YOUR DAILY REAL ESTATE INVESTMENT SHOW
Aug. 11, 2022

How to Jump Real Estate Markets and Renovate The Right Way With Josh Cantwell

How to Jump Real Estate Markets and Renovate The Right Way With Josh Cantwell

In this episode of Cash Flow Pro, we talk with Josh Cantwell, founder of Freeland Ventures. Josh was raised in an entrepreneurial family, and once out of college, he became a financial advisor at 23. After a couple of years, he realized that his...


In this episode of Cash Flow Pro, we talk with Josh Cantwell, founder of Freeland Ventures. Josh was raised in an entrepreneurial family, and once out of college, he became a financial advisor at 23. After a couple of years, he realized that his wealthiest clients had most of their wealth invested in real estate. That is when he decided to start investing in real estate. He began flipping residential homes, became a private lender, and eventually started building his apartment portfolio.

 

Josh is a pancreatic cancer survivor; after surviving, he swore he would invest differently and focus on raising capital and cash flow. He then used his financial advisor experience to

 

 

In this episode, we discuss:

  • Jumping real estate markets
  • Finding your niche and utilizing it
  • The keys to finding the correct property management team for you
  • The downside of being a passive owner
  • Renovating properties the right way

Tune in to find out more!

 

Find your flow,

Casey Brown

 

Resources mentioned in this podcast:

  1. https://www.linkedin.com/in/joshcantwell/
  2. https://www.instagram.com/josh.cantwell/?hl=en
  3. https://twitter.com/JoshCantwell
Transcript

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[casey_]: hey there and welcome to today's episode
of cash flow pro your daily

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[josh_cantwell_]: oh

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[casey_]: real estate investing podcast and you tube
channel i'm here today with josh can't well

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[casey_]: land adventures out of cleveland ohio josh
how are you today

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[josh_cantwell_]: um doing good case i got my
pot of coffee in me and a workout

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[josh_cantwell_]: and we're talking real estate so it's
been a great

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[casey_]: yeah

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[josh_cantwell_]: morning

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[casey_]: man that's that's

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[josh_cantwell_]: oh

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[casey_]: kind of like all of

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[josh_cantwell_]: oh

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[casey_]: the musts in life

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[josh_cantwell_]: oh

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[casey_]: i guess right coffee work out and
real estate so

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[josh_cantwell_]: that's

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[casey_]: anyway

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[josh_cantwell_]: right

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[casey_]: but so and i were talking a
little bit before

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[josh_cantwell_]: m

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[casey_]: the show and we decided to go
ahead jump in and get recording so that

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[casey_]: we wouldn't just have to repeat

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[josh_cantwell_]: yeah

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[casey_]: exactly what we were talking about because

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[josh_cantwell_]: right

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[casey_]: pretty much everything that that the questions
that i have i know are are a

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[casey_]: lot of the

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[josh_cantwell_]: yeah

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[casey_]: same questions that our listeners have and
a lot of the same questions that future

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[casey_]: listeners will have

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[josh_cantwell_]: m

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[casey_]: as they start to find their

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[josh_cantwell_]: yeah

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[casey_]: way through the real estate

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[josh_cantwell_]: oh

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[casey_]: space specifically

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[josh_cantwell_]: oh

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[casey_]: indications and the capital raising and the
management and you were talking about some construction

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[casey_]: stuff

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[josh_cantwell_]: yeah right

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[casey_]: so why don't you tell us a
little bit about yourself how you got started

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[casey_]: and then what kind of led you
to be focused specifically on this business

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[josh_cantwell_]: got a yeah so real quick but
important to the story is i was very

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[josh_cantwell_]: fortunate to be raising an entreprenerial family
my dad

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[casey_]: ah

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[josh_cantwell_]: owned a employe benefits company at one
point had fifty employees and one of his

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[josh_cantwell_]: largest clients was advanced auto parts that
had thirty thousand employees that was one of

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[josh_cantwell_]: my dad's clients so i grew up
in an entreprenerial family and coming out of

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[josh_cantwell_]: college you know i thought about going
to work for dad i thought about doing

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[josh_cantwell_]: a lot of different things but you
know i like i like the financial services

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[josh_cantwell_]: business so i became a financial advisor
at twenty two years old got my series

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[josh_cantwell_]: six sixty three sixty five life and
health licenses and started doing financial advising when

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[josh_cantwell_]: i was twenty three talking to people
two and three times my age

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[casey_]: wow

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[josh_cantwell_]: what i realized though case after a
couple of years is that most of my

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[josh_cantwell_]: really want the clients you know i
was i was i was kind of a

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[josh_cantwell_]: natural ad i had no problem cold
calling i had no probably talking to people

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[josh_cantwell_]: i had money i had no problem
talking to people who were much older than

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[josh_cantwell_]: i was because of my dad's you
know kind of leadership and mentorship so but

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[josh_cantwell_]: i noticed that those clients had most
of their big money in real estate case

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[josh_cantwell_]: like

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[casey_]: yep

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[josh_cantwell_]: they didn't have all their money in
stock market so i took notice these guys

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[josh_cantwell_]: own apartment buildings they owned rental portfolios
they own retail strips

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[casey_]: yes

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[josh_cantwell_]: on ers least i'm out to restaurants
and i took notice and so

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[casey_]: yeah

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[josh_cantwell_]: i bought my first investment of property
when i was twenty four years old it

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[josh_cantwell_]: was a duplex um i knew that
i would be a landlord my mom thought

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[josh_cantwell_]: i was not to think one i
was in real estate and number two i

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[josh_cantwell_]: was an all commission sales person right
with zero salary after this big college education

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[josh_cantwell_]: this big expense of college education so

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[casey_]: ye

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[josh_cantwell_]: i already had strike one and strike
as far as my mom was concerned so

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[josh_cantwell_]: i better get the thing right you
know just to

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[casey_]: yep

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[josh_cantwell_]: just to make her happy um but
you know fast forward i saw what they

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[josh_cantwell_]: were doing and so i started buying
real estate my own money you know pretty

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[josh_cantwell_]: much paying full price i didn't know
how to get deals off market i didn't

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[josh_cantwell_]: know how to raise private money but
i just went i just went and started

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[josh_cantwell_]: buying properties i bought

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[casey_]: sure

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[josh_cantwell_]: two plexus i bought quads i did
some flips while i was still a financial

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[josh_cantwell_]: advisor long story short i got into
residential we did thousands of flips wholesale fix

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[josh_cantwell_]: and flip started a private equity fund
and two thousand four in raising capital we

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[josh_cantwell_]: became a private lender and then in
two thousand and seventeen really began focusing on

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[josh_cantwell_]: our apartment portfolio the cash flow from
apartments today we've done eighteen sindications and on

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[josh_cantwell_]: forty three hundred units primarily in ohio
atlanta in houston and so you know it's

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[josh_cantwell_]: been a very natural organic growth process
case it's not like

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[casey_]: sure

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[josh_cantwell_]: i just jumped in day one made
trillion dollars

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[casey_]: yep

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[josh_cantwell_]: you know we were very methodical about
doing a couple deals with a full time

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[josh_cantwell_]: job then we were methodical about building
a real estate business quitting our jobs and

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[josh_cantwell_]: we were methodical about raising and building
a private equity fund raising money today we're

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[josh_cantwell_]: methodical about buying apartments doing the construction
and raising capital so it's just been stacking

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[josh_cantwell_]: one block on top of the other
for a long period of time you know

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[josh_cantwell_]: people say josh will you like an
overnight success i'm like yeah overnight success that

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[josh_cantwell_]: took me twenty five years to get
there so you know

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[casey_]: yeah

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[josh_cantwell_]: that in a three minute sort of
start that's kind of where we've been and

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[josh_cantwell_]: how we've grown

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[casey_]: yeah and that's sort of those those
are the same kind of people that say

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[casey_]: man you're

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[josh_cantwell_]: oh

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[casey_]: so lucky i'm like really look come
on

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[josh_cantwell_]: i've

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[casey_]: now

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[josh_cantwell_]: been stacking blocks man just stacking

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[casey_]: stack and

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[josh_cantwell_]: blocks

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[casey_]: blocks

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[josh_cantwell_]: for twenty

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[casey_]: they don't

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[josh_cantwell_]: five years

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[casey_]: they don't they don't see the years
when those first blocks were so difficult to

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[casey_]: to try to piece together that block

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[josh_cantwell_]: yeah

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[casey_]: much less the blocks that you stack
on top of one another so

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[josh_cantwell_]: no doubt

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[casey_]: well that's awesome man so so a
couple of things that kind of jump out

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[josh_cantwell_]: yeah

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[casey_]: right away

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[josh_cantwell_]: oh

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[casey_]: i notice that you're in three very
from the outside looking in let's say three

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[casey_]: very

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[josh_cantwell_]: yeah

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[casey_]: very different markets

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[josh_cantwell_]: h

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[casey_]: as far as

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[josh_cantwell_]: m

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[casey_]: demographics as far obviously

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[josh_cantwell_]: m oh

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[casey_]: geographics um and

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[josh_cantwell_]: oh

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[casey_]: i know you

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[josh_cantwell_]: m

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[casey_]: started in the cleveland area

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[josh_cantwell_]: yeah

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[casey_]: correct

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[josh_cantwell_]: correct

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[casey_]: so when you

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[josh_cantwell_]: oh

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[casey_]: start and and and i

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[josh_cantwell_]: oh

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[casey_]: understand and as somebody that's been around
this

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[josh_cantwell_]: ah

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[casey_]: stuff for a while now i understand
the duplific the duplic ation

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[josh_cantwell_]: yes

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[casey_]: that the methods that you just take
from like you duplicate what you were doing

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[josh_cantwell_]: m

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[casey_]: in cleveland

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[josh_cantwell_]: m

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[casey_]: to atlanta and then you do

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[josh_cantwell_]: hm

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[casey_]: what you're doing in both of those
markets to

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[josh_cantwell_]: uh

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[casey_]: um to houston

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[josh_cantwell_]: h yeah

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[casey_]: but there has

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[josh_cantwell_]: oh

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[casey_]: to be some differences

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[josh_cantwell_]: m

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[casey_]: and culture and some other things that
took place but my big question about all

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[casey_]: of that is is what did you
look for

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[josh_cantwell_]: m

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[casey_]: and what were the risks involved in
saying hey man we're doing this really good

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[casey_]: in cleveland here

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[josh_cantwell_]: m

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[casey_]: now let's jump into the atlanta market
and

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[josh_cantwell_]: yeah

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[casey_]: maybe to the houston market after that
but to me

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[josh_cantwell_]: oh

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[casey_]: i think a lot of people feel
like

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[josh_cantwell_]: oh

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[casey_]: that's such a big hurtle because they
just don't know those markets and they're like

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[josh_cantwell_]: yeah

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[casey_]: man what if we get down there
and we're buying an asset in a ship

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[josh_cantwell_]: yeah

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[casey_]: location that

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[josh_cantwell_]: right

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[casey_]: we didn't we didn't know was a
ship location

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[josh_cantwell_]: i'll tell you case it comes down
it comes down to partnerships and capital okay

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[josh_cantwell_]: so i'm a pankerotic cancer survivor that
all happened in two thousand eleven two thousand

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[josh_cantwell_]: twelve when i survived cancer i realized
i had made a huge mistake in that

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[josh_cantwell_]: i didn't own a lot of cash
flow i was flipping i was wholesaling i

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[josh_cantwell_]: was very transactional so when i was
fortunate to survive that disease that

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[casey_]: yes

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[josh_cantwell_]: has just a seven eight percent survival
rate i swore i was going to do

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[josh_cantwell_]: it differently and the way i was
going to do it differently was i was

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[josh_cantwell_]: to hang my hat on raising money
i knew that everybody needed money there were

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[josh_cantwell_]: lots of really experienced real estate investors

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[casey_]: m

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[josh_cantwell_]: that didn't quite understand how to raise
capital and get their hands on capital as

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[josh_cantwell_]: much i did because i was a
former financial advisor i knew what the advisors

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[josh_cantwell_]: sold and how they sold it so
i could easily win the argument of raising

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[josh_cantwell_]: capital having investors put their in real
estate versus the stock market i could win

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[josh_cantwell_]: that argument ninety nine times out of
a hundred so i hung my head on

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[josh_cantwell_]: what i knew

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[casey_]: ah

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[josh_cantwell_]: like so that's probably my per first
piece of advice for your audiene is to

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[josh_cantwell_]: really figure out what you can do
that's different that super super nitch make yourself

203
00:07:51,824 --> 00:07:55,070
[josh_cantwell_]: an expert at something super super niche
that was going to be my nitch so

204
00:07:55,130 --> 00:08:03,363
[josh_cantwell_]: i became i schooled myself i learned
but i executed on raising money that reputation

205
00:08:03,864 --> 00:08:07,350
[josh_cantwell_]: of being able to fund all my
own deals allowed me to then raise money

206
00:08:07,410 --> 00:08:13,580
[josh_cantwell_]: into this fund the fund and created
this reputation nationally of being

207
00:08:13,680 --> 00:08:13,861
[casey_]: oh

208
00:08:13,761 --> 00:08:18,909
[josh_cantwell_]: able to fund deals as a lender
then case my investors came to me and

209
00:08:18,989 --> 00:08:24,298
[josh_cantwell_]: said hey josh this debt fund this
ending fund is great we're getting great returns

210
00:08:24,739 --> 00:08:27,684
[josh_cantwell_]: but what else do you got and
so we were doing all these

211
00:08:27,661 --> 00:08:27,722
[casey_]: we

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00:08:27,724 --> 00:08:27,964
[josh_cantwell_]: deals

213
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[casey_]: want

214
00:08:28,004 --> 00:08:28,044
[josh_cantwell_]: in

215
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[casey_]: more

216
00:08:28,125 --> 00:08:28,485
[josh_cantwell_]: cleveland

217
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[casey_]: you want more

218
00:08:29,607 --> 00:08:30,128
[josh_cantwell_]: the one more

219
00:08:30,664 --> 00:08:30,684
[casey_]: a

220
00:08:30,749 --> 00:08:34,255
[josh_cantwell_]: so we just it just organically grew
and i listened to them market i listened

221
00:08:34,295 --> 00:08:39,544
[josh_cantwell_]: to what the market wanted these investors
wanted something else and so we started talking

222
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[josh_cantwell_]: to some of my buddies in two
thousand fourteen fifteen and were already in apartments

223
00:08:44,211 --> 00:08:48,559
[josh_cantwell_]: that were already operating these markets in
the houston market in the cleveland market in

224
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[josh_cantwell_]: the atlanta market and we could bring
something to the table that they needed which

225
00:08:53,307 --> 00:08:55,590
[josh_cantwell_]: was the equity the capital the down
stroke

226
00:08:56,011 --> 00:08:56,233
[casey_]: okay

227
00:08:56,272 --> 00:09:02,021
[josh_cantwell_]: they needed that money to execute on
larger deals and so we knew our nitch

228
00:09:03,003 --> 00:09:07,110
[josh_cantwell_]: we were going to operate the real
estate in houston or or atlanta we

229
00:09:07,070 --> 00:09:07,332
[casey_]: gotch

230
00:09:07,190 --> 00:09:10,776
[josh_cantwell_]: were we have a deal in oklahoma
we had a deal in mote alabama we

231
00:09:10,876 --> 00:09:15,804
[josh_cantwell_]: sold those off but we were going
to operate the real estate down there so

232
00:09:15,864 --> 00:09:19,771
[josh_cantwell_]: it was key to coming to the
partnership for people to raise their hand and

233
00:09:19,811 --> 00:09:23,177
[josh_cantwell_]: say hey josh i know that you're
really god raising money i know that you

234
00:09:23,217 --> 00:09:26,975
[josh_cantwell_]: can sponsor loans you have a big
balance sheet but i didn't want to be

235
00:09:27,135 --> 00:09:31,703
[josh_cantwell_]: flying back and forth to these locations
so i knew locally in cleveland we could

236
00:09:31,843 --> 00:09:35,790
[josh_cantwell_]: operate the real estate do the construction
sponsor the loan find the deal and raise

237
00:09:35,850 --> 00:09:39,456
[josh_cantwell_]: the money we could do it all
and we do but in these other areas

238
00:09:39,496 --> 00:09:43,202
[josh_cantwell_]: it was about finding some key partnerships
with some people who are really good operators

239
00:09:43,674 --> 00:09:43,817
[casey_]: yep

240
00:09:43,803 --> 00:09:48,211
[josh_cantwell_]: that's the way that you can scale
and get big equity in big deals without

241
00:09:48,331 --> 00:09:52,858
[josh_cantwell_]: having to actually drive fly do all
these kind of things so when they brought

242
00:09:52,898 --> 00:09:55,943
[josh_cantwell_]: the deal to s case they had
the deal packaged up and ready to go

243
00:09:56,064 --> 00:10:01,954
[josh_cantwell_]: the underwriting was done the diligence was
done all the reports the economics the geographic

244
00:10:02,094 --> 00:10:05,824
[josh_cantwell_]: was all done i was able to
read it verify it and then say yes

245
00:10:05,864 --> 00:10:08,230
[josh_cantwell_]: this is a deal i want a
partner of that's how we got into these

246
00:10:08,270 --> 00:10:08,811
[josh_cantwell_]: other markets

247
00:10:09,700 --> 00:10:10,983
[casey_]: yeah and that's that's

248
00:10:10,954 --> 00:10:11,254
[josh_cantwell_]: oh

249
00:10:11,824 --> 00:10:15,230
[casey_]: and one thing that i've learned from
doing these podcasts and being around this business

250
00:10:15,991 --> 00:10:16,492
[casey_]: in general

251
00:10:16,579 --> 00:10:16,682
[josh_cantwell_]: ah

252
00:10:17,053 --> 00:10:17,293
[casey_]: is

253
00:10:17,404 --> 00:10:17,424
[josh_cantwell_]: m

254
00:10:17,694 --> 00:10:20,919
[casey_]: is because just like you said we
were like you said well we got so

255
00:10:20,959 --> 00:10:22,802
[casey_]: many in r houston

256
00:10:22,684 --> 00:10:23,764
[josh_cantwell_]: oh

257
00:10:22,862 --> 00:10:25,166
[casey_]: we got so many doors in atlanta
and a lot of times

258
00:10:24,814 --> 00:10:25,014
[josh_cantwell_]: yeah

259
00:10:25,607 --> 00:10:28,732
[casey_]: it's like paul harvey used to say
all right now let's get the rest of

260
00:10:28,772 --> 00:10:30,655
[casey_]: the story which is exactly what you
just gave us

261
00:10:30,664 --> 00:10:30,684
[josh_cantwell_]: m

262
00:10:30,695 --> 00:10:31,917
[casey_]: the rest of the story as to

263
00:10:32,207 --> 00:10:32,267
[josh_cantwell_]: h

264
00:10:32,799 --> 00:10:34,844
[casey_]: its confusing to an outside

265
00:10:34,693 --> 00:10:34,714
[josh_cantwell_]: m

266
00:10:34,904 --> 00:10:35,265
[casey_]: or looking

267
00:10:35,314 --> 00:10:35,595
[josh_cantwell_]: oh

268
00:10:35,386 --> 00:10:38,484
[casey_]: in to say man how does this
guy know what's going on in denver

269
00:10:38,674 --> 00:10:38,835
[josh_cantwell_]: my

270
00:10:38,704 --> 00:10:42,341
[casey_]: i mean you know if i stepped
in the denver market i'd get trashed because

271
00:10:42,381 --> 00:10:44,625
[casey_]: i'd pay too much for something because
the people

272
00:10:44,574 --> 00:10:44,774
[josh_cantwell_]: sure

273
00:10:44,665 --> 00:10:47,750
[casey_]: that you see what i'm saying and
that's that's one of the things that i

274
00:10:47,790 --> 00:10:50,896
[casey_]: had to learn in this business is
because somebody says hey i've got i've a

275
00:10:50,956 --> 00:10:52,939
[casey_]: partner on a thousand doors in an

276
00:10:53,164 --> 00:10:53,444
[josh_cantwell_]: yeah

277
00:10:53,300 --> 00:10:57,674
[casey_]: coma city and i'm like i've been
to oklahoma city okay and i know that

278
00:10:57,694 --> 00:10:59,657
[casey_]: you can get dumped in an area
really

279
00:10:59,619 --> 00:10:59,779
[josh_cantwell_]: yeah

280
00:10:59,757 --> 00:11:03,643
[casey_]: quick that's not that's that has

281
00:11:03,794 --> 00:11:03,814
[josh_cantwell_]: a

282
00:11:04,024 --> 00:11:09,762
[casey_]: viable living people there but you definitely
don't want to be walking around a pocket

283
00:11:09,803 --> 00:11:10,964
[casey_]: full of cash okay so

284
00:11:10,926 --> 00:11:11,086
[josh_cantwell_]: right

285
00:11:11,405 --> 00:11:15,372
[casey_]: what i'm getting at is and so
with all that being said yeah there's always

286
00:11:15,432 --> 00:11:18,838
[casey_]: more to the story and i love
the fact that you you brought you took

287
00:11:18,814 --> 00:11:18,834
[josh_cantwell_]: m

288
00:11:18,958 --> 00:11:22,023
[casey_]: your talents and you were ike hey
i know what i can hang my hat

289
00:11:22,183 --> 00:11:23,145
[casey_]: on this is

290
00:11:23,108 --> 00:11:24,694
[josh_cantwell_]: hm

291
00:11:23,185 --> 00:11:26,470
[casey_]: what i can do now let's go
when you come

292
00:11:26,314 --> 00:11:26,554
[josh_cantwell_]: oh

293
00:11:26,530 --> 00:11:30,617
[casey_]: to me and say hey i got
this deal here all of the little the

294
00:11:30,677 --> 00:11:35,045
[casey_]: little things are done and now you
don't have to worry about changing light bulbs

295
00:11:35,165 --> 00:11:38,591
[casey_]: in a in a unit in houston
you know what

296
00:11:38,534 --> 00:11:38,695
[josh_cantwell_]: that's

297
00:11:38,611 --> 00:11:38,891
[casey_]: i'm saying

298
00:11:38,775 --> 00:11:39,759
[josh_cantwell_]: right that's

299
00:11:39,692 --> 00:11:39,853
[casey_]: what

300
00:11:39,819 --> 00:11:39,939
[josh_cantwell_]: right

301
00:11:39,933 --> 00:11:44,741
[casey_]: about the the ongoing property management when
you have

302
00:11:44,614 --> 00:11:44,995
[josh_cantwell_]: oh

303
00:11:44,782 --> 00:11:48,832
[casey_]: somebody bring a deal like that where
then you raise the money and then you

304
00:11:48,912 --> 00:11:51,158
[casey_]: sponsor the loans or whatever the case
is

305
00:11:52,204 --> 00:11:52,224
[josh_cantwell_]: m

306
00:11:52,833 --> 00:11:56,561
[casey_]: the property management side of things do
you

307
00:11:56,674 --> 00:11:57,055
[josh_cantwell_]: oh

308
00:11:56,721 --> 00:12:00,267
[casey_]: usually like want that to be integrated
in with whoever you're

309
00:12:00,124 --> 00:12:00,472
[josh_cantwell_]: my

310
00:12:00,307 --> 00:12:01,930
[casey_]: working with i mean because it

311
00:12:01,925 --> 00:12:01,965
[josh_cantwell_]: hm

312
00:12:01,970 --> 00:12:05,295
[casey_]: just seems like too many hands get
in one pot and that's one of the

313
00:12:05,356 --> 00:12:05,696
[casey_]: things that

314
00:12:05,704 --> 00:12:05,965
[josh_cantwell_]: yeah

315
00:12:05,756 --> 00:12:09,262
[casey_]: i've always kind of asked about in
so he says yeah we're partners on this

316
00:12:09,362 --> 00:12:11,746
[casey_]: over here i mean what requirements

317
00:12:11,794 --> 00:12:12,055
[josh_cantwell_]: oh

318
00:12:11,846 --> 00:12:15,705
[casey_]: do you have of somebody that looks
after those properties and say

319
00:12:15,694 --> 00:12:15,994
[josh_cantwell_]: yeah

320
00:12:15,745 --> 00:12:16,568
[casey_]: the atlanta market

321
00:12:16,996 --> 00:12:17,156
[josh_cantwell_]: sure

322
00:12:17,050 --> 00:12:18,917
[casey_]: do you want that property management integrated

323
00:12:19,320 --> 00:12:24,568
[josh_cantwell_]: go well what i want is third
party i want third party property management third

324
00:12:24,628 --> 00:12:29,637
[josh_cantwell_]: party property management with a really good
manager so we've used or major property managers

325
00:12:29,717 --> 00:12:35,066
[josh_cantwell_]: we use asset living we use trinity
multi family we use r a m which

326
00:12:35,106 --> 00:12:38,672
[josh_cantwell_]: is based out of cleveland but they
manage in like sixteen different states and then

327
00:12:38,712 --> 00:12:38,892
[josh_cantwell_]: we have

328
00:12:38,813 --> 00:12:39,300
[casey_]: hm

329
00:12:39,012 --> 00:12:44,221
[josh_cantwell_]: one kind of local manager that just
manages stuff in cleveland called our e m

330
00:12:45,123 --> 00:12:51,113
[josh_cantwell_]: um and they're all really good that
you know any property manager case is going

331
00:12:51,153 --> 00:12:53,701
[josh_cantwell_]: to have their and down they're gonna
have their good stuff and bad

332
00:12:53,551 --> 00:12:53,834
[casey_]: oh yeah

333
00:12:54,574 --> 00:12:59,899
[josh_cantwell_]: but you in order to be a
really good asset manager a partner and asset

334
00:13:00,019 --> 00:13:04,354
[josh_cantwell_]: manager there's a couple of things that
have to go into that one is you

335
00:13:04,374 --> 00:13:08,722
[josh_cantwell_]: have to make sure that the property
manager agrees to manage the building on your

336
00:13:09,554 --> 00:13:13,027
[josh_cantwell_]: projections and pro forma he want to
bring their own pro forma and thy wan

337
00:13:13,087 --> 00:13:16,034
[josh_cantwell_]: o say this is what the expenses
should be and this is the different you

338
00:13:16,074 --> 00:13:18,900
[josh_cantwell_]: know money that we're going to put
into unit turns and i stop them and

339
00:13:18,980 --> 00:13:24,440
[josh_cantwell_]: say no i own the building this
is my business plan if you can manage

340
00:13:24,500 --> 00:13:27,305
[josh_cantwell_]: to this business plan you've got the
job if

341
00:13:27,380 --> 00:13:27,502
[casey_]: yep

342
00:13:27,625 --> 00:13:31,151
[josh_cantwell_]: you're goin to manage to your business
plan you're not hired or you're hired

343
00:13:31,580 --> 00:13:31,762
[casey_]: that's

344
00:13:31,712 --> 00:13:31,792
[josh_cantwell_]: so

345
00:13:31,863 --> 00:13:32,025
[casey_]: right

346
00:13:32,012 --> 00:13:33,054
[josh_cantwell_]: that's one of th he's

347
00:13:33,140 --> 00:13:33,221
[casey_]: you

348
00:13:33,475 --> 00:13:36,420
[josh_cantwell_]: secondly we don't want the property

349
00:13:36,101 --> 00:13:36,162
[casey_]: ye

350
00:13:36,500 --> 00:13:41,288
[josh_cantwell_]: managers to do the construction and the
renovations most companies are the really good property

351
00:13:41,328 --> 00:13:48,727
[josh_cantwell_]: management meaning leasing marketing maybe make ready
unit turns but any heavy construction has to

352
00:13:48,767 --> 00:13:54,385
[josh_cantwell_]: be done by a totally separate company
okay so in the cleveland area we use

353
00:13:54,445 --> 00:13:59,514
[josh_cantwell_]: third party managers they don't like it
but we manage the hell out of them

354
00:13:59,894 --> 00:14:04,482
[josh_cantwell_]: like we're on top of an owner
meeting once a week and we're secret shopping

355
00:14:04,542 --> 00:14:10,933
[josh_cantwell_]: our property show up out of nowhere
looking at our pnls on a monthly basis

356
00:14:10,973 --> 00:14:15,901
[josh_cantwell_]: and really drilling down on the expenses
so we are a very active ownership group

357
00:14:16,262 --> 00:14:20,012
[josh_cantwell_]: that's a key to being successful in
not only this business but really any business

358
00:14:20,735 --> 00:14:25,997
[josh_cantwell_]: um and so we want to separate
so again one make sure they manage to

359
00:14:26,057 --> 00:14:33,249
[josh_cantwell_]: your pro forma number two separate construction
from property management three secret shop manage really

360
00:14:33,349 --> 00:14:36,815
[josh_cantwell_]: hard a lot of guys that i
see doing these deals cas you know they

361
00:14:37,035 --> 00:14:40,621
[josh_cantwell_]: based in cleveland but they're buying a
deal in colorado where they're you know based

362
00:14:40,681 --> 00:14:44,347
[josh_cantwell_]: in charlotte and they're buying a deal
in florida they think hey i bought the

363
00:14:44,388 --> 00:14:49,596
[josh_cantwell_]: deal and it's like a license to
be a passive owner and let the property

364
00:14:49,340 --> 00:14:49,522
[casey_]: yeah

365
00:14:49,656 --> 00:14:51,560
[josh_cantwell_]: manager just do the property management thing

366
00:14:51,410 --> 00:14:51,570
[casey_]: yeah

367
00:14:51,960 --> 00:14:52,201
[josh_cantwell_]: that's

368
00:14:52,071 --> 00:14:52,231
[casey_]: man

369
00:14:52,321 --> 00:14:53,283
[josh_cantwell_]: financial suicide

370
00:14:53,613 --> 00:14:54,134
[casey_]: passive

371
00:14:54,064 --> 00:14:54,264
[josh_cantwell_]: yeah

372
00:14:54,274 --> 00:14:58,802
[casey_]: owner and and i'm going to be
quite truthful that's probably one of a weakness

373
00:14:58,922 --> 00:15:00,565
[casey_]: of mine is

374
00:15:00,687 --> 00:15:00,789
[josh_cantwell_]: ah

375
00:15:00,945 --> 00:15:01,366
[casey_]: sometimes

376
00:15:01,384 --> 00:15:01,685
[josh_cantwell_]: oh

377
00:15:01,466 --> 00:15:04,857
[casey_]: i become too much of a passive
owner and i'm like

378
00:15:04,806 --> 00:15:07,324
[josh_cantwell_]: hmm

379
00:15:05,481 --> 00:15:10,055
[casey_]: and you just you set these numbers
up and you get all this stuff and

380
00:15:10,075 --> 00:15:12,899
[casey_]: you're like okay all you do is
go you know you're like

381
00:15:12,924 --> 00:15:13,004
[josh_cantwell_]: ah

382
00:15:12,979 --> 00:15:16,044
[casey_]: okay if the rents are collected then
then this is what's

383
00:15:15,833 --> 00:15:15,874
[josh_cantwell_]: ah

384
00:15:16,105 --> 00:15:17,787
[casey_]: going to look like on the other
side of this

385
00:15:17,704 --> 00:15:17,885
[josh_cantwell_]: yeah

386
00:15:17,868 --> 00:15:19,490
[casey_]: and and then i'm on

387
00:15:19,504 --> 00:15:19,524
[josh_cantwell_]: m

388
00:15:19,550 --> 00:15:20,752
[casey_]: to the next thing right

389
00:15:21,146 --> 00:15:21,166
[josh_cantwell_]: h

390
00:15:21,373 --> 00:15:25,200
[casey_]: instead of being a passive owner and
that's that

391
00:15:25,213 --> 00:15:25,234
[josh_cantwell_]: m

392
00:15:25,280 --> 00:15:25,400
[casey_]: is

393
00:15:25,444 --> 00:15:25,706
[josh_cantwell_]: yes

394
00:15:26,522 --> 00:15:27,203
[casey_]: probably one of

395
00:15:27,214 --> 00:15:27,414
[josh_cantwell_]: oh

396
00:15:27,223 --> 00:15:33,694
[casey_]: the biggest mistakes that i made way
or i'm talking about my individual career and

397
00:15:33,754 --> 00:15:33,874
[casey_]: i've

398
00:15:33,874 --> 00:15:34,155
[josh_cantwell_]: oh

399
00:15:33,934 --> 00:15:38,322
[casey_]: had to constantly have that in my
mind as something that i could not get

400
00:15:38,822 --> 00:15:39,263
[casey_]: i had to

401
00:15:39,244 --> 00:15:39,548
[josh_cantwell_]: oh

402
00:15:39,283 --> 00:15:41,246
[casey_]: get separated from i had to get
separated

403
00:15:40,995 --> 00:15:41,075
[josh_cantwell_]: hm

404
00:15:41,287 --> 00:15:44,312
[casey_]: and say okay hey we have to
about because i had a guy tell me

405
00:15:44,392 --> 00:15:46,175
[casey_]: one time and this is this is

406
00:15:46,273 --> 00:15:46,294
[josh_cantwell_]: m

407
00:15:46,275 --> 00:15:51,384
[casey_]: not specifically to this point but he
said i was i asked him i was

408
00:15:51,424 --> 00:15:55,160
[casey_]: like we were in kentucky and he
had his boat registered in alabama you know

409
00:15:55,220 --> 00:15:57,604
[casey_]: i was like you got your boat
register on a bam with the hick and

410
00:15:57,664 --> 00:16:01,050
[casey_]: he's like yeah it's it's like a
third of the price right to have you

411
00:16:01,317 --> 00:16:01,397
[josh_cantwell_]: hm

412
00:16:01,611 --> 00:16:03,894
[casey_]: have your vehicles registered in alabama and
live in

413
00:16:03,973 --> 00:16:03,994
[josh_cantwell_]: m

414
00:16:04,255 --> 00:16:05,878
[casey_]: he said all you have o do
is own a house down there so i

415
00:16:05,898 --> 00:16:08,662
[casey_]: went on there and bought a house
i rent the house out the house cash

416
00:16:08,743 --> 00:16:12,329
[casey_]: flows i used that address and i
read and read streaffmy vehicles down here cause

417
00:16:12,349 --> 00:16:13,611
[casey_]: it's about a third of the price
and i

418
00:16:13,654 --> 00:16:13,674
[josh_cantwell_]: m

419
00:16:13,711 --> 00:16:16,475
[casey_]: said what in the why why the

420
00:16:16,426 --> 00:16:16,546
[josh_cantwell_]: yeah

421
00:16:16,516 --> 00:16:18,639
[casey_]: headache an he said man you take
care of

422
00:16:18,604 --> 00:16:21,094
[josh_cantwell_]: yeah

423
00:16:18,659 --> 00:16:21,573
[casey_]: the little i need the big money
will take care of itself and it's the

424
00:16:21,694 --> 00:16:24,351
[casey_]: same it's the same

425
00:16:24,334 --> 00:16:24,635
[josh_cantwell_]: yeah

426
00:16:24,491 --> 00:16:28,678
[casey_]: thing where instead of being a passive
owner if you get in there

427
00:16:28,594 --> 00:16:28,815
[josh_cantwell_]: oh

428
00:16:28,718 --> 00:16:33,927
[casey_]: and you start worrying about some of
what somebody might consider a nuance experience or

429
00:16:34,548 --> 00:16:35,189
[casey_]: a minor

430
00:16:35,014 --> 00:16:35,234
[josh_cantwell_]: yeah

431
00:16:35,550 --> 00:16:39,480
[casey_]: and and you start you start hemming
some of those minor expenses up and bundling

432
00:16:39,124 --> 00:16:39,326
[josh_cantwell_]: oh

433
00:16:39,500 --> 00:16:42,688
[casey_]: them up you can really start adding
to that profit

434
00:16:43,509 --> 00:16:49,018
[josh_cantwell_]: oh yeah so i think i think
the key to that case is secret shopping

435
00:16:49,178 --> 00:16:51,301
[josh_cantwell_]: everybody um

436
00:16:51,920 --> 00:16:52,041
[casey_]: it's

437
00:16:52,063 --> 00:16:52,363
[josh_cantwell_]: secret

438
00:16:52,101 --> 00:16:52,644
[casey_]: interesting

439
00:16:52,383 --> 00:16:53,585
[josh_cantwell_]: show ping and walking units

440
00:16:53,409 --> 00:16:55,179
[casey_]: yeah

441
00:16:53,746 --> 00:16:58,874
[josh_cantwell_]: showing up showing up at random times
walking units showing up at random times walking

442
00:16:58,974 --> 00:17:05,245
[josh_cantwell_]: common spaces showing up at random times
talking to the tenants the residents showing up

443
00:17:05,305 --> 00:17:12,096
[josh_cantwell_]: at random times and checking the books
demanding a set of books that you may

444
00:17:12,196 --> 00:17:15,061
[josh_cantwell_]: not get till the end of the
month that you demand and say close out

445
00:17:15,101 --> 00:17:18,947
[josh_cantwell_]: the books today i see him now
and it's the middle of the month and

446
00:17:19,007 --> 00:17:23,940
[josh_cantwell_]: just shocking the system and say look
i'm the owner i want the stuff at

447
00:17:23,980 --> 00:17:27,155
[josh_cantwell_]: the end of the day i'm not
being a prick about it but secret shopping

448
00:17:27,235 --> 00:17:32,204
[josh_cantwell_]: people keeps them on their toes to
know that hey man like you said take

449
00:17:32,244 --> 00:17:35,169
[josh_cantwell_]: care of the little money the big
money will take care of itself it's like

450
00:17:35,429 --> 00:17:37,913
[josh_cantwell_]: again while the cat's away the mice
will play that is

451
00:17:37,910 --> 00:17:38,880
[casey_]: yeah

452
00:17:38,013 --> 00:17:42,140
[josh_cantwell_]: all true it's all true and even
with adults even with super professional

453
00:17:42,020 --> 00:17:42,141
[casey_]: like

454
00:17:42,240 --> 00:17:46,648
[josh_cantwell_]: people you have to make sure that
you're taking care of your assets i've seen

455
00:17:46,688 --> 00:17:50,996
[josh_cantwell_]: some guys getting big trouble and what
they've been fortunate in in the last ten

456
00:17:51,056 --> 00:17:52,559
[josh_cantwell_]: years as we've been in a bull
market

457
00:17:53,120 --> 00:17:53,261
[casey_]: yep

458
00:17:53,181 --> 00:17:57,792
[josh_cantwell_]: bull market with stocks crypto real estate
everything well everybody looks like a super star

459
00:17:58,381 --> 00:17:58,744
[casey_]: ah try

460
00:17:58,744 --> 00:18:01,929
[josh_cantwell_]: right now you're going to find out
people aren't going to be super

461
00:18:01,972 --> 00:18:01,993
[casey_]: i

462
00:18:01,989 --> 00:18:05,555
[josh_cantwell_]: stars because the market is not going
to bail them out people have been bailed

463
00:18:05,795 --> 00:18:07,298
[josh_cantwell_]: out by rising prices

464
00:18:07,700 --> 00:18:07,841
[casey_]: yep

465
00:18:08,119 --> 00:18:11,709
[josh_cantwell_]: they don't know how to operate in
a recessionary market what we're about to see

466
00:18:11,829 --> 00:18:15,565
[josh_cantwell_]: so some guys are going to get
clipped real bad coming up in the next

467
00:18:15,865 --> 00:18:20,473
[josh_cantwell_]: twelve to twenty four months and other
guys that were managing their properties like crap

468
00:18:20,914 --> 00:18:23,919
[josh_cantwell_]: got bailed out because we're just able
to sell the asset for more

469
00:18:24,410 --> 00:18:24,554
[casey_]: yep

470
00:18:24,480 --> 00:18:28,998
[josh_cantwell_]: so if you're a limited partner or
you're going to be join dancer partner with

471
00:18:29,038 --> 00:18:34,501
[josh_cantwell_]: somebody make sure you dig on those
types of financials before you invest or before

472
00:18:34,541 --> 00:18:38,908
[josh_cantwell_]: your partner because some people look like
super stars but only because they got bailed

473
00:18:38,948 --> 00:18:43,315
[josh_cantwell_]: out by the market because they were
terrible case terrible operators they didn't have

474
00:18:43,241 --> 00:18:43,344
[casey_]: eh

475
00:18:43,355 --> 00:18:47,899
[josh_cantwell_]: their ship in order property management wasn't
tight their construction was loose they were over

476
00:18:47,959 --> 00:18:51,623
[josh_cantwell_]: budget they were bleeding cash and the
market build them out so

477
00:18:51,581 --> 00:18:51,724
[casey_]: yeah

478
00:18:54,256 --> 00:18:56,861
[josh_cantwell_]: but they didn't take care of the
little money right and

479
00:18:56,921 --> 00:18:57,083
[casey_]: try

480
00:18:56,941 --> 00:19:00,707
[josh_cantwell_]: so that that to me is where
not only do you operate in a good

481
00:19:00,787 --> 00:19:04,994
[josh_cantwell_]: market in a bull market but that's
how the best operators are on operate in

482
00:19:05,034 --> 00:19:08,059
[josh_cantwell_]: this bear market and that's her they're
going to win and on the other side

483
00:19:08,140 --> 00:19:11,766
[josh_cantwell_]: they're gonna have this amazing we i
know we're goin to have this amazing reputation

484
00:19:11,846 --> 00:19:15,572
[josh_cantwell_]: for how we managed and it's going
to it's going to bring in more investors

485
00:19:15,632 --> 00:19:17,337
[josh_cantwell_]: and more deal flowing more opportunity

486
00:19:17,919 --> 00:19:18,080
[casey_]: yeah

487
00:19:18,220 --> 00:19:21,451
[josh_cantwell_]: so you got to take this business
pretty pricking seriously but good thing about it

488
00:19:22,344 --> 00:19:26,907
[josh_cantwell_]: that the deals are big enough you
can have professional management take care of all

489
00:19:26,927 --> 00:19:29,832
[josh_cantwell_]: the lease and you can have professional
contractors do all the unit turns and all

490
00:19:29,852 --> 00:19:34,820
[josh_cantwell_]: the improvements professional book work like p
n l's balance sheets from c p a's

491
00:19:34,860 --> 00:19:40,118
[josh_cantwell_]: and your controller profession everything you just
have to be a really good manager of

492
00:19:40,239 --> 00:19:40,721
[josh_cantwell_]: managers

493
00:19:41,290 --> 00:19:41,432
[casey_]: yep

494
00:19:41,544 --> 00:19:43,290
[josh_cantwell_]: have to know what your requirements are

495
00:19:43,271 --> 00:19:43,434
[casey_]: yeah

496
00:19:43,390 --> 00:19:46,462
[josh_cantwell_]: and then secret shop that's the key
to being a good operator

497
00:19:46,880 --> 00:19:47,060
[casey_]: yeah

498
00:19:47,224 --> 00:19:47,465
[josh_cantwell_]: oh

499
00:19:47,501 --> 00:19:51,868
[casey_]: and i know there's also there's a
very know when i used

500
00:19:52,107 --> 00:19:52,534
[josh_cantwell_]: hm

501
00:19:52,469 --> 00:19:54,652
[casey_]: the statement that take care of the
little money

502
00:19:54,568 --> 00:19:54,589
[josh_cantwell_]: m

503
00:19:54,713 --> 00:19:55,253
[casey_]: the big money will

504
00:19:55,243 --> 00:19:55,264
[josh_cantwell_]: m

505
00:19:55,274 --> 00:19:57,978
[casey_]: take care of itself and there there
also

506
00:19:59,914 --> 00:20:00,134
[josh_cantwell_]: yeah

507
00:20:00,251 --> 00:20:04,781
[casey_]: from a management perspective there has to
be a fine line right there

508
00:20:04,713 --> 00:20:04,834
[josh_cantwell_]: right

509
00:20:04,901 --> 00:20:06,624
[casey_]: between something

510
00:20:06,493 --> 00:20:06,514
[josh_cantwell_]: m

511
00:20:06,685 --> 00:20:08,308
[casey_]: that is actually frivolous

512
00:20:08,014 --> 00:20:08,254
[josh_cantwell_]: oh

513
00:20:09,250 --> 00:20:15,280
[casey_]: or something that's really not going to
make a huge difference and spending half of

514
00:20:15,380 --> 00:20:16,120
[casey_]: a day working

515
00:20:15,784 --> 00:20:16,044
[josh_cantwell_]: yeah

516
00:20:16,601 --> 00:20:19,764
[casey_]: working on it or figuring it out
when in the end of the day it's

517
00:20:19,784 --> 00:20:19,904
[casey_]: going

518
00:20:19,834 --> 00:20:20,077
[josh_cantwell_]: oh

519
00:20:19,944 --> 00:20:22,946
[casey_]: to make a hundred dollar difference in
whatever now

520
00:20:23,075 --> 00:20:23,155
[josh_cantwell_]: hm

521
00:20:23,387 --> 00:20:29,803
[casey_]: obviously there has to be a little
risk v reward dialogue in there amongst yourself

522
00:20:29,903 --> 00:20:32,067
[casey_]: to say hey is this worth chasing
or

523
00:20:32,134 --> 00:20:32,154
[josh_cantwell_]: m

524
00:20:32,367 --> 00:20:35,573
[casey_]: am i crowding enough little money up
here on the other side so so that

525
00:20:35,633 --> 00:20:35,933
[casey_]: can be

526
00:20:35,975 --> 00:20:35,996
[josh_cantwell_]: m

527
00:20:36,094 --> 00:20:40,220
[casey_]: detrimental as it can be equally as
detrimental as it can be hell full because

528
00:20:40,721 --> 00:20:41,002
[casey_]: you can

529
00:20:41,194 --> 00:20:41,494
[josh_cantwell_]: oh

530
00:20:41,483 --> 00:20:46,311
[casey_]: again you can you can waste all
your time spending countless hours

531
00:20:45,904 --> 00:20:46,005
[josh_cantwell_]: ye

532
00:20:46,551 --> 00:20:51,119
[casey_]: towards frivolous stuff that doesn't gonna make
a hillobens difference instead

533
00:20:51,109 --> 00:20:51,270
[josh_cantwell_]: right

534
00:20:51,159 --> 00:20:54,084
[casey_]: of just focus and i'm saying hey
let's get let's make some movement here and

535
00:20:54,124 --> 00:20:57,449
[casey_]: i think that's where that's where a
lot of people are apprehensive about

536
00:20:57,574 --> 00:20:57,594
[josh_cantwell_]: m

537
00:20:58,250 --> 00:20:58,351
[casey_]: the

538
00:20:58,384 --> 00:20:58,628
[josh_cantwell_]: oh

539
00:20:58,411 --> 00:21:01,396
[casey_]: professional third party management teams um

540
00:21:01,334 --> 00:21:01,355
[josh_cantwell_]: m

541
00:21:02,017 --> 00:21:03,920
[casey_]: and i think the other the other

542
00:21:03,883 --> 00:21:03,904
[josh_cantwell_]: m

543
00:21:04,040 --> 00:21:06,162
[casey_]: part of that too is

544
00:21:05,936 --> 00:21:05,956
[josh_cantwell_]: m

545
00:21:06,322 --> 00:21:07,883
[casey_]: well there's a couple o different aspects

546
00:21:07,744 --> 00:21:07,764
[josh_cantwell_]: m

547
00:21:08,564 --> 00:21:09,184
[casey_]: and i've

548
00:21:09,064 --> 00:21:09,084
[josh_cantwell_]: i

549
00:21:09,244 --> 00:21:11,266
[casey_]: had endless conversations about this

550
00:21:11,824 --> 00:21:12,005
[josh_cantwell_]: yeah

551
00:21:11,906 --> 00:21:16,050
[casey_]: private integrated property management verse private

552
00:21:16,114 --> 00:21:16,134
[josh_cantwell_]: m

553
00:21:16,210 --> 00:21:17,132
[casey_]: professional third party

554
00:21:17,173 --> 00:21:17,194
[josh_cantwell_]: m

555
00:21:17,192 --> 00:21:18,234
[casey_]: management and it

556
00:21:18,224 --> 00:21:18,265
[josh_cantwell_]: m

557
00:21:18,314 --> 00:21:23,683
[casey_]: seems like it's almost split like there's
fifty percent that believe hey i want control

558
00:21:23,803 --> 00:21:23,824
[josh_cantwell_]: m

559
00:21:23,943 --> 00:21:24,925
[casey_]: joe farlass will tell you

560
00:21:24,994 --> 00:21:25,014
[josh_cantwell_]: m

561
00:21:25,105 --> 00:21:27,690
[casey_]: i want control i want people i
want my investor

562
00:21:27,694 --> 00:21:27,714
[josh_cantwell_]: m

563
00:21:27,790 --> 00:21:31,197
[casey_]: to know that we're watching that dollar
from the second it walks in the door

564
00:21:31,698 --> 00:21:31,958
[casey_]: until

565
00:21:31,954 --> 00:21:31,974
[josh_cantwell_]: m

566
00:21:32,038 --> 00:21:33,301
[casey_]: it funnels all the way down

567
00:21:33,394 --> 00:21:34,207
[josh_cantwell_]: yeah

568
00:21:33,421 --> 00:21:34,463
[casey_]: to to their

569
00:21:35,044 --> 00:21:35,064
[josh_cantwell_]: m

570
00:21:35,105 --> 00:21:36,507
[casey_]: to their pocket and

571
00:21:36,664 --> 00:21:37,184
[josh_cantwell_]: yeah

572
00:21:38,010 --> 00:21:41,382
[casey_]: and then vice versa then there's people
like yourself who are saying no third party

573
00:21:41,442 --> 00:21:42,185
[casey_]: management the way to go

574
00:21:42,290 --> 00:21:42,370
[josh_cantwell_]: and

575
00:21:42,326 --> 00:21:42,888
[casey_]: because

576
00:21:42,410 --> 00:21:45,917
[josh_cantwell_]: here's here's why though case let me
tel you why you have to hang your

577
00:21:45,957 --> 00:21:48,707
[josh_cantwell_]: head on something and if you're goin
to be really

578
00:21:48,630 --> 00:21:48,832
[casey_]: yeah

579
00:21:48,768 --> 00:21:49,751
[josh_cantwell_]: good at something like

580
00:21:49,690 --> 00:21:50,235
[casey_]: exactly

581
00:21:49,932 --> 00:21:57,781
[josh_cantwell_]: our model is not to buy and
speculate on you know buying something almost full

582
00:21:57,881 --> 00:22:02,609
[josh_cantwell_]: price or over price in the path
of progress in the sun belt and just

583
00:22:02,769 --> 00:22:04,212
[josh_cantwell_]: watching the path of progress

584
00:22:04,530 --> 00:22:04,732
[casey_]: yes

585
00:22:04,572 --> 00:22:06,715
[josh_cantwell_]: make a deal more money a

586
00:22:06,733 --> 00:22:06,915
[casey_]: right

587
00:22:06,795 --> 00:22:10,858
[josh_cantwell_]: lot of people bought on that model
over the last two to five years just

588
00:22:10,998 --> 00:22:14,481
[josh_cantwell_]: expecting growth growth growth growth growth but
what they didn't factor in was a lot

589
00:22:14,521 --> 00:22:18,965
[josh_cantwell_]: of the growth was happening because the
capital so cheap because the federal reserve kept

590
00:22:19,085 --> 00:22:25,371
[josh_cantwell_]: interest rates so low so now we've
hung our hat on really the opposite we've

591
00:22:25,451 --> 00:22:31,840
[josh_cantwell_]: hung our hat on forced appreciation through
heavy value ad construction so buying

592
00:22:31,700 --> 00:22:31,921
[casey_]: well

593
00:22:31,900 --> 00:22:32,060
[josh_cantwell_]: this

594
00:22:32,101 --> 00:22:32,301
[casey_]: that's

595
00:22:32,261 --> 00:22:33,102
[josh_cantwell_]: nineteen sixties

596
00:22:33,704 --> 00:22:33,944
[casey_]: verse

597
00:22:33,935 --> 00:22:34,256
[josh_cantwell_]: nineteen

598
00:22:34,024 --> 00:22:36,489
[casey_]: raising rents for forced appreciation

599
00:22:37,304 --> 00:22:43,157
[josh_cantwell_]: we force the appreciation not through economic
growth not through population migration but through having

600
00:22:43,217 --> 00:22:47,786
[josh_cantwell_]: a better product so we've hung our
hat on this model of saying we're going

601
00:22:47,806 --> 00:22:52,734
[josh_cantwell_]: to buy this nineteen sixties and nineteen
nineties vintage apartment buildings that have deferred maintenance

602
00:22:52,774 --> 00:22:56,901
[josh_cantwell_]: that haven't been upgradted and we're going
instead of building new in the path of

603
00:22:56,961 --> 00:23:01,097
[josh_cantwell_]: progress or buying something that's pretty much
brand new built in the last ten or

604
00:23:01,157 --> 00:23:04,777
[josh_cantwell_]: fifteen twenty years ere going to take
something that's fifty six seventy years old and

605
00:23:04,877 --> 00:23:09,926
[josh_cantwell_]: make it like new for much much
cheaper our basis is much lower so you

606
00:23:09,966 --> 00:23:15,635
[josh_cantwell_]: can't hang your hat on this heavy
value at construction and integrate year property management

607
00:23:16,016 --> 00:23:16,136
[josh_cantwell_]: it's

608
00:23:16,174 --> 00:23:16,337
[casey_]: try

609
00:23:16,216 --> 00:23:18,560
[josh_cantwell_]: too much in my opinion it's too
much so we

610
00:23:18,574 --> 00:23:18,775
[casey_]: well

611
00:23:18,620 --> 00:23:21,124
[josh_cantwell_]: thought look we're gonna make the property
management really damn easy

612
00:23:21,780 --> 00:23:21,962
[casey_]: yeah

613
00:23:21,845 --> 00:23:29,739
[josh_cantwell_]: by having an amazing looking product new
windows noo exterior paint ceiling and striping driveways

614
00:23:30,219 --> 00:23:36,249
[josh_cantwell_]: all new interior units renovated all new
commons with l d lights carpet squares new

615
00:23:36,350 --> 00:23:41,398
[josh_cantwell_]: paint we're going to make the product
new in an area where there maybe isn't

616
00:23:41,478 --> 00:23:44,603
[josh_cantwell_]: a lot of new product and we're
going to stick out like a sore thumb

617
00:23:44,643 --> 00:23:47,809
[josh_cantwell_]: that we have the absolute best product
in the market and we're going to make

618
00:23:47,829 --> 00:23:49,572
[josh_cantwell_]: the property managers job really damn easy

619
00:23:50,211 --> 00:23:50,353
[casey_]: yeah

620
00:23:50,293 --> 00:23:51,095
[josh_cantwell_]: so that what i mean

621
00:23:51,040 --> 00:23:51,243
[casey_]: well

622
00:23:51,135 --> 00:23:54,729
[josh_cantwell_]: about being super niche this is one
of these traits of elite entrepreneurs

623
00:23:54,363 --> 00:23:54,383
[casey_]: a

624
00:23:55,974 --> 00:24:00,830
[josh_cantwell_]: being super nitch and finding what your
super power is our super power is raising

625
00:24:00,890 --> 00:24:06,557
[josh_cantwell_]: capital and it's a heavy construction because
a lot of other operators they just want

626
00:24:06,598 --> 00:24:09,843
[josh_cantwell_]: to buy and let the third party
managers run it and then they don't have

627
00:24:09,883 --> 00:24:12,928
[josh_cantwell_]: a better product they're just in the
middle and their product looks like all the

628
00:24:12,968 --> 00:24:14,511
[josh_cantwell_]: other product in the market and they're

629
00:24:14,453 --> 00:24:14,617
[casey_]: yeah

630
00:24:14,551 --> 00:24:19,459
[josh_cantwell_]: hoping the population migration hoping the low
interest rates help them and and it has

631
00:24:20,240 --> 00:24:22,704
[josh_cantwell_]: but they're not they not really they're
not really super nice

632
00:24:22,530 --> 00:24:23,460
[casey_]: yeah

633
00:24:22,744 --> 00:24:24,147
[josh_cantwell_]: they're just doing what everybody else is
doing

634
00:24:24,630 --> 00:24:25,560
[casey_]: oh

635
00:24:24,728 --> 00:24:29,396
[josh_cantwell_]: we found a super nig program for
us that works and we've hung our head

636
00:24:29,436 --> 00:24:31,881
[josh_cantwell_]: on construction instead of property management so
i

637
00:24:31,871 --> 00:24:32,092
[casey_]: well

638
00:24:31,901 --> 00:24:33,385
[josh_cantwell_]: hope that helps like especially

639
00:24:33,276 --> 00:24:33,476
[casey_]: yeah

640
00:24:33,405 --> 00:24:37,012
[josh_cantwell_]: helps your audience think about ways to
make money super niches where it's at

641
00:24:36,960 --> 00:24:38,061
[casey_]: yeah there's

642
00:24:37,894 --> 00:24:38,095
[josh_cantwell_]: oh

643
00:24:38,141 --> 00:24:39,323
[casey_]: a there's there's

644
00:24:39,355 --> 00:24:39,475
[josh_cantwell_]: oh

645
00:24:39,384 --> 00:24:41,427
[casey_]: an issue that i've had and i
think part of

646
00:24:41,584 --> 00:24:42,184
[josh_cantwell_]: yeah

647
00:24:42,288 --> 00:24:42,669
[casey_]: part of

648
00:24:43,264 --> 00:24:44,314
[josh_cantwell_]: oh

649
00:24:43,530 --> 00:24:47,757
[casey_]: the market the bullishness of the market
has has led to some of this stuff

650
00:24:48,579 --> 00:24:52,007
[casey_]: taking a little bit of a course
that it's taken that i'm not

651
00:24:52,204 --> 00:24:52,305
[josh_cantwell_]: oh

652
00:24:52,207 --> 00:24:55,896
[casey_]: a hundred percent in agreement with and
that is i've read through some i've read

653
00:24:55,936 --> 00:24:58,151
[casey_]: through in my career

654
00:24:58,324 --> 00:24:58,564
[josh_cantwell_]: oh

655
00:24:58,672 --> 00:25:03,152
[casey_]: i've probably read through i'm going to
say maybe it's not this many maybe a

656
00:25:03,212 --> 00:25:07,079
[casey_]: hundred different p p ms like just
like just line by line read through him

657
00:25:07,119 --> 00:25:11,706
[casey_]: and figured out hey who's done what
who's done what this looked like and one

658
00:25:11,746 --> 00:25:13,830
[casey_]: thing i've noticed in the last say
to you it's

659
00:25:14,644 --> 00:25:14,885
[josh_cantwell_]: oh

660
00:25:14,652 --> 00:25:18,619
[casey_]: with the availability of capital the increase
in the market the increase in rents and

661
00:25:18,659 --> 00:25:22,206
[casey_]: all that stuff and the ease of
this business in general right

662
00:25:22,975 --> 00:25:24,964
[josh_cantwell_]: he

663
00:25:24,720 --> 00:25:24,940
[casey_]: is

664
00:25:24,964 --> 00:25:25,224
[josh_cantwell_]: oh

665
00:25:25,341 --> 00:25:28,546
[casey_]: that a lot of these guys have
taken like like they've built all of these

666
00:25:28,626 --> 00:25:29,928
[casey_]: terms into their p p m that

667
00:25:29,854 --> 00:25:30,397
[josh_cantwell_]: oh

668
00:25:29,988 --> 00:25:34,015
[casey_]: are that are heavily weighted to their
side okay like

669
00:25:34,095 --> 00:25:34,175
[josh_cantwell_]: hm

670
00:25:34,776 --> 00:25:39,024
[casey_]: so you've got these guys who have
and i know you have the construction management

671
00:25:39,084 --> 00:25:42,369
[casey_]: stuff yourself so i don't mean to
to necessarily like feel like i'm throwing you

672
00:25:42,409 --> 00:25:45,254
[casey_]: into the bus on this but one
thing that it basically came

673
00:25:45,094 --> 00:25:45,314
[josh_cantwell_]: oh

674
00:25:45,314 --> 00:25:49,241
[casey_]: down to three things it came down
to the ownership of the property ing under

675
00:25:49,761 --> 00:25:56,192
[casey_]: under one person's control then that person
controlling a property management company and or a

676
00:25:56,292 --> 00:25:57,134
[casey_]: construction management

677
00:25:57,124 --> 00:25:57,385
[josh_cantwell_]: oh

678
00:25:57,174 --> 00:26:00,860
[casey_]: company and basically all of this money
being at

679
00:26:00,874 --> 00:26:01,174
[josh_cantwell_]: yeah

680
00:26:00,900 --> 00:26:06,983
[casey_]: and then and then to go a
step further their fees then it says in

681
00:26:07,043 --> 00:26:12,536
[casey_]: the p p m hey and your
company your investment is going

682
00:26:12,433 --> 00:26:12,573
[josh_cantwell_]: yeah

683
00:26:12,596 --> 00:26:13,057
[casey_]: to pay

684
00:26:12,874 --> 00:26:12,894
[josh_cantwell_]: m

685
00:26:14,230 --> 00:26:15,131
[casey_]: whatever fees

686
00:26:14,884 --> 00:26:18,350
[josh_cantwell_]: yeah

687
00:26:15,211 --> 00:26:20,560
[casey_]: my construction company determines and you're going
to like it

688
00:26:21,275 --> 00:26:21,436
[josh_cantwell_]: yeah

689
00:26:21,642 --> 00:26:25,749
[casey_]: and the thing that really irks me
about that is

690
00:26:25,583 --> 00:26:25,744
[josh_cantwell_]: yeah

691
00:26:26,129 --> 00:26:29,635
[casey_]: it comes down to a very very
simple um

692
00:26:29,494 --> 00:26:29,696
[josh_cantwell_]: oh

693
00:26:30,497 --> 00:26:35,044
[casey_]: point of discussion and that is alignment
of interest now i

694
00:26:35,077 --> 00:26:35,638
[josh_cantwell_]: absolutely

695
00:26:35,225 --> 00:26:38,951
[casey_]: say all of that to bring it
all back and tie all these cords together

696
00:26:39,071 --> 00:26:41,715
[casey_]: to hold the balloon of this to
say

697
00:26:41,614 --> 00:26:41,934
[josh_cantwell_]: oh

698
00:26:42,677 --> 00:26:47,785
[casey_]: it's very difficult to have an assignment
of interest and have your property management company

699
00:26:48,066 --> 00:26:51,900
[casey_]: or your construction management company show profit
yeah

700
00:26:51,374 --> 00:26:52,895
[josh_cantwell_]: that's right that's exactly

701
00:26:52,510 --> 00:26:52,854
[casey_]: and that

702
00:26:52,995 --> 00:26:53,516
[josh_cantwell_]: right i

703
00:26:53,571 --> 00:26:53,834
[casey_]: that's

704
00:26:53,676 --> 00:26:54,056
[josh_cantwell_]: totally

705
00:26:54,077 --> 00:26:54,522
[casey_]: where

706
00:26:54,097 --> 00:26:58,822
[josh_cantwell_]: agree our property manage we don't own
the property manager but our construction company operates

707
00:26:59,062 --> 00:27:01,655
[josh_cantwell_]: at cost we operate

708
00:27:01,380 --> 00:27:01,781
[casey_]: and yeah

709
00:27:01,856 --> 00:27:02,478
[josh_cantwell_]: at cost

710
00:27:02,402 --> 00:27:02,862
[casey_]: and i think

711
00:27:02,798 --> 00:27:02,919
[josh_cantwell_]: so

712
00:27:02,942 --> 00:27:03,143
[casey_]: that's

713
00:27:03,059 --> 00:27:03,239
[josh_cantwell_]: that

714
00:27:03,363 --> 00:27:07,288
[casey_]: very important but it's but see what
i'm saying is there's probably i bet there's

715
00:27:07,508 --> 00:27:09,610
[casey_]: i bet there's i don't even know
how

716
00:27:09,664 --> 00:27:14,734
[josh_cantwell_]: yeah

717
00:27:09,670 --> 00:27:12,796
[casey_]: any operates not even going to put
a number on it but there's multiple operators

718
00:27:12,836 --> 00:27:17,664
[casey_]: out there right now that had these
p p ms that state my construction company

719
00:27:17,704 --> 00:27:23,693
[casey_]: is going to charge ten per cent
fifteen percent twenty sent and you as the

720
00:27:23,754 --> 00:27:27,805
[casey_]: investor in this deal hey you either
like it or you don't

721
00:27:28,179 --> 00:27:28,299
[josh_cantwell_]: right

722
00:27:28,687 --> 00:27:28,867
[casey_]: now

723
00:27:28,860 --> 00:27:29,020
[josh_cantwell_]: right

724
00:27:29,168 --> 00:27:32,957
[casey_]: how does that in a alignment of
interest how does

725
00:27:32,824 --> 00:27:33,146
[josh_cantwell_]: oh

726
00:27:33,057 --> 00:27:36,076
[casey_]: that benefit your investors

727
00:27:36,416 --> 00:27:36,576
[josh_cantwell_]: yeah

728
00:27:36,941 --> 00:27:37,022
[casey_]: the

729
00:27:37,017 --> 00:27:37,057
[josh_cantwell_]: so

730
00:27:37,062 --> 00:27:37,223
[casey_]: fact

731
00:27:37,138 --> 00:27:37,378
[josh_cantwell_]: if we're

732
00:27:37,263 --> 00:27:37,364
[casey_]: that

733
00:27:37,398 --> 00:27:37,579
[josh_cantwell_]: gonna

734
00:27:37,404 --> 00:27:37,846
[casey_]: you're going to

735
00:27:37,879 --> 00:27:39,623
[josh_cantwell_]: we're gonna work really hard case to

736
00:27:39,930 --> 00:27:40,254
[casey_]: oh

737
00:27:40,264 --> 00:27:43,732
[josh_cantwell_]: do the construction and we're goin a
do it at cost here's the trade off

738
00:27:45,054 --> 00:27:48,559
[josh_cantwell_]: what our investors really want is more
cash flow so we

739
00:27:48,530 --> 00:27:48,651
[casey_]: that's

740
00:27:48,660 --> 00:27:48,820
[josh_cantwell_]: tend

741
00:27:48,772 --> 00:27:48,914
[casey_]: right

742
00:27:48,860 --> 00:27:49,821
[josh_cantwell_]: to pay a little bit higher

743
00:27:49,590 --> 00:27:50,460
[casey_]: yeah

744
00:27:49,922 --> 00:27:54,028
[josh_cantwell_]: pref return were usually somewhere between eight
to ten and a lot of times it's

745
00:27:54,089 --> 00:27:59,486
[josh_cantwell_]: a ten percent press so we r
we want to structure the deal we can

746
00:27:59,566 --> 00:28:00,948
[josh_cantwell_]: cash flow and break

747
00:28:00,892 --> 00:28:01,016
[casey_]: yeah

748
00:28:01,068 --> 00:28:05,175
[josh_cantwell_]: even off of existing in place cash
flow sometimes that doesn't happen and we've got

749
00:28:05,215 --> 00:28:08,200
[josh_cantwell_]: to over raise some money and put
some money in the kiddy to make sure

750
00:28:08,220 --> 00:28:14,167
[josh_cantwell_]: that we can afford to pay this
ten breath but because we're working hard and

751
00:28:14,668 --> 00:28:21,536
[josh_cantwell_]: we are really delaying our gratification till
later we take more equity in the deal

752
00:28:22,057 --> 00:28:26,525
[josh_cantwell_]: in exchange for paying them a higher
press and also in exchange for our construction

753
00:28:26,605 --> 00:28:31,473
[josh_cantwell_]: company operating at cost so they get
what they want which is a higher immediate

754
00:28:31,553 --> 00:28:36,409
[josh_cantwell_]: cash we get what we want because
we're investing for the long term we get

755
00:28:36,469 --> 00:28:40,797
[josh_cantwell_]: a stabilized product and we keep a
little bit more of the equity so some

756
00:28:40,817 --> 00:28:45,885
[josh_cantwell_]: of ideals i own a hundred percent
of the equity we pay our limited partner

757
00:28:45,945 --> 00:28:49,372
[josh_cantwell_]: is a ten pres and then like
a one percent bonus or a one percent

758
00:28:49,512 --> 00:28:54,020
[josh_cantwell_]: kicker at the refitor sale they get
no equity so that's one structure so i

759
00:28:54,080 --> 00:28:58,327
[josh_cantwell_]: own a number of buildings where me
and my two partners own a hundred percent

760
00:28:58,347 --> 00:29:03,886
[josh_cantwell_]: of the property okay now other other
buildings a lot of them we tend to

761
00:29:03,966 --> 00:29:09,676
[josh_cantwell_]: keep about sixty to seventy five per
cent of the equity because my thought is

762
00:29:09,717 --> 00:29:12,122
[josh_cantwell_]: look if i'm going to give you
a higher prop which is what you want

763
00:29:12,945 --> 00:29:16,824
[josh_cantwell_]: my construction company is making no profit
then

764
00:29:17,041 --> 00:29:17,184
[casey_]: yes

765
00:29:17,165 --> 00:29:20,530
[josh_cantwell_]: i want to make sure that we're
in alignment here you're getting what you want

766
00:29:21,091 --> 00:29:23,856
[josh_cantwell_]: what i want is long turn balance
sheet what i want is a long term

767
00:29:23,896 --> 00:29:26,200
[josh_cantwell_]: back quit what i want is a
long term stabilized at set

768
00:29:26,523 --> 00:29:26,785
[casey_]: yeah i

769
00:29:26,881 --> 00:29:26,961
[josh_cantwell_]: so

770
00:29:26,906 --> 00:29:27,027
[casey_]: want

771
00:29:27,061 --> 00:29:27,201
[josh_cantwell_]: most

772
00:29:27,108 --> 00:29:27,470
[casey_]: the cash

773
00:29:27,241 --> 00:29:27,582
[josh_cantwell_]: guys are the

774
00:29:27,571 --> 00:29:27,732
[casey_]: club

775
00:29:27,682 --> 00:29:28,023
[josh_cantwell_]: opposite

776
00:29:27,873 --> 00:29:28,135
[casey_]: later

777
00:29:28,123 --> 00:29:31,789
[josh_cantwell_]: as you know cases where they're they're
giving up seventy per cent of the equity

778
00:29:31,909 --> 00:29:35,976
[josh_cantwell_]: to the limited guys may be paying
the limited guys a six or seven pref

779
00:29:36,497 --> 00:29:42,076
[josh_cantwell_]: and then they're feeding them to death
p p p p p and like that

780
00:29:42,156 --> 00:29:46,463
[josh_cantwell_]: just turns into an income stream anyway
that's not really even tax advantage to do

781
00:29:46,543 --> 00:29:50,890
[josh_cantwell_]: it that way but they give up
a lot of the equity so we've gone

782
00:29:50,780 --> 00:29:50,941
[casey_]: try

783
00:29:50,950 --> 00:29:56,580
[josh_cantwell_]: the opposite route again go back to
this being super nitch one your super power

784
00:29:57,121 --> 00:30:00,426
[josh_cantwell_]: this is what we've hung our head
on to be different in the market place

785
00:30:01,127 --> 00:30:04,834
[josh_cantwell_]: and it's worked out really well for
us because rents are going up organically everybody

786
00:30:04,894 --> 00:30:09,922
[josh_cantwell_]: knows that but we're getting huge rent
pops because our product looks and feels like

787
00:30:09,962 --> 00:30:11,485
[josh_cantwell_]: it's brand new so

788
00:30:11,391 --> 00:30:12,139
[casey_]: right ye

789
00:30:12,186 --> 00:30:14,309
[josh_cantwell_]: we could do it the way everybody
else is doing it and i've done deals

790
00:30:14,349 --> 00:30:17,535
[josh_cantwell_]: that way we've done eighteen indications i
have kind of or that are kind of

791
00:30:17,615 --> 00:30:23,746
[josh_cantwell_]: a traditional model but the other fourteen
it's really this other model where we're focused

792
00:30:23,806 --> 00:30:25,689
[josh_cantwell_]: on heavy construction and we're keeping

793
00:30:25,470 --> 00:30:25,591
[casey_]: yeah

794
00:30:25,749 --> 00:30:27,030
[josh_cantwell_]: a tremendous amount of equity

795
00:30:26,870 --> 00:30:27,232
[casey_]: well

796
00:30:27,110 --> 00:30:27,631
[josh_cantwell_]: for ourselves

797
00:30:27,534 --> 00:30:28,017
[casey_]: and i think

798
00:30:28,071 --> 00:30:28,212
[josh_cantwell_]: that

799
00:30:28,118 --> 00:30:28,440
[casey_]: there's

800
00:30:28,272 --> 00:30:28,612
[josh_cantwell_]: feels like

801
00:30:28,581 --> 00:30:29,185
[casey_]: ketling

802
00:30:28,632 --> 00:30:29,313
[josh_cantwell_]: it's in alignment

803
00:30:30,190 --> 00:30:31,572
[casey_]: and there's definitely the idea

804
00:30:31,504 --> 00:30:31,810
[josh_cantwell_]: oh

805
00:30:31,773 --> 00:30:32,934
[casey_]: that that once

806
00:30:32,914 --> 00:30:33,176
[josh_cantwell_]: oh

807
00:30:32,995 --> 00:30:34,297
[casey_]: you figure out what's

808
00:30:34,225 --> 00:30:34,286
[josh_cantwell_]: ah

809
00:30:34,357 --> 00:30:35,479
[casey_]: in alignment with everybody

810
00:30:35,344 --> 00:30:35,364
[josh_cantwell_]: m

811
00:30:35,579 --> 00:30:36,841
[casey_]: and you just kind of stay on
that

812
00:30:36,804 --> 00:30:36,844
[josh_cantwell_]: m

813
00:30:36,921 --> 00:30:40,848
[casey_]: path but each deal is different we
all know that if you're doing one off

814
00:30:40,771 --> 00:30:41,833
[josh_cantwell_]: hm

815
00:30:40,948 --> 00:30:43,793
[casey_]: indications every l is going to have
different terms because of

816
00:30:43,834 --> 00:30:44,524
[josh_cantwell_]: yeah

817
00:30:43,873 --> 00:30:45,636
[casey_]: different nuances in the market

818
00:30:45,484 --> 00:30:46,504
[josh_cantwell_]: okay

819
00:30:45,716 --> 00:30:49,141
[casey_]: or the the building or whatever al
right well listen we're running out of time

820
00:30:49,202 --> 00:30:51,445
[casey_]: here so i want to ask two
question we got two questions

821
00:30:51,394 --> 00:30:51,534
[josh_cantwell_]: yeah

822
00:30:51,485 --> 00:30:54,350
[casey_]: and then we're going to let you
get to how how our

823
00:30:54,381 --> 00:30:54,522
[josh_cantwell_]: yeah

824
00:30:54,410 --> 00:30:56,112
[casey_]: listeners can reach out to you the
first

825
00:30:56,064 --> 00:30:56,204
[josh_cantwell_]: we

826
00:30:56,173 --> 00:30:59,938
[casey_]: question is what is the best book
that you have either recently read or are

827
00:30:59,998 --> 00:31:00,599
[casey_]: currently reading

828
00:31:01,584 --> 00:31:05,451
[josh_cantwell_]: um so i'm a big fan of
simon sign the infinite game that's that's a

829
00:31:05,491 --> 00:31:11,601
[josh_cantwell_]: phenomenal book i'm a big fan of
jacko and all of his books you know

830
00:31:11,661 --> 00:31:11,801
[josh_cantwell_]: about

831
00:31:11,910 --> 00:31:12,190
[casey_]: i heard

832
00:31:12,162 --> 00:31:12,462
[josh_cantwell_]: extreme

833
00:31:12,270 --> 00:31:12,551
[casey_]: jocko

834
00:31:12,523 --> 00:31:12,943
[josh_cantwell_]: ownership

835
00:31:12,671 --> 00:31:14,614
[casey_]: speak about two weeks ago man that
guy

836
00:31:14,852 --> 00:31:15,053
[josh_cantwell_]: yeah

837
00:31:15,155 --> 00:31:18,373
[casey_]: if you can't get fired up listening
to that dude you got

838
00:31:18,364 --> 00:31:18,566
[josh_cantwell_]: yeah

839
00:31:18,454 --> 00:31:18,861
[casey_]: problems

840
00:31:19,584 --> 00:31:25,242
[josh_cantwell_]: um and i can't think of the
author right now but the book everything is

841
00:31:26,564 --> 00:31:29,309
[josh_cantwell_]: i'm not going to say the word
um is actually

842
00:31:29,170 --> 00:31:29,312
[casey_]: yep

843
00:31:29,369 --> 00:31:33,456
[josh_cantwell_]: a book about hope if you haven't
read it people get thrown off by the

844
00:31:33,496 --> 00:31:34,538
[josh_cantwell_]: title m

845
00:31:34,530 --> 00:31:34,653
[casey_]: yeah

846
00:31:34,698 --> 00:31:37,803
[josh_cantwell_]: it's actually a book about hope it's
actually a book about confidence it's actually a

847
00:31:37,843 --> 00:31:40,367
[josh_cantwell_]: book creating your own path

848
00:31:41,000 --> 00:31:41,121
[casey_]: yep

849
00:31:41,990 --> 00:31:44,634
[josh_cantwell_]: the title threw me off but when
i read it went through there's actually two

850
00:31:44,674 --> 00:31:48,601
[josh_cantwell_]: or three in the series loved that
is well i think that's mark hanson is

851
00:31:48,641 --> 00:31:52,011
[josh_cantwell_]: the author that's great one that i
just went through so those are a couple

852
00:31:52,071 --> 00:31:52,191
[josh_cantwell_]: there

853
00:31:52,920 --> 00:31:54,303
[casey_]: awesome all right what is

854
00:31:54,384 --> 00:31:55,894
[josh_cantwell_]: yeah

855
00:31:54,423 --> 00:31:57,429
[casey_]: a dream vacation that you have either
taken or hoped to take

856
00:31:58,314 --> 00:32:03,983
[josh_cantwell_]: yeah so i went to europe for
so my my wife is first generation an

857
00:32:04,024 --> 00:32:08,391
[josh_cantwell_]: italian american her parents are first generation
off the boat italy they still have a

858
00:32:08,451 --> 00:32:11,376
[josh_cantwell_]: house in the mountains in southern

859
00:32:11,173 --> 00:32:11,295
[casey_]: ah

860
00:32:11,476 --> 00:32:11,756
[josh_cantwell_]: italy

861
00:32:12,540 --> 00:32:12,946
[casey_]: i love

862
00:32:12,698 --> 00:32:16,104
[josh_cantwell_]: and it was a house that actually
lived in during world war two so the

863
00:32:16,184 --> 00:32:16,464
[josh_cantwell_]: mountain

864
00:32:16,310 --> 00:32:16,472
[casey_]: wow

865
00:32:16,544 --> 00:32:21,853
[josh_cantwell_]: side was bombed during world war two
by the nazis and they lived there during

866
00:32:22,194 --> 00:32:26,521
[josh_cantwell_]: or well my wife's father so my
father in law still has the house we

867
00:32:26,661 --> 00:32:32,912
[josh_cantwell_]: went there for our honeymoon we met
her family we we we ate like real

868
00:32:33,072 --> 00:32:38,581
[josh_cantwell_]: authentic local happen food that was like
amazing the family made it so

869
00:32:38,530 --> 00:32:38,651
[casey_]: yep

870
00:32:39,423 --> 00:32:40,985
[josh_cantwell_]: we're going to go back there next
summer so

871
00:32:42,070 --> 00:32:42,151
[casey_]: and

872
00:32:42,087 --> 00:32:42,287
[josh_cantwell_]: it was

873
00:32:42,191 --> 00:32:42,373
[casey_]: that's

874
00:32:42,327 --> 00:32:44,571
[josh_cantwell_]: amazing for me to walk in this
house half a world away

875
00:32:44,460 --> 00:32:44,602
[casey_]: ye

876
00:32:44,611 --> 00:32:45,753
[josh_cantwell_]: and actually see a picture

877
00:32:45,750 --> 00:32:45,992
[casey_]: oh

878
00:32:45,893 --> 00:32:51,328
[josh_cantwell_]: of my wife in and what would
have been her bedroom if she still lived

879
00:32:51,368 --> 00:32:55,195
[josh_cantwell_]: in italy so that to me is
a dream because it's so real it's so

880
00:32:55,275 --> 00:32:55,735
[josh_cantwell_]: authentic

881
00:32:56,500 --> 00:32:56,641
[casey_]: yep

882
00:32:56,557 --> 00:32:59,522
[josh_cantwell_]: and it's so it's so family oriented
so we're gonna go back to italy next

883
00:32:59,562 --> 00:33:00,811
[josh_cantwell_]: summer i'm really looking for do it

884
00:33:01,650 --> 00:33:05,436
[casey_]: so my wife and i were actually
we were in northern italy back about two

885
00:33:05,496 --> 00:33:07,219
[casey_]: months ago we flew into milan

886
00:33:07,144 --> 00:33:08,104
[josh_cantwell_]: yeah

887
00:33:07,259 --> 00:33:10,324
[casey_]: and home from rome i know my
listeners have heard me talk about that trip

888
00:33:10,385 --> 00:33:11,266
[casey_]: a thousand times

889
00:33:11,245 --> 00:33:11,426
[josh_cantwell_]: yeah

890
00:33:11,346 --> 00:33:14,992
[casey_]: but an it's just it you know
all in all is just we took the

891
00:33:15,052 --> 00:33:15,613
[casey_]: train and

892
00:33:15,544 --> 00:33:15,924
[josh_cantwell_]: oh

893
00:33:15,653 --> 00:33:19,259
[casey_]: you know through some of those little
hillside homes and stuff like that and so

894
00:33:19,460 --> 00:33:20,101
[casey_]: and so forth so anyway

895
00:33:20,014 --> 00:33:20,294
[josh_cantwell_]: yeah

896
00:33:20,321 --> 00:33:23,306
[casey_]: all right i know you've got to
get going so what is the best way

897
00:33:23,386 --> 00:33:25,790
[casey_]: for the listeners to reach out and
in touch with you if they it's something

898
00:33:25,774 --> 00:33:25,794
[josh_cantwell_]: m

899
00:33:25,831 --> 00:33:29,037
[casey_]: that resonated with them or maybe they
even want to be investors or potentially talk

900
00:33:29,077 --> 00:33:29,638
[casey_]: to you about a deal

901
00:33:30,114 --> 00:33:34,802
[josh_cantwell_]: yeah just our main website freeland adventures
dot com there you can find all of

902
00:33:34,862 --> 00:33:40,351
[josh_cantwell_]: our investment opportunities you know our youtube
channel or or our master mind that i

903
00:33:40,511 --> 00:33:44,602
[josh_cantwell_]: ran and our bio our portfolio it's
all at freeland ventures dacca

904
00:33:45,440 --> 00:33:48,906
[casey_]: awesome all right josh thank you so
much for the time that you spent with

905
00:33:48,966 --> 00:33:49,366
[casey_]: us today

906
00:33:49,414 --> 00:33:49,434
[josh_cantwell_]: m

907
00:33:49,747 --> 00:33:52,131
[casey_]: and hopefully listeners have gained something out
of it

908
00:33:53,104 --> 00:33:53,324
[josh_cantwell_]: yeah

909
00:33:53,113 --> 00:33:57,179
[casey_]: and listeners by the way don't forget
member always tell you to go down and

910
00:33:57,320 --> 00:33:58,181
[casey_]: find that subscribe

911
00:33:58,114 --> 00:33:58,377
[josh_cantwell_]: yeah

912
00:33:58,261 --> 00:33:59,984
[casey_]: button and i don't care what appendage

913
00:33:59,584 --> 00:33:59,829
[josh_cantwell_]: yeah

914
00:34:00,345 --> 00:34:00,605
[casey_]: finger

915
00:34:00,604 --> 00:34:02,674
[josh_cantwell_]: yeah

916
00:34:00,825 --> 00:34:03,049
[casey_]: elbow ear nose

917
00:34:02,764 --> 00:34:03,004
[josh_cantwell_]: yeah

918
00:34:03,129 --> 00:34:07,056
[casey_]: hair whatever you can take to smash
that button hit it subscribe to our podcast

919
00:34:07,096 --> 00:34:09,800
[casey_]: so you're notified of every new episode
comes out

920
00:34:10,594 --> 00:34:10,916
[josh_cantwell_]: oh

921
00:34:10,642 --> 00:34:13,027
[casey_]: and please leave us a five star
review

922
00:34:13,024 --> 00:34:13,328
[josh_cantwell_]: yeah

923
00:34:13,127 --> 00:34:15,872
[casey_]: and write a review so that other
listeners may know what we talk about here

924
00:34:16,204 --> 00:34:16,445
[josh_cantwell_]: oh

925
00:34:16,253 --> 00:34:19,299
[casey_]: on the cash flow pro josh thank
you again so much for your time

926
00:34:19,714 --> 00:34:21,341
[josh_cantwell_]: casey thanks for having me man this
was blessed

927
00:34:21,840 --> 00:34:23,634
[casey_]: hope everybody has a wonderful rest of
the day

Josh Cantwell Profile Photo

Josh Cantwell

Freeland Ventures