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:
Tune in to find out more!
Find your flow,
Casey Brown
Resources mentioned in this podcast:
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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
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[josh_cantwell_]: an expert at something super super niche
that was going to be my nitch so
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[josh_cantwell_]: i became i schooled myself i learned
but i executed on raising money that reputation
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[josh_cantwell_]: of being able to fund all my
own deals allowed me to then raise money
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[josh_cantwell_]: into this fund the fund and created
this reputation nationally of being
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[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
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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
00:08:27,842 --> 00:08:28,002
[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
00:08:28,725 --> 00:08:29,467
[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
00:08:39,604 --> 00:08:43,771
[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
00:08:48,599 --> 00:08:53,246
[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
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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