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

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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

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[josh_cantwell_]: able to fund deals as a lender
then case my investors came to me and

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[josh_cantwell_]: said hey josh this debt fund this
ending fund is great we're getting great returns

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[josh_cantwell_]: but what else do you got and
so we were doing all these

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[casey_]: we

212
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
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

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