

      <h2 id="chapter_32184749">Real Estate Investment Strategies and Tips</h2>


        <cite>Ed Mathews</cite>
      <time>0:00</time>
      <p>
          Greetings   and   salutations .   Real   Estate   Undergrounders .   It   is   Ed   Matthews   with   the   Real   Estate   Underground .   Thank   you   so   much   for   joining   us   again   today .   With   me   today   is   Randy   Langenderfer .   Thank   you   so   much   for   joining   us   today .   It&#39;s   a   pleasure   to   meet   you ,   and   you   are   with   InvestArk   and   I   know   you&#39;ve   got   an   education   program   coming   up   as   well ,   but   we&#39;ll   get   into   that .   But   first   off ,   why   don&#39;t   you   tell   the   folks   who   may   not   know   who   you   are   who   you   are   and   what   you   do   for   a   living ,   and   then   we&#39;ll   get   into   it .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>0:28</time>
      <p>
          Ed ,   first   of   all ,   thanks   so   much   for   being   on   the   program .   It&#39;s   my   privilege   to   be   here   and   look   forward   to   building   into   some   of   your   audience .   So ,   Randy   Langender ,   for   Houston   Texas   today ,   my   wife ,   when   she   hears   me   talking ,   she   says   you   always   talk   too   much   about   real   estate .   You   don&#39;t   talk   about   your   personal   families .   Married   four   children ,   five   grandchildren .   They&#39;re   spread   all   over   the   country .   We   enjoy   that .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>0:49</time>
      <p>
          I   left   the   corporate   world   a   year   ago   to   concentrate   full-time   on   real   estate   and   I   started   my   journey   a   decade   ago   being   a   hard   money   lender   and   single   family   flips   and   progressed .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>1:04</time>
      <p>
          When   I   moved   to   Houston   Texas   for   business   reasons ,   it   was   really   propelled   by   me   and   I   think   it   resonates   with   a   lot   of   people   when   I   found   out   in   the   great   recession   that   I   could   lose   my   job   at   any   time   and   I   had   a   pretty   good   executive   job   and   it   was   just   an   aha   moment   for   me   that   you   need   to   find   another   income .   It   was   just   a   wake-up   call   and   nothing   that   I   had   done ,   just   all   economic-based   and   I   got   nothing .   I   fell   in   love   with   multifamily ,   Got   involved   doing   limited   partnership   investments   on   my   own ,   educated   myself ,   joined   a   couple   of   educational   groups ,   did   my   first   GP   in   18 .   Fast   forward   today   I   think   I&#39;m   a   GP   in   1,300   doors .   I&#39;m   an   LP   in   several   thousand   doors .   I   still   invest   in   other   people&#39;s   deals   and   I   just   really   like   this   asset   class .   So   I&#39;ve   got   a   large   portion   of   my   net   worth   in   multifamily   across   the   country   and   many   people&#39;s   different   deals .   

      </p>

        <cite>Ed Mathews</cite>
      <time>1:58</time>
      <p>
          So   let&#39;s   break   that   down .   So   when   you   say   multifamily ,   obviously   there&#39;s   different   subclasses .   Where   do   you   tend   to   focus ?   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>2:06</time>
      <p>
          My   target   audience   would   be   the   Sunbelt   across   the   southern   half   of   the   US .   Yep ,   not   very   original ,   but   it&#39;s   where   the   economics   are   going   in   America ,   from   income   growth   and   population   growth .   So   today   I   focus   on   the   Sunbelt ,   100   doors   or   better .   I&#39;m   not   real   hung   up   on   a   specific   asset   class   A ,   b   or   C .   I&#39;ve   done   all   of   them .   I   own   an   A   class   in   Dallas ,   texas .   I   own   a   C   class   in   Tucson ,   arizona ,   probably   a   B   plus   in   Greenville ,   south   Carolina ,   and   another   A   class   here   in   Houston .   I   look   for   a   story ,   something   that   we   can   add   value   to ,   something   that   we   can   give   our   investors   a   healthy   return   on   Right .   

      </p>

        <cite>Ed Mathews</cite>
      <time>2:51</time>
      <p>
          And   so   when   you   say   healthy   return ,   when   you&#39;re   evaluating   a   property   and   what   are   some   of   the   qualities ,   one   of   the   some   of   the   things   that   you&#39;re   looking   for ,   that   kind   of   pop   up   on   your   radar ,   there   may   be   something   here .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>3:03</time>
      <p>
          Yeah ,   so   when   we&#39;re   underwriting   and   look   at   properties ,   I   try   to   say   it&#39;s   a   minimum   of   anywhere   from   seven   to   9%   a   year   cash   on   cash   return   target   target ,   a   minimum   of   15%   IRR   and   if   you   got   those   two ,   you&#39;re   looking   at   something   that&#39;s   probably   going   to   double   their   money   in   about   five   years .   Right ,   maybe   one   nine   equity   multiplier   in   that   range .   You&#39;re   just   looking   for   something   that   you   can   make   happen   and   also   have   high   probability   of   success   around .   

      </p>

        <cite>Ed Mathews</cite>
      <time>3:30</time>
      <p>
          Okay ,   and   so   when   you&#39;re   looking   at   the   various   classes   and   you   look   at   a   story ,   give   me   a   scenario   with   that .   What   kind   of   story   are   you   looking   at ,   is   it ?   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>3:41</time>
      <p>
          So   I&#39;ll   give   you   the   two   extremes .   We   bought   a   Class   A   property ,   a   small   60   unit .   I   said   I   look   at   100   doors .   But   we   bought   a   Class   A   60   unit   two   years   ago   here   in   Houston   that   was   just   nestled   in   the   middle   of   hundreds   of   other   doors   in   a   city   called   Spring   Branch   it&#39;s   a   suburb   of   Houston ,   texas   and   it   was   just   nestled   there .   That   was   poorly   managed   and   had   some   great   upside   on   the   rents   and   so   that&#39;s   the   kind   of   story   there   that   was   looking   forward   to .   It   had   just   been   mismanaged .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>4:13</time>
      <p>
          And   the   other   one   was   the   other   extreme   was   the   Class   C   property   in   Tucson ,   arizona ,   199   doors ,   built   in   1969 .   So   that&#39;s   an   old   one ,   yep ,   but   it   had   been   had   by   the   same   owner   for   probably   25 ,   30   years .   With   all   due   respect ,   he   was   just   fat ,   dumb   and   happy ,   he   had   very   little   debt   on   the   place   and   he   just   took   the   rents   every   month   and   was   very   and   that&#39;s   just   a   hot   market .   And   so   we   are   able   to   make   significant   like   two   $300   a   month   rent   bumps   with   just   modifying   and   upgrading   the   units   and   putting   some   capital   improvements   around   the   exterior   of   the   property .   And   I   have   a   business   partner   there   that   is   deep   in   the   Tucson   market   and   has   all   the   property   management   and   vendor   relationships   that   I   didn&#39;t   have ,   and   so   that   that&#39;s   the   story   there .   That   just   worked   out   beautifully .   

      </p>

        <cite>Ed Mathews</cite>
      <time>5:09</time>
      <p>
          Okay ,   and   that&#39;s   my   best   performing   property   right   now ,   I&#39;ll   say ,   uh ,   I&#39;ll   bet .   So   do   you   buy   these   with   agency   debt   or   do   you   do   seller   financing   or   like   what   are   what&#39;s   a   typical   scenario ?   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>5:22</time>
      <p>
          That   scenario   is   obviously   government .   Fannie   Mae ,   freddie   Mac   are   the   gold   standards   which   you   always   shoot   for .   If   you   bought   something   in   2021   or   22 ,   you   probably   bought   it   and   probably   you   did   buy   in   variable   rate   debt   because   that&#39;s   the   only   way   deals   were   getting   done .   So   I   have   some   of   that   in   my   mix   too .   But   sure ,   try   to   do ,   try   to   do   the   agency   debt .   And   you   know ,   classically   you&#39;re   trying   to   get   as   much   leverage   as   you   can .   Any   more .   That&#39;s   only   60% ,   65% .   So   you&#39;re   having   to   raise   more   money   30% ,   35%   of   the   purchase   price   plus   capital   improvements   to   really   turn   your   assets   around .   So   numbers   are   getting   bigger   and   that   requires   a   team   of   individuals   to   most   likely   take   down   property   today ,   unless   you&#39;re   blessed   with   seven   figures   to   be   able   to   invest   in   something   like   this   and   put   it   along   the   line .   

      </p>

        <cite>Ed Mathews</cite>
      <time>6:10</time>
      <p>
          And   so   when   you   are   taking   down   a   property   and   what   is   your   process   in   terms   of   onboarding   that   property ,   how   do   you   because   obviously   speed   is   a   factor   here   when   you&#39;re   initially   taking   over   a   building .   So   I&#39;m   curious   what&#39;s   your   process   when   you   take   over ?   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>6:28</time>
      <p>
          Before   you   even   get   there ,   though ,   you   got   to   have   a   good   team   together   to   I   mean   as   I   said ,   to   excuse   me   raise   the   money ,   Yep ,   and   have   the .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>6:36</time>
      <p>
          Today ,   you&#39;re   raising   multiple   millions ,   sometimes   tens   of   millions   of   dollars ,   for   property   to   stay ,   so   you   got   to   have   the   right   team   together .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>6:44</time>
      <p>
          Generally ,   that   takes   more   than   one   person ,   and   to   have   the   coverage   on   the   loan   requirements   for   the   lender   requires   more   than   one ,   so   have   your   team   in   place .   Paramount   in   that ,   though ,   is   that   you&#39;ve   got   property   management   lined   up   and   ready   to   go   in   that   local   sub-market .   So ,   I   said ,   I&#39;m   in   Tucson ,   Dallas ,   houston   and   Asheville ,   greenville ,   north   Carolina ,   south   Carolina ,   greenville ,   north ,   south   Carolina ,   and   it&#39;s   imperative   that   the   property   management   there   is   set   up   and   ready   to   go   and   ready   to   take   over .   So   you&#39;ve   got   to   have   relationships   with   property   management ,   and   for   your   investors   who   are   perhaps   new   to   this   there&#39;s   a   little   nugget   that   either   you&#39;ve   got   to   have   the   relationship   or   your   partners   have   got   to   have   the   relationship ,   and   you   want   to   make   sure   that   they&#39;ve   got   expertise   in   the   asset   class   you&#39;re   looking   at .   So   I&#39;m   not   going   to   find   a   class   A   property   manager   for   my   class   C   in   Tucson .   I   want   somebody   that&#39;s   in   Tucson   and   got   expertise   in   the   C   bandwidth   versus   somebody   that   everybody   wants   to   focus   on   the   new   high-rise   multifamily   class   A .   

      </p>

        <cite>Ed Mathews</cite>
      <time>7:49</time>
      <p>
          Yeah ,   so   let   me   dig   into   that   for   a   second .   How   come ?   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>7:52</time>
      <p>
          Well ,   real   estate   is   local   and   it&#39;s   a   different   type   of   tenant ,   right ?   Imagine   that   high-rise   in   downtown   Phoenix ,   as   an   example ,   is   going   to   attract   an   entirely   different   kind   of   client   than   a   1969   build   in   Tucson ,   arizona .   Of   course ,   the   markets   between   Tucson   and   Phoenix   are   different   and   Tucson   tends   to   be   much   more   of   a   blue   collar   working   class   neighborhood .   So   you   have   an   entirely   different   tenant   base   there   that   you   want   to   make   sure   that   your   property   manager   knows .   You   simply ,   too ,   want   to   make   sure   that   they   have   vendor   relationships   and   that   they   can   readily   call   up   roofers ,   hvac ,   plumbing ,   electrical   landscaping ,   all   those   and   there   may   be   some ,   but   a   lot   of   multifamily   vendors   will   specialize   in   classes   too .   They   tend   to   do   the   older   ones   or   the   newer   ones ,   yep .   So   you   just   have   a   high .   You   mitigate   risk   by   doing   that   your   investor   money   and   your   money   and   you&#39;re   just   going   to   get   off   to   a   lot   quicker   start ,   as   you   said .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>8:58</time>
      <p>
          Yeah ,   the   other   one   we   didn&#39;t   talk   about   is   I   also   like   to   take   a   look   at   property   management   type   of   what   kind   of   backhouse   software   they&#39;re   running .   Wasn&#39;t   as   important   back   in   the   day   when   I   got   started ,   but   today   I   love   the   fact   for   the   ones   most   of   the   ones   I   manage   I   can   get   online   and   I   can   see   occupancy   day   to   day .   I   can   see   delinquencies .   I   can   see   room   turn .   Yes ,   we   still   have   weekly   calls   with   the   property   management   company ,   but   I   love   the   transparency   and   availability   to   get   in   and   see   the   numbers   yourself .   

      </p>

      <h2 id="chapter_32184750">Managing Real Estate Insurance Costs</h2>


        <cite>Ed Mathews</cite>
      <time>9:35</time>
      <p>
          Right   on ,   all   right ,   and   so   I&#39;m   curious .   You   have   portfolio ,   you   have   holdings   spread   out   pretty   well   across   a   bunch   of   different   markets .   I&#39;m   really   curious   about   how   you&#39;ve   seen   insurance   costs   impact   your   operation   especially   in   the   Houston   area .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>9:55</time>
      <p>
          we&#39;re   getting   killed .   We   are   just   getting   killed .   I   remember   my   first   property   I   did   was   a   multifamily   in   Port   Arthur ,   Texas ,   which ,   for   your   listening   audience ,   is   right   on   the   Gulf .   It   was   literally   the   property   was   three   miles   off   the   Gulf   and   this   was   back   in   18 ,   and   we   were   just   flabbergasted   that   we   had   to   pay   $350   a   door   for   insurance .   

      </p>

        <cite>Ed Mathews</cite>
      <time>10:18</time>
      <p>
          Good   old   days .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>10:19</time>
      <p>
          Yeah ,   those   were   the   good   old   days .   We   thought   that   was   a   lot .   Today   you&#39;re   spending   it   depends   but   your   relationships   and   stuff   and   the   property .   But   anywhere   from   1200   a   door   to   $1,700   a   door   across   the   Sunbelt ,   specifically   in   Houston ,   florida ,   the   Gulf   Coast   states ,   carolinas ,   depending   on   where   you&#39;re   situated   at   Right ,   yeah ,   and   the   other   one   we   face   in   Texas   huge   up   battle   is   Texas .   Texas   is   a   state   that   reappraises   the   property   values   every   year   so   we   can   see   some   wild   swings   in   property   valuations .   We&#39;re   starting   to   see   a   downward   trend   now   a   little   bit .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>11:02</time>
      <p>
          But   that   and   insurances   are   the   two   biggest   single   line   items   in   property   management   in   Houston .   So   we   do   the   things .   We   have   tax   contestant .   We   contest   the   taxes   every   year   in   Texas   and   we   hire   consultants   professional   to   help   us   do   that .   That&#39;s   one   area .   On   the   insurance   side   we   try   to   coordinate   with   um .   My   guy   in   Tucson   has   several   properties   so   we   put   it   under   a   master   plan .   There   is   and   we   get   a   little   bit   of   a   break   there ,   yep .   But   and   the   other   one   is   on   back   to   taxes .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>11:37</time>
      <p>
          That&#39;s   one   of   the   properties   that   I   mentioned   is   a   different   story   to   tell .   We   took   down   a   property   here   in   Houston   really   big   property   last   year   with   several   partners   and   the   value   play   there   was .   It   became   tax   abated ,   so   that   means   we   didn&#39;t   have   to   have   pay   any   real   estate   taxes .   There   was   a   small   affordability   clause   that   we   had   to   provide   60%   of   the   units   at   80%   of   AMI   average   median   income .   Yep ,   but   day   one   we   took   $2   million   out   of   the   expense   side .   So   that&#39;s   a   huge   win ,   and   I&#39;m   a   numbers   guy .   Right ,   it   doesn&#39;t   take   much   intelligence   to   understand   that   all   you   got   to   do   is   occupy   and   you&#39;re   going   to   do   fine .   Yeah ,   yeah ,   you   just   need   human   beings .   You   just   need   heads   and   beds ,   as   we   say ,   exactly .   

      </p>

        <cite>Ed Mathews</cite>
      <time>12:31</time>
      <p>
          All   right ,   and   in   terms   of   insurance ,   I   heard   you   say   something   that   we&#39;ve   taken   advantage   of   in   terms   of   a   master   policy   and   there   are   some   savings   there .   But   what   are   some   of   the   other   things   that   you&#39;re   doing   to   mitigate   those   variable   costs ?   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>12:46</time>
      <p>
          The   master   plan ,   the   master   policy ,   quite   honestly ,   taking   higher   deductibles   too ,   yeah ,   and   shopping   it   annually   or   we&#39;re   shopping   it   annually ,   just   trying   to   see .   The   problem   in   Texas   and   most   of   the   Gulf   States   is   a   lot   of   the   carriers   have   left   the   market ,   so   there&#39;s   a   dwindling   supply   of   carriers   and   supply   demand .   When   supply   goes   down ,   demand   goes   down   if   you   have   a   higher   price ,   and   so   we&#39;re   struggling   with   that .   But   there&#39;s   not   a   lot   of   creativity   there   that   you   can   implement   other   than   pray .   You   don&#39;t   have   a   claim   either ,   because   you   really   don&#39;t   want   to   turn   in   a   claim   unless   you   have   to .   So   making   reserves ,   typically   in   the   past ,   what   have   you   carried   for   reserves ?   On   a   monthly   or   a   per   unit ?   

      </p>

        <cite>Ed Mathews</cite>
      <time>13:47</time>
      <p>
          And   how   has   that   changed   now   that   insurance   and   taxes   have   really   popped ?   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>13:53</time>
      <p>
          Now   you&#39;re   going   to   stress   the   memory   banks .   That&#39;s   okay ,   Take   your   time .   I   don&#39;t   have   the   exact   numbers   but   I   know   what   we   did .   

      </p>

        <cite>Ed Mathews</cite>
      <time>14:01</time>
      <p>
          I&#39;m   just   trying   to   illustrate   for   folks   out   there   that   there   are   a   number   of   ways   to   combat   these   types   of   expenses   increase .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>14:12</time>
      <p>
          I   don&#39;t   have   that   exact   number   in   my   head ,   but   what   I   can   tell   you ,   what   we   did   is   the   other   thing   in   terms   of   it   was   raising   the   and   a   lot   of   the   carriers   here   required   to   have   at   least   a   minimum   of   2%   for   any   named   storm   or   wind   damage .   Because   we   get   hurricanes   and   we   have   a   lot   of   hail   storms   in   the   Dallas   area .   Our   property   is   there ,   so   there&#39;s   no   negotiating   for   it .   The   other   big   thing   we   did   was   is   we   took   a   look   at   a   lot   of   times   operators   will   cover   the   whole   property   with   deductibles   and   seldom   do   you   have   damage   to   the   entire   property .   You   may   have   damage ,   I   think ,   like   the   one   I   had   to   fire .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>14:52</time>
      <p>
          Fire   first   several   of   them   happens .   All   the   units   took   out   28   of   the   130 .   All   the   units   took   out   28   of   the   130 .   So   the   point   of   it   is   you   have   a   deductible   per   building   versus   per   property .   It   has   a   cap   per   property   but   you   do   it   per   building   otherwise   and   that&#39;s   a   way   also   to   minimize   your   premium ,   small   way .   But   if   you   got   hail   storm   or   hail   dam   or   something   like   that ,   that&#39;s   not   going   to   affect   it   because   you   have   that&#39;s   a   named   storm .   So   generally   you   want   to .   A   little   hack   that   I   learned   several   years   ago ,   is   you   want   to   have   insurance   per   building   versus   the   entire   property ?   

      </p>

        <cite>Ed Mathews</cite>
      <time>15:27</time>
      <p>
          Interesting .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>15:28</time>
      <p>
          Okay .   

      </p>

        <cite>Ed Mathews</cite>
      <time>15:28</time>
      <p>
          Noted   All   right .   So   I   know   that   you   and   one   of   your   partners   are   about   to   release   if   it&#39;s   not   already   live   an   education   series ,   and   I&#39;m   sure   some   of   these   strategies   and   tactics   are   contained   in   them .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>15:43</time>
      <p>
          Can   you   tell   me   a   little   bit   about   that ?   Yeah ,   thanks ,   ed .   So   I   have   a   partner   and   I   we&#39;ve   both   been   in   the   business   for   about   10   years   combined   I   don&#39;t   know   10 ,   20   units ,   properties ,   I   should   say   combined   Been   doing   it   for   a   while ,   enjoyed   the   asset   class ,   really   want   to   give   back   to   people .   So   we   have   been   participants   in   ourselves   and   some   of   the   large   multi ,   the   large   national   multifamily   groups   and   there   are   many ,   and   I&#39;m   not   saying   anything   bad   about   them .   They&#39;re   all   very   good ,   but   what   we   found   is   they   tend   to   be   one   size   fits   all .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>16:12</time>
      <p>
          And   so   we   started   what   we   have   affectionately   referred   to   as   the   multifamily   maestros ,   which   is   Tony   Castronello   and   myself ,   and   we&#39;ve   started   an   educational   program   and ,   if   you   allow   me ,   I&#39;d   like   to   offer   anybody   in   your   listening   audience ,   if   you   want   to   try   it   for   a   month   for   $197 ,   contact   me   off   the   end   at   multifamilymaestros   all   one   word   com .   There&#39;s   a   discover   call   on   there   button   and   contact   me   and   I&#39;ll   show   you   how   we   can   sign   up .   I   get   you   access   to   our   30   plus   online   courses ,   which   is   everything   from   how   to   deal   with   brokers   to   underwriting ,   to   where   to   find   investors ,   advertising ,   et   cetera ,   and   we   have   weekly   group   calls   and   you   get   our   complete   Rolodex ,   as   if   you   need   access   to   the   vendors   for   any   given   item   and   primarily ,   we&#39;re   making   a   few   bucks   off   of   it .   Primarily ,   we   really   want   to   just   give   back .   We   price   the   whole   thing   if   you   were   to   buy   the   whole   package   at   a   much   reduced   price   than   some   of   the   large   national   houses .   

      </p>

        <cite>Ed Mathews</cite>
      <time>17:14</time>
      <p>
          Excellent ,   excellent ,   thank   you .   I   appreciate   that ,   and   I&#39;m   sure   my   listeners ,   our   listeners ,   will   appreciate   it   as   well ,   and   I   certainly   will   be   checking   it   out .  
      </p>

      <h2 id="chapter_32184751">Success Outside Real Estate</h2>


        <cite>Ed Mathews</cite>
      <time>17:23</time>
      <p>
          So   with   that ,   let&#39;s   head   over   to   the   final   four   and   start   to   land   this   plane .   Yeah ,   brace   yourself ,   here   they   go .   So   the   first   one   I   want   to   know   about   what   makes   you   tick .   So   if   you   could   finish   this   sentence   for   me ,   my   purpose   is   my   purpose   is   to   serve   my   Lord   and   to   serve   my   family .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>18:13</time>
      <p>
          If   I   can   be   so   simple   and   naive ,   I&#39;m   a   person   of   faith ,   so   that&#39;s   very   important   to   me .   I   mentioned   I&#39;m   a   father   and   a   grandchild   grandfather ,   and   so   I&#39;ve   often   said   I   when   I&#39;ve   thought   about   this   enough .   Maybe   I&#39;m   older   than   you ,   but   when   my   kids   stand   over   my   grave   someday ,   I   hope   they   don&#39;t   say   here   lies   dad .   He   was   a   great   real   estate   investor .   It&#39;s   really   important   and   that&#39;s   what   I   do   and   I   enjoy   it ,   but   that&#39;s   not   the   most   important   thing   in   my   life .   

      </p>

        <cite>Ed Mathews</cite>
      <time>18:42</time>
      <p>
          Yeah ,   it&#39;s   just   an   enabler   for   all   the   other   wonderful   things ,   right ?   Yeah ,   yeah ,   I   hear   you ,   and   not   simple   at   all .   So   that&#39;s   that&#39;s   Apple ,   actually .   Next   question   I   hear   you ,   and   not   simple   at   all ,   so   that&#39;s ,   that&#39;s   admirable ,   actually .   Next   question .   So   I&#39;m   always   curious   about   leaders   like   yourself ,   especially   when   you&#39;ve   had   a   corporate   career   and   then   have   moved   on   to   to   join   or   to   create   a   business   of   your   own .   What   is   the   best   advice   you&#39;ve   ever   gotten ?   And   I&#39;m   also   curious   about   who   gave   it   to   you .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>19:10</time>
      <p>
          The   best   advice   I   ever   got ,   one   of   my   mentors ,   rad   Khalif   Hopefully   your   audience   is   listening   it&#39;s   very   simple   for   him   but   I&#39;ll   explain   it   afterwards .   But   his   thing   is   just   take   action ,   take   massive   action ,   he   says .   And   so   Rad&#39;s   a   very   animated   individual   and   great   guy ,   which   my   corporate   background   didn&#39;t   really   lend   to   at   first .   But   my   point   of   it   is ,   when   I   wrote   my   first   check   for   $50,000 ,   my   hand   was   shaking .   It   should   I   remember   from   the   corporate   world   telling   you   that   there   are   people   that   they   ready ,   aim ,   fire ,   and   my   weakness   is   I&#39;m   an   analytical   type   MBA ,   cpa   and   so   I   ready   aim   and   then   I   fire .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>19:54</time>
      <p>
          And   you&#39;ve   probably   known   some   I&#39;ll   call   them   other   types   that   fire ,   aim ,   ready .   Go   in   reverse   order .   But   you   have   to   know   your   weaknesses   and   you   have   to   know   your   strengths ,   and   that   advice   is .   But   you   got   to   do   something   right .   And   so ,   to   your   listening   audience ,   find   a   property   to   invest   in ,   buy   a   single   family   home .   The   flip   you   can&#39;t   analyze   it   forever .   Pull   the   trigger .   Yeah ,   pull   a   small   trigger   the   first   time ,   give   you   some   comfort   and   some   wins .   But   you   got   to   do   something ,   absolutely .   

      </p>

        <cite>Ed Mathews</cite>
      <time>20:23</time>
      <p>
          Okay ,   I   always   I&#39;m   a   reader   and   I   find   that   entrepreneurs   in   particular ,   but   also   leaders   in   general ,   tend   to   be   readers ,   and   I&#39;m   curious   about   how   you   take   in   information .   There&#39;s   so   many   different   ways   these   days   physical   books ,   audio   books ,   webinars ,   whatever   and   I&#39;m   also   curious   about   who   you   pay   attention   to   these   days   and   I&#39;m   all   to   span   my   book   list .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>21:08</time>
      <p>
          I&#39;m   not   a   great   reader .   Regrettably ,   I   do   read   least   I   didn&#39;t   know   about   them .   They&#39;re   just   an   easy   way   to   absorb   knowledge   when   I&#39;m   in   the   car   and   have   no   other   thing   to   do   other   than   focus   and   listen .   Right ,   no   distractions ,   put   it   that   way .   So   I   really   like   podcasts   and   I&#39;ve   got   several   favorite   ones   Meetups ,   local   meetups ,   as   I   said .   Books   you   can   see   over   my   shoulder   here .   There&#39;s   a   nice   pile   of   books   there   that   I   do   read .   I&#39;ve   read   a   lot   of   things .   Profit   First   is   a   book   that   I&#39;m   reading   right   now   that   I   really   like ,   if   you   haven&#39;t   read   that   one   I&#39;m   sure   you&#39;re   in .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>21:41</time>
      <p>
          Think   and   Grow   Rich   oh   sure ,   howard ,   questions   to   ask   yourself   in   life .   And   then   I   got   other   books ,   not   just   on   real   estate   and   business   stuff   but   on   spiritual   matters   and   honing   that   skill   as   well   that   I   focus   on .   I   would   say   the   greatest   book   of   all   is   the   Bible   to   read .   Try   to   look   at   that   each   and   every   day   and   take   a   snapshot   of   that .   But   you&#39;re   right ,   leaders ,   continue   our   lifelong   learners .   I   hope   I&#39;m   in   your   category .   

      </p>

        <cite>Ed Mathews</cite>
      <time>22:07</time>
      <p>
          You   certainly   are .   Yeah ,   it&#39;s   different   for   everybody ,   right ?   I   am   an   avid   podcast   listener   as   well ,   because   I   just   can&#39;t   listen   to   the   news   when   I&#39;m   driving   because   it   makes   me   a   little   bit   crazy   and   I   develop   a   twitch .   So ,   regardless   of   the   political   spectrum ,   I   think   they&#39;re   all   crazy ,   they   make   me   crazy   and   I   won&#39;t   let   them .   So   I   listen   to   podcasts   instead .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>22:27</time>
      <p>
          I   can   echo   that .   

      </p>

        <cite>Ed Mathews</cite>
      <time>22:28</time>
      <p>
          Yeah ,   and ,   and   on   top   of   that ,   I   like   learning .   But   I   always   start   out   the   beginning   of   the   year .   I&#39;m   like   I&#39;m   going   to   read   a   book   a   week   and   then   it   becomes   a   book   every   two   weeks ,   and   then   it&#39;s .   I&#39;m   getting   a   book   done   every   three   weeks   and   that&#39;s   usually   where   I   settle   in   and   I&#39;m   like   all   right ,   that&#39;s   fine ,   and   I&#39;m ,   if   I   get   one   done   every   three   to   four   weeks ,   I&#39;m   a   happy   guy   12 ,   15   a   year .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>22:48</time>
      <p>
          I   think   you&#39;re   in   a   minority ,   a   high   minority   of   Americans   who   read   that   much .   

      </p>

        <cite>Ed Mathews</cite>
      <time>22:56</time>
      <p>
          I   cheat   too .   I   use   apps   like   Blinkist   and   others   to   buttress   those   10   or   12   as   well .   Yeah ,   all   right ,   fantastic .   Last   question   I   want   you   to   define   success .   What   does   success   mean   to   you ?   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>23:09</time>
      <p>
          That&#39;s   another   great   question .   I   have   never   been   asked   that ,   ed .   For   me   success ,   I   think ,   having   been   out   of   the   corporate   world ,   I   used   to   put   it   all   on   money .   It&#39;s   not   on   money   for   me   anymore .   That&#39;s   because   I   was   still   working   for   the   man .   To   me ,   success   is   doing   what   you   want   to   do   and   having   the   financial   wherewithal   to   do   it .   Love   that ,   amen ,   be   it   that   traveling   the   world   or   scouring   up   new   properties   to   buy   in   Houston ,   texas ,   or   anything   in   between .   My   brother-in-law ,   my   brother&#39;s   retired   he   loves   chasing   his   grandkids   around .   Yeah ,   doing   what   you   want   to   do   and   having   the   finances   to   do   it   Right   on   Love .   

      </p>

        <cite>Ed Mathews</cite>
      <time>23:50</time>
      <p>
          That   Couldn&#39;t   agree   more .   Freedom   is   a   wonderful   thing .   Time   freedom   is   a   wonderful   thing .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>23:56</time>
      <p>
          I   never   appreciated   more   and   my   father   told   me   until   you   step   away   from   the   rat   race   yeah ,   I   talk   about   the   budget   reports   and   the   performance   evaluations   and   all   those   things   I   used   to   have   to   fill   out   Add   zero   value   to   almost   anything ,   to   doing   what   you   want   to   do ,   which   in   my   case ,   happens   to   be   multifamily   real   estate .   

      </p>

        <cite>Ed Mathews</cite>
      <time>24:17</time>
      <p>
          Yeah ,   I   was   talking   a   few   weeks   ago   to   an   old   boss   of   mine ,   a   good   friend   of   mine   now ,   and   we   were   laughing   about .   Every   once   in   a   while   I&#39;ll   have   a   flashback   of   in   my   world .   I   was   in   sales   and   marketing   and   they   do   quarterly   business   reviews   in   the   technology   world   and   he   would   say ,   hey ,   I   need   your   QBR   numbers   and   I   would   literally   even   to   this   day   it&#39;s   I   get   thinking   about   having   through   that   process   and   I&#39;ve   been   out   of   the   corporate   world   for   seven ,   eight   years   now .   Yeah ,   it&#39;s ,   I   do   not   miss   it   at   all .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>24:46</time>
      <p>
          And   that&#39;s   no   disrespect   to   anybody ,   that&#39;s   still   in   it ,   just   if   that&#39;s   what   you   like .   

      </p>

        <cite>Ed Mathews</cite>
      <time>24:49</time>
      <p>
          Hey ,   you   got   to   do   what   you   got   to   do ,   but   I   didn&#39;t   realize   how   much   I   didn&#39;t   miss   it   until   I   wasn&#39;t   doing   it .   So   you   walk   away .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>24:57</time>
      <p>
          Yeah ,   so   you&#39;re   right .   

      </p>

        <cite>Ed Mathews</cite>
      <time>24:58</time>
      <p>
          Yeah ,   and   I   don&#39;t   miss   it .   So   let   me   ask   you   when ,   not   talking   about   real   estate .   It   sounds   like   you   have   a   rich   life   outside   of   this   world .   What   do   you   like   to   do ?   I ?   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>25:08</time>
      <p>
          said   that   I   have   five   grandkids   and   I   live   in   Houston .   My   kids   live   in   Seattle   Washington ,   live   in   Ohio   and   Asheville ,   north   Carolina ,   so   we   spend   a   lot   of   time   traveling   to   see   them   and   grandkids .   I   would   say   I&#39;m   an   avid   golfer ,   but   that&#39;s   probably   a   stretch .   I   really   enjoy   the   game   and   since   I&#39;ve   been   doing   my   own   thing ,   I   try   to   play   once ,   twice   a   week   and   that   is   sometimes   a   lot   of   fun .   So   that   takes   up   a   lot   of   time   and   then   that&#39;s   amazing   when   you   don&#39;t   have   a   schedule ,   your   wife   tends   to   fill   it   in   for   you ,   isn&#39;t ?   

      </p>

        <cite>Ed Mathews</cite>
      <time>25:37</time>
      <p>
          that   funny .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>25:38</time>
      <p>
          Yeah ,   it&#39;s   all   good ,   though   it&#39;s   all   good .   So   those   and   just   spending   more   time .   One   of   my   tasks   for   this   year   2024   yet   is   to   volunteer   at   Meals   on   Wheels .   My   parents   were  
      </p>

      <h2 id="chapter_32184752">Real Estate Mentorship Opportunities</h2>


        <cite>Randy Langenderfer</cite>
      <time>25:53</time>
      <p>
          both   recipients   of   that   in   their   latter   years   and   I   want   to .   I   just   want   to   support   that   mission   because   it&#39;s   really   cool   and   that   takes   about   a   half   day   a   week ,   so   it&#39;s   not   anything   tragic .   

      </p>

        <cite>Ed Mathews</cite>
      <time>26:03</time>
      <p>
          And   it&#39;s   amazing   the   impact   you   can   have   on   people&#39;s   lives ,   right ?   Yeah ,   yeah ,   randy ,   if   people   want   to   learn   more   about   InvestArk   or   Multifamily   Maestros   or   you   individually ,   what&#39;s   the   best   way   to   get   in   touch ?   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>26:17</time>
      <p>
          Thanks .   I&#39;m   on   all   the   social   media   platforms   Facebook ,   linkedin ,   randy   Langender .   You   can   find   me   there .   The   contacts   are   in   there .   Invest-ark   is   the   webpage   invest-ARKcom .   There&#39;s   a   book ,   a   call   there .   Happy   to   talk   to   anybody .   Love   to   chat   with   you   If   you&#39;re   interested   in   some   mentoring .   Multifamilymaestros   all   one   word   com .   Multifamilymaestroscom .   There&#39;s   a   Discover   call   on   there ,   too ,   that   you   can   reach   out   to   me .   Love   to   chat   with   anybody   in   the   listening   audience   about   anything   real   estate ,   matter   of   fact .   Anything   else   I   don&#39;t   care .   All   right ,   it&#39;s   no   use .   

      </p>

        <cite>Ed Mathews</cite>
      <time>26:57</time>
      <p>
          Excellent .   Randy   Langenderfer ,   thank   you   so   much   for   your   time   today .   It&#39;s   a   pleasure   to   get   to   know   you   and   I&#39;m   grateful   for   the   opportunity   to   speak   with   you   and   learn   from   you .   So   thank   you .   

      </p>

        <cite>Randy Langenderfer</cite>
      <time>27:07</time>
      <p>
          And   pleasure   has   been   mine   as .   

      </p>