTime":2182.6,"body":"And what is your biggest passion?"},{"startTime":2183.04,"endTime":2185.24,"body":"Inspiring and teaching others."},{"startTime":2185.24,"endTime":2186.28,"body":"I like that."},{"startTime":2186.28,"endTime":2189.52,"body":"If you could turn back in time"},{"startTime":2186.28,"endTime":2189.52,"body":"and talk to your younger self,"},{"startTime":2190.0,"endTime":2192.32,"body":"what would you tell yourself and why?"},{"startTime":2193.6,"endTime":2197.16,"body":"Buy real estate and and hold it down."},{"startTime":2197.16,"endTime":2198.24,"body":"Sell it."},{"startTime":2198.56,"endTime":2200.56,"body":"I like that."},{"startTime":2200.56,"endTime":2202.08,"body":"How can people reach out to you?"},{"startTime":2202.08,"endTime":2202.96,"body":"Darren"},{"startTime":2204.04,"endTime":2206.56,"body":"that's why is join"},{"startTime":2206.6,"endTime":2209.92,"body":"that Darren Batchelder dot"},{"startTime":2206.6,"endTime":2209.92,"body":"com would be the best way."},{"startTime":2211.08,"endTime":2214.64,"body":"Thanks for coming to my show and"},{"startTime":2211.08,"endTime":2214.64,"body":"I really enjoyed our conversation today."},{"startTime":2214.96,"endTime":2216.24,"body":"Thank you. That was a lot of fun."},{"startTime":2216.24,"endTime":2217.56,"body":"Thank you for having me on."},{"startTime":2217.56,"endTime":2219.6,"body":"Thank you"},{"startTime":2217.56,"endTime":2219.6,"body":"for listening to our podcast today."},{"startTime":2219.88,"endTime":2222.44,"body":"We hope you found this episode valuable"},{"startTime":2219.88,"endTime":2222.44,"body":"and informative."},{"startTime":2222.8,"endTime":2225.4,"body":"As promised,"},{"startTime":2222.8,"endTime":2225.4,"body":"we have a free e-book for you."},{"startTime":2225.64,"endTime":2230.08,"body":"Claim your free copy"},{"startTime":2225.64,"endTime":2230.08,"body":"now at WW W Dot Loomba and BestBuy.com."},{"startTime":2230.48,"endTime":2232.24,"body":"We believe that this resource"},{"startTime":2230.48,"endTime":2232.24,"body":"will provide you"},{"startTime":2232.24,"endTime":2235.88,"body":"with even more insights and knowledge"},{"startTime":2232.24,"endTime":2235.88,"body":"to help you achieve your financial goals."},{"startTime":2236.32,"endTime":2237.24,"body":"Don't forget to join us"},{"startTime":2237.24,"endTime":2240.76,"body":"next week for another informative episode"},{"startTime":2237.24,"endTime":2240.76,"body":"with another awesome guest."},{"startTime":2241.04,"endTime":2241.68,"body":"So you run."}]}