The Multifamily Real Estate Experiment Podcast
“Multifamily Real Estate Investing for the Career Professional.” Join Shelon "Hutch The Marine Investor" Hutchinson who talks to military veterans and real estate professionals about the results of their journey and multifamily real estate experiments. Each week, Hutch discusses Multifamily Real Estate Investing for Career Professionals and military veterans to help you build wealth and financial independence. Questions about Multifamily real estate investing are systematically dissected as your host works through observations and data to answer the week's question.
The Multifamily Real Estate Experiment Podcast
MFREE 116 Full Episode with Brian Truman: What If the Next Opportunity Came Disguised as a Distraction?
In this episode of the Multifamily Real Estate Experiment podcast, host Shelon Hutchinson (Hutch, the Marine investor) interviews Brian, co-owner of SVN Excel Group in Nashville. Brian shares his extraordinary journey, including a transformative Christmas Eve call in 2016 that catapulted his career in multifamily real estate. They discuss the importance of waking up with purpose, the significance of answering your phone, and building relationships with brokers. Brian also elaborates on why Nashville is a thriving investment market and offers advice on navigating 1031 exchanges and developing a strong real estate network. Additionally, he highlights the importance of education and mentorship in achieving real estate success.
00:00 Introduction and Welcome
00:18 Guest Introduction: Brian's Impressive Background
01:07 Early Morning Routines and Mindset
02:12 Brian's Mindset and Company Motto
03:47 The Christmas Eve Call That Changed Everything
07:42 The Unexpected Client and Networking Success
11:16 The Importance of Answering the Phone
14:11 Nashville: A Top Emerging Market
17:31 Building Key Relationships in Real Estate
21:42 Building Relationships with Brokers
22:53 Advice for New Real Estate Investors
25:04 The Importance of a Real Estate Resume
28:05 Understanding 1031 Exchanges
32:22 Creating a Real Estate Investor Network
36:40 Rapid Fire Questions and Final Thoughts
*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*
Thank you to all of our listeners!!! We would love to hear from you!!!
Email me at:
hutch@hsquaredcapital.com
*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*
Visit our website to find out more:
www.hsquaredcapital.com
Join our Facebook Group:
The Multifamily Real Estate Experiment
Follow us on Instagram:
@hutchthemarineinvestor
Wah Gwan All you multifamily enthusiast. Welcome to another episode of the Multifamily Real Estate Experiment podcast. This is where we uncover the mindset, the mechanics, and the market behind real estate, success. I'm your host, Shelon Hutchinson. If you've been in real estate with me for a little bit, you know me as Hutch, the Marine investor. Today's guest has a story that sounds like a movie script and a track record that proved that success. Leave clues. See Brian, he's the co-owner of SVN Excel Group in Nashville. He has closed over$150 million in transaction and have built one of the, one of the southeast largest multifamily investor network. But what makes Brian's story unforgettable is what happened one Christmas Eve in 2016, and I won't steal that thunder. I'm gonna let him talk about that as we get into, as we get into his story. Right. So, Brian, I want to thank you for joining us today, brother.
Speaker:Yeah. Thank you for having me and appreciate your service. Appreciate you getting up, early to do these. Podcast before you have to go to your
Speaker 3:real job. Oh, yeah. So this fued my fire man. I like waking up for example, this morning, my wife and I, we wake up at 4:00 AM and we went, we went to the gym, just came back from the gym. She getting ready for work and I'm here doing some things before I go to the Marine Corps thing, waking up early and do these things that really drive you close to, towards. The goals that we have established for ourself is really exciting. There's way too many people that wake up, just enough time to get ready, rush off to work sometime they don't even enjoy, you know what I'm saying? Yeah. However, I find that whenever you wake up. On purpose, for purpose because you went to sleep for purpose, on purpose, all the good stuff, right? You wake up mostly a clear mind towards doing the things that gonna propel you closer towards your goals. It makes life so much more exciting, man. So waking up at 4:00 am is definitely a catalyst for us.
Speaker 4:Yeah.
Speaker:Yeah, that beats me. I get up at five to go run and work out before I go into to work, but not quite four. It's all good,
Speaker 3:man. It's all good. Maybe later when I retire or I transition from the Marine Corps, I wake up at five, but for now, I need that Extra hour plus it's also good quality time, for my wife as well too. You know what I mean?
Speaker 4:Yeah.
Speaker 3:Brian, before we get into the meat and potatoes of this podcast, man, do you have a mindset mantra, maybe a real estate quote that really has inspired you over the years or drive you over the years?
Speaker:So our motto for our company is what really drives me. So whether it's, when we do a couple of, learning series a month at our office for real estate investors, right? It's free education, all of that. But, we have the mindset that, our goal is to, help you increase your standard of living so you can increase your standard of giving. Right. Okay. So we're all about giving back to the community. We want, our investors to be thinking about that, at the start of our, any of our learning series, we have either nonprofit or charities that come in, give'em a few minutes to talk, tell who they are. But our whole mindset is we wanna. Help you increase your standard of living so you can increase your standard of giving, whether it's giving to a charity, whether it's giving to, back to your family and creating generational wealth or leaving it for, other purposes. Right? So that's kinda what drives me every day to do what I do.
Speaker 3:That is awesome. Busy morning. I had to go talk to my boy about when you set an alarm, you don't snooze, you wake up. Because when you snooze, that's the first commitment you break for to yourself on a daily basis, you know? So set the alarm, you wake up. Yeah. Appreciate the patience. Brian. You bet. So let's get back into it, man. So you've gone from, real estate student into one of the most connected multifamily broker in the southeast, in less than a decade. Can you walk us through that journey and, what did that Christmas Eve call, teach you about preparation, timing, and opportunity in real estate?
Speaker:I think, the last two points you made hit it right on is, right is being, prepared. I think, my career in, government contracting works, definitely, prepared a mindset to always be prepared and be, ready for anything. And, then being in the right place, the right time, being willing to answer your phone even when, it was a Saturday night at 6:30 and going out to dinner with my wife, the Saturday before Christmas, right? And yeah. And the phone rings and, it's, doesn't necessarily say unknown number, but it was not a number I recognized at all. And so I, I chose to go ahead and answered it. And, it changed my whole trajectory of being in commercial real estate and, in multifamily. to the point where I've never, ever had to, really try to dig for buyers of properties, right. But that one experience, turned it, and set my, trajectory in my life in commercial real estate on the fast track.
Speaker 3:Yeah. That is awesome. Give us a little more detail, man.
Speaker:Yeah, it's like getting on a rocket ship and take off. But yeah, we were headed out to dinner and phone rings and I knew from my days of traveling, all over the country and all 50 states, a lot of that. When I saw the area code 3 1 0, I knew that was California, L.A. Area. So I went ahead and answered the phone and the gentleman, on the other line was like, Hey Brian, told me his name. And he said, he's like, Hey, I know you don't know me. I got your name from a residential realtor who said you might be able to help me out. And he said, I am, I'm in a real pickle'cause. I've got until midnight tonight to identify properties for my 10 31 exchange, and I sold them properties here in LA and I wanna invest in Tennessee. So can you help me out? I remember this is a Saturday night, 6:30 at night, and I said, I told him, I was like, you know what, gimme like 15. To 30 minutes. Let me see what I can do for you. And I remembered when I went through real estate school, which was just a couple of months prior to this call. Oh wow. That, there was a gentleman in my class and we were talking and I told him, yeah, I was gonna do, commercial and he was gonna be doing residential, but in that conversation, during that class, he had mentioned that his stepfather had multifamily properties. Right. And that's what this gentleman wanted to buy. And so I immediately dialed him and said, Hey, I know your stepfather has like five properties. Would he be interested in selling 1, 2, 3 of'em, any of what? And so he said to me, he is like, well, hey, give me 15 minutes. Let me call him real quick. So he called him, he calls me back. He said, yeah, he's got three of them, right? Okay. So he called me back. I said, well, can you email me the location, address, all that? Which he did. I turned around and called this gentleman back and said, Hey, I've got three of'em. I'm going to email you or text you the address and the information so you can give'em to your 10 31 intermediary. And we ended up offering all three of those on all three of those properties went under contract. And then the story really gets interesting is because when he came out right after New Year to come and inspect the property, up until this point I really didn't know. You know much about this person. Really. And, so he flew out and I, being the good broker that I am, I said, Hey, I'll come and pick you up at the airport when you're flying in from L.A. And he said, well, you'll have to come to the private airport. Okay.'cause I don't fly, I don't fly commercial. I was like, oh, okay. I was like, well, I can do that. So I went and picked him up and so it's, this guy comes off the plane, it's him, his wife, couple of kids, a nanny, a video photographer, all this stuff. And then I was really like, man, who am I really working there? who is this? And, he ended up being, very good friends with, grant Cardone and Grant's the one that told him to. So he's the one that said, Hey, I've invested in Nashville. You ought to invest in Nashville. Right. from that standpoint. Yeah. And so then to make the story even crazier is this gentleman, puts on a big conference in California once a year. And so we had closed on his properties. he had his, he said, Hey, why don't you come out to this, to my conference? And, he's like, I'll get you on the front row. I'll introduce you to some people, and so. Sure enough, we went out to the conference a couple months later and he put us right on the front row and he got up and told his rags to riches story right before lunch. And he was like, yeah, my Tennessee realtor is here. So he said, Hey Brian, why don't you stand up? And so he had me stand up and then he ended his story. And then we were supposed to break for lunch and we were supposed to go have a kind of a private lunch with a couple of the speakers and so forth. And, I got absolutely mobbed because there was 1500 people there. Yeah. You know, and they were coming from every which direction and grant and his wife were there to speak, as well. And so when all these people in the audience were like, well, if this gentleman is there, investing in there and grant investing in there, then maybe we need to look at it. And so I, I tell people that's the closest I'll ever know what, means to be a, like a star and get mobbed. Because I sat there and I, so I told my wife, you go, enjoy lunch. I'll stay here for a few minutes and answer questions. Well, I was there for the whole hour and a half answering questions'cause I got mobbed from all sides. And so it came home from that, that conference with a huge, long list of people that wanted to buy. Multifamily properties. And so that's kind of my origin story of how I got into multifamily. It's not. Amen. It's very unique. It's not what everybody else, but you talk about getting, thrown into the fire immediately. And then, like I say, I've never been hurting for. For buyers, you know, for people who want properties.'cause I started out with a hundred and some of'em right off the bat. So,
Speaker 3:yeah, that, that's freaking awesome, man. All because you answered your phone, right? Yeah. See a lot of people get this thing confused sometime, right? Where they want to build this work-life balance where they're so rigid. And the things that they do on a daily basis, date night, all that good stuff, right? And they miss the opportunity that can help them to propel the goals that they have set for the establish for themself and their family as well too. Right? Yeah. It is a kudos to you to understand that, you know, every time your phone ring, especially as a realtor, it's a potential opportunity. And you had a supporting spouse that understood Right. What that means, right. And that you was doing it for the family. That I think that's pretty cool, man. And even at the conference. Staying back from lunch and making those handshakes, those personal connections, right. To be able to build that relationship with those people for future opportunities. Your wife understood that as well, and I think that it's pretty cool because I think one of the things that a, I think a lot of us, we miss is the importance of having a solid team at home. And when it works at home and you have a very supported, solid team at home, it tell you, it opens it up so much more door. What'd you think about that?
Speaker:I agree a hundred percent with that, and thank goodness my wife had, experience in real estate as well, right? Yeah. So to me, answer the phone and even, today, I teach, all the brokers on my team and that is, one of the very, very small things, even though it's a very small thing that differentiates you. We'll be if you answer your phone. Yep.'Cause I go through and I'll give'em examples, like one of the latest that, well one of the latest examples was a lady from California who owned a, hundred unit property with her two brothers. She called me, it was like 6:30 6:37 o'clock at night. Right, right. And. Answered the phone and she was shocked and she was like, you know, you're the fifth broker I've called so far. You're the only one that's answered my phone. And the crazy thing about that is, I visited with her two or three times, several more days. We ended up finally signing a listing agreement is like five days later that day. We signed the listing agreement. She told me that finally one of those other brokers finally called her back.
Speaker 2:Oh wow.
Speaker:It took them five days to call her back, compared to they lost somebody that answers their phone, immediately. And I'll go to events back here in Nashville and there'll be people that put on these events or meetups and different things, and they'll introduce me as, this is the broker that'll answer his phone. That's awesome. Right. And and I went to one of'em the other day and, it was the next morning on my drive to work. I had two of those people from that event call me and say. Hey, we're only calling you'cause we wanted to see whether you actually answered your phone or not. They're like, we're like, we don't have any other question. We just wanted to see whether it was true or not. Yeah. And I tell'em, I'm like, there's so many people, brokers that don't answer your, their phone. I know it's very small and it seems very silly, but it differentiates you from your competitors.
Speaker 3:Oh, absolutely man. So you touch on Nashville, right? So answer your phone you touch on Nashville, and Tennessee and. I'm trying to understand is it becoming or it has became or as the time passed, right? So a lot of investors are looking to, are looking beyond traditional coastal markets. Now, why do you believe Tennessee, especially Nashville, is one of the top emerging markets, right now? if you can touch on some of the, economic migration trend, institutional money, all that good stuff as it applies to Nashville.
Speaker:Yeah. Yeah. That's a great question. I get it. Quite a bit. And, they'll, I'll get calls on a weekly basis and they're calling me going, Hey, we know we need to be in Nashville. Everybody tells us we need to be there. Why is it right? What is it, you know about Nashville? We just see it everywhere that it's a great, place to invest. And it has been for a number of years. Going back to your point, it has for a number of years and it will continue to be that way for a number of years. Because of the fact that the economy here in Nashville is not just based off of one or two main industries, right? So when people will call me, a lot of times I will answer their question by saying, okay. When you think of top industry in Nashville, what do you think of? Right. Okay. Industry and that, and a lot of'em will go, oh, it's gotta be music. And then I said, well, if I told you that's like fifth or sixth, would that surprise you? And they're like, uh, yeah. You know? And so I said, well, if I told you healthcare is by far our largest Wow, then they're like, uh, I would've never thought of that. Right, right. And so then I'll go down through and I'll list like the top 10. And then they go, okay, now I see why we need to be there. Right. And it's that diversity of industries in Nashville that make Nashville, so popular. But they're still, depending on what report you, read or believe or they're still between a 100 and 125 people a day moving here. Oh wow. Okay. To, to Nashville. So you know, it's gonna continue to grow. Oregon Oracle is moving their world headquarters from Austin, Texas to Nashville. One of the main reasons is because so much of the work they do is in healthcare.
Speaker 2:Okay.
Speaker:And healthcare is our largest industry, here, believe it or not, and so, but once I list that kind of top 10 and then they go, okay, that diversity in industry That's what makes it, so popular. Along with that, we have no state income tax. It's a very. Family oriented, location, has top high schools, for your, to raise your kids, there's a lot of draw, to it. And that's why people, move here. Not to get into politics. It's very conservative, state as well. People, that my, probably over 50% of my clients are people from California, New York and like New Jersey, Illinois, that are looking to invest in, states that may be landlord friendly and, or they're selling all their stuff and moving from, different states, right? And so it got a lot of draws to it. Yeah,
Speaker 3:yeah, no doubt man. So, relationship definitely matters, right? And you started with building a pretty key relationship that got you into a room, which w which you take responsibility of building on, right? For active investors, right? You said that the right broker, relationship can make or break a successful multifamily, investor, for credit investors or for operators who are looking for investments in Nashville or in Tennessee in general. What's the difference between, being on a broker's list or just being there, being on the radar?
Speaker:I love that question. Thanks for asking that question. Yeah, that is so key. Because of the fact that. I do get, several calls, a number of calls, a week type thing. And a lot of it will be somebody that says, Hey Brian, my name's Joe. I've got a group of guys we're investing, we like class, C we want value add. We want 50 to 150 units. Can you put us on your list? Right? And that's what they kind of. That's all they give me, you know, the information piece. Okay. So I will just say, you know what, I appreciate that, but can we go, into a little bit deeper dive here with this, or, and they're like, sure. And I will say, do you have like a real estate resume that not only has the criteria, but the resume about who you guys are, what you own, where you own, just more information. I said,'cause. I get a number of calls a week, and I really need to try to differentiate, you from, everybody else, you know? Right? Because I, I'm like, if I get five a week and, the end of the month, there's 20 people who call me. How am I gonna remember you from, the other 19, right? And so I asked him to do that, and then I created a folder for all of them. And I kind of remember, criteria have a big. Whiteboard too. I put everybody's names on, so I know all of that. But it really, it's so key, and I was on a different podcast too, and some folks in, investors in New York heard me and heard me talk about this. And so they called me right after hearing the podcast and was like, Hey. Man, that was great. We're gonna, we, you've kind of lit a fire under us to prepare this, real estate resume and all of this, and so they went beyond. You talk about really being top of mind for somebody. They went beyond even the real estate resume. They actually did a video of the two of them. They're the two kind of partners of them talking and they're, they were kinda like, yo, this is a silly city, silly video, but we wanted to make sure you'd remember who we were, and they did some, just being funny, right? It was truly entertaining. You know what they did. And they send it along with this real estate resume, their criteria. And believe me, I remembered them. I mean, I did two deals with those guys. We're working on deal number three. So you talk about setting yourself apart, somebody doesn't have to go to that extent, but it helps separate. So that's why I always say to. People will call me. I'm like, Hey, if you don't have one, you know if you wanna see examples of ones or something, I've got some that I can send you. You can see what some of these look like. I obviously take out name, all kinds of things, but just helping them, you'll understand. So you know, whether it's me or whether it's, a broker from one of my competitors, right? You want to be able to. Set yourself apart and have that, broker and a lot of'em will say, okay, so, how often can I call you? You know, to not be annoying.
Speaker 2:Yeah.
Speaker:And I tell'em, I was like, I expect you to call me once a month. Right. I want you to call me every. And I even, I can list people. I don't know exactly who's gonna call me on the first, second, third, because they call every month. They've just Right. Taken my word to call me and I've told some of'em, I was like, yeah, you may be surprised.'cause if you don't call me by the third, I'll probably call you. Oh yeah. Because I like to check in on them and see if their criteria has changed. Maybe they have brought on some more partners, so maybe they can go from buying 50, maybe they want 150 now. Yeah, that makes sense now. Right. So theirs might change as well with them checking in with me to see, what we have.'Cause we don't list everything out on. Like LoopNet or CoStar or Crexi and all that, we are kind of known as the team has a lot of off market type properties. Okay. So that's why I tell people you need to, please keep in touch with this, from that standpoint, but. But yeah. You know, it's, and I'm like, it's fine to call me, once a month.'cause us brokers we're not really scary people, you know? And if you are in areas where you wanna invest, I'm happy to go have coffee with you so you can get to know me and feel like you can trust me and all that. I'm happy to, spend time getting to know you, who you are and all that good stuff. So I'm very accessible. I'm, not scary.
Speaker 3:That's good, man. Yeah, I appreciate that, man. So yeah. For folks who are just starting out, as far as active investors go, folks who are just starting out, it can be a little bit intimidating, right? Because you feel as if you are asking for a favor or you are asking to be favored. However, if you are very clear about what your buy box are or is, then you are able to effectively communicate that to a broker, whether you're brand new or you're seasoned. And if you are brand new, to the game, you don't always have to go on your track records, right? Because a lot of you who are starting off in a game, in a real estate game, chances are you are part of a mentorship group, and chances are you're going to have advisors, whether it be your mentor or other peoples in your group, that you can leverage their track record because they will help you through the process, whether they are. Helping you with underwriting, setting up property management, raising capital, all these good stuff that helps the wheel to turn as you get started. So don't be scared. Take some time to get the mentoring that you need. Create your buy box, and then reach out to the brokers and then build those relationship, buy them coffee and, I don't like to use the word pick their brain, but develop a relationship to where you are memorable and credible. And from there then you will be able to see more deal. And a lot of times you are not going to win the first, 5 to 10 to 20, maybe 50 deals that you bid on, right? But as you become a lot more seasoned, you get to understand how the numbers work. The broker get to see your sticktoitiveness, right. And that you're not gonna just fall off right? In the, that you're in the game and between. You trying to buy a property on your own, you might have worked with somebody else and learned a little bit more about the game, what makes you communicate communicates better with the broker. And also develop a better bigger track record as well to where you can become more credible towards the broker and be able to win some more deal. Because look, I've been a co several deals where. The seller and the broker actually wants to have an interview with the best and final finalists. Right. And that happened quite often. And you get to the best and finals, sometime you win. Sometime you don't, most of the time you don't. Right. And sometime you win because you have developed the credibility in the market with the broker and also you sound, as shorty of closing, with that seller, what do you gotta say about that?
Speaker:Yeah, you, so you have said several great, great things. I really appreciate bringing up on that real estate resume. Like you say, you may be new, right? But you pointed out, made the point, and I tell the people the same thing, is, hey, you're probably part of a team, right? Yeah. So maybe you're in, somebody's mastermind group. Right. Whether it's Rod Khleif or whoever, all the gurus that are out there doing it, you may be part of their mastermind group. Right. Include that, include who might be a GP on a deal for you. Or, like you say, you take advantage of their experience and include that on your team. On that real estate resume, even if you own single family right now or you've done some fix and flips, right, you'll include that kind of information about you and your experience, in there. Include it all right?'Cause I tell people. That if, when I'm representing a seller. Right? Why that real estate resume is very important is because it helps me sell to that seller of why they should pick your offer over somebody else's. You also mentioned having the assurity of closing. Right. And so I can't even tell you the number of times where. I have, been working with the seller. The seller has enough confidence in my abilities to, basically vet the sellers, vet the folks who they are. And I've had a number of sellers who have taken offers that are lower and not taking the highest because I say, you know what, this may not be the highest, but. These guys are closers. Yeah. Right. The other thing I say is don't be a serial retrainer. Right. Now, there are retriable offenses, right. Say you find some structural issues and or something like that or somebody sends you maybe a, there's a P&L of some sort, but then you get the real numbers from property management and all of a sudden the NOI is off 50,000. Right. You know. So a lot. There are some ret tradable offenses, but don't be a serial retrainer, that type of deal. But then that asurity of closing is so key. You know, again, I mean, I've had sellers take. Lower offers because they know these people are closers.
Speaker 3:Yeah, right. Shoot, I'm doing the math right now. See what the NOI would be.
Speaker:This was on a, four, it's like a four and a half million dollar deal. Right. So look at that. NOI the NOI was off, it was off more like 55,000 or something like that. Okay.
Speaker 3:That's a significant value. Almost like, almost a million dollars, like$800,000, I think.
Speaker:Exactly
Speaker 3:right.
Speaker:There are the retriable offenses, don't get me wrong, but you don't wanna have that, reputation.
Speaker 3:yeah. I got you, man. So, before we start exiting this podcast, Brian, I wanna talk about 10 31 exchange, right? So you built a career around one of the, one of the trickiest transactions in real estate, which is 10 31 exchange. Now, what do most investors misunderstand about 10 31 exchange, and how can they use this strategy to keep compounding their wealth through multifamily acquisition?
Speaker:It is surprising to me. There's two things. When I work with or when maybe what I'd call, fairly experienced investors come my way, is a number one. They don't understand the 10 31. They've heard of it. Right. So many of'em forget or don't realize, they need to have that set up before they close on their first property. Where I've had, call and say, yeah, I'm gonna get do this 10 31. I'm like, okay, so you've already got it deranged and everything. And they're like, oh no, we just closed down on that on, like, you know, two days ago. And I'm like, you're two days too late now.'cause you haven't set that up with a, an intermediary. That's one of the big thing which really shocked me,'cause I'm sitting there thinking, well if they've listened to podcasts or they've done, been part of any kinda groups, they would know that has to be done, ahead of time. Right. But, and then a lot of newer people, they don't realize that Okay. Yeah, if you 10 31 from one property to another, to another, to another, you know, it helps you, on your tax savings. Right. Obviously, the other big one that, also shocks me with some somewhat seasoned investors is that they've, some of them I've run into have never done a cost Seg on any of their properties.
Speaker 2:Oh. Interesting.
Speaker:Right. You know, and so it's kinda like, you know, they'll say, oh yeah, I've owned this property for five years, or these properties for five years. And I was like, well, your Cost Seg probably helped you out. And they're, they look at me like, what is that? What is that? Right. So who's that? Yeah. So it's a lot of'em. It's helping. But 10 30 ones are just a it was a huge opportunity, to take advantage of so you can avoid, paying taxes. Yeah, yeah. And once you buy a property and then you sell it, and then you sell it and a lot of people are always, I wouldn't say always, there's people who question, well, all these real estate, they never pay taxes. What's the deal? Not factual. And I'm like, that's why they don't pay taxes,'cause they own real estate. That's why it's one of the best investments.
Speaker 3:Yeah. On the grand scheme of thing though, we do pay taxes. Right. We got a property taxes. Yeah. Right. And we create and we creating jobs for the community. All the property management, the construction management, all the good stuff. All these employees, that lives in that the works sometimes live on the property. But most of the time working on the property, they're paying taxes as well. And we are providing jobs. Yeah. Plus we're paying profit property taxes that goes through to the community schools and all that good stuff. Right. So we may not be paying taxes on our earnings. Yes. Right. Because the government appreciate that we are providing housing. Especially when you're providing affordable housing. Right. The government likes that. And for that, there's benefits. And if you had the discipline. To where you can shop till you drop, because that aligns with your long-term financial trajectory for your family. And you assign to the idea of creating generational wealth for your family, then you continue swapping into your drop, right. And then your family get a step up in basis. Right. However you get to benefit from that cash flow, over the years and, you get to swap the job and not paying a bunch of taxes. Yeah. You get to keep more of your hard earned money.
Speaker:I appreciate you clarifying that. That's good. Yeah. Hundred percent. Yeah. I don't want, as far as, uncle Sam type tax, from that standpoint that. Right. The normal taxes that people think about, I guess. Yeah.
Speaker 3:Right. So we do pay our fair share of taxes through property taxes and, the employments that we do for the folks in our community. Okay, man, I appreciate that man. I got you for another three minutes. Alright. Can you tell me a little bit about your, this investor network that you've created? You've led the southeast largest multifamily invest investor group. Yeah. Why did you create a community and how has it changed the game for investors who want to access deals, education and relationships?
Speaker:Yeah, it's called, Real Estate Investors of Nashville. REIN is what it's called. But it does have, close to a couple thousand members in it. And, it's, people who are. Investing and it has new investors to those who have been at it for a few years, those who are very seasoned. And so it just helps the new folks come and, get mentored or maybe they. Meet people at this event that they end up doing a joint venture with or partnering with, or, forming syndications with whatever. But it helps educate it. And so once a month, I get together and I lead the, I'll pick the topic that we're gonna, talk on like, so this Thursday is the one for November and I have a panel that we're gonna talk about insurance'cause everybody knows what's happening with insurance on. Craziness. But I, then I pick the speakers, I pick the topic. So it may be maybe how, acquisition may be how to find your deals. It may be, cost Seg it may be property management, maybe asset management, whatever. I've kind of picked the topics and then, we just have experts who are, expert or investors, all of that, that want to come in and love to educate as well. And, I kind of do it like we're doing here. I do it like an interview style. And I kinda let them teach, but I'm adding. My 2 cents and asking the questions and all of that. And, the group has just continued to grow when we had a few hundred people when we first started and now we're up to, this many, and it just continues to, grow, but it's all about education, right? And they also have the group separated to the different counties have their own kind of monthly type meetings. And then we have a big one, kind of once a month, so.
Speaker 3:That is awesome, man. Build a network. You also run the from Foundation to Fortune, podcast, what's one reoccurring theme that you have noticed about people who have built lasting wealth and, what should our audience take away from it.
Speaker:Probably the biggest thing, it's basically, kinda like I shared my origin story, right? It's kinda like people's origin stories of how they got started and that, but to your point, the biggest takeaway is that I've found from people is their grit. And that they've had to overcome things in their life. Yeah, right. You know, many of them were homeless at 15 years old. They got kicked outta their house. They could have. Oh wow. They could have went different directions, but ended up going this direction. But it might have been, they found, one of the guys calls it, you have these different sprinkles in my life. It was really like mentors that kind of guided them, which way, but almost everybody you look at. Has come from circumstances that were not ideal and it's how they have had grit to overcome how yeah, they have fallen down, but they've got themselves back up and by their bootstraps and, moved on and you, I think you first kinda started talking out to about mindset, right? They've learned this mindset of just, and having what I call. Batteries included. They have the hustle muscle that just keep going, keep going, keep going. And It seems to be, and they have been creative problem solvers in their journey and in their life, right? So those probably four items seem to be consistent across everybody that I've interviewed.
Speaker 3:Oh man, that so, got it. Sticktuitiveness.
Speaker:Exactly. Yeah. You mentioned that for your son, what you, that is, so, so true. They went from being homeless to making millions and millions a year now. The thing is on my podcast, I don't do just do real estate. I pick anybody that, I've kind of heard or seen or read about a little bit of their story. I love to, really dive deep on onto that. That's good. Yeah, that's good
Speaker 3:Man. Brian, we're gonna get into the focus run for three minutes. Yeah. It's a focus on, the acronym focus, so real quick answers, what do you do for fun?
Speaker:Golf and, travel.
Speaker 3:So what is one opportunity that changed the course of your career? I think we already talked about a phone call in December
Speaker:Yeah. That, that definitely, definitely changed. That phone call, and that one individual, by the way, has introduced me to so many other people, not just investors, but other high level people.
Speaker 3:That is awesome, man. What is one key communication, tip you'll give to investors?
Speaker:I man that there's so many of them. I'm a big Ed Mullet fan. Okay. I love his book, the power of one more, one more that, whether it's real estate, whether it's whatever, but it's the, we were talking about, it's the power of one more, right? Where more, most people are quit. Maybe it's one more call with a broker, one more property that you need to underwrite. One more, so your first deal is right around the corner. Right. It is. So many people underestimate where that is, but a lot of times it's just doing that one more thing that other investors won't do.
Speaker 3:Yeah. I just read, the book, Fanatical Prospecting, and that's one of a takeaway is to, yeah, when it's time to go home, make one more call. Yep. So one more. Yeah. A awesome man. What is something you wish you understood earlier about real estate or people?
Speaker:One thing I wish I knew about real estate was to, the advice I give is invest early and invest often.
Speaker 2:Yeah. There you go. Yeah.
Speaker:I wish I would've started a long time ago.
Speaker 3:Got you, man. Same here at a
Speaker:much, much earlier age. So same here.
Speaker 3:What does success mean to you today, Brian?
Speaker:Success for me means creating that generational wealth for people. That's good. Right? And you're talking about, make this real quick. What gets me up every day too is to help those new investors and put them on a path that, in six to eight years, they have enough passive income. They can live what I call a life by design.
Speaker 3:I love that.
Speaker:They'll have enough, they'll have enough, passive income, enough income. It's not always passive with, yeah, with, multifamily, but enough income coming in. They can, choose to live whatever life. I have a client that, is renting at his home. He spent the last two years traveling the country with his wife and two kids, two younger kids, and a couple of dogs, and they've been to every national park, and that wasn't what I would do, but that's what they chose to do. But the point is they had enough. Cash flow that they could go and do that. Right. And we started out by, helping them with their first duplex.
Speaker 3:That is, that's freaking awesome. I talk about the five freedoms, financial freedom, location freedom, time freedom, yeah. Freedom, purpose and freedom of relationship. And Brian, that has been phenomenal. And for our listeners who want to invest in Tennessee, or learn from your investor group, what's the best way for them to connect with you?
Speaker:They can find me on LinkedIn. I'm very active on LinkedIn right now. So you find me on LinkedIn. I'm on. All the different socials. You can go to, Excel, A-C-C-E-L-C-R-E.com is our website. So you can find me on there. All my contact information is there as well. So yeah, anything, my phone number is(615) 260-2121. I do answer my calls. So if somebody wants to call me you can test me and see.
Speaker 3:Thank you so much man. And people, thank you so much again for listening to another episode of the Multi-Family Real Estate Experiment podcast. I'm Hutch Marine Investor out.