Ian Horowitz, the Managing Partner at Equity Warehouse, shares his transformative journey from a firefighter to a successful real estate investor managing a $70 million portfolio. Ian emphasizes the significance of local investment, operational efficiency, and the strategic scaling of real estate ventures.
He delves into the advantages of focusing on core strengths, diversifying investments, and the concept of the velocity of capital for growth. Tune in to learn some valuable lessons on overcoming operational challenges, the importance of company culture, and future-focused strategic planning in real estate investment.
Key takeaways to listen to:
About Ian Horowitz:
Ian Horowitz is the Managing Partner at Equity Warehouse, a top real estate investing company based out of Baltimore. With the acquisition of his inaugural rental property in 2012, Ian embarked on a diversified journey within the realm of real estate, encompassing property flipping, single-family rental properties, multifamily units, and self-storage ventures. Presently, Ian, in collaboration with his business partner Daniel Mathe, presides over the ownership and management of a robust real estate portfolio valued at $70,000,000.
Their strategic focus lies predominantly in the domains of Self-Storage and Multi-Family properties. Gratefully, Ian and Dan have successfully transitioned from their prior careers as firefighters with the City of Baltimore, propelled by their achievements in the real estate sector. Ian, a licensed pilot, not only navigates the skies but also cherishes moments spent with his wife and two daughters.
Connect with Ian:
To connect with Randal and learn more about passive investing, visit www.ridgelineig.com and follow our social media pages below!
Ian Horowitz, the Managing Partner at Equity Warehouse, shares his transformative journey from a firefighter to a successful real estate investor managing a $70 million portfolio. Ian emphasizes the significance of local investment, operational efficiency, and the strategic scaling of real estate ventures.
He delves into the advantages of focusing on core strengths, diversifying investments, and the concept of the velocity of capital for growth. Tune in to learn some valuable lessons on overcoming operational challenges, the importance of company culture, and future-focused strategic planning in real estate investment.
Key takeaways to listen to:
About Ian Horowitz:
Ian Horowitz is the Managing Partner at Equity Warehouse, a top real estate investing company based out of Baltimore. With the acquisition of his inaugural rental property in 2012, Ian embarked on a diversified journey within the realm of real estate, encompassing property flipping, single-family rental properties, multifamily units, and self-storage ventures. Presently, Ian, in collaboration with his business partner Daniel Mathe, presides over the ownership and management of a robust real estate portfolio valued at $70,000,000.
Their strategic focus lies predominantly in the domains of Self-Storage and Multi-Family properties. Gratefully, Ian and Dan have successfully transitioned from their prior careers as firefighters with the City of Baltimore, propelled by their achievements in the real estate sector. Ian, a licensed pilot, not only navigates the skies but also cherishes moments spent with his wife and two daughters.
Connect with Ian:
To connect with Randal and learn more about passive investing, visit www.ridgelineig.com and follow our social media pages below!
[00:00:00] Ian Horowitz: Are you related to Ryan? I was just my brother. Okay. I was checking the spelling and I was like, wait a second here. All right. All right. Cause I was like, cause I, how it's spelled on my phone versus how he actually spells his name is two different things. So I'm over here on Facebook. But God damn, that looks familiar.
[00:00:16] Ian Horowitz: I didn't hear you say that it was your brother. All right. Hell yeah.
[00:00:19] Randa; McLeaird: Yeah, man. Yeah no. I just, I don't dude, it didn't even I didn't know that you were in the same group or whatever you guys I think a guy, Mike, helps you guys run this thing or something. I don't know. I hear him talking about it, but I just remember seeing a picture of this bad ass boat that he was on Travis.
[00:00:36] Randa; McLeaird: And then I'm like, okay, your storage.
[00:00:38] Intro: If you're a real estate agent earning 200, 000 a year, and you want to grow your passive income. This show is for you. Learn secrets other agents use and hear from experts in our field who will guide you on your journey to investing in assets like apartment communities so you can take your commissions and turn them into cash flow.
[00:00:58] Intro: Here's your host, Randall. [00:01:00] Let's dive in.
[00:01:03] Randa; McLeaird: All right. All right. Welcome back. It's awesome to have you here today. I have an awesome guest on his name is Ian Horowitz. We talk about how he's a firefighter that turned investor with over $70 million portfolio. We really touch on how he was intentional with the way he structured his business and set up his business and grew his business over time.
[00:01:23] Randa; McLeaird: And how he, focused on his core strengths. And how you should to focus on your core strengths and go and just do the work. So I know you're going to get a lot out of this show. I got a lot out of the interview. Ian's a great guy, but funny enough, I think he knew my brother or I know he knows my brother.
[00:01:40] Randa; McLeaird: And so we just riff on that a little bit. And so it's awesome to meet other investors and other active real estate professionals in the space. And so I love. Putting on this podcast and having people come on the show. I get a ton out of it and I hope you are too. If you are getting something out of the show, please go on rate and review wherever you listen to the show.
[00:01:59] Randa; McLeaird: Even if you just [00:02:00] put a word in as a response or as a review, that helps us a ton to bring on these amazing guests. So let's jump into our interview with Ian and kick it off right here. Let's go. So let's start with what markets you're in. Like, where are you currently investing? Are you all over the United States?
[00:02:16] Randa; McLeaird: What are you working on? Give
[00:02:17] Ian Horowitz: me the high level. Yeah. The high level is our main office is based out of Baltimore, Maryland. And most of our residential industrial, those types of sites are local to us in Baltimore. Cause we like to self manage. We like to have 'em in our backyard. But we're pretty opportunistic investors.
[00:02:34] Ian Horowitz: So we have self-storage and self-storage. We're agnostic to where we go. It needs to be an easy plane ride or it needs to be a region where we can have some scale. But we have stuff in the southeast United States as well Alabama, Mississippi, Louisiana, Texas, and Arkansas. So we got a pretty diverse portfolio.
[00:02:52] Ian Horowitz: I know we're just jumping into it, but I'll give you my 2024 thesis is, we've been looking at moving some of our capital closer back to home because [00:03:00] there's some competitive advantages that we notice in our portfolio of the stuff that we operate closer to home versus the stuff that we operate remotely and from afar.
[00:03:09] Ian Horowitz: It's been interesting but, yeah, it's where we operate a little bit of everything and grind away. Let's dive
[00:03:15] Randa; McLeaird: into that then because I'm curious, what are the operational efficiencies that you're noticing?
[00:03:19] Ian Horowitz: Yeah, so we're very our back story is Dan and I, my business partner we were firemen for the city of Baltimore and, we had a lot of like contacts local to us where we were in Baltimore.
[00:03:29] Ian Horowitz: We had a lot of nuances to operating in the Baltimore market. And it forced our hand to create processes management, working with contractors, local to us, it forced a lot of hands, but what it did was it actually built a culture. Inside of our company, 1 of the problems operational challenges that we're facing with operating our self storage facilities from afar.
[00:03:52] Ian Horowitz: And we're talking over a 1000 miles is well, the boots on the ground understand the job is they don't necessarily understand our culture [00:04:00] of get it done now. I'd rather you. I was going to curse. So I don't want to curse on your show, but I shit done. It's all right. There you go. No, it's a, I'd rather you fuck up doing something than you fuck up doing nothing.
[00:04:10] Ian Horowitz: And I don't know that they understand that's who and what we are. You gotta remember, like when we're renovating houses or apartments. And my drywall guy runs into my plumber that runs into my HVAC guy. They all start chirping and they all start working together and they all start understanding how we work, how we pay, how we get shit done versus out in this, at some of our storage sites, we can talk about it all we want.
[00:04:34] Ian Horowitz: But like in Baltimore, those guys know us from the days when we were getting our hands dirty. We were there next to him picking up trash. Running, going to get materials. They know that we're not afraid to work. Whereas we buy these big commercial assets from afar. And it's Oh that's that guy.
[00:04:48] Ian Horowitz: He might dress like me, but he's not me because he bought this big facility. So it's really just translating our culture. And a lot of them do understand it. A hundred percent, they get what we do just. Sometimes it's [00:05:00] easier when it's next to you to get stuff done quicker than it is from afar because it's like, all right it's out of sight out of mind, not the world's biggest problem will get resolved and, things fall by the wayside because sometimes what's in front of you gets done quicker than the stuff that's a foreign.
[00:05:13] Ian Horowitz: It's just a real life challenge. It is what it is. And we navigate it as best as we can every single day.
[00:05:18] Randa; McLeaird: Yeah, no I can concur with that. And I think, yeah, the guys contractors always seem to be the challenge, right? In the business in general. So you mentioned residential to you guys.
[00:05:29] Randa; McLeaird: Fix and flip. Are you talking about multifamily? What do you, what are you
[00:05:32] Ian Horowitz: talking about? Yeah. Our days of fix and flip and like single family rentals are behind us, we still own the early days we were fixing and flipping and we have a big single family portfolio, somewhere in the a hundred property range, so we still service them from a maintenance standpoint.
[00:05:48] Ian Horowitz: So a lot of the guys that were there that built them day one, come back and do service calls, for us residential though, consists mostly. Of multifamily units, that's where we like to concentrate because what we found out and as you [00:06:00] progress through this business, and I know that you you have a lot of agents or a lot of people that watch the show, but the agents that watch the show is like, yeah, you might start out in single family, but then guess what?
[00:06:08] Ian Horowitz: You're going to want to continue to grow an asset classes. So it could be. Better single family houses, or it could be bigger assets. And for us, it was I can do a hundred houses a year. I could just do one, 100 unit apartment building for that whole year and be equally as satisfied. And everything's all in one location.
[00:06:24] Ian Horowitz: So it really just became scale and being able to manage our guys and not have to grow some massive team and transactions all the time versus just doing that one right deal a year. That's really what we're looking for going forward. Yeah,
[00:06:38] Randa; McLeaird: no that's well said that was exactly when Ryan and I we're working together, we were like, okay, the only way to grow this thing is to do more transactions.
[00:06:46] Randa; McLeaird: And it just. Eventually kills you, you're like spirits, and
[00:06:49] Ian Horowitz: Those of you that are watching on video you still got hair luckily, but like mine just, boom, gone started turning gray. It's and the problem in single family, I don't want to say it's a problem, but I feel like the commercial assets [00:07:00] challenge you a little more to go back and underwrite all the time.
[00:07:02] Ian Horowitz: Whereas in the single family, it's ah, I know the comps in this area, boom, let's just do it. It's just another deal. What's the big deal. Do let's just do one more. It's around the corner from the other one. We already know the numbers, whereas in the commercial world, it's I need to check every every box dot every I cross every T go back and reread it four times before I go and do that deal.
[00:07:20] Ian Horowitz: It's not like you're just jumping in. I like that challenges you and makes you gut check yourself before you just go jump into the deep end and just go. And I think people get stuck in the single family realm because they get addicted to that. They get addicted to the feeling of buying another property because it's it hits you.
[00:07:38] Ian Horowitz: I think it's orphans. Oh,
[00:07:39] Randa; McLeaird: yeah, it's that and it's comfortable. It's easy and it's comfortable. You don't need a degree to analyze a rental property. You don't need a degree to do a commercial property, but you do have to actually figure out how to use a spreadsheet and underwrite a deal and check on crime rates and do, basic research.
[00:07:56] Randa; McLeaird: You mentioned something I wanted to ask you. Curious. What does the portfolio look like now? You got a [00:08:00] hundred doors on the single family side. What about storage? And what about multifamily actual complexes? And what do you classify as multifamily or plus, or 25 plus
[00:08:09] Ian Horowitz: a hundred plus for us? It's our smallest building seven units.
[00:08:12] Ian Horowitz: So for me, it's five, five units or more, but we have about 250 residential doors between multifamily and single family. All that's in the Baltimore metro area. Everything's within an hour of Baltimore. We have some Airbnbs just cause we picked up and we were dicking around. But the majority of our portfolio sits in self storage, which we have about 700, 000 square feet spread across 15 sites.
[00:08:36] Ian Horowitz: And then we have some larger industrial stuff. We have about a hundred, 150, 000 feet of industrial. And again, it was really that we became opportunistic, right? As you start to figure out your business model, what we found out is we're really good at fixing that is our wheelhouse, like we're construction guys.
[00:08:54] Ian Horowitz: So what was our value that we brought to our friends and family as investors? It was the ability to go buy [00:09:00] trash and turn it into something that's worth more at a later date. I'm not going to say it's going to be gold every time, but we put the building into a better location and that's how we just became opportunistic of we can apply our construction arm into each one of these different asset classes and grow it and just go.
[00:09:16] Ian Horowitz: And, again, it went back to in the single family space. I can't find enough or there's too much deal flow and I don't want to do it that way. And we got priced out. And then in the multifamily world, local to us, it was like, I know you guys are out in Texas, but like I couldn't imagine just because the operational challenges in Baltimore of owning residential real estate in another state, just because Baltimore, we're a very blue state, have a lot of problems, a lot of pro tenant, everything.
[00:09:41] Ian Horowitz: And I couldn't imagine a property manager running one of them. So for us, it was like I want to buy more multifamily, but I don't want to go out of state, but then I'm competing against all the institutional capital from New York, Philadelphia, Boston, DC, they're all chasing these deals around us. And it just became too much competition.
[00:09:58] Ian Horowitz: And the ones that we picked [00:10:00] off were big trash deals that nobody wanted to touch, or they were sweetheart deals that were that worked for us. And then really the storage, the reason that became about in the industrial stuff became about was because there was opportunity local to us where there was enough scale outside of our jurisdiction, and we felt comfortable operating it from afar that we didn't have to worry about the residential consumer laws that we did say with the self storage or the industrial.
[00:10:26] Ian Horowitz: That was out of state and that's just how we ended up in the self storage role. That's how we ended up in the industrial world was being able to operate our business without the consumer laws and be able to operate that business from afar and gave us our ability to go do that. Yeah, I'll tell you.
[00:10:41] Randa; McLeaird: It's very appealing to not have to deal with that. So I want to touch on that in a minute, but you mentioned something that I want to highlight again. It's you're listening to this, right? You said something that, that it just struck a chord. You are construction guys 1st, right? Your value add, this is what I bring to the table.
[00:10:59] Randa; McLeaird: And so [00:11:00] if you are trying to find a space, trying to find some way to add value to either a team or to your business or whatever it is, what find that strength that you have and then just exploit that. And so just very key that you guys tuned into that and you use that to your advantage, obviously, I would say anybody
[00:11:16] Ian Horowitz: can do that.
[00:11:17] Ian Horowitz: Yeah. And that's, I think why I get mad at like certain people that surround real estate. Like I always, when I saw the request for your show and just so you guys know, I'm friends with his brother and then I'm sitting here looking at his last name God damn Ryan and you guys spell your name the same way.
[00:11:32] Ian Horowitz: So I just. I just, we finally put two and two together. But prior to that, I was so excited to do the show because it was agents building cashflow and I'm like, the agents have the key dude, like you guys look at deals every day. You're selling deals to people every day. Like you have all the intrinsic information or the insurance agents or the lenders.
[00:11:49] Ian Horowitz: I'm like, you guys see deals at a level that Dan and I never see deals at. And I'm like, dude, you guys should be in real estate. You guys should freaking crush it. [00:12:00] And I think, again, if you look at what works for you, I was talking to our marketing guy, he wants to get into self storage and I said, Gabe, you have all the marketing data.
[00:12:10] Ian Horowitz: You should be able to go in and find facilities in areas where ads perform at a different level than we would ever be able to figure out. You might be able to find a deal in an area that I would never buy because you can dominate Google ads or. You can dominate Facebook ads and fill up a facility.
[00:12:26] Ian Horowitz: That's your skillset. Apply it to when you're underwriting deals to be able to utilize that, to give you a competitive advantage. So I think that's yeah, many
[00:12:35] Randa; McLeaird: on ramps to, from where you are to get to where you want to be type thing. Again, I just want to highlight that because I thought it was a great point.
[00:12:41] Randa; McLeaird: And then you, so we're talking about your operation in the operation required to go out and say, do 100 single family fix and flip in a year or wholesales or whatever it is, right? You need an operation to do that. And so now, in your current operation, if you guys went away from that sort of strategy, what is, what does your operation look like?
[00:12:59] Randa; McLeaird: [00:13:00] You've got so many single family doors you have to deal with plus multifamily, do you guys have 20 people on staff? Do you have just you and a guy, everything else is outsourced or what does that
[00:13:09] Ian Horowitz: look like? Yeah. So we have 15 employees, Dan and myself are at the top, and then we have an operations manager.
[00:13:15] Ian Horowitz: He'd be equivalent to a COO. Ryan, he was our first Brian Tucker. He was our first. Employee that we hired, we were so nervous. We didn't know how we were going to pay for him or anything. And he's been one of the best, probably the best hire that we've had. And he allowed Dan and I to start concentrating on the business.
[00:13:31] Ian Horowitz: And then from there, it just naturally grew added maintenance staff, added office staff. And then for the storage, we have boots on the ground. And in those employees, I count my VA, right? Because she does all the backend stuff or we have a few VAs that do all of our social media content, but there's 15 of us and, as we've grown the team, it's like the responsibilities, like some, there's some days you're like, yo, dude, how did I ever get anything done? And how did I miss all this crap that we used to do in the [00:14:00] concentration changes, but it also is, as we add employees, the properties get better because now they're concentrating on the properties and we concentrate on the investors and the deal flows. My day to day, I'm looking at deals, I'm handling investors and I'm handling all the crap that falls to the floor that nobody else wants to do and then find out who's should be handling that.
[00:14:20] Ian Horowitz: And my business part, I'm the visionary and my business partner is more of the operator implementer. He handles the finances. And oversees that side of the house. And it's a good back and forth that has allowed us to grow consistently in a nice time period. How did you and Dan
[00:14:35] Randa; McLeaird: come together?
[00:14:36] Ian Horowitz: Yeah. So we grew up outside of Philadelphia together. We both wanted to be big city firemen. We grew up in the nine 11 era, I guess you could say we both graduated high school in 2000, 2001, nine 11 happens, we were already volunteering at the local fire department and then becoming a career fireman was like, The thing to do, but in Philadelphia, you actually had to live in the city to get to even be able to test, let alone get hired.
[00:14:59] Ian Horowitz: Like [00:15:00] one of our friends got hired, he was going to temple and the deputy chief showed up at his house and checked his underwear drawer to make sure he was actually living there and not faking it. So for us, we had to go test outside and that's how we ended up in Baltimore together with a few of our other friends.
[00:15:14] Ian Horowitz: Actually, there was 5 of us that ended up down in Baltimore from where we grew up. And in 2012, I got started in real estate buying a couple single families, my business partner, Dan got jammed up in the oh eight stuff and he was trying to pay off some debt. So he started wholesaling and he had a package of properties came to me and said, Hey man, I got four properties.
[00:15:36] Ian Horowitz: I want to wholesale three of them. Some turnkey buyers, they have some tenants in them. Let's sell the three and flip the fourth. I was like, hell yeah, let's do it. So we did it, made six figures, did it again. Six months later, flipped another house. And we said, dude, let's go do this. Let's like really go do this.
[00:15:50] Ian Horowitz: And that's how we went. So you can say we're child, we were childhood friends and, stayed together and awfully gone from there. Yeah. Awesome.
[00:15:59] Randa; McLeaird: Okay. Yeah. I just didn't know [00:16:00] the backstory there. I now recall you saying you were both firefighters, but it went deeper than that. Yeah. Cool story that I always wonder how partnerships come together.
[00:16:09] Randa; McLeaird: I'm always, like, how does this come to pass? And definitely some of the bonding, that you guys would do through the firefighting and prior to that would certainly help you guys on the trust.
[00:16:19] Ian Horowitz: Yeah. Some business partnerships come together because it's okay, I have this, you have that let's just join forces and do it better.
[00:16:25] Ian Horowitz: For us it's always been one piece of paper, borderline handshake type deal, it's never been like something super formal and we've grown to 70 million in assets and has there been some blowout fights? Yeah, I could probably count on my hand how many blowout fights there is, but we've always just gone and done our job.
[00:16:42] Ian Horowitz: And I think some of that does come from the fire department of being humble, putting your head down. Go and just get your job done and let your actions speak louder than your words. And it's always just been a natural, Hey, I'm handling this and I'm handling that. Now I know some other partnerships are forced, like a forced marriage.
[00:16:58] Ian Horowitz: And those, some of those partnerships have [00:17:00] more troubles and you need to cross your T's dot your eyes, make sure all the buy sell agreements are in place and all that other fun stuff. And we've had some capital partners come in where we've had to exercise some of those rights because they weren't the right fit for us because we just move at a pace.
[00:17:14] Ian Horowitz: We believe faster than a lot of other people, but it works for us because we understand, we know, being first, getting it done, getting the property done as fast as humanly possible. We'll always pay massive dividends rather than getting bled out over time. Yeah. All right,
[00:17:28] man.
[00:17:28] Randa; McLeaird: I want to jump into some of the velocity to money stuff.
[00:17:31] Randa; McLeaird: Hang on before I do that real fast. I'm just going to ask. So since you own, because I'm in the multifamily, Ryan is doing the self storage. I see some of the stuff that he's working on. I'm like, life looks a little bit better. But at the same time, I know, residential real estate.
[00:17:45] Randa; McLeaird: So I've got this 24 unit deal in the back of it. There is the ability to add storage or I was thinking of just adding some more units to it. But then my wife actually was like, why don't you just do storage in the back? So I've got a couple of questions, right? Just around [00:18:00] the crossover of management and the difference between self storage management and multifamily management.
[00:18:06] Randa; McLeaird: So you guys you do your own management since it's close to you, correct? Okay. So then what is high level or highlight, the difference in managing those two different types of assets?
[00:18:15] Ian Horowitz: One, you're going to have a judge that tells you're the world's worst person, depending what state you're in.
[00:18:19] Ian Horowitz: One, you can just go and auction their stuff. That's like the simplest. Most simplest of simple there is, but if you really want to get down to it, let's first talk about like customer acquisition in the multifamily world. What there is there's we have the ability, like you have, it's a more of an emotional purchase, right?
[00:18:39] Ian Horowitz: They're going to spend time. They're going to figure out. If I move here, I don't want to move again. And like for a really long time or I'm coming here to bridge, to go buy a house. Okay. All right. Done. Now on the storage side and your time window in the multifamily space might be a three month time horizon to acquire a tenant, you're going to spend a lot of time tracking them down, you're going to vet them, you're gonna do all those fun [00:19:00] things now in the storage world, dude, I'm like.
[00:19:02] Ian Horowitz: Two hours, like less than two hours is my window to close a tenant. They call, they go online, they can run a unit on their own. I don't have to interact with them. So the customer acquisition side, I would say the benefit is in storage because you can rent online. There's also a high benefit to the multifamily side of being able to vet your tenants and who you're getting, what they're doing, their income levels, the likelihood that you're going to have to evict them.
[00:19:23] Ian Horowitz: And you also get to see them, feel them, Hey, like you're not feeling touch them, not like our president, but feel them like, Hey, who are you? What's going on? I understand you're a normal person. Cool. Come move into my unit. I'll take this risk. Whereas someone rents online, they could be a bum off the street.
[00:19:39] Ian Horowitz: And they're taking the dollar move in special to rent your unit. It happens. Okay. Now from the operational side. Multifamily loses in a lot of ways because you got heat, you got water, you got backed up toilets, you got the pride of ownership. My favorite one is when we go to a tenant's house. Hey, there's a problem.
[00:19:54] Ian Horowitz: Cool. Our maintenance guys will be coming over. You're not coming to my house unless I'm home. I'm like timeout. It's our house. [00:20:00] And thank you for taking the pride of ownership, but I want to protect our asset and get it done. You have that challenge there. Whereas the storage it's not an emergency.
[00:20:07] Ian Horowitz: It's not the end of the world. People aren't living in your units. There's not many emergencies that can happen there that it's okay your stuff stored there, that you signed up to rent, put your stuff into a metal box and it might happen. And if there's an issue, we'll be by to fix it at some point because it's not an emergency.
[00:20:22] Ian Horowitz: And then you come down to the evictions and depending what state you're in I know where we are in Maryland, I could take a year to evict someone. And especially during COVID and the consumer laws and all the other crap that came with it. Multifamily probably loses again. Whereas storage it's, in Mississippi, you're gone in 30 days.
[00:20:40] Ian Horowitz: You don't pay rent in five days. I lock you out 10 days later. I put your auctions, I put your stuff into the auction cycle, 15 days later I'm sending you another notice. And in 30 days, I'm posting your stuff and it's getting auctioned off. So pay Texas is a great state. They got great lien laws all during COVID.
[00:20:57] Ian Horowitz: None of the lien laws were shut down with the exception of [00:21:00] California for all of about a week. And then they lost the lobby came in and said, absolutely not. And got the lien laws back in place. The forefathers of storage did it right and put the lien laws in effect. And what I would say is which one's better.
[00:21:14] Ian Horowitz: It's really up to you. Like it's, what are you comfortable with? I'll tell you operational challenges with storage become the marketing, like this month alone across 15 sites, I've already had a hundred something move ins probably had about 80 move outs. We've had 180 customer touches. Just moving in and moving out, making sure units are clean, right?
[00:21:32] Ian Horowitz: There's a lot of in and out, whereas multifamily is much more predictable. Okay. This year, I know this tenant's moving out and I'm going to push this tenant out so I can renovate it and make it a better unit and get higher rent. Like it's much more predictable from that aspect, but you also have the turnover costs.
[00:21:48] Ian Horowitz: So what I would say is I'm going to take the diplomatic answer is which one's better it's, which one are you more comfortable dealing with? If you like the moving and the shaking, let's do storage. If you like being [00:22:00] predictable and you want to like really know like what you're going to have to pay out in the way of turnovers.
[00:22:04] Ian Horowitz: And, I would potentially talk about a multifamily and look at that. And multifamily is. Most likely a more needed asset class going forward, right? Not everybody needs to tour your store, store their stuff. Americans like to store stuff. However, you always need a place to live. And again, it's really what you want to bet on and what you're comfortable in and what you understand and what you know.
[00:22:27] Ian Horowitz: And that's that's how we look at it.
[00:22:30] Randa; McLeaird: Yeah. Yeah. So owning both are you focused more on the industrial and storage now going forward?
[00:22:35] Ian Horowitz: Yeah, I am just because dude, we got destroyed. I hate to beat up on our wonderful state of Maryland, but it's a very, and I hate to make it about politics, but it's just a very blue state.
[00:22:45] Ian Horowitz: It's a very pro tenant state. It's a very much. Drama state when it came to COVID and everything else, like it really showed us that we are not in control of our own asset, but what storage did was show that you are still a business owner all the way through, no [00:23:00] matter what happened with COVID or shutdowns or government shutdowns or any of these other things.
[00:23:05] Ian Horowitz: We were still able to operate our business. And that's why I like the storage and industrial space. I believe industrial and flex space, like contractor type unit stuff going forward is just going to become better and better. You got e com businesses. You got there's a resurgence in retail.
[00:23:21] Ian Horowitz: You still have stores that are looking for warehouse space because they distribute online. People want those. Even RVers are renting what used to be contractor space to put their RVs Protect their assets, spend a half million dollars on an RV, and one of our best performing sites is set up like that type of site where it's a lot of businesses, long term state tenants, and a lot of RVers and boaters and contractors that all rent there.
[00:23:46] Ian Horowitz: For us, that's one of our best performing sites, and we're going to continue to exploit that. So
[00:23:50] Randa; McLeaird: is it so you're seeing these guys are taking up warehouse office space with an RV. And then they just have a, what, a man cave type deal,
[00:23:57] Ian Horowitz: Like a man cave type joint, they're putting their [00:24:00] stuff in there.
[00:24:00] Ian Horowitz: It's some dudes are into golfing and hanging out at the country club. Some dudes are into going to hang out at the RV club and, polishing their RV and hanging out, smoking a cigar barbecue and staying away from their wife, right? Like the condo RV space. And I'm not in it. It's a little more prevalent down where you guys are in Texas and the Midwest.
[00:24:18] Ian Horowitz: Florida, the guys are building these gigantic units and condoing them off. And they're either selling them to contractors, high end car users, high end RVers, boaters, and they're selling them for the man cave experience and they'll do they'll do like poker games and cookouts and all those things.
[00:24:35] Ian Horowitz: And you're just, it's like a, it's like a second home to those dudes. Yeah. Yeah.
[00:24:38] Randa; McLeaird: There's a guy from our soccer, my son's soccer team. He just built something like that. And it's all high end cars in San Antonio. Yeah, cool concept. All let's shift and talk a bit about velocity of money.
[00:24:50] Randa; McLeaird: Okay. So you mentioned many ago, explain the concept of velocity of money for real estate investing and how it played a pivotal role in amassing your 70 million portfolio. [00:25:00]
[00:25:00] Ian Horowitz: Yeah, for us, it's, the velocity of capital and what does that mean? It's how fast can you turn over capital, right?
[00:25:06] Ian Horowitz: And getting a return on it. So there's a couple of different ways to look at it for early on. We were flipping houses to then get a big sum of capital to then be able to put that into rental units, right? And we had to sell these properties to then get the cash to put it into. A cash flowing asset that then produced dividend dividends.
[00:25:26] Ian Horowitz: So as the flipping started to tail off now we had the drip income coming from our rental properties. And for a long time, it's just, we've been sitting around cool, we got all this cashflow coming in, but then the equity in the property starts to outgrow the return on the cap on the return from like the rental income that you're getting.
[00:25:46] Ian Horowitz: And it's I'm making 500 bucks a month. That's 6, 000 bucks a year. But I can pull out 60, 000 if I sell it all. That's 10 years of cashflow in one shot. So now we're getting to the point where we're starting to sell off some of our [00:26:00] older legacy assets that are a pain in the butt, but they have equity in them.
[00:26:03] Ian Horowitz: Now that I have that 60, 000, I can go redeploy that into a new and better asset. Over the long horizon should perform better. Now let's talk about that at scale. Like we bought $25 million of storage and now we're talking about $40 million exit, right? That's huge. That's a $15 million delta.
[00:26:22] Ian Horowitz: We started with $15,000. Could you imagine having $15 million at your fingertips of where you could get. So to sit around and I was, you can probably find some old videos of me and where I'm like, nah, I never sell anything. But at a certain point that equity outgrows the cashflow and you need to consider it because if you want to step up and continue to grow and the goal should always be buying better quality assets.
[00:26:48] Ian Horowitz: And if you can continue to, and not always bigger, just better quality, if you can continue to do that and build a better and better portfolio. At a certain point, then you'll be like, all right that was well worth the headache and paying the [00:27:00] taxes and trading up and moving along and getting that capital to work for
[00:27:04] Randa; McLeaird: you.
[00:27:04] Randa; McLeaird: All right, explain to me then when you're looking at the numbers, you just said 10 years worth of cash flow on that deal, the simple math you just did there. So now in the position you're in, how do you determine when you're going to exit an asset? And then are you 1030 wanting that? Do you have investors on board?
[00:27:20] Randa; McLeaird: Do you set up as a tick? I had a bunch of questions in there of how you go through that calculus.
[00:27:25] Ian Horowitz: So for us right now on the stuff that we own personally, we've been disposed as the right word, but it's the wrong word in the same sense, but disposing of assets, selling them off. We just been paying the taxes on them because it's just me and Dan and we're okay with it.
[00:27:40] Ian Horowitz: And we know that's the decision that we made now, the stuff that we own with investors, depending on how many investors are in the pool, we'll 10 31, it will do a tick going forward. And really for us at that point, for the investor standpoint it's being the fiduciary it's doing the right thing.
[00:27:57] Ian Horowitz: It's de risking, if we have stuff in [00:28:00] Baton Rouge and we're going to sell it off. We might be exiting our business plan early. We're getting the right returns, but we're also de risking ourselves. We're one hurricane away from potentially a massive issue. And I don't know that we can mentally tolerate that.
[00:28:12] Ian Horowitz: So we're de risking ourselves and our investors capital by getting them out of the investment early and moving it forward, but finding the next best investment that we can, I believe that in any marketplace, you can find the right investment. For us, it's a combination of years of cashflow.
[00:28:29] Ian Horowitz: It's the quality of the asset. It's the operational of the asset. So I'd say seven to 10 years is the wheelhouse. There would really be real consideration on a five year number, because again, the hardest thing in the world to do, and I still stand by this statement is taking a piece of crap.
[00:28:47] Ian Horowitz: A non performing asset, slugging money into it and getting it to perform and drip dividends. That is the hardest effing thing in the world to do. I don't care who you are. There's a lot of challenges. It's [00:29:00] if then maybe we get paid, right? So from that standpoint, you got to say, and this is where the matrix comes in your head and you lose sleep at night is.
[00:29:10] Ian Horowitz: If I sell that asset off and I am getting 10 years of cashflow in one shot, it better be worth my time to be able to go find the next deal and take the risk on getting the next deal to perform. So on 60, 000 bucks, it might not sound like it's worth it. Whereas when you're talking about 15 million, you're like that's a large sum of capital that I could go deploy.
[00:29:32] Ian Horowitz: And it gives me a lot of opportunities. You got a risk versus reward who's involved in the deal. That's a really long winded answer, but I hope it covered both.
[00:29:39] Randa; McLeaird: No. Yeah. Solid. Is that something you guys are considering right now? Are you? Yep. You're okay. So then assuming let's just again, hypothetical.
[00:29:47] Randa; McLeaird: It's 2024 where we're talking. I don't I'm curious. We'll get into this as well. Like what you're seeing going forward this year. But if you're selling off these assets, say, you get 15M dollars, you just sold everything at the same time. What are you doing with that money? How [00:30:00] do you. Allocate that capital to one preserve, obviously preservation of capital.
[00:30:05] Randa; McLeaird: It's huge. It's your money. Are you going to put it in stocks, put in some bond, you're going to buy more real estate. What are you doing
[00:30:12] Ian Horowitz: with it? I'm a one trick pony, so it will be in real estate. Cause I love real estate. It's the best thing in the world. It's the thing that I understand the most, and that's always been a thesis of mine.
[00:30:21] Ian Horowitz: When we were in the fire department, we had the opportunity to put money into, 401k type plans. And I just hate the stock market. And this is a whole nother story, but like you raise capital and people won't give you 25 grand, but then they'll put a hundred thousand dollars into the stock market, into a company that they have.
[00:30:37] Ian Horowitz: They can't even talk to the CEO, let alone the lowest level employee. So it's just funny. But for us, if we sold that off and let's just say we net some ridiculous amount of money. And it doesn't matter whether it's 5, 10, 15 million dollars. It could be 20 million dollars. Really what we're going to look at is a third of it's going to go into cash flowing assets that are stable that it's like, Hey, we might buy it in cash and just get the 8 percent return.
[00:30:59] Ian Horowitz: Cool. That's a [00:31:00] bucket. We still have our income coming in. Then we're going to take a, I would assume a third to a half of that. And we're going to stick that into value add type deals that we're used to doing just to, we want the pops equity going forward. And then the final thing we would do is reserve about a third to a quarter of the capital out for development deals.
[00:31:17] Ian Horowitz: We're actively looking into development and we want to do the, all this closer to home within a four hour radius of Baltimore and Philadelphia is what we want to do going forward. And the reason we want to do that is because when my project manager, he has to get on a plane and go to Louisiana. He ain't going for one day.
[00:31:33] Ian Horowitz: He's going for a whole week and he misses out from his family. Whereas if it's four hours from our office, get up at six. Four hours, you're at the site by 10, four hours at the site, and then four hours home, you're home by six. It's a 12 hour day. It sucks, but you know what? I don't check your schedule.
[00:31:48] Ian Horowitz: Take off Friday. Do so that's why we want to move all the capital closer to home. And we would stick it in those three buckets because again, you can't forget what your original mission was. It's not take all the capital. Cool. Let's just go risk it on development. We [00:32:00] don't know enough about development to take all that money and just go, Hey, yeah, we're just going to go do this, right?
[00:32:04] Ian Horowitz: We still want to stay in what we know. And then try to open up that new line of business because we believe there's some opportunity in that going forward. I
[00:32:12] Randa; McLeaird: think you your project manager needs, don't you pilot, man, you got to start flying them around.
[00:32:17] Ian Horowitz: Yeah. That's part of the sales.
[00:32:18] Ian Horowitz: Hopefully I can buy a nice plane that will get us across the area, the region a little bit faster. And that was part of my reason for getting my pilot's license is eventually to own a plane, to be able to say, Hey. If I'm going to Louisiana, I might as well fly myself. But we're getting there one day slowly.
[00:32:34] Randa; McLeaird: Yeah, I'm in a, so I know Devin down here, Devin Elder. He does a bunch of a bunch of land and not in any way. He got his helicopter license so that he could fly out at a moment's notice and get out and I was like, all right, that's solid. I like
[00:32:46] Ian Horowitz: that idea. That's how Walmart you listen to Sam Walton's biography.
[00:32:51] Ian Horowitz: His brother, was a Navy pilot or something during the wars. So then the whole family wound up getting their pilot's license and they would just fly over towns and look for like, [00:33:00] where can they put land Walmart's and that's how they grew their business. And it's how we got around all around Arkansas and build out from the Midwest out.
[00:33:07] Randa; McLeaird: Yeah, that's solid.
[00:33:08] Ian Horowitz: But you have yours now, do you have a plane? I do have mine, but I do not have a plane right now. I'm really just, if you're going to, it's one of those things, if you're going to buy it right. Because you're probably never going to sell it again. So I'm really saving up for what I.
[00:33:20] Ian Horowitz: Really want, I want to get a serious SR 22 and I don't want to put a loan on it. I just want to be able to buy it in cash and that's it. So I'm saving up for it. It's a big cost. And planes are one of those things that cost a lot of money to run as well, way more than boats and RVs and everything else.
[00:33:37] Ian Horowitz: It's I don't know how I'm going to do that before I get my wife or dream. Shore house. So it's one of those things like, Hey, babe, like this is for business, but good luck trying to explain that to her. So we can get to
[00:33:47] Randa; McLeaird: the shore house faster if I have a plane.
[00:33:50] Ian Horowitz: Yeah, but then I got to get her in the plane and get her to trust me to fly her and the kids.
[00:33:54] Ian Horowitz: So that's that's all I get the SR 22 because it has a parachute and I think I could get them in the plane. So yeah, is [00:34:00] that the one
[00:34:01] Randa; McLeaird: it's like a jet basically, but it has a parachute in it.
[00:34:04] Ian Horowitz: So they have a jet, they have a jet one. And that's 3 million bucks. That's just insanity. But it's like a personal jet, right?
[00:34:11] Ian Horowitz: And it has a parachute. Actually, the day they had just gotten released, the day I took my pilot's license exam to go fly the examiner, I got to the airport like 6 a. m. I was like nervous as shit. And I'm like, all right, I'm gonna get everything. And I just hear the jet engine. I'm like, why is there a jet at this like little ass airport where we were in Maryland?
[00:34:30] Ian Horowitz: And it was one of them and I was like, oh, it's a sign I'm going to get my license today. I'm going to get a plane. Yeah. So I don't know, man they're really cool. I'm a long way from getting one of them.
[00:34:38] Randa; McLeaird: I was looking at those like two days ago. Honestly they're sick.
[00:34:41] Randa; McLeaird: Yeah. When I first started, this was. 08, 09, right? I'm back in San Antonio from Australia. And I, for some reason, somehow, I don't know, Ryan knew some firefighters. I knew some firefighters and every 1 of them started buying real estate, like around that time. And so I don't know what I get. You guys are like sitting around the firehouse.
[00:34:59] Randa; McLeaird: You're just like, [00:35:00] let's go do some shit. Let's buy something. Let's say
[00:35:03] Ian Horowitz: what is the, what's a fireman are always trying to get a fireman have the personality type of paycheck to paycheck, always trying to get rich. And I'm sure Oh eight Oh nine. It's Oh dude, everybody's doing real estate.
[00:35:14] Ian Horowitz: We're good. Cause we knew a bunch of guys that did that. And a lot of it is sitting around. A lot of it is groupthink. A lot of it is talking like when the Bitcoin craze was going on, do you guys would sit there, they're trading all day. I'm like, you guys are effing idiots, dude. Like none of you know what you're trading.
[00:35:27] Ian Horowitz: You just got tailwinds on the market and then they all lose money. And then they're all getting payday loans from my buddies the next day. And it's funny, but. Those that like truly understand it and the reason and why we did it. And the same reason agents should do it and military police, like everybody should buy a piece of some sort of rental real estate and try to make money from it is dude let's just say something happened to you tomorrow.
[00:35:49] Ian Horowitz: And all you had was your real estate business. What are you going to leave your wife and kids, right? That was my big problem is we were in a job in an industry that I could die tomorrow. And if I did, and I had a [00:36:00] contracting business. My wife can't run that. If I had a landscaping business, my wife can't run that, right?
[00:36:05] Ian Horowitz: She could, but it'd be a headache for her. And she's got to take care of the family if I'm gone. So for me, it was like, how do I make money while I'm asleep at work? And God forbid, something happens to me. It still makes her money. And then she can decide what to do with it. After everything has settled.
[00:36:21] Ian Horowitz: And I think that's why real estate's like really powerful from that aspect. I know people say you can build businesses and be completely out of it, but we all know that's not a hundred percent true. Like you're the thinker, you're the thought leader, you're what drives it. And for real estate, it's pretty cut and dry.
[00:36:36] Ian Horowitz: And that was a motivating factor for me of why I wanted to buy real estate and produce additional income. One
[00:36:43] Randa; McLeaird: thing I've noticed talking to you is that everything seems intentional, like you've, you put thought behind it. It's not just chasing something just to chase it. And it really is I know the end goal.
[00:36:53] Randa; McLeaird: I know that I want my family to take care of. This is why I'm going to go into this. I don't want to deal with X, Y, and Z. So I'm going [00:37:00] to focus on this asset class. Again it's always refreshing talking to somebody that, that has put that together and put the thought into it to do it. I want to ask you, you've got Equity warehouse represent.
[00:37:11] Randa; McLeaird: So what is that, are you a lender? Are you a, what's going
[00:37:15] Ian Horowitz: on there? Yeah. So our real company name is actually DNI development, like D and I development. And we went to go buy email addresses and started telling people, yeah, it's Ian at DNI development. com and people couldn't, they're like, and what I'm and I'm like, no, and a N D.
[00:37:30] Ian Horowitz: And We said, dude, we need a better trade name. And we just always thought about warehousing equity, what we were just talking about of everything we do is building equity for ourselves. I know equity's got a maybe a bad word around it now, depending on what side of the politics reign you're on.
[00:37:42] Ian Horowitz: But it's really about equity. It's about building value. It's about building a legacy portfolio of properties that produce for family. And that's what Equity Warehouse meant to us. And the fact that it was available for not. We were blown away. That was available for $9. We were able to buy it on GoDaddy or wherever we bought our domain [00:38:00] names and that's how we ended up with the name.
[00:38:01] Ian Horowitz: But it is truly built, it's like originally when we talked about it, we were still wholesaling and flipping houses. It was like, yeah, we wanna get equity and we wanna warehouse it. And like equity in the cash sense. And now it's now we're warehousing equity in the properties that we own. It's just like crazy to think that we've lived the name that we chose to be.
[00:38:16] Ian Horowitz: And it's been a really fun journey. And I believe we live and breathe it every day. Yeah. That's
[00:38:21] Randa; McLeaird: awesome. All right. Good story. But on the name there. Alright man, I wanna ask you again, what are you guys, what are you seeing for 2024? I was listening. I'll preface it with this.
[00:38:30] Randa; McLeaird: I was listening to, I don't know, one of the guys self storage. Ryan turned me on to a podcast forget his name. Oh, aj.
[00:38:37] Ian Horowitz: aj,
[00:38:37] Randa; McLeaird: yeah. Yep. So it, like they were explaining some challenges on like dynamic pricing and the low entry rate and how there's some either. Legislation or litigation. I don't know which it was.
[00:38:49] Randa; McLeaird: That's that is now affecting the storage industry. And so I don't know if that's I don't know the details of that. Maybe you can high level if that's actually happening or a thing. But if it is [00:39:00] what do you see going forward in 2024 and 25
[00:39:02] Ian Horowitz: for your business? Yeah, I'm not close enough to that case.
[00:39:06] Ian Horowitz: I'm not following it. I keep my head down until it really affects us. And, the local state associations are saying you can't do this. But What he's probably alluding to is what a lot of the REITs, your extra space life storage, cube smart public storage do is they'll put you in, they'll get you in at five bucks or 10.
[00:39:24] Ian Horowitz: Not a special, just Hey, your base rate's 10. Next month, now it's 15 next month. It's 20 next month. It's 25 so on and so forth. And you just drive rates. Cause we're all in month to month leases here. And there's really no legislation around that. So he's probably talking in regards to that.
[00:39:39] Ian Horowitz: I'll have to go back and listen, but what I would say holistically, and this is not just a self storage, self storage has had some price retractions, had some issues, occupancies come down a little bit as people go back to the office and those types of things. But what I can say is in 2024, the same as it's been through 2020, we started in 2012 [00:40:00] formalized in 2014, and we've worked through this 10 year cycle.
[00:40:03] Ian Horowitz: It doesn't matter where we're at in the cycle. There's always a deal to be had. There's always a way to get a deal done. At the height of COVID we bought a 76 unit apartment building with 90 percent owner financing, and we're talking about a 5 million deal there. So for us, it's just the ability.
[00:40:18] Ian Horowitz: To find deals, no matter what marketplace you're in. I'll give you an example. The other day a broker called me, Hey, I got this deal. It's real hairy tenant has an option to buy. He needs a re operating partners. It's something you're interested in. Looks like it might be a hell of a deal. So staying in tune with brokers, wholesalers, the market, continuing to do all your marketing channels, whatever it is, there's always going to be deals.
[00:40:41] Ian Horowitz: People are always moving. People are always dying. People are always ready to retire. People are always getting divorced. So for us, it's just. Keep looking in 24 and 25, as long as the market's kind of choked up like this, we get to be pickier buyers in my opinion, and less stringent sellers. Like we need to be a little [00:41:00] looser on the selling side and a lot, we get to be a lot more picky on the buying side.
[00:41:04] Ian Horowitz: And that's something we're going to execute and continue to execute in 24 and 25 is really just buying the best deals that we can, because we have the option to be picky because there's not a lot of competition out there right now, because people are sidelining money. People are waiting for Jerome Powell to come out and say we're lowering rates.
[00:41:20] Ian Horowitz: Okay. We'll do what does it matter if we're lowering rates or not? There should always be a deal. Everything should be a metric to what the debt rate is. And it's okay, we'll figure out how to make it work. Because my belief is. You can make it work in this turbulent time. You'll be able to make this deal work.
[00:41:36] Ian Horowitz: Think about how much better this deal will perform in better times. And if you can navigate this mess, you will be fine in the long run. And I know Warren Buffett's the OG, right? And he's mostly a stock guy, but the guy's always buying right. And he's keeping it for the longterm because over the longterm, that man has one thing against all of us.
[00:41:55] Ian Horowitz: He has that he has time. We don't have time. We have not been on the planet as long as that man is. [00:42:00] We're probably similar age. We're probably younger than as long as he's been investing, right? It's just wild to think he's probably got 70 years of investing and I'm only 40 years old.
[00:42:09] Ian Horowitz: He's got 30 years on top of as long as I've been alive. It's just wild to think. And if you look at his growth trajectory, it's later on in life, it goes like that. And, now that we're starting and we built and you can see the assets as we start to sell them off the pop and equity and leveling up, that's where this velocity of capital comes in and executing the business plan over the next two years is what we see.
[00:42:30] Ian Horowitz: And I hope everyone's side by side with us, looking at the same things. That's awesome,
[00:42:35] Randa; McLeaird: man. I think we'll wrap on that because a ton of good information and yeah, thanks for sharing your knowledge, jumping on, telling us about storage and your business and what you're working on. I'm excited for 24, 25.
[00:42:47] Randa; McLeaird: So if you're out there, if you're on the sideline, if you've got capital, you want to do something, just go do the work. I think that's the I take that from our conversation. It's go.
[00:42:56] Ian Horowitz: Do the work. Yeah. You guys are like in your own country down there in Texas, [00:43:00] just always on fire, dude.
[00:43:01] Ian Horowitz: Like it's. There's so much opportunity in Texas. I follow another podcast. He's based out of Dallas, Fort Worth, and he's an industrial guy and just the opportunities that exist in that market alone are just beyond wild to me. And for your listeners that are local to you, I think there's probably a ton of opportunity.
[00:43:19] Ian Horowitz: You just gotta, you just gotta open your eyes. It doesn't matter what market you're in. And I think again, real estate's the most powerful thing you can do in producing cashflow for yourself, taking your active income. Turning into passive income is the best thing you can do. Yes.
[00:43:32] Randa; McLeaird: And I say that quite a bit.
[00:43:34] Randa; McLeaird: I like that. I'm just going to give a plug because I think I know who you're talking. Is it Chris powers? It
[00:43:38] Ian Horowitz: sure is. It sure is. I want to get them on my podcast in the worst way, dude. Dude, he's so good, man.
[00:43:43] Randa; McLeaird: He is. Yeah, man. Did you hear their 24 outlook and like what they're doing with
[00:43:48] Ian Horowitz: AI? I have not, I'm like three episodes.
[00:43:51] Ian Horowitz: I literally was going to hit play on that today. And then I was like, shit, I got to finish up this other, I'm trying to finish up a book and I'm like, I'm stacked up on podcasts. I'm trying to finish this book. [00:44:00] All right, man. Do you
[00:44:00] Randa; McLeaird: do your do your book? I'm excited for that. Whenever you have it, man, just send me a link and and we'll put it in the show notes as well.
[00:44:06] Randa; McLeaird: Anybody looking for any more information on you or reaching out to you, I'm going to put some of your information in the show notes so they can definitely do that. And yeah, if Chris Powers, you want to come on my podcast or Ian's.
[00:44:18] Ian Horowitz: This is the plug. Dude, if you can get him, we should just do, we'll do a three banger.
[00:44:22] Ian Horowitz: We'll simulcast it against all three of our shows. Nice. Do a powerhouse show. So he can simulcast us, we'll simulcast him, and it'd be badass, but. I like that. I haven't done one of those. Pack
[00:44:35] Randa; McLeaird: I appreciate it. It's awesome getting to know you and hopefully I'll see you around, man. If you're doing some things with Ryan, maybe if you ever make it to San Antonio, just hit me up and
[00:44:42] Ian Horowitz: we're we're going to do that wake trip again this June.
[00:44:44] Ian Horowitz: So I'll tell you, man,
[00:44:45] Randa; McLeaird: I can, I'm not in the storage business, but dude I'll come in.
[00:44:50] Ian Horowitz: We just want to talk to high level business guys that, think about business at a high level, right? That's what all these masterminds are about. It's yeah, maybe it's industry specific, but in the end, I just want to talk to real people doing real things.
[00:44:59] Ian Horowitz: [00:45:00] And. That's what matters. And that's what you should surround yourself with. And that's why I enjoyed doing this show because you're a real operator and that's what comes through, man. That's where the real shit happens. Yo, I'm not an agent. Fine. Cool. But I want to hear about your business, how you do it.
[00:45:13] Ian Horowitz: That's the real shit. So I agree, man. I
[00:45:16] Randa; McLeaird: agree. Good catching up. Ian, appreciate it. Have an awesome day.
[00:45:20] Outro: Surprisingly, most of the agents we speak with got into real estate hoping to gain passive income and become work optional. However, only one in five ever start investing. Most are simply too afraid to start.
[00:45:33] Outro: Once you get educated by listening to this show, you'll be able to overcome that fear and become the one in five who are finding financial freedom. Don't miss a single episode. If you want to stay up to date, the best way is to make sure you're subscribed. So if you haven't done that, go ahead and do it now.
[00:45:50] Outro: And we'll catch you on the next episode.