Do NOT Watch This Real Estate Syndication Show If You Want to Make Money | Maxxed Out Podcast with Lee Yoder

Welcome to The Maxxed Out Podcast with your host Todd Pultz!  In this episode, Todd sits down with Lee Yoder, a successful real estate investor and syndicator, to explore the power of entrepreneurship and real estate syndication. 

Lee shares his inspiring journey of transitioning into real estate, building generational wealth, and breaking down how real estate syndication works as an alternative investment strategy. Whether you’re an entrepreneur, a business enthusiast, or just curious about real estate, this episode has something for YOU!


Lee Yoder Bio:
Lee was a practicing physical therapist when he realized his true passion was building his own
business and investing in real estate. He took this passion and considerable action to quickly
build a portfolio of several small apartment buildings. After repositioning these properties and
bringing them full cycle, he was able to quit his W2 and jump into real estate investing full-time.
Today, Lee is focused on syndicating larger apartment buildings. He is the founder and
visionary behind Threefold Real Estate Investing, and he’s committed to forging a path that will
generate incredible wealth and opportunity for all involved. Threefold owns and operates 350
units in SW Ohio ($20M AUM). Lee is even more passionate about his wife and two kids and
believes real estate investing is the best vehicle to achieve the life of your dreams.

 What You’ll Learn in This Episode:

 Lee Yoder’s journey into real estate and entrepreneurship.

 What real estate syndication is and how it works.

 How syndication can help you build generational wealth.

Insights on creating alternative investment opportunities in real estate.

Show Notes & Timestamps:

0:00 - Introduction to Maxed Out Podcast

2:15 - Lee Yoder’s background and journey into real estate

7:30 - What is real estate syndication?

12:45 - Why real estate syndication is a game-changer for building wealth

18:20 - How Lee transitioned from residential to syndication deals

23:10 - Key challenges and lessons learned in syndication

28:45 - The importance of finding the right team in syndication

33:00 - How syndication creates generational wealth

38:15 - Lee’s advice for aspiring entrepreneurs and investors

43:00 - Closing thoughts and where to connect with Lee

Connect with Lee Yoder:

https://www.ThreefoldREI.com/
https://www.linkedin.com/ThreefoldREI/

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https://www.instagram.com/toddpultzofficial/
https://www.facebook.com/toddpultz/
https://www.youtube.com/toddpultzofficial/
https://www.tiktok.com/toddpultzofficail/
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 Let’s Hear From You:

What’s your biggest takeaway from this episode? Drop it in the comments below! 👇

#MaxxedOutPodcast #RealEstateSyndication #GenerationalWealth #Entrepreneurship #ToddPultz #LeeYoder #BusinessSuccess #RealEstateInvesting #PodcastLife #realestate 

Transcript

00:00:00:04 - 00:00:05:13
Unknown
don't buy into you have to be up at 5 a.m., or you have to be up at 4 a.m., but when you're awake and when you're working.

00:00:05:13 - 00:00:18:00
Unknown
Yeah, you you have to be so addicted. Yeah. To what your passion is. And you have to be so obsessed to your business that those hours that you spend are more efficient than anything else you do.

00:00:18:00 - 00:00:38:12
Unknown
Hello. One day down the quay. I'm about to prove my wrong. You can't stop. Got enough time to raise. Cause they don't even know where the problem is with me. You waiting on the boy to fail. To hold your breath. To face your death. Cause you wicked step I progress no less. Go ahead and place your bets. Cause we know me.

00:00:38:12 - 00:00:47:07
Unknown
Yeah, we know we got to design. And you bring. We never stop here I come right here and stop in here. Straight to the gate I see the future, but see profit here. Wait up.

00:00:47:07 - 00:01:01:09
Unknown
Sally Yoder, man, welcome to, you know, the maxed out podcast studio. First time you've been here, man. How are you doing? I'm excited. Man. This is an awesome studio. Been a long time since you and I've caught up, so I'm excited to be here. I haven't I told you, I've been on a bunch of podcasts.

00:01:01:10 - 00:01:20:11
Unknown
I've never done one live like this in a studio. I've always wanted to, when I. When I see podcasts like this, I think it's a way better, way better way to do it. So I'm excited to be here. So what you're telling me and Miles that we've we've done a good job, is, I mean, I don't know if I'm a good judge because I this is the first one I've been in, but it looks good to me.

00:01:20:12 - 00:01:34:20
Unknown
I think it's awesome. Well, good man. He's done a great job. Well, I'm excited to have you here. So we, you know, we go back a few years. Yeah. And what some people might not know is like, the first podcast I ever went on was actually the three fold real estate podcast with Mr. Lee Yoder. Yeah.

00:01:34:22 - 00:01:52:10
Unknown
You know, because at that time in my real estate investing career, I was doing well. I think I had a little over 100 units, but I was like, I was like the turtle man, you know, like turtles stay in their shell. And that's where they feel safe at. And that's what I was doing in real estate investing is I was just kind of staying on myself, like the quiet assassin.

00:01:52:13 - 00:02:13:18
Unknown
Yeah. And your podcast that I went on, that was kind of the moment where I did I star branched out and networking and meet more people and realizing that, man, this thing's a lot easier, through entrepreneurship and real estate, when you. That's all you have a network and when you know people. So, it's I put a post up today on Instagram and it was talking about, like, we never know our impact on people.

00:02:14:00 - 00:02:30:08
Unknown
Yeah. And I think that's true. And the reason I put that on there was because one of the guys that's worked for me for 6 or 7 years was kind of talking about a little bit how I changed his life. And we tend in entrepreneurship to not realize what we do on a day to day basis has huge impacts on others.

00:02:30:10 - 00:02:48:10
Unknown
And at that time, back then, you were starting kind of your real estate journey. You'd already started, but you were getting ready to blow up just a little bit more. And your podcast, that you're using one was to kind of get your name out there a little bit and to network and get things going, but you probably didn't realize in that moment that you were impacted me too.

00:02:48:14 - 00:03:06:02
Unknown
Yeah. And no idea. And after your show, I went on to film, like, I don't know, 50, 55 other podcasts with different people around the country. So I appreciate it, but let's talk about you, man, because you've not always been an entrepreneur. No. Right. Yeah. I was just getting into it, I mean it well, I, I still gosh, when I interview I'm not it's not a full time job.

00:03:06:02 - 00:03:19:10
Unknown
When I interviewed you, when I first started the podcast, I was still working full time as a physical therapist. You did? Yeah. You're still on physical therapy. And you're right in that moment. And it was cool because I had just met you around that time. It was cool to see you drop the W-2 and go back to, just be an entrepreneur, man.

00:03:19:10 - 00:03:34:05
Unknown
Yeah, yeah. And we're going to dive into that, but let's talk about some of the things that really drive you and introduce everybody to you, and give them all the information about you. But, you know, one things that I, that I've always admired about you because I follow, I follow you on social media. I follow your stuff.

00:03:34:05 - 00:03:49:03
Unknown
I might not always like it or comment on it because we get busy, right? Oh yeah. But at the end of the day, family is such a huge part of, part of your life and part of your, part of your entrepreneurship journey. So your, your, your wife and your kids, like, tell me about a man.

00:03:49:05 - 00:04:05:00
Unknown
Yeah. I'd love to know. That's that's, a huge part of my life. So much more important than than all the other stuff, but, yeah, two great kids, 11 and nine now. Hard to believe, but, yeah, I love my wife. I have a great relationship with her. We work together. She's. She doesn't have a W-2 either.

00:04:05:02 - 00:04:21:10
Unknown
And she already didn't when I quit mine. So when I jumped, we were really jumping, you know. No, no steady income. But, yeah, we we try to we, do a hybrid homeschool program. So our kids are home a lot. My wife, you know, does most of that. So we're very integrated. We're with each other a lot.

00:04:21:12 - 00:04:37:07
Unknown
So, you know, you've probably seen some of the videos I've posted some pictures, like we take our kids to the properties, we're cleaning up properties together, rehabbing units together. Of course, they've been young through this journey, so they haven't been that helpful. You know, sometimes they're out there just spilling paint on carpet that we weren't planning on replacing.

00:04:37:09 - 00:04:45:03
Unknown
But it's fun. It's kind of tough. It's complicated, but it's. I wouldn't have it any other way. It's been fun to do it with the family

00:04:45:03 - 00:04:55:16
Unknown
Yeah, man, I love it. And I love, I love the family stories because, you know, my kids, I of course, I have a senior in high school, a junior in high school. My daughters, they live in canton, Ohio, with their mom. They're 3.5 hours away.

00:04:55:16 - 00:05:14:06
Unknown
So. So I don't get all that personal time with them. But I'll tell you, one of my daughters is like, carefree, crazy soccer player. I mean, she'll go play D1 college soccer. You know, she's a junior right now. My other one. Awesome. Like, we were at a banquet dinner last night, and both of them got, like, all Federal League, all district, all county, like, first team, like, they're just racked with the stuff.

00:05:14:06 - 00:05:28:17
Unknown
But my senior daughter, Addison, she is like, I'm done playing soccer, dad. Like, I just want to go to college. I want to start my career. I want to do all this. And of course, I'm the dad that says, if that's what you want to do, great. If you don't want to go to college, let's talk about that.

00:05:28:17 - 00:05:47:06
Unknown
Right? Like, because I'm okay with either path. Yeah, yeah. But Addison's always had like, that entrepreneurial spirit and and I mean, even here recently she's seen we're trying some new videos on social media about like, side hustles to, fund your investments and your entrepreneurship. And, and I got a call from her because you don't always know. Are my kids watching my stuff, or do they just like it because it's like, dad.

00:05:47:07 - 00:06:03:14
Unknown
Yeah. He's like, hey, dad, do you have any ideas about, you know, like some online stuff I can do to start making some extra cash? And then a week later I'd post some stuff about, you know, crypto and stocks. And she was like, hey, dad. Like, you know, my friends want to know about, like, crypto and stock. And I'd say, like, I get more enjoyment out of those conversations with my family and my kids.

00:06:03:14 - 00:06:13:15
Unknown
Sure. Than like anything, like any deal I've done, any amount of money I've made, like none of it compares to the family piece of me. And like, it's just right. It's incredible. Yeah, it's good that they're that they're seeing that

00:06:13:15 - 00:06:20:21
Unknown
they're being exposed to that. Because that's definitely part of my journey that, you know, I just thought you, you go to college like people that are successful go to college.

00:06:20:21 - 00:06:33:01
Unknown
People that aren't successful don't go to college. I mean, and not that my parents, I mean, my I guess I don't know, my my dad really didn't go to college. He went and like for a little bit and then, dropped out and he's in construction. So it's not like my parents were like

00:06:33:01 - 00:06:40:00
Unknown
upbringing that way. But you just even in school, I think just teachers, it's like, you know, a lot of the good jobs require a college degree.

00:06:40:00 - 00:06:51:19
Unknown
That's what you think. And so I went to college. I was going to become a doctor. And I didn't know that I wanted to be a doctor that bad, but I was like, well, I think that's a good job. I think I can pull it off. I got good grades. So it's like, let's, let's go to college.

00:06:51:19 - 00:07:07:09
Unknown
But I was never exposed to what I feel like now. I know, like, there's a whole nother world out there. And, I think it's tough as a high school to have any idea what you want to do. But the more you're exposed to things and seen it, I think that's that's great that you're doing that. I hope I'm doing that for our kids.

00:07:07:09 - 00:07:07:13
Unknown
I'll

00:07:07:13 - 00:07:21:08
Unknown
do the same thing. I mean, just a tiny little example. But we're playing life. The board game. And at the beginning you can choose if you want to go to college or not. And every time I'm like, I'm not going to college, not going to college money, you know, it's a bad investment just to, you know, get them thinking on it because, I mean, if they want to go to

00:07:21:08 - 00:07:24:08
Unknown
college, I mean, yeah, if you want to get into healthcare, you kind of need to go to college.

00:07:24:08 - 00:07:35:03
Unknown
If you want to become a nurse, a doctor. Yeah. Colleges is necessary. There's, you know, you can become a lawyer. You got to learn some things. So there's some paths, but there are a lot of great paths that don't require college.

00:07:35:03 - 00:07:39:07
Unknown
mean, I had to go to college for seven years to become a physical therapist. I had to get my doctorate.

00:07:39:07 - 00:07:50:17
Unknown
man I, a lot of people that have followed me for years, they they kind of know my upbringing. They know I was, yeah. I grew up in a poor family. I mean, I had my mom and dad there, but, yeah, I didn't have a great relationship with them. I didn't really like my dad.

00:07:50:19 - 00:07:58:08
Unknown
We grew up in, in poverty, and and, man, I got out and I, I went to a police academy and became a police officer because that's what I thought

00:07:58:08 - 00:08:05:17
Unknown
I was supposed to do was have a W-2 job. Yeah. And because I was an athlete and I'm like, well, what do I want to do? Like go chase some bad guys, drive cars fast like that shit sounded fun.

00:08:05:17 - 00:08:24:00
Unknown
Yeah. But I got myself in debt. Like, I never figured out how to use money. And all that. And so for many years, I was, like, so angry at my parents, and I mean, very angry. Right? Like and even and and I went to a therapist for a long time over some other stuff, just cause I needed somebody to help guide me through some parts of my life.

00:08:24:00 - 00:08:41:19
Unknown
Yeah. And I remember the moment when I was telling her about my family life and and how mad I was at my parents because they didn't teach me about money. They didn't teach me about finances. They didn't teach me about entrepreneurship, didn't teach me how to do a checkbook. And she, like, with a straight face, said, you sound very stupid today, Todd.

00:08:41:21 - 00:08:55:06
Unknown
I said, like, you're supposed to support me. Like you're not paying you to tell me, you know, and I. And she's like, but let me explain to you what I mean. She goes, how can you be mad and angry at your mom and dad for not teaching you that stuff when they never knew it themselves? Like you just told me?

00:08:55:06 - 00:09:14:16
Unknown
Your mom and dad felt bankruptcy. You told me that they, you know, switched job to job. Your mom only made it through eighth grade because how can you be mad at those people? She goes, the only thing that you can really do now is be thankful that you've learned it on your own, and to do your part to teach your kids and as many people as you can touch in this world about financial literacy and about all those things.

00:09:14:18 - 00:09:15:20
Unknown
And you know, from the day that she told

00:09:15:20 - 00:09:31:07
Unknown
me that, like, my mind like just changed and I started acting differently. And that's when I really started, like pushing social media a little bit and, and I've never used social media make money, but having people say, hey, man, you inspired me this morning or hey man, like I love your content or whatever.

00:09:31:12 - 00:09:48:05
Unknown
Like that was always the inspiration to put some things out there. So don't ever stop pushing, man. Like our kids. And they're like sponges. They suck. Oh, yeah. Yeah. Everything that we do now. Your wife, was she working a full time job? For a while before she became an entrepreneur. We had kids. She was. She's an r n so she's a nurse.

00:09:48:05 - 00:09:54:14
Unknown
So she was full time before we started having kids. But as soon as we started, kids, she went to PRN. Just working, you know, once every week or two.

00:09:54:14 - 00:10:00:00
Unknown
So physical therapist, you know, how long were you, like, how long were you full time doing the physical therapy stuff?

00:10:00:02 - 00:10:18:17
Unknown
Yeah, only for a couple years. Before I came on with the company in Poland or in Cincinnati called Pro Link. It's actually a health care staffing company. I came on as a physical therapist, but pretty quickly I kind of started climbing the corporate ladder, and I was doing no physical therapy. So I was managing a bunch of therapists out in the field, but it was a startup company at the time.

00:10:18:17 - 00:10:38:08
Unknown
It's like $1 billion company. They've done incredibly well, while I was there. So because it was a startup, like, I was kind of building a division within the company, and I was, you know, just doing operations stuff and sales marketing, like very entrepreneurial. And that was my first taste of like, I mean, I loved it. I didn't miss physical therapy at all.

00:10:38:08 - 00:10:57:08
Unknown
Right? So two years in, you know, a seven year degree. And I'm like, I love doing this. But I think, again, because, you know, I feel like maybe like God created me to more be entrepreneur at some point I was like, I feel like I want to do this for myself, not for somebody. Like, I'm building somebody else's company, but I just didn't know what that meant.

00:10:57:09 - 00:11:11:03
Unknown
And so because all I had was like, well, I'm supposed to be a physical therapist, like I've already, you know, ventured. So, yeah, I actually did go back to doing home health physical therapy, but already I knew I think I want to get into real estate. I think I want to be an entrepreneur. I think I want to try something on the side.

00:11:11:06 - 00:11:25:09
Unknown
So it was kind of my evolution up to that point. Yeah. And I think hearing you say that right there and, and you and I have more in common than probably what we even know, right? Yeah. Yeah, yeah. Like you were you played high school football and you played college football, right? Your safety in college. Yeah. It doesn't matter.

00:11:25:09 - 00:11:33:06
Unknown
We don't screw up the story. Leave you? Yeah. You play college football. You're a badass safety in college football, right? Yep. But,

00:11:33:06 - 00:11:43:08
Unknown
I mean, through through sports and stuff. I mean, you you to get to college, you got to have that grind. You got to work harder than other guys because it's very competitive. Right. And a lot of that carries on into our life.

00:11:43:10 - 00:11:46:19
Unknown
And sometimes we don't know how to harness that in the right way from an entrepreneurial

00:11:46:19 - 00:11:59:11
Unknown
spirit. And then hearing you talk about the corporate ladder, that was kind of what I did, right. Like I was in law enforcement and then I went to the private side run running, internal investigations and organized retail crime for, for Macy's, a very large retail store.

00:11:59:13 - 00:12:10:14
Unknown
But probably how you felt and how I felt was like, I it was like I had my own little business there. But then at some point I'm like, it's great, but I'm not making the money that no, that that they're making. Right. You

00:12:10:14 - 00:12:18:11
Unknown
so at some point, it sounds like you recognize that that, like, man, like, this is great. I love the business feel. I love kind of being able to grow my own little business, even though you're working for somebody else.

00:12:18:11 - 00:12:36:11
Unknown
Yeah, but at some point, you're like, I could do this. Like, I could do this for myself, right? And that entrepreneurial kind of engine starts kicking on. And I think when we go back a little bit to what we talked about earlier with college and things like that, even with my kids, I don't tell them that you either have to go to college or you don't have to go to college.

00:12:36:11 - 00:12:57:03
Unknown
I want them to make those decisions. But one of the things that I tried to tell them and and other young people and especially young investors, is if you decide to go to college, that's great. Like, there's nothing wrong with having a great degree, but get a degree in something that's going to help you. When you decide that you want to be an entrepreneur, because most people at some point want to build wealth, most people want to have more and they don't know how to get there.

00:12:57:05 - 00:13:12:18
Unknown
So if you use college to get out and like you did, you have a college degree, which helped propel you into the corporate world where you started seeing a little bit of entrepreneur ownership, right? Your college then became important because you learned a lot of stuff in college. And you turned that into using it to be an entrepreneur.

00:13:12:18 - 00:13:28:05
Unknown
So I always like my one daughter. She want to be a vet for a long time because I got to college for this. I said, I don't want you to be a vet. I want you to own your own practice. Right? Like, and and I think that's what people have to do, right? Like, don't go to college to be something, go to college to own something.

00:13:28:07 - 00:13:43:07
Unknown
And and what I mean by that with them often is like, it's cool to a degree. It's cool to go into a certain field, but can you own your own business in that field and have everybody else work for you under that? Right. Because you can do both at the same time for sure. Yeah. So when you're, you know, you're working, you're climbing the corporate ladder.

00:13:43:07 - 00:14:03:11
Unknown
At what point was it where you're like, I don't know, man. Like, I want to be on my own. Like, what? Was there a trigger moment? Yeah. I mean, you know, that was part of it. Honestly, the other part was family oriented. So I really was feeling like. Like, I love to work, so I don't have a problem with the hours.

00:14:03:11 - 00:14:18:10
Unknown
But this was pre-COVID. But it was like, you got to be in the office, you got to be in the office, you got to be in the office. And it felt like if I wanted to grow, if I wanted upside, that just meant more time in the office, more time away from family. So it felt like, man, I want to work hard.

00:14:18:10 - 00:14:35:08
Unknown
I want to grow. I want to have more. I want to, you know, achieve and pursue something that goes back to like that drive that I had as a football player. And I was kind of replacing it now with, with work. And I feel like I still do that today, but it felt like, man one that's not going to pay off, like you said, like it's going to pay off for somebody else.

00:14:35:08 - 00:14:49:10
Unknown
A lot more that's going to pay off for me. But too, like, I can't control it. I mean, I was getting up at 4 or 430 in the morning to try to get more work done so that I could get the work done while my kids were asleep so that I could work really hard. But not miss more time with the kids.

00:14:49:14 - 00:15:03:13
Unknown
But like, I just felt like for my employers were like, well, that's great, keep doing that. But like, yeah, you still need to be here until six and maybe it's going to turn into seven if you get this promotion. And it's like, man, that I don't want to do that. I want to work hard, but I want it to be on my time a little bit better.

00:15:03:18 - 00:15:18:15
Unknown
If I want to be done at five so I can eat dinner with my family. But then maybe I work a little bit in the evening when the kids are back in bed. I want to be able to do that. So that's where it was like this. Can I have both? Can I work really hard and achieve a lot?

00:15:18:20 - 00:15:25:23
Unknown
But also control it so that I can have a really good relationship with my wife, a really good relationship with my kids, be around my kids.

00:15:25:23 - 00:15:27:08
Unknown
want to have more control.

00:15:27:08 - 00:15:43:13
Unknown
I want to work really hard, but I want it to work for my life, my family, not the other way around where like, my family had to fit into what that employer wanted me to do. Sure. Now you were you started investing in real estate before you left physical therapy, right? Right, right. And you, you were by yourself.

00:15:43:13 - 00:16:01:15
Unknown
You can do that on your own a little bit. And I remember your first property. First property was a flip, right? Yep. How'd that go for you? Yeah. You know, in some sense, it went pretty well. Hold on. I know that one of your flips didn't go well. Was it your first one, or was it. I mean, the first one was like, if my wife was here, she would explain it as you know, more of a nightmare.

00:16:01:17 - 00:16:18:15
Unknown
You know, we made money on it. So it went well in that sense. But yeah, it was I mean, we would never do it again, right? I think a lot of people say that for the first deal, like they got me started. Right? Got me going. I learned a lot. Would never do it again. Yeah. It was a it was a train wreck, you know, nobody else wanted it.

00:16:18:15 - 00:16:36:10
Unknown
Bought an online auction site unseen. It was in our town, Lebanon, just north north of Cincinnati. But it was really rough. I mean, we had to do everything. Basement leaking, you know, go down the basement. No lights on, walk down. All of a sudden, a foot of water. You know, you don't. You don't buy a house with a leaking basement with.

00:16:36:12 - 00:16:51:11
Unknown
The wall was cracked. We get on hold on everything. Who doesn't buy a house with leaking? Well. You okay? I'm talking to the wrong guy. Okay. Yeah, I know you told me. If you fall through the floor, you're in love. Yeah. Most people. That's. And I wouldn't recommend it to a lot of people. A lot of people don't have the stomach that you do.

00:16:51:11 - 00:17:10:21
Unknown
But maybe they shouldn't. But yeah, it was rough. So. Yeah, when I, when I left, that corporate job went back to home health physical therapy, I knew that I wanted to get into real estate. I just wanted to try it. And you mentioned, you know, sometimes that that college education and that job that you get can allow you to, to become an owner.

00:17:10:21 - 00:17:25:17
Unknown
And that's exactly what home health physical therapy was for me, because it provided it provided a living. I mean, it was more than my wife and I and our family needed to live on. So we were able to start building up some savings to be able to, to invest and like, go do a flip on our own. So it's a great job for that.

00:17:25:17 - 00:17:27:03
Unknown
And I had flexibility in it.

00:17:27:03 - 00:17:35:01
Unknown
flipping is not investing. It's real estate, but it's a job, you know, it's transactional. You you're still trading time for money.

00:17:35:01 - 00:17:44:11
Unknown
And so I'd been reading tons of books, listening to podcasts about real estate and about passive income and investing and trying to sell my wife on this dream.

00:17:44:13 - 00:18:04:03
Unknown
And, we get into this flip and it's not that, you know, it's it's just more time. So when I left the corporate job, I took probably about a 30% pay cut to go back to doing home health physical therapy. And but I was working way less hours. But then I had to flip on top of the full time job, and now I'm working the same amount of hours.

00:18:04:03 - 00:18:18:23
Unknown
I was at the corporate job, and we made about enough on that flip to replace that 30%, thank God. So it was this perfect picture of like, this is just a different job. I'm just as busy as I was. I'm going to be flipping. So we only did one flip before we kind of took the next step.

00:18:18:23 - 00:18:31:02
Unknown
one. So let's back up one second and talk about the wife. Right. And maybe you remember this story that that I shared with you, but the first property I bought was a four unit apartment building which went great.

00:18:31:02 - 00:18:40:16
Unknown
Like, I got it for 21,000 bucks. That was in, like, the and crazy time, right where we could buy stuff for cheap. And I was on top of the world and I was sound just like what you're doing with

00:18:40:16 - 00:18:49:00
Unknown
With Hannah's. Like I was trying to convince my wife that this was a good path, like. And she was, like, W-2 oriented, like, nothing about investments, nothing about entrepreneurship.

00:18:49:00 - 00:18:56:19
Unknown
Now I'm like, no real estate's great blah, blah, blah, like. And I was regurgitating everything that I had heard and I thought that would be successful.

00:18:56:20 - 00:19:14:13
Unknown
But, I had that first deal as a four and it went went really well, went really well, and then like immediately found a second one, a second six unit building and bought that. We forgot to put insurance on it on Friday night and Monday morning. I'm watching the news with my coffee. And the thing is on fire, like the whole thing burned to the ground.

00:19:14:18 - 00:19:15:12
Unknown
Now, we only bought it for

00:19:15:12 - 00:19:32:02
Unknown
22,000, and we, burned to the ground. So now that was the last because I had a partner on those first two deals, my mentor. And that was the last $10,000 that I had. Like, I didn't have anything else. That was that was it, like enemy savings had nothing. So my wife was feeling good about the first deal.

00:19:32:04 - 00:19:47:22
Unknown
The second deal. I got to come to her a couple days later and say, man, I literally just burned up. It was $11,000, right? Like I use my 10,000. And she gave me like a thousand or something. This isn't a metaphor. We actually burn. Yeah, we really burn the money. And she's like, well, what do you mean?

00:19:47:22 - 00:20:04:10
Unknown
I'm like, well, here's the news story. You know, like it was our place. Somebody threw a molotov cocktail through the window, you know, because the guy we borrowed off of, was was passed away. He'd been he was a drug dealer. Was was rehabbing this building, was killed in one of the units. Oh my gosh. So I can only imagine that the family didn't want to see this building anymore.

00:20:04:12 - 00:20:23:01
Unknown
Now, that was 2011. Still, to this day, I own that green space. And some people like, why don't you just get rid of it, like give it back to the city or do whatever? I'm like, no, because every six months when I pay the tax bill, which is like $721, semiannually, that reminds me not to be an idiot anymore.

00:20:23:02 - 00:20:36:16
Unknown
But I remember talking to my wife and she was like, oh, my God, like, this is not what she told me. It was gonna be like, this is down. So did you go through that with your wife at that moment when it was going kind of crazy and sideways? Yeah, yeah. I mean, you know, even while we were doing it, I was ready to get the next one.

00:20:36:16 - 00:20:52:01
Unknown
I mean, but certainly right after I'm like, look, we made money. Let's do it. Let's roll. This works. And she's like, no, no, no, you, you. Because, you know, my wife's so much better about. And I have all the same feelings, but I can get I can get caught up and have blinders on and like, you know, business.

00:20:52:01 - 00:21:04:22
Unknown
And here's what we need to do. And she's like, that didn't improve our lives, like you said. You know, you told me about, like, you know, freedom and control. And she's like, it didn't feel like we were in control, you know, because at the end it was like, we gotta have this thing ready for selling season for April.

00:21:04:22 - 00:21:21:22
Unknown
May, right? That's when you want to sell something at home. And so at the end, it was like, we gotta we gotta hustle. So every weekend she's like, let's taking all of our weekends, taking all of our nights like, no, that's, that's not I don't want to do this again. That's not what you, you explain. So you know, I it admit like, yeah, you're absolutely right that it's not what I want either.

00:21:22:04 - 00:21:36:22
Unknown
So you know okay. But I know real estate can work again. I'm not going to I'm not going to give up on that. Right. But maybe we need to do it a little bit differently. But yeah, I mean she was absolutely like that's not we don't want that. We want if we're going to do something, it's got to improve our lives like that.

00:21:36:22 - 00:21:53:05
Unknown
That's what we're doing it for. We want to have a better life. And like, that kind of made our life worse. You know, at home anyway. Sure, sure, we made some money, but, you know, she's not that driven. And again, like I said, my job was good enough. We had enough money. So it had to be something that that truly did improve our lives.

00:21:53:05 - 00:22:08:06
Unknown
So you go back to the drawing board and you come up with, I'm going to invest in multifamily. Yep. And you end up buying was a school the first thing that, you know, I did a duplex. Next. Okay. Duplex next school. Yep. And he did the school in. And I guess we don't have to dig into those like you.

00:22:08:07 - 00:22:15:00
Unknown
You end up exiting those successfully. If I remember, you tell me the story. But at the end of the day, when you did the flip, when you did the school, when you did the duplex,

00:22:15:00 - 00:22:23:10
Unknown
at that point, did you did you feel like an entrepreneur, like in your mind where you like, I'm an entrepreneur or was it I'm investing in real estate.

00:22:23:15 - 00:22:28:09
Unknown
It was definitely more like, I'm investing in real estate. It was a long time before it just felt like I was looking for deals.

00:22:28:09 - 00:22:36:09
Unknown
so and I guess that's what you know, I have a lot of younger investors that follow me, a lot of, younger people that follow me.

00:22:36:11 - 00:22:55:15
Unknown
And I think that's one of the hardest mind shifts and into life, into business and especially entrepreneurship. And now, like, I have several multi-million dollar companies that are not real estate. And I've seen that every company goes through its life cycles. And that also means that every entrepreneur goes through life cycles. Right. And you have a different way to think about things.

00:22:55:15 - 00:23:18:12
Unknown
You have a different way to live life. Like every rung that you kind of kind of go and some of that slower for others, some of it's faster for others. But for some, that's one of the hardest things to overcome is to actually see yourself as an entrepreneur. Yeah, and not just taking on a side hustle. Yeah. So, you know, in your life, in your journey, like where was the moment where you really thought of yourself as an entrepreneur?

00:23:18:14 - 00:23:37:05
Unknown
Yeah, that's a good question. I mean, once we had, you know, so we did that duplex. We, we got to school, which was a 16 unit. Right after that we got an eight unit and a ten unit. So we had 34 units. You know, I think for me it had to do with like starting to work with other people, and seeing other businesses.

00:23:37:05 - 00:23:56:19
Unknown
We used a third party property management company for those, for those, buildings and kind of seeing that business and the fact that, like that business was servicing my properties, it was like, okay, I guess I kind of have a business here. I, you know, I'm the one, you know, it's my business that this business is making money off of.

00:23:56:19 - 00:24:27:00
Unknown
You know, they're managing my little businesses. So I think with that, I started to get that feeling that like, okay, we're really building something because, you know, those were rentals and that's that was the transition from, you know, flipping, which is a transaction. And as soon as you sell it, you're done. You have nothing versus now, you know, by this time, okay, we have 34 units and, and we're cash flowing like not only we're making them worth more, but every month, you know, property management company brings in all the rent, pays all the expenses, and they send us some money and like, okay, that feels like a business.

00:24:27:06 - 00:24:42:20
Unknown
So now it's like, okay, we own these little businesses that are making money. And and that's when it started to feel real to me. And I started to feel like an entrepreneur that I'm like, we've got some businesses here that are producing and can we we would. We just had like one investor on each of those just did some joint ventures.

00:24:42:20 - 00:24:59:00
Unknown
And so they're making a little bit of money. And so I think with that I started to feel like this feels like we've got something going here that that I'm an entrepreneur and I've got this little I don't know if I don't call it a business then, but like we've got something going here. But it was starting to feel that I was starting to feel like, well, yeah.

00:24:59:00 - 00:25:13:12
Unknown
So why? I think the obvious question for a lot of people is you you're an athlete, you go into physical therapy, you're in the corporate world, and then you decide that you want more or you want to have your own business. Why was real estate the first thing that you chose, or was it the first thing that you chose?

00:25:13:12 - 00:25:36:17
Unknown
I don't know that. I know it was. It was the first thing I chose. I'm not I'm not sure what my dad's in construction. So I grew up around construction, in the summers when I was, you know, off of college, I would. I would do construction. So I've been around that a lot. So I think, like, flipping felt kind of natural to me because, I'm not like, I don't do, like, hard plumbing or hard electric.

00:25:36:17 - 00:25:52:00
Unknown
I mean, I was calling out professionals to that stuff, but, like, hung all the drywall. You know, that all the painting did a bunch of knocked out all the walls doing all that stuff. Roofed it myself. You took off the roof, put on a roof. So I think that's probably what drew me to real estate.

00:25:52:02 - 00:26:12:22
Unknown
Was just. I felt like I could work in that business. And I end up having a buddy at church that I talked to that was in it, and, I'm also a math guy. So the more I was learning that, like, just the investing in the real estate and like, okay, how you have to underwrite it all just kind of spoke to me and fit, you know, kind of what I like.

00:26:13:01 - 00:26:23:14
Unknown
Well, that's a much better story than mine. People ask you that, and I say, because I wasn't smart enough to do anything else. Well, and I probably wasn't either, but I, my mind, yeah, I really did. Like, I knew if I bought a house for a buck and sold it for two, I might have made something in between.

00:26:23:16 - 00:26:39:14
Unknown
Yeah, yeah. And everything else just kind of trickled behind that. It's great that you're a math guy, because math is my very worst subject. And probably one of the things that I'm worse that now. So everybody's like, well, isn't that like a key part of real estate? Like, yeah, but there's a lot of fancy calculators out there that I don't like.

00:26:39:16 - 00:26:56:06
Unknown
And you can hire for it. You can hire for. You absolutely can. Yeah. I said sounds like it's it's like you're starting to get the entrepreneur bug. You're starting to get that like kind of that feel like, yes, I can do more, I can, I can be more. But I'm going to bust the myths right now on this show and it man.

00:26:56:06 - 00:27:10:06
Unknown
And I know you see him out there and I know you hang with them like all these online educational gurus and someone say, well Todd, maybe you're that way too. But I think for me, like I always try to be authentic and I always try to be transparent. Yeah, I always try to be honest with people, especially those that I'm mentoring.

00:27:10:08 - 00:27:28:14
Unknown
But everybody online wants people to believe that you just get crazy rich off becoming a multifamily investor and you get, instant, like wealth and things like, like that's the story they portray. And that's because the society wants to hear that story. They want to see the guy driving the Lambo and saying, yeah, I got here from section eight properties or whatever.

00:27:28:14 - 00:27:49:21
Unknown
It was the truth. With real estate in multifamily that there's routes you can go that help you get there quicker, but the traditional route is a very slow burn, very slow. It's a very slow burn, and you have months where a boiler goes out or a roof has to get replaced. And some people like, well, you got insurance for roofs.

00:27:49:22 - 00:28:06:00
Unknown
Well, once you become a little bit bigger, you got to make some very difficult decisions, right. It's like I got this insurance policy over here that I have really good rates on, and I have a $12,000 roof that I have to replace. Yeah. Yeah. Which one is the more important thing for me is insurance company might drop you that if you put that's it.

00:28:06:02 - 00:28:19:01
Unknown
That's it. And I've been I've been dropped before. I have to, you know, during the 2019 tornadoes, you know, when I had 13 buildings hit by a tornado, right. Like it was a million and a half. They pay me my money. Yeah, but then they're done. But they're done. Yeah. And now you're going to get a higher rate.

00:28:19:01 - 00:28:36:08
Unknown
Now you're going to get a higher rate. Yeah. Absolutely. So free for you. You decide to go a different path. Like I've always I always I started off going out with myself I still flip, I still flip, you know, a dozen, two dozen homes a year. I used to do a lot more when I first started, and that was always my my money to buy multifamily properties because I didn't have money anywhere else.

00:28:36:08 - 00:28:52:08
Unknown
I didn't know about private money lending. I didn't know about hard money lending. When I first started out. So the only thing I knew to do was go flip properties or go wholesale a property to make cash so that I could buy a multifamily property the right way to do it. And and I've always stayed. I've had one partnership in the multifamily world, which we've just kind of started dwindling that all the way down now.

00:28:52:10 - 00:29:13:18
Unknown
But, you know, I'm over a thousand units and those are my units that I own. I don't have any investors on them. I have some lenders on them, obviously, but it's still a slow burn and you have to do a lot of it. Like at my scale now, I make good money with those. And, I'm also a realtor and I have my own brokerage, and we do our own property management, and I'm doing third party management for thousands of other units.

00:29:13:20 - 00:29:31:01
Unknown
So I, I'm making good money with just the real estate piece, but it's because all these things have come together. But if you're start off like you did with, with the school in an eight unit, like you're not getting crazy rich at the beginning, it's very hard to just maintain that cash flow and you have to make a decision on what you want to do.

00:29:31:02 - 00:29:48:07
Unknown
Do you want to become the real entrepreneurial and open up and unleash that kind of momentum, or do you want to keep the slow burn? Either way is fine. Yeah, but that was kind of the moment when I met you, when you were trying to make that decision. And I think you already made the decision, but you're trying to figure out how to do it.

00:29:48:09 - 00:30:06:03
Unknown
Yes. And I remember when we first met, I did your podcast and things like that. I know you had you were talking to realtors. You you're looking at a bunch of properties and you would decide at that point to go into syndication, real estate syndication, which is super cool. Like, and I love the syndication model. I don't do it just because I don't want to answer to investors.

00:30:06:03 - 00:30:20:09
Unknown
Right. Yeah. I would do it, but I, you know, I just I don't need you right now. No, you don't know, but you decided, like, there's a quicker way to kind of get there with wealth and cash flow. And if you're going to do that, you have to be able to do it on a bigger scale, and you have to do it as an entrepreneur.

00:30:20:11 - 00:30:42:04
Unknown
And at that point you were looking for some properties. You you hadn't found a property yet that kind of hit all the marks that you needed to do a successful syndication. Right? Yeah. And that's when we hooked up and we end up, you know, I end up bringing a C class property to you that I knew it wasn't the exact property that you wanted, but I also knew the numbers were decent enough on it, that you could have a successful deal.

00:30:42:06 - 00:31:01:20
Unknown
And my hope at that time, which I didn't display to you, my hope at that time was I hope this is kind of like the crack in the dam that allows Lee to really just go buckwild and and go crazy. That was yeah, but there's a lot of people that are super confused by real estate syndication. So if you could bottle it up to a a 16 year old that's listening this episode right now, like what is real estate syndication?

00:31:01:20 - 00:31:23:22
Unknown
Yeah, sure. I'd be happy to. I'd love to get back to you made a great point about that slow burn and how it takes a long. And I think that's so important. I hope you keep busting that myth because it's a long it's a long game and it's it's going to feel worse for a while. And, and you could probably look back and go, man, if I had stayed with the W-2, I'd probably be a little bit ahead of where I am now.

00:31:23:22 - 00:31:43:04
Unknown
And I think that's true. But the upside, it's a totally different thing. So yeah, I love to talk more about that. But yeah, syndication essentially tells like, you know, we talked about those those few small deals, you know, on some of those we needed $100,000 to close. You can go find 1 or 2 people and bring them in for $100,000.

00:31:43:04 - 00:31:58:15
Unknown
Hold on. Let's stop real quick. Yeah, I say that so often. People. Right. Like, somebody's like, well, how do you find the money for the deal? I'm like, look, find the deal. And if it's a great deal, you can usually find the money, right? Like there's people in your life that have 100 K in a retirement account, or 20 K or 50 K.

00:31:58:15 - 00:32:17:17
Unknown
It's not hard to get those money. And people look at me like I'm like, nuts. Yeah, but you really can find that money on the smaller deals, but you decide to go bigger. So go ahead. I'm sorry for interrupting. Interesting. It's it's funny to the point because, I mean, I had I had some family and friends and that had that money and some people don't I would say, you know, there's real estate groups.

00:32:17:19 - 00:32:29:19
Unknown
I think that's where you can go sometimes to, like I said, if you if you like, you just said if you bring a good deal into a real estate group and say, hey, I'm going to do all the work here, I've got a good deal. The numbers look good. Does somebody want to own 50% of this?

00:32:29:23 - 00:32:51:09
Unknown
If you bring the money, you can you can find that, might be harder for some than others. You know, some family and friends that were able to bring that. But a syndication just says like, okay, now I'm going to go buy a 45 unit is what what you brought to us. And now I need $550,000 to close the deal and to put into the property, I don't know a couple people that can bring $550,000.

00:32:51:14 - 00:33:12:10
Unknown
I'm going to need to bring this out to a wider, group of people. And that group of people is not going to be active in the deal. So as soon as you have people that are going to bring money for the deal, and they're not going to have any active role in it, that's a syndication. So technically, even if one person brought that $550,000, but they're going to have no active role, that technically is a syndication.

00:33:12:10 - 00:33:24:16
Unknown
So it's all it is. It's just you're going to go raise money from people for a deal. You're going to give them a piece of that deal, but they have no say in it. They have no active role. And that's what I'm looking for. I want people that want to invest their money, let their money work for them.

00:33:24:16 - 00:33:40:04
Unknown
But I don't want them to have any role because this is my deal. I'm going to run it. We're going to do it. I don't want your input. Like, this is us. This is our business. You're just bring the money. That's all syndication is. And so from a high level, and kind of how your model is, you are you're the general partner.

00:33:40:07 - 00:33:57:23
Unknown
Yep. Right. And then the investors that you bring in, they take a limited partner role. Right. And you kind of set it up that way. But there's also two types of syndication models that you can do. And a lot of people don't understand that. Right. Like there's you're restricted with how you can raise money. It's not like you can just go out and say, hey, man, anybody wants to give me a hundred bucks?

00:33:57:23 - 00:34:15:06
Unknown
Give me hundred bucks, right? Yeah. And there's really two main ways to do a syndication. And, when you kind of explain that for people on, you're the two step kind of sets, are that how you can raise money and what it allows you to do. Yeah, yeah. And the general partner and limited partner is a good piece too, because a limited partner means their their risk is limited to the amount they invest.

00:34:15:10 - 00:34:33:00
Unknown
So if if somebody invests $50,000 with us, they could lose that 50,000. But that's it. But for us and I mean, I know you take this real time. We sign on the debt, they can come after our house, you know. So we're general partners. We have general liability. They can come after us, our investors, not so much, but, yeah, there's two types of syndications.

00:34:33:00 - 00:34:49:16
Unknown
One, the one that we do, we can accept accredited investors, which just kind of wealthy people, somebody has a net worth of $1 million, and they make 200 grand a year as an individual, or 300 grand as a couple. We can take as many as them, of them as we want. And you can take those investors in any syndication.

00:34:49:16 - 00:35:10:17
Unknown
But in the 5 or 6 beast indications that we do, we can also take non-accredited investors, which means people that don't have that net worth or that income, we can let them invest in our deals. But because we do that, we cannot advertise our deal. So I couldn't come on this podcast and tell, you know, the general audience, people that I don't know about the deal that we've got and ask them if they want to invest.

00:35:10:21 - 00:35:31:18
Unknown
I've got to have a relationship with them first. Yeah. So this has to be a document relationship, right? Like it could be man. We we we met on some forum and we talked and got to go into our, we went and had coffee or we talked to it. So it's not like you don't have like a long relationship where you not to be married or something, just some type of relationship that you can prove that you've had with this person.

00:35:31:20 - 00:35:47:05
Unknown
Yeah. But yeah, the other type of syndication, you can only take accredited investors, but I can advertise them. But the idea behind that is like the government is trying to protect not wealthy people, I guess. So it's like, hey, if you want to blast it out and you're only going to bring wealthy people in and they lose their money, that's fine, right?

00:35:47:05 - 00:36:10:11
Unknown
But if it's not wealthy people, you better have a relationship with them to get them interested in investing with you if you're going to lose their money. Yeah. So what was the when you decide you're going to do syndication? Syndication is like very foreign for a lot of people. And it was for me for years. Like I was probably I don't know, it had to be like 7 or 8 months before I met you where I, I actually went to a real estate, syndication conference, the best ever conference with Joe Fairless.

00:36:10:11 - 00:36:26:07
Unknown
He's been out. He was on your podcast? Yeah. Great guy. Oh, yeah. And he puts on the best ever real estate conference. And that that year was in Colorado, and I met Whitney, saw who we both been on his podcast. Great. He's a great syndication guy. And that was the first time I really start understanding about syndication.

00:36:26:07 - 00:36:40:20
Unknown
And here's the crazy thing. When I went out there, I was in Colorado and we were up in and, in Aspen and in other parts, my wife went out with me. We had a fantastic time, and I met all kinds of people out there. And I start talking about syndication. I'm like, hold on. Like, I don't to bring my own money to table.

00:36:40:22 - 00:36:55:23
Unknown
Like I can just go ask people for money. I'm like, this is great. Like, this is crazy. And I never did syndication. But what it did teach me was that's when I kind of decided, right. Which after that was like, how do I start networking? And that's when your first podcast that I was on came on. Yeah.

00:36:55:23 - 00:37:16:21
Unknown
And that's what that conference taught me was like networking piece of it. I never used the syndication, but I certainly understood it at that point. So what was the main decision? And I think that's really important for people to understand is like, do you side invest with yourself and just stay small, or do you do syndication? Like, what was the main reason you chose a syndication route for your entrepreneurial journey in real estate?

00:37:16:23 - 00:37:43:15
Unknown
Yeah, I think the way I look at it, and I'd be interested in your perspective talk because I feel like maybe you would disagree with this because your journey maybe has not fit into this. But I felt like when I had 34 units, you know, it was just doing it by myself. I mean, I had a couple investors, but like, you know, it was really a solopreneur that at that point I felt like and I knew other guys that were you weren't one of them at the time, but but, other guys that, you know, you know, might have had a 100 unit portfolio or 200 unit portfolio.

00:37:43:15 - 00:38:05:16
Unknown
And, you know, I'd kind of shadow these guys job shadow, you know, drive them and run around with, you know, a hundred keys and their truck and, and they're kind of solopreneur and they manage their own stuff. And, and I started to think like, okay, I could keep going down this route of like buying some small multifamily, doing it myself, just being an investor here and there, you know, kind of managing myself, which I wasn't managing myself at the time.

00:38:05:18 - 00:38:21:18
Unknown
But I could do that. And like, I could own 200 units and make a really good living. I mean, you can do that. That's a great path. I have nothing wrong with that path and just kind of be a small solopreneur. Do it yourself. You know, maybe you have a couple employees, but you're kind of just real small.

00:38:21:20 - 00:38:47:06
Unknown
And you can make two, three, 400 grand a year, like, as you start paying these things down, I mean, you can do incredibly well or you can go much bigger and build a business, like kind of a big business, and none of the sky's the limit. I mean, you could own 20,000 units, and I just felt like, for whatever reason, again, I don't know that there's one better, but I just felt like I want to go the business route.

00:38:47:06 - 00:39:06:03
Unknown
I want to buy as many units as I possibly can, build a big business, bring in a ton of investors. Yeah, like we're going to end up having a ton of investors or we're going to have to maybe, you know, have somebody that talks to them. So I don't have to talk to every single one of them all the time and like but that's what a businesses is and it's, and it's unlimited and it can never stop.

00:39:06:03 - 00:39:26:01
Unknown
And so that that's what led me in that direction. That's what I saw in that direction was like, I want to keep going forever. I just want to keep building and do bigger, bigger, bigger deals. And it felt like syndication is the way to do that. Yeah, and I don't I don't disagree with your thoughts on it. I think I have a different opinion.

00:39:26:01 - 00:39:45:12
Unknown
Yeah, that I'll explain in a second. But I think there's some major things that people have to decide when they decide what route they're going to go in real estate. And for you, you have the ability to kind of go the route that I was going, which was just do everything myself and and do all that. Right. And like, and it took me a while to get to, you know, over a thousand units.

00:39:45:12 - 00:40:02:05
Unknown
Right. And but what I'll say is the money that I make on a thousand units compared to a syndicator that has a thousand units hands down, I'll blow them away 100%. But either route that you choose, you have to do it the right way. And if you choose to go by yourself and what I call a stack business.

00:40:02:05 - 00:40:22:10
Unknown
Okay. And when I talk about having a stack business, it's bringing everything in. So for me, I looked very early on at what cost me the most money, what was the most expenses? So if it was plumbing, I brought in a plumber that could do other things. If it was management, which management would. I never had third party management, but I managed everything myself.

00:40:22:12 - 00:40:38:23
Unknown
If it was apartment turns, instead of hiring a contractor, I brought in teams and found a way to keep them busy all the time on all kinds of stuff. Which is why I kept flipping. Because eventually you don't have enough permanent turns to keep them busy. But I knew I wanted those crews to be loyal to me. Yeah, so I would go buy a flip that I would only make 1015 K on because I wanted to keep them busy.

00:40:39:04 - 00:41:01:23
Unknown
Yeah. And that's one part of the stack business. But the other part of it is that I chose a create a financing route when I did it because I didn't have money. So I was huge on land contracts and owner finance deals and not just owner finance deals and land contracts, but really, really good terms. Right. So the first 50 unit complex that I bought, I brought $0 a table.

00:41:02:01 - 00:41:28:17
Unknown
It was owner finance deal that was that was amortized over 30 years. And I used all rent to just pay my mortgage back. So dude I was banging like I was banging 20 k month free and clear. And that was one of the first big apartment units that I had done. Right. And if you if you go the route where you wanna do everything on your own, but you hire a management company, you're hiring contractors for everything, you got a heavy mortgage on your property that doesn't have beneficial terms to you.

00:41:28:22 - 00:41:46:10
Unknown
You're right. Absolutely. You're right. You're not going to make great amount of money. And syndication would would be such a positive over top of that where you can build a lot more units right now. I also think the stack business works in syndication and you just got to this here recently, right. Like you saw where some of your big expenses were.

00:41:46:10 - 00:42:05:20
Unknown
Yeah. And your frustrations, which was property management. So you decide to bring property management in-house, right? Yeah, absolutely. How do you good decision. Bad decision. Like how do you feel about it. Yeah I feel really good about it. I think it was a very good decision. I resisted it for a long time because, I think I think ultimately you're right about stacking the businesses.

00:42:05:22 - 00:42:35:20
Unknown
I resisted that for a long time because I kept saying, I don't want that business. My the business that I am building, that I want to build is an investment company, is a private equity company that buys properties. I don't want to build a property management company, but you get that business stack. So well because not only is it expensive, so not only is it making my syndication company my private equity company not as profitable, but they're also not doing a good job, like they're not focused on my properties.

00:42:35:22 - 00:43:06:08
Unknown
So it is twofold. It was an expense, and they weren't doing a good enough job. So it's like, this is expensive and it's not good. Right? It's the opposite of what Walmart or Kmart, you know, lower prices and better value, which, you know, I don't know exists, but it's the opposite of that. So yeah, ultimately it was like, and also just in building a business, there's a lot of synergies there, like me and some of the people I'd like to hire for my private equity business, for the syndication business, that kind of overlaps with some of the hires we could make if we brought all our property management

00:43:06:08 - 00:43:10:15
Unknown
decision, just company wise. On top of maybe we're going to do a better

00:43:10:15 - 00:43:20:21
Unknown
You know, it's not the company that I wanted to build. So the the first year, the first six months, for sure of being all in on that wasn't what I wanted to do.

00:43:20:21 - 00:43:21:22
Unknown
It wasn't exciting,

00:43:21:22 - 00:43:35:18
Unknown
Now you're ready for the real answer why you start a property management company. Yeah, because you are an entrepreneur. Yeah. And if you're just a real estate investor or you're just a side hustle person, you don't think about starting other businesses that weren't in your wheelhouse.

00:43:35:18 - 00:43:51:15
Unknown
Yeah, but if you have an entrepreneurial mind and you have an entrepreneurial spirit and you run into stresses and frustrations in your business or things that are dragging a business down, like real estate investing, you find a creative solution to fix it. Yeah. And sometimes it's I just I'm just going to start my own company.

00:43:51:15 - 00:44:01:11
Unknown
and and we do mental health group homes now. We do developmental disabilities or an agency service provider, which that's like one of the crazy parts of my story is, I do very, very well in real estate.

00:44:01:11 - 00:44:02:14
Unknown
I've had I've been very blessed

00:44:02:14 - 00:44:13:23
Unknown
But that's not even our most profitable business. Our most profitable business is the one that we started three years ago, which is for, providing services to developmental disabilities. Now, I found that through real estate on a ten year building I was buying.

00:44:13:23 - 00:44:21:01
Unknown
and when you learn how to stack your businesses, that supports your mission and your goal and your wealth just starts driving, right.

00:44:21:01 - 00:44:38:17
Unknown
but if that property management business allows you to bring in an extra staff member that you might have not been able to have before because you're saving that 10% on management fees, or you're saving man, and God help some folks that have property management groups out there that hire contractors for every bit of work they do because they will gouge you on mark on, on markups.

00:44:38:18 - 00:44:45:14
Unknown
Yeah, now I don't. And that's the thing. Like I'm a third party property manager, but I always say I'm a different property manager

00:44:45:14 - 00:44:52:12
Unknown
man, I lose money on my property management half the time, you know, because we just don't Gallagher owners because we don't have to I don't that's like my seventh business.

00:44:52:12 - 00:45:04:20
Unknown
I don't have to have it sure be profitable. Sure. But property managers that are third party, if you think of like a four unit apartment building that's bringing in $3,000 in rent a month and they're charging 10%, that's $300 a month.

00:45:04:20 - 00:45:07:23
Unknown
how many properties do they have to have to really make some decent money?

00:45:07:23 - 00:45:21:21
Unknown
What we try to do as much as we can is what you just said, Todd. Like, we own mostly bigger properties that are close to 100 units, and so we'll have a full time maintenance guy and the more we can use him, it's just going to save us so much.

00:45:22:00 - 00:45:27:08
Unknown
man, I'm so happy that you made the decision to take property management house. And as you get larger, you're gonna be able to continue to cut that down.

00:45:27:08 - 00:45:39:05
Unknown
You. You won't have to hire foreign guys. Yeah, I hope so. You'll have it. I like I got one guy that just does floors for me like he works full time for. Oh yeah. And he can't even keep up. Yeah. Oh, you know, there's always new floors, but the amount of money you're going to save by having that in house is great.

00:45:39:05 - 00:45:48:01
Unknown
And I think by you having that entrepreneurial spirit that says, man, I just I'm going to control everything. You don't have to, manage everything. You don't have to be in control of everything.

00:45:48:01 - 00:45:58:19
Unknown
But I talk about it all the time, being the visionary of your companies. Yeah. And then hiring the right people that you watch for a while and give them enough room to either be successful or unsuccessful.

00:45:58:21 - 00:46:17:16
Unknown
But being the visionary of your companies allows you to be so much more successful. And your benefit is that you're also local, right? So yes. So you're in between Dayton and Cincinnati. I mean, you could virtually you could buy in Columbus, you could buy in Cincinnati, you could buy in Dayton, you could buy in Northern Kentucky, which, which you've bought in some of those areas.

00:46:17:21 - 00:46:31:08
Unknown
You know, that gives you a big benefit. But if you're a syndicator or an investor that is not local and you can't reach out and hog your property anytime that you want to, you got to think really, really hard about how you drive those expenses down. Oh yeah, because you're going to still be dealing with the property management.

00:46:31:08 - 00:46:52:23
Unknown
But yeah, I think that's really the difference is if you can stack your businesses, your wealth level and your life can absolutely change. But you got to think about you can't just be a syndicator. No. You got to be an entrepreneur and think about how do I really build an incredible business. Yeah. And not be a willing or not be afraid to take opportunities as they come up, like property management?

00:46:53:01 - 00:47:07:15
Unknown
I remember saying it to you, I'm like, oh yeah, you're local. Why don't you just do your own stuff? Yeah, like, I don't want that. I don't want it. I don't want any part of that. I want to, I want to be a real estate investor. Yeah. So then when you decide to take it in-house, I kind of chuckled on the inside of it when we talked, and I was fair, you know, but I knew it was the best thing for you.

00:47:07:15 - 00:47:11:12
Unknown
And hopefully, hopefully that's turned out to be true for you is that you're happy that you did that.

00:47:11:12 - 00:47:25:03
Unknown
what a lot of guys have done is they're still even though they're buying apartment buildings, they're still where I was. And not that I'm never here, but like, they still just think of it as an investor and it's like, I'm gonna buy this 100 unit apartment building.

00:47:25:05 - 00:47:39:22
Unknown
And, you know, from you and I like, I want to buy this apartment building in Saint Louis. And I ran the numbers on it, and it's good. And I'll find a good property management company there. There's got to be a good property management company in Saint Louis. And so this and it just it's just a numbers game. It's just an investment to them.

00:47:39:22 - 00:47:59:22
Unknown
And look that's part of it. But it's a business and it's hard you know it's easy. And from 2020 I mean even going back a little bit before that. But the run up, I mean in real estate all the way really up to 2022 when they started, when the fed started raising rates, it was kind of easy. Like you kind of could do that, but that's not normal.

00:48:00:00 - 00:48:20:00
Unknown
Normally you've gotta think of it like an entrepreneur, like a business owner. And that's your business. And it's hard. You've got to try hard to drive revenue. You've got to try really hard to decrease expenses. You got to think about it like that. Like, gosh, how can I save? I mean, forget $2,500 per turn, but like, how can I save $500 per turn?

00:48:20:00 - 00:48:34:02
Unknown
Right? It makes a big difference, not just in value but in your cash flow. And these guys are getting into it now where it's like, man, I thought it was just like, buy for a dollar, sell for two. But you know, buy, buy for 5 million. You, you know, own it for a few years and I'll sell for 6 million.

00:48:34:02 - 00:48:49:16
Unknown
Well why you can sell for 6 million is it worth more like is the NOI is your cash flow more? Did you drive down expenses? It's really hard to do it. So I think there's a lot of value, you know. And I started out small too, and kind of followed in your footsteps a little bit. But but you did it even more.

00:48:49:16 - 00:49:05:11
Unknown
So we're like you learn that that, you know, I've really got to run this property. Well, I've got to be hands on. I've got to make the changes that are going to make it more profitable, not just like I'm going to buy something, you know, finance it, raise some money, and then it's just going to go up. It doesn't work like that.

00:49:05:11 - 00:49:21:23
Unknown
Not not normally. And so a lot of guys are getting in trouble. They're finding out like, I've got to be an entrepreneur. I've got to be a business owner of this business. That is a property. And I've got to try really hard, work really hard, have good systems to drive down, expenses to make this property cashflow and then be worth more.

00:49:22:01 - 00:49:43:11
Unknown
It's difficult, you got to think of it like that. Well, it's very tough. And I think, you know, if I, if I was to give a warning or disclaimer to my audience that listens to this, because real estate, real estate syndication is it's very tricky and if I and I and I do, I warn people all the time and talk to me about real estate syndication, it's very easy to get tied up with the wrong syndicators.

00:49:43:13 - 00:50:03:20
Unknown
And and we've seen I mean, you've seen them like there's dudes that I've hung out with at very powerful masterminds that are now sitting in federal prison. Yeah, because they've stolen investment properties and they're not doing things the right way. And, you know, I see property. I've bought so many properties cheap. Like I just bought a ten unit, building for 260,000 and only need $50,000 and renovation, like, that's a great deal.

00:50:03:20 - 00:50:22:12
Unknown
Yeah, but but I bought the property because it was a bad syndicator that was doing a fund. Not specific deal, not a specific property, but you had a fund. And I always tell people, be careful of the funds, make sure you know what their exact goal is for the fund and all of your stuff. But you have to do a lot of due diligence on syndicators.

00:50:22:12 - 00:50:38:20
Unknown
Oh yeah, and you have to choose a syndicator because this is where kind of passive income comes in. People talk about passive income. If you are the one that's the general partner, if you're the one that's, going out and finding the real estate and buying the it's never pass over. It is active income. And you have to see it as that.

00:50:38:20 - 00:50:45:08
Unknown
people that are in, you know, attorneys and psychologists and therapists that are making really good money, right. Like they're making three, $400,000

00:50:45:08 - 00:50:52:07
Unknown
a year, but at the end of year they get that tax bill. So those are the people oftentimes that I talked to. And they're like, well, how do I shield myself?

00:50:52:07 - 00:50:53:01
Unknown
Molly's taxes,

00:50:53:01 - 00:51:03:07
Unknown
If you can find a great syndicator like Lee Yoder and, somebody that has a proven track record and is going to do the right things, you can dump your money there. You can get so many tax benefits, right?

00:51:03:07 - 00:51:26:02
Unknown
Because when you're in a real estate syndication, as a limited partner, you still get the tax benefits of depreciation. And, you know, bonus depreciation. And and if they have loss like you get all those tax benefits. So I always caution people do your due diligence. Make sure you really, really research for sure. The syndicators are out there and and and I've never hesitate like people that talk to me about that.

00:51:26:02 - 00:51:43:01
Unknown
Like you're, you're a dude that I would recommend to anybody that does syndication because I don't I don't do syndication. And I would, I would trust my mom investing in a syndication deal with you. Like, I she's in a nursing home, and she only made the eighth grade, so she doesn't make money. But if she did, I would say, go, go hook up with my Julie Yoder.

00:51:43:01 - 00:52:11:19
Unknown
He's a great syndicator. But but that's a very, very stark warning to people that make sure you do that. Right. So what would your suggestion be like? Kind of like in a nutshell, if somebody is looking at placing money, let's say doctor, lawyer or attorney therapists out there, it's making really good money. And needs to, kind of get some of the tax shelters and get some of the benefits and not, you know, stop paying all these big tax bills and they start looking at real estate syndication.

00:52:11:19 - 00:52:27:01
Unknown
In a nutshell, what would you tell them to do to choose the right syndication or the right fund? Like what would your advice to them be? My advice would be, referrals. I mean, that's a lot of a lot of spaces. That's probably the right answer. But, you know, if someone's asking me, hey, you know, I want to know about your track record, and

00:52:27:01 - 00:52:29:12
Unknown
the biggest red flag that I tell everybody.

00:52:29:14 - 00:52:46:13
Unknown
Like, if you're deciding to run for the hills away from a syndicator or to invest with them, this is the one thing that I tell everybody, if they can't tell you anything negative about themselves or a deal that they've done as a syndicator, get in your car, drive away, hang up the phone like get off the internet with them.

00:52:46:13 - 00:53:06:22
Unknown
Like run away because things don't always go great. That's right. And people have to understand that it's no different than investing in the stock market. Yeah, okay. Stocks are going to be up. They're going to be down. But here's what's really really good that we know. Like the stock market even in the worst recession is like seven year to recover right.

00:53:06:22 - 00:53:27:18
Unknown
Like that's what they say in real estate and especially in syndications or properties, whatever they're doing, you might have a property that that dives off, right. Like you might have a huge CapEx that you're like, man, we just got to do it or you might have a fire in a unit or something that like takes you down for a while, but as long as you do it right, you're with the right operator and they're honest about that.

00:53:27:20 - 00:53:36:01
Unknown
You'll recover from that and you'll do well on it. You'll do fine on it. Yeah. So I want to if I was the one, I don't invest in syndications but if I was,

00:53:36:01 - 00:53:47:08
Unknown
I want a syndicator that's willing to be very honest with me about the negatives that they've had on properties and, and talk to me about how they've, how they've communicated, like you said, with, with their clients.

00:53:47:08 - 00:53:51:22
Unknown
And if they can't, they either haven't done enough deals. So you shouldn't be with them anyway,

00:53:51:22 - 00:54:03:00
Unknown
or they're just a liar and you should run from them anyway. So that's exactly right. So those are I mean, those are good tips, man, for people that want to get into this, because I do think real estate syndication is powerful.

00:54:03:02 - 00:54:18:20
Unknown
I think it's a powerful tool for people to use that are looking that don't have the time to actively invest in real estate, but they want to invest. Yep. And there's so many, so many things that you can do in the real estate space. And I love the syndication model I like I've been thinking to myself, like, maybe I should just do one just to like, do it.

00:54:18:20 - 00:54:35:00
Unknown
Yeah. I mean, it allows a lot of people to get in that. Right? That's what was kind of cool about it. My, my first investor was my in-laws. And, we did really well in that property. And it was it was just really cool because my wife and I did really well on it. That was the 16 unit, the school, what you have to do well, because Thanksgiving dinner would be very difficult.

00:54:35:00 - 00:54:52:04
Unknown
If you lose your pressure there, you lose your money. Like, you know, it's it's one thing he got his daughter pregnant. Oh my gosh. When we when we did. Well yeah. The next Thanksgiving was great you know. But it was cool to see them profit from it. And so there was a little me that was like, I want to do this for more people.

00:54:52:04 - 00:55:04:06
Unknown
I want to bring more and more of it. And it's kind of like you're coaching, you know, you're you're going out there and like, man, you know what entrepreneurship has done for me. And you didn't know about it. You know, your parents didn't didn't tell you about it cause they didn't know about it. And I would say the same thing.

00:55:04:09 - 00:55:19:08
Unknown
You know, my, my parents and teach me about because no one taught them about it. And so now you're doing that because you say, gosh, I've I've benefited so much from this. I want more people to know about. It's kind of with the syndication. It's like, I want to go buy these big properties, and it's cool that, like, I can bring in 30 other people and I think I'm going to make a lot of money off of it.

00:55:19:08 - 00:55:20:18
Unknown
But so are those 30 people,

00:55:20:18 - 00:55:32:23
Unknown
three fold real estate, which is, which is your company. Yeah. Where do they go? Yeah, I'm pretty active on LinkedIn as part of my favorite social media, because I know, like, the old man social media thing. So, yeah, I don't know. So that's.

00:55:32:23 - 00:55:55:03
Unknown
Yeah, that's where I'm at. Mostly I'm on Facebook too, but, our website is three fold RCI. Com so we got a lot of stuff at the website. You could jump on there too. So what are you guys doing now? You've had a couple, successful exits. You've you've been buying a lot more properties, man. And I just want you to know that even if we don't talk on the phone, even if I don't text or you don't text me, or we go months.

00:55:55:05 - 00:56:11:02
Unknown
I'm a fan, and I support you, and and I'm rooting for you to be successful, man, like I. You've been a big part of it. I love it, but, Are you guys are you guys working on anything currently? Right now? Yeah, we've got a couple, a couple, you know, trying to sell one. So. Yeah, just deals going on.

00:56:11:04 - 00:56:28:06
Unknown
You know, we're trying to do more of the same, you know, scale. Scale helps. You know, you've seen this, talk when you there's something like owning more property. Like you said, you can hire some more people now, you can start doing a better job, and you own enough units. Now, you can kind of hire some of your own crews and and make it even cheaper.

00:56:28:06 - 00:56:44:03
Unknown
So now all your properties are going to be more profitable. So we're just trying to do more of the same really. Enjoy buying, you know, around 100 units, put a maintenance guy on a property manager on and try to do more of our own. And yeah, now when I'm underwriting, which means you're just kind of deciding, you know what?

00:56:44:03 - 00:57:01:07
Unknown
I can pay for a property and how profitable it's going to be. Now, I'm underwriting for us managing the property and that's that's helping us. So yeah, just trying to do more of the same, bringing more investors, buy more property management ourselves, make them worth more. You know, do more of that, grow, grow the business, bring in more investors.

00:57:01:08 - 00:57:20:07
Unknown
So how stressful is that when you're trying to raise a few million dollars for a deal? It's pretty stressful. It's stressful because we don't do the fund. So we're raising for specific deal. And you can't do that until you have the deal. You got to be under contract. Yeah, you gotta get a contract. And then and then I really don't try too hard until we've gone out and done the inspection and looked at all the units and had a professional inspector come.

00:57:20:07 - 00:57:35:11
Unknown
And then that's when I know, okay, for sure, we're going to buy the property. But then it's like, you know, I'm going all my, you know, potential buyers, like, all right, you know, it's time, need your money. You know, in the next few weeks it's got to go from your account to our account. And, sometimes that's hard getting people to actually make that.

00:57:35:11 - 00:57:51:22
Unknown
Yeah. And so to raise a few million, you've really got to do a lot on the front end to feel, you know, we have an email list of over 500 people. And, you know, we only need like 30 or 35 of them to invest. But it takes a lot to get 30 or 35 of them to actually invest.

00:57:52:00 - 00:58:06:10
Unknown
It's like the old sports charities, right? Like, when my kids would come home with a school fundraiser or, you know, like they're selling raffle tickets, like people were like, oh, I'll take five of them. I'll take ten of them. And it sounded great. And I'm like, hey, man, I need that 20 bucks or and you couldn't get it.

00:58:06:12 - 00:58:22:14
Unknown
So I just started. And this is kind of like my real estate journey to. I just started buying all the raffle tickets, you know, and like I've always I've always kept that philosophy because I hate asking people for money. Yeah, I do use private money like I have, you know, some people that I'm super close with and like, hey man, I got this deal going on.

00:58:22:14 - 00:58:39:21
Unknown
I just like, for example, I just closed four properties, a six unit and three houses for our, developmental disability services. Right. And it was like 800, some thousand or whatever. And I took that down. But I'd also been waiting on this nursing home up in Springfield for eight months. It had to get released on a short sale by HUD.

00:58:39:23 - 00:59:04:16
Unknown
So, the week that I was supposed to close on those four units, the four different properties, the realtor on the nursing home call said, hey, HUD just approved it. We have 11 days to close for their approval. And I'm like, oh shit. Like, what am I going to do? Right? So you either find a way to stall it because like, just because you're wealthy and you got a lot of money, that doesn't mean that you have all this liquid money sitting there, right?

00:59:04:16 - 00:59:18:07
Unknown
Like you have it in different accounts and you're like, man, the like, this account's like down in the stock market. I don't want to pull from that. That'd be stupid. Like I'd be losing my money twice. So I do use private money and like, and I even I even people beg me sometimes like, hey, man, let me get in with you.

00:59:18:09 - 00:59:42:07
Unknown
Yeah. Like, no, I don't want your money. Yeah. Cause I'm so afraid I'm going to lose it. But I do use some people that I'm close to for some private money deals. Or I'll do, like flips. I'll let a friend come in with me, and I'll split it like, not that I have to all time, but what you said earlier, like, it's really cool seeing somebody, you know, or you know, whether it's in church or whether it's a friend or whether it's a family member, it's really cool to see them be able to make profit at the same time you do.

00:59:42:08 - 01:00:06:09
Unknown
Yeah. And, and, and man, especially when they've never done it before. Yeah. Like you're teaching them about entrepreneurship. You're teaching them about business. You're teaching them about like the evolution of money. And and I think that's the really cool part. And I think with real estate syndication, that's kind of like the unique part about real estate syndication is that there's people that have probably come into your, tier syndication invested money with you.

01:00:06:11 - 01:00:21:02
Unknown
They might not even have thought about investing money or. Yeah, they didn't really know how it worked. And like, you're teaching them a whole thing. So like, you're teaching them a business side of things that they might not have never gone either. So that's good. You're doing more than just taking people's money. Yeah. I know that your goals take home, but you're doing.

01:00:21:02 - 01:00:24:19
Unknown
Yeah, you're doing more than that. Yeah I have so no, no it is. It's been a cool journey that way.

01:00:24:19 - 01:00:36:18
Unknown
All right man, so we're, I appreciate you coming today. I think we've been for a lot. I guess the last question I would ask you is this after the first flip, your wife's like, I don't know if you're, you know, being real with me about this real estate thing.

01:00:36:20 - 01:00:39:07
Unknown
How how are you feeling now, man, about real estate.

01:00:39:07 - 01:00:55:11
Unknown
she's anxious for that next phase. But she would still say this is the life that she wants that we get to kind of, you know, be integrated, do our own thing and, and have a lot of control. Well, man, you're going to be there before you know it. I you got to grind in a passion that that you can't teach a lot of people.

01:00:55:15 - 01:01:09:18
Unknown
Yeah. It's something that it's either inside of you or it's not. And sometimes you can kick some in the ass and give them a little bit more, but you have it, right? Like, you watch all the videos where people are like, you got to wake up at five in the morning before everybody else is working and blah, blah, blah.

01:01:09:18 - 01:01:25:00
Unknown
Like, I'ma be honest with you, I didn't get into 11 a.m. a day, you know, I'm saying, like, I, I came at 11 a.m. that Lisa woke me up at 650 and she said, hey, do you want to take Pax this go on. Like, you know, it'd be really nice if you took Pax to school. I mostly been for a little bit, so I don't, I

01:01:25:00 - 01:01:30:09
Unknown
don't buy into you have to be up at 5 a.m., or you have to be up at 4 a.m., but when you're awake and when you're working.

01:01:30:09 - 01:01:42:20
Unknown
Yeah, you you have to be so addicted. Yeah. To what your passion is. And you have to be so obsessed to your business that those hours that you spend are more efficient than anything else you do.

01:01:42:20 - 01:01:53:02
Unknown
And if you're like me, like on Friday, like when we're done this Friday, today, when we get done filming this, like, I'm going to Cabela's and I'm going to buy me some new fishing clothes because I'm taking my fishing boat out tomorrow.

01:01:53:02 - 01:02:09:18
Unknown
I'm not gonna stay at work all day. And that becomes easier the more that you do. But just being able to be very efficient and specific and very intentional with all of your actions when you're in entrepreneurship like that is so important. And I know you do that, but I see I see all the family time pictures.

01:02:09:18 - 01:02:23:04
Unknown
So, keep pushing, dude, you're doing big stuff. And, you know, like I said, you're I, I see you as one of the, one of the guys that's going to be a great, great syndicator. You you have a great track record so far. And, things are going to go the moon for you before you, before you know it.

01:02:23:04 - 01:02:32:02
Unknown
And you've you've done a hell of a lot more than, than most people. And it's been in a short time. So I, I enjoy watching your journey. So thank you. Yeah. Well thanks for coming in daily, man. Appreciate it. I mean it's been fun.

01:02:32:02 - 01:02:52:14
Unknown
Hello. One day down the quay. I'm about to prove my wrong. You can't stop. Got enough time to raise. Cause they don't even know where the problem is with me. You waiting on the boy to fail. To hold your breath. To face your death. Cause you wicked step I progress no less. Go ahead and place your bets. Cause we know me.

01:02:52:14 - 01:03:01:09
Unknown
Yeah, we know we got to design. And you bring. We never stop here I come right here and stop in here. Straight to the gate I see the future, but see profit here. Wait up.