Episode 142 | Michael and Suzy | Military Millionaire

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Michael and Suzy on The Military Millionaire Podcast

00:00 - 05:00

David:

What's up military millionaires? I'm your host David Pere. I'm here with Alex Felice and his my co host and his newly designed backdrops. So you should let them know in the comments if you're watching this on YouTube. What you guys think of that, because I know he probably didn't design because it looks really good.

And we are here with Michael and Suzie, who are friends, I suppose is the right word. Michael and I have talked a million times. He's a member of the war room. And he's in the Air Force. he's a he's even been a professor at the Air Force Academy. We've talked about curriculum design and systems and they've even both written a blog post for the website about overseas investing. And what makes them unique is that they got into multifamily investing while stationed abroad and bought their first property while stationed abroad and overcame what most people would make excuses about and consider very daunting.

And then Suzie is a project manager for a biotech company and is going to be going real estate full time here soon, as well as male spouse. And so this is just going to be fun because I know them. And well, I won't get too crazy into it. But Michael is extremely heavy into systems. And I was joking with him before the show that he made me go cross eyed when I was looking at his email lead flow because it is just something I couldn't even think of dreaming up. So very, very, very system oriented, and I love it.

So guys, welcome to the show.

Intro:

Welcome to the military millionaire podcast where we teach service members, veterans and their families how to build wealth through personal finance, entrepreneurship and real estate investing.

I'm your host, David Pere. And together with my co host, Alex Felice. We're here to be your no BS guides along the most important mission you'll ever embark on your finances.
Vehicle one you're clear to depart friendly lines. Roger Vic one Oscar Mike.

David:

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Now let's dig into this show.

Michael:

Thanks, Dave. I'm really excited to be here. And thanks, Alex as well.

Suzie:

Yeah, thank you so much.

David:

Why don't you tell the audience a little bit about what got you into real estate and what were we like, just bring us up to speed real quick?

Suzie:

Yeah, I'd love to. That's a great question.

So real estate all started actually because of COVID-19 in the lockdowns. So over here, the first lockdown was a little over 100 days, but we actually had no clue how long it would last. A bunch of people were just at home, you know, from working, the government said, well let you know when you all can go back.

And so with that, Michael, when I was like, Okay, well, what are we going to do, right, we can only leave our house once a day to exercise and to go to the grocery store, the pharmacy. So what's our life look like now? And we chose to start a mini book club because we choose not to have a TV just because of all the distractions. And so through our mini book club, we read a book called multiple streams of income. And in that book, it discusses real estate investing. And so Michael had just looked at me and he said, let's try this. And I was like, Okay, so that's where the entire journey began with real estate investing.

Michael:

Yeah, and actually reached out Surely, like getting into looking up some stuff online looks led me to bigger pockets, which ultimately then led me to your platform Dave, and then I actually posted, hey, I'm overseas, in the UK looking into potentially investing back in the States. And that's when Marcus long reached out to me. And that was the first networking call that I actually had, that we had about real estate. So we're really excited that we've really built a relationship with Marcus now and yeah, he kind of started us on our journey.

David:

That's cool.

05:00 - 10:00

Alex:

Did you guys figure this out last year, real estate?

David:

So I was just saying I was like, I didn't realize you were this new. You guys have a lot of crap together.

Alex:

Maybe maybe they have it together.

David:

They're more organized. And you and I are whether they've got the recipe figured out or not.

Suzie:

But yeah, everything started just a little over a year ago.

Alex:

That's awesome. You got started out of boredom, basically, we're stuck indoors, let's go figure something out.

What did you buy first?

Michael:

And all the education that we were consuming was kind of pointing us towards a single family, right. And so it was like single family, single family, single family, just take action and do something.

And so we set up like a long distance bearing team like in a Midwest city, and we had everything together, it took like a couple months to everything set up. And then we had like two doors under contract. And then the unthinkable happened and an inland hurricane came through and took out like 60% of the trees. And the city was out of power for like five to six weeks. And Neil says, contractors were no longer concerned with doing rehabs. They're concerned about rebuilding the city. So our financing kind of fell through. Those two properties fell at Astro. And then we had to take a step back and say, this is a really unfortunate event for the people that live there. However, like our goals, our goal is to buy 25 single family homes and then 10-31 those into some kind of multifamily property within like five years. And that obviously wasn't going to happen. Because the city was still rebuilding, we knew it's gonna take a year for the city to rebuild.

And so we took a step back and really looked at our five year goals, and that was gonna get a multifamily. And we said, You know what, let's go ahead and pivot to multifamily now, because actually at veterans Rei live, last year, Whitney Sewell planted a seed in my head that was like, dude, you don't need to start a single family, you can start multifamily. And so that seed just needs a little bit of watering. And that was like the watering, if you will, of the seed that we're like, okay, let's just straight into multifamilies.

Suzie:

Yes, with that we closed on our first, I guess asset technically two months ago, and it was an 88 unit in Tulsa, Oklahoma.

Alex:

What was the team like to put to get that together? Because, you know, you got to get people to give you money. And that usually, you know, they're gonna ask you, do you have any experience?

You know, what's your track? What's your team like on the ground? How'd you get the lending again? Because as a bank underwriter first thing, I'm like, Oh, you haven't done this before? Go get somebody that has not to say that's not possible. But like, that's the first thing you know, that I think of?

Suzie:

Yeah, that's a great question.

So our team consisted of six people. So there was Michael and myself. And we knew specifically that we needed boots on the ground, right? Because that was one of the biggest pieces that we were missing.

So just through posting on social media, and such one of Michael's old classmates from the academy reached out and was like, Hey, I have been thinking about getting into multifamily. We should chat. And so through that conversation, that's how we got our boots on the ground. And that's essentially how we also chose our market.

So we have criteria. But once he said, like, Oh, I'm in Oklahoma City, we like suites, like, we definitely want to look into Oklahoma City and Tulsa. That would be great. And so then, because people started to know us as being in Oklahoma, we then got an introduction to who is now our current mentor. So it's just like an organic relationship that formed into that. But he joined our team. And he is essentially who brought the experience because he has five assets, also in Tulsa. And so that helped us bring, like that experience to our team. And then along with that, we had a Kp because he also brought the experience. And then we brought somebody else who helped with asset management and bringing capital as well. So that's what our whole entire team looked like. And then Michael can go, I guess, in depth with the bank.

Michael:

Yeah, just a little caveat there. So that the other person that Suzie mentioned that we brought on we actually met through the war room mastermind. So Cliff is his name.

David:

Oh, he was ironically.

Cliff was supposed to be the guy we interviewed before you guys this evening. But he got sent to I probably shouldn't say where but somewhere for training for two weeks and had to cancel last night.

Michael:

Oh, bomber.

Alex:

I will never forgive him for that.

You know what's interesting, though, I mean, I want you to finish, but I just find it very interesting that somebody can get this idea. And then you guys, obviously, you know, not everybody has the skill set of bringing people together. That's my skill set. Right?

So it's like, hey, you're not there. But you know, the pieces and you can get all the right people to do these things. But it's really fascinating that somebody can, you know, basically join the war room, network, implement a plan through, you know, strategic networking, essentially, and then freaking make money. So I don't want to hear any excuses from anybody in the military, millionaire or the war room ever again.

Okay. Okay, I'm sorry. Tell me about the bank?

Mihael:

Yeah.

And then because we had everybody we had the experience, we had the, you know, boots on the ground, everything like that, because you because even now, like, I'm not sure what if Freddie has changed their lending requirements, but I know because of COVID they've changed it where like, you have to have somebody within 100 miles of property. yada, yada. So like, in the COVID reserves and seen a lot of things have changed kind of COVID.

10:00 - 15:00

Michael:

But with that we had all the pieces we needed in order to get agency debt on our first first deal, which is pretty awesome. And then he asked about the capital raising. So that was another huge thing. So along with that, we knew that we had to, we had to bring a substantial amount of money to deal, right. And so with that, we had to have a substantial amount of numbers, a number of investors. And so we kept hearing that, you know, the number of investors on your list, only 10% of those people are going to actually invest. So we're like, Okay, if we can bring 500k and the minimum is like 50k, we need at least 10 people, right? So 10% of a list of 10 people, we need at least 100 people on our investors list, right.

And so, in order to get those 100 people, Suzie and I literally buckled down, and we're like, okay, we need to reach out to as many people as we can as fast as we can. So literally like a four month period, we had like close to six, or I think over 600 calls, and we're doing like 25 calls a week, over and over and over again, like every single week, totaling up our schedule. However, we can just meet with as many potential investors as possible in order to get the number of investments we need.

David:

I love this.

Alex:

Is this the 506 b? or a 506 c? syndication?

Suzie:

I think it’s B.

Michael:

Yep.

David:

Could you clarify the difference?

Alex:

Did you meet everybody before you wanted to sign a contract?

Michael:

Yeah, exactly how to meet everybody before under contract.

So the difference in the 506 B and C is that B, you have to have a prior relationship with the ambassadors and C can be accredited investors, you can advertise and things like that.

David:

Yeah.

So people think B is easier, because you can do not, you know, sophisticated investor instead of accredited, but I learned very hard well, as I learned everything the hard way. The first time I was ever a GP. And really to date, my only official GP slot on a syndication because I've been, I've been doing jayvees over the last couple deals, because they've just been something we could take down in smaller groups.

I didn't have like, I had a fairly large email list. And I thought, Oh, well, this be easy to raise money, I got platform, I got social media, I got emails, I didn't understand any of the rules as far as like having to be able to document who you'd like communications and, and be able to prove the prior existing relationship and all this other stuff. I hit a wall with raising money. I mean, I raised some money, but it was nowhere near what I projected to myself that I'd be able to raise, and nowhere near what I could raise today, because I've spent time now like diligently saying, Okay, I'm going to have conversations, I'm going to mark people as, you know, prior existing relationship and my email list and whatever.

And so I think the foresight that you guys had to know the math behind, hey, only 10% of these people are actually going to lend us money, we need to have solid relationships with them, we need to focus on that, like a lot of people jump into multifamily. And raising money is something they focus on, after they get a deal under contract. They're like, Okay, time to raise money. Well, no, actually, that's 100% the wrong way to do it, and you're shooting yourself in the foot, you might end up you know, looking for people to you know, that's that's the reason people bring other investors in to kind of help them raise the money and have to give away portions of their deal.

So I think you guys did that the right way. And I commend you for that, because a lot of people wouldn't know that. That's the step 600 phone calls, man 25. That's exhausting. Good for you guys.

Suzie:

We were just looking at like, what our race potentially would be, you know, and because we found out quickly that like friends and family, we're not going to be part of that we're like, okay, like, need to make sure that when we're going to meet up, and we're going to conferences like that when people put out their contact information, we're actually following up, right, because so often, I'm finding that when we go to meetups and conferences, like somebody will start a spreadsheet, and everybody puts their information in there, but then nobody follows up. And I was like, this is a great opportunity for me to follow up. Because if I'm the only one following up, more than likely they're going to respond, right?

It's like when you get that flood of emails is when you start to choose or just stop looking at them. But when only one person reaches out, the likelihood is very high. And we found out that people were reaching out, and we weren't going into it being like, Hey, I hope I want to get you on my investors list. You know, it was like, Hey, I saw you at this event. Like what was your favorite part? And then we keep going and then it'd be like, what are your investing goals through the year right? And then right then that's how you can easily start a conversation to get them on the phone.

David:

Natural organic relationship building. It's almost like that's the best way to do this. I like it.

Michael:

It is exhausting, Dave but you know, it's not exhausting when you know your end goal, right? And so a lot of people mistake what syndicator does or like what real estate syndication is all about, right? They think about like, oh, taking down deals and some of that, no, the business of syndication is raising money. That's the baseline. Like you said earlier, like if you have a deal, but you have no money, you have no deal, right? You have money you have no deal, but.

Alex:

Well, what if you have a lot of money and you don't know what a deal looks like?

Suzie:

And then you have to go figure out what a deal looks like. And I want to be friends with the person.

Alex:

I'm just trying to push back syndication. I think raising money is really popular right now because there's so much liquidity in the market and it's like, the fun kind of easier part to be to be quietly fair, but going off there and you know, watching my partner actually asset manage or run a property. That's what I consider to be the hard part of the syndication. Um, personally,

15:00 - 20:00

Suzie:

I was gonna say no that is also the hard part because like even Michael and I from all the way over here like weed sponsoring and so granted, we are not at the property, like watching the PM like we're having the weekly calls, we probably email the PM like five times a day asking questions going back and forth, you know, we are helping with the vendors and everything. So now there is a very difficult part to asset management. But even with that, like it's figuring out your processes in order to like have that streamlined better, because we didn't want to go into it blind.

So like, along with understanding how to raise capital and how to create that team. Like we definitely dove into a lot of education about asset management, because when it's no longer about you, you have no opportunity to fail, right? Like I have to worry about the families that are in the apartment complex. And then I have to worry about my LPs too, like, out of my way to figure out everything as much as I can. And I do understand, like risks happen and failures do happen, but it's like learning how to fail forward and get back up and do it again.

David:

Well, now I'm going to tell you why you're all wrong. Because raising money is both fun, and also difficult per se, but exciting.

Well managing a property and strategizing on ways to increase income and reduce expenses and renovate and turnover and all of that strategy side is fun and challenging. The worst part and the hardest part of syndications is the frickin paperwork that goes into filing and dealing with attorneys and all the legal mumbo jumbo bull crap that nobody actually wants to do. And nobody warns you about when you jump into syndication nobody's like oh, here's the thing you got to talk about multifamily and it's all about raising money finding deals structuring deals nobody tells you about how miserable that piece of the pie you hire the right attorney. I saw that and I was like I don't know if I ever want to do this again like this. I gotta hire this part like this is terrible dealing with frickin scc attorneys and all the fun crap and not not my piece of the pie. Not at all. That is not me.

Alex:

Which one do you guys do ops that side what David's talking about the paperwork?

Michael:

Um, so we both kind of handle it.

Suzie was more tech lead on the scc side of things like that kind of kept the team together and kept it running. Suzie was kind of handling all the backend paperwork and stuff. So we were both kind of tackling it as it came through. I think there was like, they counted up as I went through each I went through each individual email like leading up from pre LOI through closing, like each email was like, I think there was like 754 emails total. You know, from like, a, you know, a three month window. And I went through each one just to write down everything that happened and I kind of documented everything. So next time going forward is a lot easier.

Alex:

Yeah. on this topic, though. I think it's um, you know, there's a lot of egomaniacs in multifamily and real estate investing and what they want to do is they want to do yep, him right there. There's one right there.

David:

So many doors.

Alex:

They wanna do it themselves. I’m guilty. I did my first one myself and I made a tremendous amount of mistakes. I still made a good return. But I was like, I'm gonna learn I'm gonna figure it out by making some mistakes.

And then the second one, I realized I was so immature just tag people in like you guys did, hey, I needed I needed Kp and I need a sponsor who's gonna be able to put up you know, to get Freddie, I need somebody who's going to put that side up, and I need some he's gonna put up a balance sheet. And he's always gonna put up experience. Okay, sounds smart.

And then also, there's two of you, so you can share the stress and the workload. Both my deals now we're about to do a third one, I have a partner that I fluked into through the internet. And he does ops in the backside. And so all I get to do is like Investor Relations, and I interface with my boots on the ground. But to David's point in the larger point I'm making is like, you know, people that look at multifamily syndication, like Oh, it's so hard. It's like, guess what, you don't have to do it yourself. You have a team of people that are gonna help you with this.

And so, David has a tremendous amount of strengths. And, you know, marketing, he's a marketing monster. And you know, his work ethic is mega high, but like attention to details and going through Yep, okay, just get ready. Don't get excited. Just you gotta, you gotta know your strengths, right? So if he's like, hey, look, I'm not gonna do the details and the back and forth with the vendors and whatnot. It's like, bro, you got to get somebody to do that. Because if you put that on your back, you are going to do it just good enough so that it doesn't completely crumble and then you're going to resent it at best. And it's like, get somebody so my whole point is like, dude, get people that are good at what you're bad at.

David:

Yeah, no. And that's, I mean, that's the whole point of like, why teams crush this syndication game. You don't see a whole lot of individual people running it right.

Alex:

I know. One. We know one, Matt, and he's an..

20:00 - 25:00

David:

Yeah.

Alex:

He’s the only one everybody else he's like, yeah.

David:

But Matt doesn't syndicate though.

He does everything himself, but he doesn't run and he doesn't have to deal with the investor relations and the raising of the money. And like, he cut all that out. And he just does. He is an ops monster.

Alex:

And, like, let's make sure we really, you know, blast them all we get the chance, he is constantly texting David and I and asking, I should probably get some help on these, I should probably include some of..

These things even if you can do a few on your own. It's like, they get too big. And to this point, right? Like, hey, raising money is like what this is really about. But, you know, once that's all the dust is settled, like now you have to generate returns, and that doesn't, that's not a one or three month process that's forever, or, you know, three or four years.

So if you go off and you get 80 units, okay? Well, once you have 300, it's like you got to a different level of responsibility. So you need people, you need people. And so it sounds like you guys figured that out right out the gate, which is great.

Michael:

I mean, it sounds you know, as we're talking about it, it sounds like we figured it out, but you know, you jumped out of a plane and built a parachute as we were falling, right? So, but that's how you figured out a lot of things, right? Like Grant Cardone says like, Hey, take the action, make the commitment and then figure it out. Right?

Alex:

Is this how you get your investors?

David:

I'll tell you whether they're gonna be modest about it or not. I alluded to it in the intro, but this man showed me his freakin email like his like, If This Then That like flowchart for like people he's met that he wants to get into his like funnel. And I damn near went cross eyed looking at this fucking thing. I was like, How the hell not only did you like, like, I can't even read. I don't know what half of this is. How the heck did you visualize this? Like, I haven't a hard time grasping all the steps in this process. And Michael's like, yeah, just do it. And then it splits in three ways and then it comes back together. And then all of a sudden, boom money. And I'm like, I got like seven emails that go out if you join and that they don't they don't do and if this then that. They're just those seven. That's what you get. Yeah, that's not my marketing strength side. And yeah, so they've given themselves enough credit, but they've got some crazy systems that he does, and that whether they do I just Michaels on I've talked to about it. But.

Alex:

Man, what was the price of the building you would raise?

Michael:

So it was 4.375 was a purchase price. We were putting 525 in capex and then the raise was 1.75.

David:

That's a substantial first raise.

Alex:

Yes. How much? How much did you guys bring? I know, you said you had something that brought?

Michael:

Yeah, we brought roughly 725,000.

David:

That’s solid!

That's good stuff.

Alex:

When did you close?

Michael:

It closes February 23. Solid, like two months of operations, which is, which is fun. The first two months are always for the first month. It is really fun.

David:

How's it going so far?

Michael:

It's going great. Like after the first month, like, you know, there's a lot of pushback for the residents. You know, when you have a property manager turnover, like the residents push back and to see what they can get away with first month, you know, there's a bunch of like, there's a bunch of, you know, late rent charges and things like that, but now, you know, the second month is less of that. And..

Suzie:

Even to add to that, like what we experienced also was like a lot of the pushback came from the seller not going through with maintenance requests. So isn't even as of now I think we've had almost 200 maintenance requests in two months, right? Like, there has been a lot that we have had to fix which is totally financially great, right? I want to make it like a safe and secure home for these people. But like that part, be my mind. I'm like, you hear about all of the good things and like with all the good landlords but you don't like hear a lot like in meetups and such how when people transition into building sometimes you do have to take on like a pretty big load and even to go back to that it's not like we're doing the maintenance request or anything but like that's all of our pm then you know, like we have to also like help them through that and be like you know, it'll get better and like for the maintenance guy like I understand you are doing a lot right now. You know, we really appreciate you but like there will there is a light at the end of the tunnel.

David:

What's up guys hope you're enjoying the show. I wanted to stop for just a few seconds to talk once more about Rentometer and know that they did not sponsor the second ad. This is a mid roll ad. They sponsored the beginning of the show, but I believe in Rentometer enough that I wanted to just poke my head in here and reiterate that you guys should give it a shot.

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So I absolutely recommend that you go try Rentometer for free at rentometer.com or the link down in the show notes and give them a shot you absolutely can't lose with a free trial that will literally make you 1000s of dollars on your rentals. Now back to the episode.

25:00 - 30:00

David:

Well deferred maintenance is a very real thing, a lot of the time, it's just because someone doesn't have a good system or they don't know what they're doing financially or they're not on top of stuff.

But I mean, even if that's not the case, even if someone was like a fairly solid landlord property manager, there is definitely like the last six months, if you know you're selling a property, there's definitely the piece where landlords will just be like, Oh, well, well, that one's not that important. Oh, that won't affect the price of the sale. Oh, that's, oh, yeah. And they will just push, they'll kick the can down the road. Because if it's not something that affects purchase price, why put the expense into it. And you know, I mean, and that's unfortunately, a real thing.

Michael:

Yeah, there's, there's actually, let me tell you a story real quick, that we have in this week to us. And so we found out that there was a lady living there on the property. She's been there for like 25 years. For the last 10 years, she's had this leak, and she's told the previous owner about this leak, and they threatened to kick her out. The previous two owners both threatened to kick her out if she didn't shut up, right.

So, literally, she was scared to bring it up to us. It's, uh, took her like over a month to come to us and say, hey, there's this leak. We've had his water leak, we actually found it. Because we're like, hey, there's a reason water leaks on the property somewhere. And we actually, our plumber traced it to her apartment. He's like, yeah, I've told previous ownership about this leak, but they threaten to kick me out. So like that. They're like, How fast can we fix it? Right? So we had to fix it like that day. And she was like, so thankful. And she's like, Oh, my gosh, like, I've been dealing with this leak for 10 years. I'm like, That is ridiculous. Like, what kind of slumlord if you will, like, that's a property run like that, like feared, like puts fear in their tenants to like not put in maintenance requests, threatening to kick them out, if they do.

David:

Sure the last decade, that leak has probably cost more than it would have cost to repair it too.

Alex:

Can I play devil's advocate for a second, what I found, I've done two of these now, what I found is that there are people who will take advantage of, you know, the new landlords and be like, hey, let's see what we get away with, you know, and then there are also people who will take the opportunity to not complain for the sake of it, but like, you know, they'll tell you those kind of stories like, Oh, it's been like this for 10 years, or whatever the case is not to say that's not true. But we get a lot of those words like when we turn the property over, it gives people an opportunity to tell us what was wrong with the property that they either maybe they gave up on it and stopped asking about it.

Or maybe, you know, they had a renewed hope that that could be fixed. But I got a lot of those not stories just like that. But there are those stories that come out. And you're like, so you said you had 200 requests on 80 units. And I think we had something similar on a 50, we had 200 maintenance requests in the first three weeks. And it was like stuff that had been broken for a long time that we got there were like, Why wasn't this fixed? And so I don't know if the previous owners were neglectful, or just neglectful in the short run, like David said, to get the thing sold, or that they're given the opportunity to tenants to, you know, to renew a fuss, or whatever the case, but there's all sorts of interesting little social and cultural dynamics that shift when you when you take a property over.

Did you have any people move out right away?

Michael:

So we had three, we had three skips. Yeah. Okay, in the first week or two. Yeah, but I think I was just gonna say, I think they came from the seller, just trying to fill up the property at the end, it was like 97% occupancy. And then I think he was trying to avoid having to pay any, you know, turn costs on the unit turn costs because like it was within the window before closing, I think he just filled it up real quick on paper, and then, and then when we took over there, they're gone. So.

David:

It's funny how that works sometimes where they make the assumption that that's what you want, when in reality, you would prefer to leave it and have a quality time. Like I had a property I took over once where I was literally like, like I told them, like, I want this person gone do not renew their lease, do not whatever, I'm going to renovate that unit. And then they totally filled and signed a lease to like they got rid of said person but filled and signed a lease to you know, bring someone in and I was like, Guys, I mean, thank you for getting me a tenant, and they're these ones are okay, but I was planning to renovate it so I could increase the rent. Dang it, you know. So.

Alex:

Do you guys have a renovation plan? Is there rehab included?

Michael:

Yeah, so we're working through that right now. So the biggest thing we're doing is adding washer and dryers to the one bedroom and then actually adding washer and dryers in the two bedrooms. There's connections already, but there's no washer dryers and so the biggest thing is like the biggest renovation is actually adding connections to the one bedroom and then and then installing those stackables.

Alex:

You're going to rent them to the tenants?

Michael:

It's going to be built into the lease. So there's basically we're getting $85 rent increase from that and we've already had a handful units for at least that so that's what the connection plus the actual washer and dryer.

David:

What’s the expense connection plus washer dryer stack?

30:00 - 35:00

Michael:

The expense is a little over two grand basically well, two grand for the are sweet, two grand for actually installing a connection and everything like that. And then the stackables are about 800 bucks. 900 bucks. So.

David:

Two, three year payback, not bad.

And then ongoing, I like it.

Michael:

Over the entire life of the business plan. It was 87% ROI.

David:

Yeah.

Alex:

There's all sorts of little interesting things when you take these properties over, we had on my first one kicked my ass, Bro, I didn't realize it at first. But what I really needed to do in retrospect, what I really needed to do on day one, as soon as I hit the ground, was get a plan I needed to evict every person that was there. And that property now that's just my property that was just that one because it was so mismanaged, that property did not turn around fully, until I got out the last, I mean, 100% had a turnover of every property, every unit in that place before the culture stopped. Like I could do an increase in, in, in human culture before like, if the money like I couldn't get people that would, you know, stop littering in their own yard kind of thing.

So you know, there's so many interesting, like, like, Sue said, like, Hey, there, they don't tell you about this, or, you know, David's like, they don't tell you all these, you know, the paperwork and all that stuff. And it's like, Yeah, lots of stuff that people don't tell you about. I had, I had cultural issues at both of my properties that just takes like, you know, new management, you got to get people that are going to skip out, because, you know, like, like Michael said, they've been leased up, you know, and they don't fit or, or whatever the case they skip out. So that's why I was like, Look, when we took this one over, we had six people leave in the first two weeks, I was like, Good, right away those units, get them out. I don't want to deal with it.

Suzie:

Yeah. And I think the best part, though, because even though we all don't know about it, like that's the best part about having a team, right? Because, like, if Michael and I don't know about it, somebody else might. And even if they don't like when you bring all those creative minds together, you know, like, that's how you come up with a solution. Because we all have different ideas for a plan. And we all have different solutions for every problem.

So I think that's like the best part that comes out of the team. Like because even if one or two of the people don't have a solution, you know, the four others might? And that's the beauty of it.

David:

Yeah, that's huge.

All right, I'm going to shift and slow it back down a little bit. And ask because the biggest excuse not excuse, fear that I hear from a lot of people in the group, one of the biggest groups outside of money, because money is a big one is a question I see all the time is how do I get started from overseas? Or how do I get started from out of state? Or how do I guess, and we talk about that a lot. But being out of state, even if it's in like Hawaii is nowhere near as scary, psychologically as being overseas.

So I'm curious about what you guys were able to do. Or if you have any pointers or tips for anyone as far as how to get over that mental block of being, you know, overseas and getting started in real estate.

Suzie:

Yeah, so I would have to say it starts with like education, like education, education, education, because like I find now because Michael and I even host a meet up over here is that when people in the room have no idea what anyone else is talking about, like you, sometimes you zone out, right? And you're like, why am I here, and that's when you also get imposter syndrome. Like, I don't know anything that's going on right now. Like, I'm not ready for this, but through education, you know, like listening to podcasts, reading whatever, books, attending conferences, you gain it really quickly, and then your confidence level definitely goes up.

I think it starts there. But then even like just going to networking events and listening to what other people have to say, you know, and like having people see you in that space. Because the more you learn, like, the more you will speak up. And the more you'll ask questions, and I think that's a great place to start even from over here. Because when you see other people like you doing it, you are more likely to do it as well.

David:

Yeah, I think education is huge.

Michael:

Education, yeah. And then and then building the right team, like aligning yourself with the people who know more than you know, right. I think that's huge as well. So that then helps build your confidence, like having, finding our mentor, you know, organically, you know, through networking was huge. Like I just met, this guy has zoom call, chatted with him a couple times kept up with him on email, and then like, kind of with a couple more times, and I was like, Hey, would you mind like looking over my underwriting, make sure that I'm not screwing anything up and like, finding and having him in the same market and actually investing in same sub markets as well within Tulsa, like he knew the numbers like he knew, like the expenses, what the expenses would be, he knew the property management companies there and things like that.
So and then he was able to look around writing and say, Okay, well, this is gonna. This is you need to adjust this hearing the adjust that. So that was huge. And that was another thing too, it's like, he didn't just like to change it for me. He's like, Hey, why don't you take a look at this or like, do some research on that. So like, he made it like a very learning experience for me, which is really awesome.

Alex:

David has such an advantage and finds people that know more than him. I'm so jealous of that.

David:

I would say that's a subtle jab. I think there's actually a little bit of jealousy in that. I think that's a skill set.

35:00 - 40:00

Alex:

Education and networking. So important, like finding out what you know, and then finding other people that know, maybe complimentary information, right complimentary information. It's like, I know, 80% of this and you know that gap or 20%, you know, or you can, yeah, so I love that.

And then, you know, what’s interesting about networking is people you know, you meet the right people at all sorts of different times. And sometimes it happens quick, sometimes it happens slow. And then you know, you kind of get better at it, you meet this guy, as a fluke, essentially, who becomes your mentor, and then you guys buy this deal together. And then people go, you know, if I could only meet that person, I'm like, yeah, you will. You just have to do exactly what Michael and Suzie said, which is go to networking events, go to meetups, go to online meetups, hang out with people, like digitally and physically, that want to do this thing. And it's like, maybe you'll meet them on your first meetup, maybe you'll meet them on their 10th. But you will meet that person that helps you and then you'll start finding out there, you'll meet a lot of them.

I mean, the war room, great resource, unbelievably good resource, I couldn't have done my last deal. Without the people that I met in that group, I wouldn't have been there had I not met David randomly at a fin con. And now this next year it looks like I'm gonna do it, you know, there's gonna be a bunch of warm people as well, my partner, Roderick, you know, I met him at the bank one day, I was sitting there just, you know, screwing around. I mean, I was working, I was at work, but I was out there screwing around and a guy came in, he wanted to buy some real estate.

So it's just so important to you know, be spending your free time pumping real estate propaganda into your own head. See, that's on your mind. And then you just, you know, all you want to do is talk about real estate. And then inevitably, somebody will be like, bro, me, too. Let's do that's what I want to do, too. And it freakin works. And people, it's like magic.

David:

Yup!

Michael:

Absolutely.

And I just want to add one thing too, about being overseas, as we're chatting about that, like, what actual steps they can make or take. And we actually have an unfair advantage, if you will. Because we can spend all day at our w two, nine to five here. And then the time difference, we get, we get home at five, it's now noon, East Coast. So we can spend the entire evening, you know, five to midnight or whatever, working with people, we're in the afternoons in the afternoon for everybody in the States.

So that is one thing. If you ever see the military listening to this, you have an advantage where you can work outside of your W two, like in the military or whatever, spend that other time in real estate. So while like if you're back in the States, you're working on fire, you're trying to do some stuff, you know, after five, whatever integrates, all the banks are closing things like that, it can be very challenging to do this as a side hustle.

Alex:

You can do this on a small scale. When I lived in Las Vegas, I invested on the East Coast, if I woke up at 6am. And I cracked my phone out, it's like at 9am on the east coast. Now, it's not the exact same thing you're talking about. But it's close, right where it's like, bro, I'm at 6am I don't have to work for three hours. And yet I'm texting people, you better get this thing done. You're going to get this thing done today.

So anytime you can use a time arbitrage like that I love that's such good advice.

David:

I love that in Japan, I'd wait around Japan, Hawaii, I'd wake up at four in the morning and it was already you know, time to start the day. And I'd have three or four hours for work. But I love the mentality there that you guys took that that mentality because a lot of people would complain about the time difference and sometimes rightfully so if you're listening to this right now. It is almost midnight in Alex's timezone. It's 8:30 at night, my time and it is now after 45 minutes recording 4:30 in the morning for Michael and Suzie. So this was a very difficult time frame to try to record a podcast, but for the most part, it works out. And I think that's really powerful that you guys had that mentality around it because a lot of people are complaining about it, but I think that's a huge advantage in its own way. Absolutely.

Alex:

Yeah, both you guys, I'm actually not as good at it. But you know if for anybody who knows David well, like I know David very well. And that Joker will text me at 4am with work stuff, and I can text him at 11:30pm my time with work stuff and that dude, I mean, I know he sleeps, right? I don't know how he can work so much and still be so lazy. But that dude grinds time. That dude grinds time, like few other people. I know. It's embarrassing how little he gets done for it, but he worked so many hours of the day, I can't stop helping. I can't help but rasm but Michael says the same thing when you're looking at his time and like, yo, how can I find time advantages. You know, maybe you know, the same person like David said, the same person could look at your situation is that other times off because, you know, when people there's certain parts of your day now or I'm sure it's like, hey, look, the time is horrible to work, right?

So you know, 8pm you can't get anything done out there or whatever, you know, whatever it is. So you looked at and said, Hey, I can use it as an arbitrage advantage. David looks at time and says I'm going to you know, get my advantage where I can. And so that's so important. It's so important for people to you know, everybody has the same 24 hours. I know that's so cliche, but you gotta make do with what you have and find those small advantages whether it's time arbitrage over time zones or freaking just waking up early. You're staying up late or whatever the case, but I love that.

40:00 - 45:00

David:

All right, we got a few questions that we ask everybody.

Alex:

Wait, wait, of you guys closed at 40 at a unit in February? What is your plan? How long are you going to take on that? You know, my plan was I mean, I set a monetary amount of time on my first one to make sure that I knew how to run this thing. And I could provide investor returns if our win gone next one, but I'm curious what’s your? Is that funny, Suzie?

Suzie:

No, no, I'm laughing because we have another property under contract.

Alex:

Tell me about it.

Michael:

I don't wanna talk too much about it. Because it's gonna be 60. Yeah, but it is 100 units. And the same area.

Alex:

Cool!

David:

Nice.

Michael:

We are excited about it. Yeah.

David:

It's exciting.

Michael:

And we actually we're partnering with more people for the world. So yeah.

Suzie:

There you go.

Alex:

I wasn’t invited to this deal at all.

We need to chat more, Alex.

Alex:

We have a pre existing relationship. I checked my Facebook Messenger before I got on this chat.

Suzie:

That’s a great reason for us to add you to our email list.

David:

I want to know Alex. I want to hear how the If This Then That lead flow sounds from the other side because I know how much you hate emails.

Alex:

I'm hard to deal with by design, yeah.

David:

Man they're their frickin lead flow is gonna you will be unsubscribed no I’m just kidding.

They're gonna be like unsubscribe, thank you note goes out.

Michael:

You know, pounding to death until they either get on your list or they unsubscribe.

Alex:

And in sales. We had an old saying where it's, you call it every single day until they buy or die.

David:

I love it.

Suzie:

And you're gonna buy.

David:

I like it.

That's the only time Alex has ever stopped me from going into the wrap up lead questions on the entire like, we've been recording so you guys should be proud of yourselves.

Alex:

I was curious. Yeah.

Suzie:

Do you have more? We're ready.

Alex:

Nope.

David:

I do notice one thing now that you look back there, I noticed that you took the dog out of your set. I don't know how I feel about this.

Alex:

No, you know what he's, um, my dog is funny. If I leave, if I try to close the door, he wants whatever the opposite of what I think he would if he's in and I close the door that he wants out. And if he's out like he's, he's out, he's probably out the door and come right in. But there's gonna be so the sets not done. I got something coming right here, where on the wall there where I'm going to change the name of my website, it's coming. And I'm going to brand it and I'm going to put a giant I'm gonna get a custom decal made. And that's gonna go right there. And I'm gonna get a fill. Is it gonna go over here I'm gonna have a little thing says you know, Tila sleeps here. And he's gonna be part of my set. So you'll see him over there. And then I have some stuff coming. I got some but this is mostly and I took my old. I took my old picture design theme and made it a little more.

David:

Not cluttered, chaotic. Maybe?

Alex:

I do love my chaos. But, bro, this is the same room.

David:

I know. It looks way different.

Alex:

This is the same room.

Yeah, I was facing that wall. And so I painted it all in the last three days. And I did some work. Can you believe it? Okay, this podcast, not about me, no matter how bad you want it to be.

Suzie:

So I have something to add those. So I was thinking about this, in regards to like going into the next deal, you know.

So there's like two big pieces to it. Because I was like, Okay, I want people to think about this methodically before they just jump into another deal. But we are keeping, like our property manager is on that asset already.

So like, we know the property management really, really well. And so that made us really confident about it. But then also part of the team has changed and shifted. So it's not like we have to have the exact same teams trying to settle two assets like that we are taking over immediately, right. So when you like grow into more assets, like your team can change as well. And so that's great, too, because then you have different people working on different projects, instead of everybody trying to focus on the two and hoping that they don't get burned out. And so I think those two things really helped us a lot.

David:

The property manager who you guys put on the 88 is those same ones who were already managing the new one?

Michael:

Exactly.

David:

Please tell me they brought this deal to you.

Michael:

It did come through people that we work with.

David:

Okay.

I mean, that's awesome. That'd be so cool. If your property manager was just like, man, I like you guys. You guys want this one.

Michael:

They did advocate for us, you know, they're like, you want that you're telling the sellers like we want them because they're awesome people. They were telling us that too, that we have a screening.

David:

That’s cool.

Alex:

Let me ask you this. How many properties does that property manager manage?

45:00 - 50:00

Michael:

I think they have close to 4000 units now and other kinds of spread across like Tulsa. And other sub markets in tertiary markets, I guess, in Oklahoma, and then also into Northwest Arkansas. Like I'm not sure if we call it Fayetteville, Arkansas, but like in that area for sure. So.

Alex:

Yeah, so the reason I ask is my property managers like my partner, and he started out, I was a little fledgling, you know, Mom and Pop property manager, and then basically, you know, I showed up one day and I'm like, Hey, I'm gonna go off and make a career out of this, I'm gonna give you a million units. And David acted like I'm joking, that guy had managed 40 properties when I met him, and then I was like, Yo, I'm gonna hook you up.

David:

Alex got 43.

Alex:

400 and a little bit.

David:

You said properties, not units.

Don't be trying to fluff this ego. One property, but if it's 200 units.

Alex:

It's 400 social security numbers. And now you know, and now it's like, Hey, I'm about to add, I'm about to add 200 I'm gonna, I'm gonna double it, I'm gonna, I'm gonna add up 50% not double it, I'm gonna go 50% more than what you already have in one swoop.

So that's why I was curious. Because I'm running into a whole different set of problems, where it's like, I'm outgrowing, I'm not gonna outgrow my property manager, but I have now I have to help him, I have to build a system with him.

And so, you know, it's good that you don't, you know, everybody has their own unique problems. But I was just curious. selfishly, I was like, yo, Does anybody else have this problem that I have? I'm sure you have others. But I was just curious, you know, what, that I never I never thought about that. Right? Like, is your property manager capable of doing what it is that you need? And that's a question that, again, I've never heard that question.

David:

I always tell people to ask when they're interviewing property managers, like, tell them what your goal is, and see what your property manager, like the look on their face. There are definitely property managers who would rather stay small and don't want to scale, which is fine if you don't want to be huge, but there are also property managers that don't want to touch you if you don't have so many doors or whatever.

So it's like, there's definitely a niche there. And you are in a unique spot to be growing. I don't even say growing with but growing your property manager for them. Because my property manager, well, I'm in like, like, it's not like you're growing with them so much as you're growing and they're growing with you. Like my property manager has been growing, probably at like the same percentage rate that I am. They had a lot more doors when they started so they're scaling very quickly, but they have like a full team and they're very system oriented.

So and then obviously Michael and Suzie sound like their property managers already a frickin gangster. So.

Suzie:

I’ll let him know.

David:

Yeah, that's cool.

Alex:

Dude, I love this story. Just because it's so much like, you know, just find the right people.

Did you guys fly in to see the place? Have you seen it? Or have you been here?

Michael:

We haven't because of the quarantine.

Alex:

Yes. Well, I love this story. And I love this story.

Michael:

Because if you like our whole life, end goal, right? It's like I can retire in seven years. And that's the plan right? And so we plan on doing this from anywhere in the world. We basically are setting up the systems and processes now. In training everybody like you know, setting up all the teams and everything that we need to do this from wherever we're proving that we can do it from the UK. And now when I retire we can live in Thailand for six months or live in Australia. And we can do the exact systems and process place.

David:

Nobody ever says they're gonna go live in like Iraq ever. Just I don't understand.

Suzie:

Well, I guess there's a lot of greenery over there. I want to like happy greenery.

David:

I did a podcast the other day and it was with like three people one. One was in LA. One lived in Kuwait and one lived in Jordan.

Anyway, I don't remember.

Lebanon and, and one of the guys was casually like, right before we started recording. He's like, have you ever been in the Middle East? I was like, Yes, but probably not for the reasons you're like, what and then it came up later, like what do you do for a living? I was like, I'm in the Marine Corps. And he was like, ah..

Michael:

I mean, Afghanistan is beautiful. Like, it looks like Colorado. At least like a Bodrum.

David:

And yeah, maybe maybe not where I was. Looks like yeah.
Alex:

Yeah, hearts of Bodrum. Yeah.

Michael:

I mean, if you put your hand up and you just see the mountain range, and you don't look at all the tents and all the desert and stuff like that, like yeah, it's beautiful.

Alex:

I was gonna say, Arizona. Yeah. I spent a good chunk of time in Paghman Kabul. And it looks a lot like Arizona. Yeah, I haven't been that much to Colorado though. But I mean to me, Colorado. You know, I went there in February. So I saw mountains and a lot of, you know, a lot of skiing. I was like, there's other skiing going on in Afghanistan.

David:

I was farther Southwest. I got a whole lot of sand and then a river and an oasis at one point but mostly sand. Not exactly.

50:00 - 55:00

Alex:

They got sand for days.

David:

I think I still have sand floating in things that I wore 10 years ago there.

Anyway, that's probably a good segue.

So the first question I always ask is, if Eone, E two walk up to you guys asking you for advice, right? And this is probably, maybe we should frame this as a cadet, because you've been a professor, but just ask me for advice, whether it's real estate or life advice, like, what's the one thing you wish you'd known when you were younger?

Michael:

Yeah. So thinking about this, and I, you know, when I was enlisted, and when I was a freshman Lieutenant, like, I wish somebody had told me, hey, make a budget now, figure out your finances now. And then every time you get promoted, don't even look at that promotion, right? And like, take that money you get promoted with and then put that away and save that and reinvest that in something else.

So I wish somebody would have told me that a lot sooner. So that's what I like to pass on to E one, E two or fresh lieutenants. That's what I kind of talked about in my classes as well at the academy. So.

Alex:

Would you have listened?

Michael:

No, probably not.

At least, at least he was playing a seed, right? At least they plant a seed. So then maybe a couple years down the road, they would do..

Alex:

So Dave and I asked this question, or he asked this question every time I've been on this podcast for it's been two years, a year and a half. I've been on this podcast for a while. And we've been asked this question for quite a while. And I like the idea of it. But I always think that I remember there was a guy who came to my house, I was E nothing. And I was way dumber, but just as arrogant, and he's like, Hey, you need to put, you know, 3% of your tsp this night, I was like, that's a bunch of bullshit. I'm buying car parts. I don't need any of that. I don't need to save money. The advice that I was wrong, I was wrong. That guy was right.

And so I always wonder, I'm like, dude, I know. David means very well with this question. And I don't know a better way to do it. But I always wonder, you know, in the face of good advice, people still make bad decisions. And that's the hardest part I struggle with with that part of that question, because I love your advice. It's how do I get people? How do we get an 18 year old and a one to listen to the show and then go against every, you know, that consumerist mindset that's beat into them. And then, you know, beat the 18 year old out of them and beat a 40 year old into them. It's hard.

David:

I would like to think if they're listening to the show, they're at least open to it, which is more than more than what we were my issue. And I think the reason I asked the question, because I agree that is inherently a problem is that, you know, in high school, I and I probably wouldn't be able to say that I would have listened had someone told me that, but a lot of the stuff I think back and I'm like, man, No, nobody even tried. Like, I wish somebody had tried at least like I would rather look back and go, Wow, I was the idiot who didn't listen to that. As opposed to like, I didn't even know there was anything different than the G fund for seven years. No idea, huh?

Michael:

Yeah.

David:

So I don't know.

Alex:

No, I'm not trying to just, I'm just..

Michael:

1% of people who listen.

Alex:

Say it again?

Michael:

You get 1% of people, one one person out of 100. Like listen to you, then. Yeah, that's yeah.

Alex:

We had that young fella on the show. I can't remember his name. It's in the top of my head with a young guy fuse all we've had a few young people yeah, where it's been like, you didn't want by 20. That's incredible.

So there's definitely people in this community and, and I'm incredibly grateful for him, especially the young ones that are that are catching us that, you know, we can, you know, be a force for good in their lives and be a good role modeling and have that, you know, that place where it's like they're listening to their other peer, E three, E fours and they're freaking knucklehead E fives that are that are been in for 18 years, that are telling them you know what to do, whatever. And they're like, you know, at least I love that they have the opportunity to come on to the military to millionaire podcast and be like, yo, at least these guys will give me some good financial advice.

I'm very glad that we do it. But it's just every time when you said that advice my god like that's good, solid, pragmatic. You know, just genuinely good advice. But it's so I don't know. I don't know how to get through to people. So I just hit my head. I was like, shameless. Oh, does everybody have a copy of this but me I'm so mad.

55:00 - 1:00:00

David:

Yours in the mail. Use the hard copy.

Alex:

Bro. I went on Amazon and ordered a hard copy of David's book and it wasn't available and I swear I almost texted him and I was gonna text you something nasty.

David:

Don’t talk dirty to me on my own show.

Alex:

Yeah.

David:

Yours is yours in the mail bro. It's in the mail. They came like I ordered like 100 books at once for like giving out to friends and mentors. And people I thought would leave a good review or at least give me honest feedback. And they came like two weeks apart. And so I was like, I had like a bunch of soft copies for all the people who agreed to like pre review and review that I had some hard copies I ordered for, you know, assholes like Alex who might break the soft copy. And then but they just came they came so far apart that yeah, it's been kind of a pain but it is what it is.

Suzie:

I have something just to add on to it.

So right now I'm reading a book. It's called clients for life. And like, the main premise of it is how there's a huge difference between experts and advisors. And with experts, you go to them, and it's very transactional. But with advisors, they don't give you the solution right away. Right? They make you think about it, they make you ask those deeper questions.

So I think that's the difference in the advice like, are you giving the advice just as a transaction? Are you asking deeper questions to these E ones, E twos. And having think about it, you know, like, if they get the advice, maybe they have no idea what to do with it. But it's like, Hey, you can get an investment to buy those car parts, right, like so then what does that do for you, you know, like, if you have the income stream to pay for the things you want, maybe that's the difference that they need.

So I think it's like tweaking how you have them think about the advice instead of just giving it to them.

David:

I do love the Socratic method.

Alex:

I love that so much Suzie because what's it Nassim has another quote? Even the cheapest misers are generous with advice, like advice is so shallow, I guess, or it can be incredibly useful, but without kinda like you said, where it's like, let me tell you, let me explain how to use this advice, right.

It's kind of the teach man to fish type of thing where it's like, Here you go, here's what you need to know. It's like, No, no, no, no, no, not just the platitude or the, you know, we can say Oh, network and educating it's like, but no, no, no. Here's how a little bit more here's how this works and why it's going to be what, why how you implemented it and I love that. I never really heard articulate it that way. But the diversity advice and advising, I love that.

David:

Yeah, that's good. Good point.

Alex:

I was way better than Michael's answer.

Suzie:

That's why I'm here.

David:

And Tila. Oh, puppy dog.

Alright. Question number two resources. You guys recommend books, courses, websites, whatever that you found helpful along your longer journeys?

Michael:

I think I'm gonna be the first one, to recommend no BS guide.

David:

I paid him to say that.

Michael:

We're reading it right now. And yeah, I wish it was something that I had when I was listed. And I wish it was something that I had when I was a lieutenant. I definitely plan on going back to the Academy. David will arrange this later. But I plan on buying these for all my students before they leave my class. So.

David:

Favorite podcast guest ever. You want to be a co host? I’m looking for a co host.

I mean, oh, sorry.

Suzie:

That's funny.

And even talking about you know, like doing things overseas and what to look for, like, even starting off with just Google right. Like you can google like real estate investing groups, real estate investing meetups, you know, like, meetup.com is a great resource, because like just putting in like passive income investing or real estate investing, you know, like, you can break down the words however you want, but you will find a huge laundry list of like networking events that you can then go to.

Michael:

Yeah, and it's actually if you're overseas military, Suzie and I hosted a meet up, for overseas military, or anybody who's overseas investing back in the States, we host a meet up that meets like once a month. So if you're interested, just reach out to us.

David:

I like it.

Where can people get a hold of you? Where can people get on this crazy email list? What kind of stuff did you guys get going on?

Michael:

So as we're talking through this whole show, right, we're talking about systems and processes and everything that I talked about going through the seminar and 54 emails you know, pre LOI or through, you know, take your property takeover, basically. And so with that, like Suzie, and I like thoroughly documented, like everything every step along the way, and then we distill that down into like a checklist. And so if you want to get your free checklist of how to close on our multifamily property, you can go to adventerousrei.comford/checklist, and you can download it there and you can find us there as well.

David:

See what I mean.

Alex, did you pick up on how subtle that was? That was the, this is I'm telling you systems man, this the perfect like, literally like, Hey, here's the super valuable, really complex thing that we broke down into a really easy, digestible checklist. And if you go to that link, you'll end up on my email list, and then we'll talk and everything like that is the perfect funnel. Well done, guys.

Suzie:

Thanks.

Michael:

We'll try to figure this marketing thing out.

David:

I love it!

I frickin, I'm gonna like to steal you.

I don't know if you're gonna do any deals in my market, but I'll find it.

Suzie:

We can arrange this. Yeah!

David:

We're all close enough. So whenever you guys do fly into Tulsa, you're gonna have to, we're gonna have to link up and hang out for sure.

So, guys, this has been good. This is the best podcast I've ever recorded with somebody who's already living in tomorrow.

Suzie:

You’re already living in tomorrow.

Michael:

Alex is about to be in tomorrow too.

Suzie:

You need to join the club.

David:

He was the one to extended this though you can't get mad at me. I was a little girl. I was all in for the wrap up. And Alex is like, hang on, guys. I have energy tonight. So.

1:00:00 - 1:01:49

Alex:

Hey, look.

The show is probably number one, I'll sleep later. I don't care. I want to make sure we get the right I want to make sure we get their story. I want to make sure we ask all the questions that people are thinking in the car, right? I was gonna ask that, Alex is so good. Couldn't agree more.

David:

Seriously, though, guys, this, we don't normally go past an hour. This is over an hour. This is really good. You guys, you have a good story. And what I know Alex isn't going to say it because I don't know he's being nice right now, maybe maybe he just doesn't want to talk on the rest of our guests. But it's very refreshing to have people come on the show and just tell a story and talk about what they're learning and what they're doing and not pitch and not be selling and not be. And we get a lot of that on the show, unfortunately, where we have to kind of like Okay, cool. We're going through the motions with someone who's just trying to get their name out there. And that's all they care about. And this has been just good dialogue about getting started in something and progressing and systems and just fun people so we really appreciate you guys as guests and I'm gonna leave all that in on the recording. So.

Michael:

Yeah, this is so much fun. I mean, yeah, I'm glad we woke up early to knock this out. So really excited.

David:

Me too.

And then I'm gonna go to sleep and wake up early anyway.

But guys, thank you very much for joining us tonight, tomorrow. Thank you both this morning.

Suzie:

Yeah, thank you.

End:

Thank you for listening to another episode about my journey From military to millionaire. If you liked it, be sure to visit Frommilitarytomillionaire.com/podcast to subscribe to future podcasts. While you're there, we'd love for you to rate the show. Give us a review on iTunes. Now get out there and take action.

Michael Barnhart quote

Episode: 142

Michael Barnhart and Suzy Sevier

Join your hosts, David Pere and Alex Felice, with guests Michael and Suzy as they talk about overseas investing and the importance of aligning with the right people and team. Tune in as Michael and Suzy explain the systems and processes they’ve built that allow them to manage multifamily investments even when they’re stationed abroad.

When everybody was sent home during the lockdown, Michael and Suzy started questioning what they were going to do with the time and restrictions they’re in. The two stumbled across the book, Multiple Streams of Income from a mini book club they started. Then and there, Michael and Suzy knew that they could do it too!

In this episode, Michael and Suzy reiterate the magic of having the right team and education. They believe that while for some multifamily syndication can get tricky, having different creative minds that know other things you don’t prove one thing: you don’t have to do everything yourself.

About Michael and Suzy:

Suzy and Michael are the Founders of Adventurous Real Estate Investors. They specialize in Return on Impact. Through real estate investing, they create immeasurable impacts; in their family, with their friends, in their community, with the families (residents) they serve, in the spaces where they want to be generous – everywhere and anywhere! Their adventure began at a TEDx event — the theme was Reset — and it changed their lives.

Their “why” is to achieve financial freedom through real estate investing so they can serve others all over the world. They want to be able to explore this beautiful world and experience all that it has to offer. They want to create an impact where it is needed most. They want to share this journey with others by offering investment opportunities to their partners, and to give back by mentoring others along the way to help them check off their bucket list items now, not after retirement.

Sponsor: https://www.frommilitarytomillionaire.com/rentometer-sponsor

Outline of the episode:

 

  • [03:23] Starting from the book, Multiple Streams of Income.
  • [07:17] Our team brought in the experience for all of us.
  • [13:07] When nobody follows up – follow up!; What is syndication about?
  • [18:45] Get other people for what you’re bad at doing.
  • [25:37] The social and cultural dynamics that play when taking over a property.
  • [31:35] What’s the best part of having a team?
  • [32:46] Educating yourself destroys Imposter Syndrome.
  • [36:45] The unfair advantage of working from overseas.
  • [43:24] Two big pieces when jumping onto the next deal.
  • [47:49] Setting up the systems and processes that make things work, even from anywhere around the world.
  • [50:26] “Stick to your budget!”
  • [55:00] The difference between experts and advisers.

Resources:

 

Website:              https://adventurousrei.com/

LinkedIn:             https://www.linkedin.com/company/adventurous-real-estate-investors/

Facebook:           https://www.facebook.com/adventurousREI

Instagram:          https://www.instagram.com/adventurous.rei/

 

Use Adventurous REI’s checklist for your next multifamily acquisition:

https://adventurousrei.com/checklist

 

The No B.S. Guide to Military Life – How to build wealth, Get Promoted, and Achieve Greatness, Book by David Pere:

https://www.amazon.com/B-S-Guide-Military-Life-greatness/dp/1736753010

 

Clients for Life – Evolving from an Expert-for-Hire to an Extraordinary Adviser, Book by Jagdish N. Sheth:

https://www.amazon.com/Clients-Life-Expert-Hire-Extraordinary/dp/0684870304

 

Meet people, find support, grow a business, and explore with Meet Up!:

https://www.meetup.com/

 

Follow Our Journey:

 

Website:              https://www.frommilitarytomillionaire.com/

YouTube:             https://www.youtube.com/c/Frommilitarytomillionaire/

Facebook:           https://www.facebook.com/groups/1735593999901619/

Instagram:          https://www.instagram.com/frommilitarytomillionaire/

 

Grab your book copy of The No B.S. Guide to Military Life – How to Build Wealth, Get Promoted, and Achieve Greatness by David Pere:

https://www.amazon.com/B-S-Guide-Military-Life-greatness/dp/1736753010

 

Sponsor: https://www.frommilitarytomillionaire.com/rentometer-sponsor

Real Estate Investing Course: https://www.frommilitarytomillionaire.com/teachable-rei

Recommended books and tools: https://www.frommilitarytomillionaire.com/kit/

Become an investor: https://www.frommilitarytomillionaire.com/investor/

SUBSCRIBE: https://bit.ly/2Q3EvfE

Website: https://www.frommilitarytomillionaire.com/start-here/

Instagram: https://www.instagram.com/frommilitarytomillionaire/

Facebook: https://www.facebook.com/groups/militarymillionaire/

My name is David Pere, I am an active duty Marine, and have realized that service members and the working class use the phrase “I don’t get paid enough” entirely too often. The reality is that most often our financial situation is self-inflicted. After having success with real estate investing, I started From Military to Millionaire to teach personal finance and real estate investing to service members and the working class. As a result, I have helped many of my readers increase their savings gap, and increase their chances of achieving financial freedom! – Click here to SUBSCRIBE: https://bit.ly/2Q3EvfE to the channel for more awesome videos!

THIS SITE IS INDEPENDENTLY OWNED AND OPERATED. ALL OPINIONS EXPRESSED HEREIN ARE MY OWN. THE VIEWS EXPRESSED ON THIS SITE ARE THOSE OF THE AUTHOR OR THE AUTHOR’S INVITED GUEST POSTERS, AND MAY NOT REFLECT THE VIEWS OF THE US GOVERNMENT, THE DEPARTMENT OF DEFENSE, OR THE UNITED STATES MARINE CORPS.

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David Pere

David Pere

David is an active duty Marine, who devotes his free time to helping service members, veterans, and their families learn how to build wealth through real estate investing, entrepreneurship, and personal finance!

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