The Aha Moment In Real Estate with David Robinson

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

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[casey_]: investing podcast and youtube channel i'm here
today with david robinson and i got to

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[casey_]: admit david whenever i saw your name
come across i was really really praying for

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[casey_]: somebody that was like eight foot tall

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[david]: oh

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[casey_]: and was epic epic basketball

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[david]: yeah

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[casey_]: player but instead we got stuck with
you so

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[david]: yeah

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[casey_]: i'm just getting man now

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[david]: i

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[casey_]: we're glad

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[david]: am i am the short white version
of david robinson

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[casey_]: man it's cool dude

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[david]: m

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[casey_]: you know i was like if if
i just was

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[david]: yeah

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[casey_]: thinking i was like man if i
if i had david robinson here man i

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[casey_]: mean you know there how many

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[david]: uh

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[casey_]: questions you got to ask about those
years that he was

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[david]: uh m

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[casey_]: but anyway so man how are you
doing today

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[david]: i'm doing great and i'm doing great
excited to be here

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[casey_]: oh

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[david]: and looking for a dark conversation

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[casey_]: awesome well david is with kanobo capital
and he is more than he wants to

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[casey_]: talk about raising capital about indications about
basically everything that we cove on this show

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[casey_]: and i can't wait to kind of
dig in here and figure out you know

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[casey_]: what things you do what things you
do maybe differently than some of the rest

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[casey_]: of us or or some of rest
of the listeners so david an't you kind

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[casey_]: o leave your basketball

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[david]: oh

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[casey_]: career out your back story

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[david]: h

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[casey_]: and let's chat about where you came
from how you got where you are and

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[casey_]: we'll kind of go from there

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[david]: well real estate is almost all i've
ever known um

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[casey_]: hm

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[david]: my career started when i was fired
by my dad at my first real job

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[david]: which was working for his small independent
mechanical engineering firm i

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[casey_]: wow

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[david]: was going i was going to college
i just returned home from a two church

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[david]: service mission and i was working working
for him going to college and i screwed

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[david]: some stuff up for the for the
last time and he finally got fed up

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[david]: with my is handling of the item
that i was dealing with and we both

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[david]: decided that it was time to part
ways and that was so that was really

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[david]: my first for and realizing i i
don't know that i'm cut out for this

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[david]: employee type um you know environment and
from there i decided to pursue real estate

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[david]: full time i actually dropped college went
full time as a real estate agent i

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[david]: got my real estate license and immediately
began you know learning the real estate business

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[david]: from a broker agent perspective i

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[casey_]: sure

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[david]: spent i've spent the last roughly eighteen
years

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[casey_]: ah

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[david]: in the real estate business the

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[casey_]: yeah

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[david]: vast majority of the first part of
my career was in managing residential sales teams

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[david]: and a national franchise brokerage and a
handful of years back about five years ago

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[david]: i looked up and realized that i
had been doing well in the real estate

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[david]: business making a good income but i
hadn't done nearly enough um in regards to

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[david]: building my own personal wealth and cash
flow and

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[casey_]: yeah

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[david]: it was sort of an a a
moment i got a call from my my

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[david]: mom one day about five years ago
and dad had just gotten out of a

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[david]: heart surgery the heart surgery went very
well he had been home for the last

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[david]: couple of days and had been feeling
horrible and ultimately had done sceptic

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[casey_]: oh

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[david]: he got an infection during the surgery
had

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[casey_]: oh

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[david]: gone septic

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[casey_]: man

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[david]: basically died they revived him on the
ambulance in the ambulance ride to the hospital

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[casey_]: m

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[david]: they revived him he ended up making
it but that was my a moment when

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[david]: i realized okay things got to give
i really have to hunker down and focus

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[david]: on building wealth for me and my
family and so i shifted my entire business

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[david]: from residential traditional residential brokerage business too
the investor side of the business and so

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[david]: i started serving investor clients and i
still have that brokerage today so there's two

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[david]: parts to my business

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[casey_]: yes

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[david]: there's the brokerage business which is serving
buying hold investors who are looking to acquire

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[david]: small scale multi family property for their
own personal portfolios here in utah the greater

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[david]: utah valley um anything when i say
small scale and referring to anything under roughly

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[david]: five million dollars all the way down
to your typical fourplex

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[casey_]: got you

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[david]: so

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[casey_]: got

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[david]: we helped those clients and then i
also have the uhsindication side of the business

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[david]: that i'm happy to dive into and
talk about why i transitioned and all that

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[david]: if you like oh

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[casey_]: sure sure man your story sounds like
dude it's almost identical to mind in where

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[casey_]: although i am a few years into
that that shift problem not quite as far

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[casey_]: in as you have been for as
many years into the shift of saying hey

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[casey_]: you know i looked at it when
mile moment hit i was like man i

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[casey_]: sold seventy three properties last year right
on the sales side residential single family residential

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[casey_]: up to you know a few smaller
commercial deals and i was like this is

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[casey_]: this is great and it's okay it's
not fun because everything

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[david]: m

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[casey_]: is like pulling teeth and then i
was like all right i made decent money

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[casey_]: but how are these people making generate
like generational wealth really

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[david]: right

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[casey_]: and and when i sat down i
was like what's the difference in what i'm

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[casey_]: doing and when i realized that it
was such a transactional business and the transactional

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[casey_]: part of it was really it was
it was for all intents and purposes suffocating

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[casey_]: me because it's because you work so
hard to get that transaction across the line

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[casey_]: you get that ten thousand dollar commission
check you know what you turn around you

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[casey_]: spend that ten thousand or comisioncheck then
you got to go for the next one

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[casey_]: then you got to go for the
next one and if that next one doesn't

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[casey_]: come you can get your ass in
a pinch real quick and so it's almost

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[casey_]: identical man al the way down to
my dad had to have heard surgery although

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[david]: m

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[casey_]: his was earlier on and it was
matter fact it was ten years ago yesterday

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[casey_]: no

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[david]: oh wow

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[casey_]: eleven years ago yesterday and so it's
just you know those kind of things wake

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[casey_]: you up in life and and when
when i'm sitting there and like you said

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[casey_]: you just you

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[david]: ah

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[casey_]: begin to reflect on saying

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[david]: a

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[casey_]: man you know what am i doing
here to protect my future my kids future

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[casey_]: you know not that once they had
eighteen or twenty years old not that i

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[casey_]: necesarily have to so much worry about
them but nevertheless you know you've got to

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[casey_]: it so i love that part of
that you really high lighted the fact that

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[casey_]: the sales part of it and how
you transitioned that into

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[david]: yeah

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[casey_]: one side kind of serves the other
now really right

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[david]: absolutely

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[casey_]: yeah

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[david]: i mean that was really i knew
i didn't know exactly how i was going

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[david]: to go about building wealth and passive
income i explored a handful of different

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[casey_]: sure

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[david]: when i decided that it was time
you know after that a moment when my

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[david]: dad recognizing that i hadn't accomplished what
i needed to m from a cash flowing

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[david]: wealth building pers spective i made that
transition i just didn't know exactly how that

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[david]: was going to happen i had a
mentor of mine a friend of mine that

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[david]: i went to lunch with i talked
to him about this sort of what was

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[david]: going on in my head and he
really encouraged me to get in the multi

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[david]: family and so the closest proximity uh
you know shift was okay i'm already a

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[david]: broker i'm already in the broker you
know the real estate brokerage space let's just

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[david]: make a slight pivot into

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[casey_]: yep

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[david]: the multi family space the investment property
space and start serving clients in that space

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[david]: and really focus in that are and
so i dove headlong into it left the

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[david]: residential brokerage that i was at

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[casey_]: m

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[david]: started my own brokerage and started down
this path of multi family and started with

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[casey_]: uh

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[david]: working with client that we're looking

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[casey_]: uh

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[david]: to buy small scale multi family and

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[casey_]: oh

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[david]: have been very successful with that we've
served a lot of clients love working with

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[david]: our clients that are looking to buy
that product type but what realize is that

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[david]: i was having dozens of investor calls
on a monthly basis

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[casey_]: yeah

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[david]: and many of those investor calls ended
up going into the conversation with that investor

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[david]: wanting to buy small multi family property
for their own personal portfolio

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[casey_]: but

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[david]: and coming out the other end realizing
oh my

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[casey_]: yea

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[david]: gosh actually don't want to own that
fourplex or that sigplex

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[casey_]: why

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[david]: or that

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[casey_]: did i

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[david]: a

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[casey_]: know

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[david]: place

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[casey_]: that was the next step why did
i know that i don't even know how

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[casey_]: i knew that my god

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[david]: and so that was sort of the
a a moment for me was number

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[casey_]: yes

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[david]: one i had built i put a
lot of effort into building a large multi

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[david]: family invest our network over

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[casey_]: yep

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[david]: twenty five hundred quality buy and hold
investors in my network at this point in

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[david]: time and very large per centage of
that network has zero interest in owning small

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[david]: scale multi family they thought they did

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[casey_]: that's

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[david]: but when

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[casey_]: right

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[david]: it really comes down to it they
just want all the benefit of owning real

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[david]: estate they don't necessarily want to actually
have to deal with the personal ownership of

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[david]: the real estate

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[casey_]: i mean

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[david]: yeah

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[casey_]: you mean

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[david]: yeah

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[casey_]: they don't like changing light bulbs and
worrying about ax systems on saturday afternoons and

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[david]: well

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[casey_]: i can't believe

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[david]: and and

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[casey_]: it

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[david]: and that's the common you know that's
the common you know

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[casey_]: oh

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[david]: line that i often use is he
you know the toilets tenants termites all that

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[david]: the reality is there's ways to own
small multi family and build your own personal

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[david]: portfolio where it's less management personal management
intensive like you hire third party management companies

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[david]: there's ways to do it but here's
the reality they still have to go through

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[david]: a process of learning how to invest
in those type of properties you

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[casey_]: that's

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[david]: still

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[casey_]: right

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[david]: have to manage the manager you still
have to underwrite the deal and be knowledgeable

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[david]: about the deal and you have to
go and get your own financing you know

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[david]: there's all these pieces so the reality
is yeah a lot of my investors were

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[david]: busy professionals business owners who thought that
they wanted to build their own portfolio but

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[david]: didn't and so that caused me to
then start to explore alternative ways to help

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[david]: this segment of my investor network

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[casey_]: m

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[david]: that didn't want to own the real
estate they just

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[casey_]: yeah

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[david]: wanted to invest in it

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[casey_]: yep

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[david]: and that's when i start to explore
some different things including like um you know

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[david]: uh buying turnkey rentals partnering with a
turnkey rental company in the midwest

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[casey_]: yeah

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[david]: and helping them get involved with that
i do and that wasn't the path i

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[david]: wanted to go ultimately i was exposed
to this indication model and how i could

221
00:11:29,689 --> 00:11:37,429
[david]: partner with quality operators in other parts
of the country prevent that as an operator

222
00:11:37,490 --> 00:11:43,377
[david]: and a sponsor bet their deal and
then partner with them and be a conduit

223
00:11:43,497 --> 00:11:51,751
[david]: for my investor network to participate in
uh you know commercial grade multi fam assets

224
00:11:52,172 --> 00:11:55,478
[david]: that they otherwise wouldn't have a desire
or even know about

225
00:11:56,377 --> 00:11:57,779
[casey_]: try man that's

226
00:11:58,423 --> 00:11:58,546
[david]: no

227
00:11:58,500 --> 00:12:02,808
[casey_]: i mean even the further on you
go it's like everything that you say is

228
00:12:02,848 --> 00:12:07,636
[casey_]: just and i got to imagine if
you and i are both sitting here looking

229
00:12:07,736 --> 00:12:15,995
[casey_]: at this hey these are things that
that that we decided were what we wanted

230
00:12:16,035 --> 00:12:18,521
[casey_]: to do that there's got to be
a slue of other people out there because

231
00:12:18,702 --> 00:12:23,721
[casey_]: i find myself typically there's some people
below some people some people below me some

232
00:12:23,761 --> 00:12:27,908
[casey_]: people above me and i'm pretty well
an average person right and so when you

233
00:12:27,988 --> 00:12:31,855
[casey_]: start looking at it like that man
i mean and you start thinking okay what

234
00:12:31,935 --> 00:12:38,736
[casey_]: can i do to two translate to
these folks that they can own this real

235
00:12:38,776 --> 00:12:44,057
[casey_]: estate and they don't have to worry
about all the teas toilets termites tenants uh

236
00:12:45,419 --> 00:12:46,421
[casey_]: you know that kind of stuff

237
00:12:46,530 --> 00:12:47,370
[david]: oh

238
00:12:46,701 --> 00:12:51,730
[casey_]: and so the way that you can
translate that is really where i

239
00:12:51,780 --> 00:12:52,043
[david]: yes

240
00:12:51,810 --> 00:12:55,196
[casey_]: feel like you could pick up some
people and pick up some interest but what

241
00:12:55,099 --> 00:12:55,530
[david]: hm

242
00:12:55,316 --> 00:12:58,982
[casey_]: did you so so with all that
being said and and me being in full

243
00:12:59,042 --> 00:13:02,908
[casey_]: agreement in full understanding of exactly where
you were and where you went to and

244
00:13:02,949 --> 00:13:08,117
[casey_]: where you are now let's talk a
little bit about i want to i want

245
00:13:08,157 --> 00:13:11,062
[casey_]: to kind of dive just a little
bit in towards the indication part of this

246
00:13:11,242 --> 00:13:15,810
[casey_]: and say okay because there's a lot
of people out there who who are noticing

247
00:13:16,451 --> 00:13:21,219
[casey_]: that maybe they are a decent operator
right but they just don't know how to

248
00:13:21,459 --> 00:13:25,807
[casey_]: take down a ten million dollar apartment
building or you know even a five million

249
00:13:25,847 --> 00:13:29,433
[casey_]: dollar apartment building for that matter and
of course we all know you raise a

250
00:13:29,473 --> 00:13:35,302
[casey_]: million you borrow for all but i
want to hear a little bit more about

251
00:13:35,403 --> 00:13:38,768
[casey_]: like let's say let's just go and
talk about your first deal no matter if

252
00:13:38,828 --> 00:13:42,354
[casey_]: it was a duplex or a hundred
units whatever that first deal was where you

253
00:13:42,575 --> 00:13:48,949
[casey_]: actually rat outside capital had a key
principle or whatever or maybe you took the

254
00:13:49,010 --> 00:13:51,215
[casey_]: note at whatever let's talk about that

255
00:13:52,471 --> 00:13:55,556
[david]: um i'll use two examples the first

256
00:13:55,358 --> 00:13:55,542
[casey_]: okay

257
00:13:55,796 --> 00:13:57,059
[david]: is um

258
00:13:58,057 --> 00:13:58,341
[casey_]: oh

259
00:13:58,080 --> 00:14:01,065
[david]: my first acquisition of a commercial multi

260
00:14:01,057 --> 00:14:01,282
[casey_]: oh

261
00:14:01,165 --> 00:14:01,967
[david]: family property

262
00:14:01,854 --> 00:14:01,957
[casey_]: yeah

263
00:14:02,648 --> 00:14:07,055
[david]: it was not struck this indication it
was a joint venture but i think there's

264
00:14:07,095 --> 00:14:11,743
[david]: a few points to illustrate here number
one is i started where i felt comfortable

265
00:14:12,444 --> 00:14:18,695
[david]: um i couldn't wrap my head around
how to go acquiring you know twenty five

266
00:14:18,735 --> 00:14:22,862
[david]: million dollars to a forty million dollar
apartment building that took time for me to

267
00:14:22,922 --> 00:14:28,130
[david]: sort of understand the concepts and understand
the process and the business model i started

268
00:14:28,150 --> 00:14:32,257
[david]: where i could which was in my
own back yard with a property that i

269
00:14:32,377 --> 00:14:36,885
[david]: felt like was pushing me a little
bit out of my boundary right so i

270
00:14:36,965 --> 00:14:41,812
[david]: ended up buying a fourteen unit apartment
building just south of salt lake city i

271
00:14:41,912 --> 00:14:50,022
[david]: bought it completely off market direct from
owner through direct mail negotiated contract ah brought

272
00:14:49,988 --> 00:14:50,148
[casey_]: that's

273
00:14:50,102 --> 00:14:50,123
[david]: a

274
00:14:50,188 --> 00:14:50,289
[casey_]: like

275
00:14:50,223 --> 00:14:50,706
[david]: partner

276
00:14:50,329 --> 00:14:54,144
[casey_]: what everybody always hears about but nobody
ever that's like the gold nugget right

277
00:14:55,502 --> 00:15:01,892
[david]: it happens it works it just takes
persistent cy persistence and consistency over time

278
00:15:02,548 --> 00:15:02,689
[casey_]: sure

279
00:15:02,774 --> 00:15:06,039
[david]: so i can go into the details
of that but i'll just sort of high

280
00:15:06,240 --> 00:15:11,108
[david]: the points which are got the deal
under contract i had already started building my

281
00:15:11,188 --> 00:15:15,715
[david]: investor network i knew i had two
partners that would be perfect partners for this

282
00:15:15,796 --> 00:15:20,103
[david]: deal it actually ended up not being
deal that i was really super excited about

283
00:15:20,423 --> 00:15:23,789
[david]: but i knew they would be excited
about it was perfect for them they owned

284
00:15:23,829 --> 00:15:28,837
[david]: a property management company here locally that
manages you know a handful of other assets

285
00:15:28,857 --> 00:15:34,727
[david]: that were just exactly this which was
nineteen seventy construction to bed one bath eight

286
00:15:34,767 --> 00:15:39,355
[david]: hundred square foot units so they knew
this product and it was right up their

287
00:15:39,415 --> 00:15:45,205
[david]: alley so i got it under tract
i went through the whole diligence process i

288
00:15:45,405 --> 00:15:49,271
[david]: brought them into the picture they were
excited about it we joint ventured on the

289
00:15:49,352 --> 00:15:55,662
[david]: deal i i actually had zero of
my own money in that deal at the

290
00:15:55,702 --> 00:15:58,707
[david]: end of the day and i held
an equity position with them so we joined

291
00:15:58,767 --> 00:16:02,313
[david]: venture on it they brought the ten
thirty one exchange from another property had all

292
00:16:02,353 --> 00:16:05,699
[david]: the capital for that so that was
my first for i think it's important for

293
00:16:05,779 --> 00:16:10,607
[david]: people that starting to like yes you
want to push yourself but sometimes it doesn't

294
00:16:10,647 --> 00:16:15,856
[david]: necessarily mean i learned so much on
that transaction um that helped me get into

295
00:16:16,557 --> 00:16:19,024
[david]: the larger sindication deal and to understand

296
00:16:18,869 --> 00:16:18,992
[casey_]: sure

297
00:16:19,084 --> 00:16:23,521
[david]: what goes on behind the scenes on
those type of indication deals so that was

298
00:16:23,581 --> 00:16:29,350
[david]: the very first deal then i realized
okay i know that my investor network has

299
00:16:29,410 --> 00:16:36,522
[david]: an appetite for getting involved passively in
larger commercial transactions and so i started to

300
00:16:36,562 --> 00:16:41,511
[david]: build a network with other operators that
were across the country in particular in the

301
00:16:41,551 --> 00:16:44,656
[david]: midwest we were in a hi we
are in a high growth market here in

302
00:16:44,736 --> 00:16:46,279
[david]: utah i mean obviously all across the

303
00:16:46,238 --> 00:16:46,382
[casey_]: yeah

304
00:16:46,319 --> 00:16:46,699
[david]: country i

305
00:16:47,097 --> 00:16:47,221
[casey_]: yeah

306
00:16:47,461 --> 00:16:52,108
[david]: but utah is a low cash flow
high growth state right now especially as i

307
00:16:53,150 --> 00:16:54,192
[david]: as it relates to multi family

308
00:16:54,607 --> 00:16:54,728
[casey_]: yep

309
00:16:54,933 --> 00:16:58,299
[david]: so for me i wanted i knew
that my investors had an appetite for more

310
00:16:58,399 --> 00:17:06,933
[david]: cash flow and so i sought out
locations that generally had a better better chance

311
00:17:07,053 --> 00:17:11,420
[david]: of producing a higher cash on cash
return maybe

312
00:17:11,247 --> 00:17:11,368
[casey_]: yep

313
00:17:11,481 --> 00:17:14,205
[david]: a little bit lower equity but a
little bit more stable so i was generally

314
00:17:14,265 --> 00:17:18,512
[david]: looking in some of the midwest markets
in kansas city was one of those and

315
00:17:18,893 --> 00:17:26,465
[david]: identified on an operator that was there
a lead sponsor a indicator bunch of different

316
00:17:26,485 --> 00:17:32,315
[david]: terminology that's used for individuals that are
running sindications and leading indications they

317
00:17:32,407 --> 00:17:32,551
[casey_]: yes

318
00:17:32,415 --> 00:17:38,024
[david]: were entrenched in the kansas city market
um i had been building a relationship with

319
00:17:38,064 --> 00:17:40,348
[david]: this person for about a year before
we

320
00:17:40,318 --> 00:17:40,562
[casey_]: sorry

321
00:17:40,428 --> 00:17:45,697
[david]: did a deal together and by the
time we had been in contact we had

322
00:17:45,757 --> 00:17:50,746
[david]: done some coaching together i had been
prepping my investor network for these type of

323
00:17:50,786 --> 00:17:54,732
[david]: deals i had been sending emails to
my investors asking them sort of pulling them

324
00:17:55,493 --> 00:18:00,762
[david]: on um whether or not they would
be interested partnering with us on a deal

325
00:18:00,842 --> 00:18:05,250
[david]: in the midwest outside of utah and
i had many of them at responded very

326
00:18:05,330 --> 00:18:10,959
[david]: positively that so i knew there was
an appetite so ultimately i kept notifying my

327
00:18:11,160 --> 00:18:15,467
[david]: and you're out in kansas city saying
hey okay i feel like my investors and

328
00:18:15,727 --> 00:18:20,034
[david]: i are ready for a deal out
there on your next deal let's really talk

329
00:18:20,074 --> 00:18:23,781
[david]: about it let's dive into it he
had a deal come up we looked at

330
00:18:23,841 --> 00:18:28,228
[david]: it together we under wrote the deal
we analyzed it i flew out to kansas

331
00:18:28,288 --> 00:18:29,230
[david]: city i

332
00:18:29,197 --> 00:18:29,505
[casey_]: my

333
00:18:29,610 --> 00:18:33,196
[david]: toward comps i went through the due
diligence process with them

334
00:18:33,907 --> 00:18:34,132
[casey_]: yes

335
00:18:34,058 --> 00:18:37,426
[david]: and ultimately felt like this was an
opportunity that would work well for what we

336
00:18:37,466 --> 00:18:38,248
[david]: were trying to accomplish

337
00:18:38,868 --> 00:18:39,154
[casey_]: awesome

338
00:18:39,630 --> 00:18:43,642
[david]: so i'll stop there there's more to
that story but that's how that was my

339
00:18:43,802 --> 00:18:46,088
[david]: first foray into the indication side of
the business

340
00:18:46,668 --> 00:18:52,024
[casey_]: yeah and it's interesting that you chose
kansas city because man it's like as of

341
00:18:52,164 --> 00:18:58,235
[casey_]: late kansas city has just been on
fire like i'm tying out in the last

342
00:18:58,295 --> 00:19:01,881
[casey_]: like two years year i mean not
just their football team but they've been on

343
00:19:02,182 --> 00:19:02,482
[casey_]: fire

344
00:19:02,370 --> 00:19:02,736
[david]: yes

345
00:19:02,582 --> 00:19:04,706
[casey_]: like everything about kansas city has been
on

346
00:19:04,710 --> 00:19:04,992
[david]: oh

347
00:19:04,786 --> 00:19:07,234
[casey_]: fire um and i'm not a chief
saying by

348
00:19:07,246 --> 00:19:07,410
[david]: yes

349
00:19:07,294 --> 00:19:07,515
[casey_]: the way

350
00:19:08,010 --> 00:19:09,540
[david]: oh

351
00:19:08,478 --> 00:19:09,080
[casey_]: m but

352
00:19:09,540 --> 00:19:09,841
[david]: oh

353
00:19:09,602 --> 00:19:16,856
[casey_]: the so of i guess now i
want to i want to find

354
00:19:16,704 --> 00:19:16,786
[david]: ah

355
00:19:16,976 --> 00:19:17,697
[casey_]: out why

356
00:19:17,670 --> 00:19:17,790
[david]: oh

357
00:19:18,018 --> 00:19:22,445
[casey_]: kansas city and i know i know
why the general idea of saying hey higher

358
00:19:22,525 --> 00:19:31,310
[casey_]: cash flow but what other things stuck
out because right now the market basically there's

359
00:19:31,370 --> 00:19:36,959
[casey_]: no cash flow and just about anything
right now i mean there's some but it's

360
00:19:37,060 --> 00:19:39,824
[casey_]: not where you can go out and
provide a nice nine ten per cent per

361
00:19:39,984 --> 00:19:40,045
[casey_]: f

362
00:19:40,140 --> 00:19:40,241
[david]: oh

363
00:19:40,806 --> 00:19:46,652
[casey_]: and just really hand out good returns
right now obviously we think that the growth

364
00:19:46,732 --> 00:19:49,637
[casey_]: market is gonna is going to catch
up and then it's going to settle a

365
00:19:49,677 --> 00:19:53,483
[casey_]: little bit and go on but i
want to know what other reasons stuck out

366
00:19:53,543 --> 00:19:56,734
[casey_]: to you about kansas and what year
we're talking about two by the way

367
00:19:57,903 --> 00:19:59,854
[david]: what year of the asset or what

368
00:19:59,907 --> 00:20:00,048
[casey_]: yeah

369
00:19:59,934 --> 00:20:00,115
[david]: year

370
00:20:00,833 --> 00:20:04,271
[casey_]: what year did kansas city get on
what year was

371
00:20:04,260 --> 00:20:04,401
[david]: this

372
00:20:04,332 --> 00:20:05,195
[casey_]: kansas city here

373
00:20:05,124 --> 00:20:07,031
[david]: this is roughly

374
00:20:07,537 --> 00:20:08,407
[casey_]: oh

375
00:20:07,954 --> 00:20:08,757
[david]: eighteen months ago

376
00:20:09,647 --> 00:20:11,690
[casey_]: okay perfect so

377
00:20:11,782 --> 00:20:11,885
[david]: so

378
00:20:12,552 --> 00:20:15,637
[casey_]: what else about kansas city stuck out
because you know

379
00:20:15,660 --> 00:20:17,250
[david]: yeah

380
00:20:15,697 --> 00:20:20,385
[casey_]: you had about seven or eight different
areas that that that would could argue to

381
00:20:20,685 --> 00:20:25,270
[casey_]: argue you be excuse me be along
the same lines as kansas

382
00:20:25,200 --> 00:20:25,500
[david]: yeah

383
00:20:25,310 --> 00:20:27,613
[casey_]: city from from a cash flow perspective

384
00:20:28,066 --> 00:20:28,226
[david]: yeah

385
00:20:28,273 --> 00:20:28,554
[casey_]: um

386
00:20:29,148 --> 00:20:29,589
[david]: my my

387
00:20:29,515 --> 00:20:29,635
[casey_]: but

388
00:20:29,729 --> 00:20:29,910
[david]: answer

389
00:20:29,895 --> 00:20:30,135
[casey_]: why

390
00:20:29,950 --> 00:20:33,357
[david]: is probably going to sure my answer
may surprise you it had nothing to do

391
00:20:33,377 --> 00:20:34,038
[david]: with kansas city

392
00:20:34,598 --> 00:20:34,801
[casey_]: okay

393
00:20:35,662 --> 00:20:41,002
[david]: kansas city checked a few boxes but
it came down to the sponsor

394
00:20:40,837 --> 00:20:41,079
[casey_]: yeah

395
00:20:41,062 --> 00:20:42,124
[david]: for me more than

396
00:20:42,089 --> 00:20:42,311
[casey_]: okay

397
00:20:42,284 --> 00:20:51,098
[david]: anything else above all other metrics geographic
locations anything else the most important thing for

398
00:20:51,179 --> 00:20:55,622
[david]: me especially my first deal what's the
sponsor

399
00:20:56,457 --> 00:20:56,678
[casey_]: sure

400
00:20:57,450 --> 00:20:57,711
[david]: who was

401
00:20:57,682 --> 00:20:57,823
[casey_]: man

402
00:20:57,792 --> 00:20:57,812
[david]: i

403
00:20:57,903 --> 00:20:57,923
[casey_]: i

404
00:20:57,912 --> 00:20:58,254
[david]: partnering

405
00:20:58,024 --> 00:20:58,184
[casey_]: have

406
00:20:58,334 --> 00:20:59,279
[david]: with who

407
00:20:59,047 --> 00:21:03,835
[casey_]: there's deals in birmingham right now who
the hell would have ever thought birmingham would

408
00:21:03,875 --> 00:21:04,476
[casey_]: have been a hot

409
00:21:04,820 --> 00:21:04,983
[david]: yeah

410
00:21:04,897 --> 00:21:09,004
[casey_]: on fire market but it's the same
situation people are like man they go we've

411
00:21:09,064 --> 00:21:14,613
[casey_]: got these these first in class operators
that started buying there right and then all

412
00:21:14,633 --> 00:21:19,621
[casey_]: of a sudden i mean and that
comes down to the the that's a reflection

413
00:21:19,762 --> 00:21:21,925
[casey_]: on operators in general when they can

414
00:21:21,962 --> 00:21:22,122
[david]: yeah

415
00:21:21,965 --> 00:21:24,781
[casey_]: go into it kit like birmingham alabama

416
00:21:24,590 --> 00:21:28,888
[david]: well well to illustrate the point i'm
in

417
00:21:30,127 --> 00:21:30,412
[casey_]: oh

418
00:21:30,301 --> 00:21:32,616
[david]: just south of salt lake sam on
greater salt lake city market

419
00:21:33,148 --> 00:21:33,292
[casey_]: sure

420
00:21:33,310 --> 00:21:41,962
[david]: yeah i find it hard to believe
that someone in um m let's call it

421
00:21:42,062 --> 00:21:42,423
[david]: florida

422
00:21:43,502 --> 00:21:44,137
[casey_]: hm

423
00:21:43,548 --> 00:21:50,297
[david]: is going to have a better chance
of identifying quality opportunity before i do

424
00:21:50,837 --> 00:21:56,494
[casey_]: and that's the question that's exactly it
right there so

425
00:21:56,520 --> 00:21:56,900
[david]: yeah

426
00:21:56,574 --> 00:21:59,184
[casey_]: the operators start finding those opportunities right

427
00:22:00,025 --> 00:22:06,416
[david]: right at least at least that was
my mind set and it held true these

428
00:22:06,496 --> 00:22:09,761
[david]: guys that that i partnered with they're

429
00:22:09,697 --> 00:22:10,045
[casey_]: oh

430
00:22:09,821 --> 00:22:17,285
[david]: entrenched in the kansas city commercial real
estate market they have been there for five

431
00:22:18,147 --> 00:22:20,551
[david]: and fifteen sixteen years

432
00:22:20,957 --> 00:22:21,119
[casey_]: yeah

433
00:22:21,612 --> 00:22:26,100
[david]: they know that market i'm i'm not
going to go into that market and that

434
00:22:26,160 --> 00:22:26,260
[david]: i'm

435
00:22:26,287 --> 00:22:26,877
[casey_]: oh

436
00:22:26,300 --> 00:22:29,766
[david]: going to find a better opportunity and
be able to analyze that opportunity

437
00:22:29,798 --> 00:22:30,609
[casey_]: exactly

438
00:22:30,067 --> 00:22:33,232
[david]: it's not just about finding the opportunity
it's about identifying

439
00:22:33,148 --> 00:22:33,494
[casey_]: yes

440
00:22:33,292 --> 00:22:36,678
[david]: if it truly is a good opportunity
because of the market dynamics

441
00:22:36,347 --> 00:22:36,796
[casey_]: correct

442
00:22:36,758 --> 00:22:40,836
[david]: the geographic challenges or opportunities that are
there et cetera et cetera

443
00:22:42,107 --> 00:22:46,474
[casey_]: well and that's that's the whole thing
that really i think keeps a lot of

444
00:22:46,554 --> 00:22:50,140
[casey_]: people from figuring this figuring

445
00:22:50,760 --> 00:22:52,350
[david]: yeah

446
00:22:50,781 --> 00:22:53,466
[casey_]: out scale like everybody wants to scale

447
00:22:53,360 --> 00:22:56,940
[david]: yeah

448
00:22:53,526 --> 00:22:57,352
[casey_]: before they and start right but but
then you sit down and you start looking

449
00:22:57,432 --> 00:23:00,177
[casey_]: you start taking the vision for the
next ten years and i was like okay

450
00:23:00,778 --> 00:23:06,087
[casey_]: i want to be in whatever market
right and it could be any of then

451
00:23:06,207 --> 00:23:08,952
[casey_]: people have a hard time deciding well
i want to learn this mark i learn

452
00:23:09,012 --> 00:23:13,359
[casey_]: this market what happens if something happens
here and it becomes the it becomes a

453
00:23:13,399 --> 00:23:17,225
[casey_]: barrage of whatever you've got going on
so it's interesting to finally come across the

454
00:23:17,245 --> 00:23:21,493
[casey_]: mind that saw market chosen operator and
said hey these are my guys because those

455
00:23:21,553 --> 00:23:26,902
[casey_]: geographic fences can be awful tall for
people who have lived worked

456
00:23:27,271 --> 00:23:27,435
[david]: yeah

457
00:23:27,322 --> 00:23:29,486
[casey_]: and know a specific market like you
said

458
00:23:29,790 --> 00:23:30,450
[david]: yeah

459
00:23:29,887 --> 00:23:33,256
[casey_]: there's very little chance that somebody from
florida is going to come into your area

460
00:23:33,878 --> 00:23:39,490
[casey_]: and know hey man this apartment billing
here is worth money it's the best damage

461
00:23:39,570 --> 00:23:42,253
[casey_]: the best deal i found all year
well he didn't know that there's a new

462
00:23:42,333 --> 00:23:44,576
[casey_]: sewer plant getting put right across the
street

463
00:23:45,183 --> 00:23:45,427
[david]: right

464
00:23:45,438 --> 00:23:47,404
[casey_]: and that's why the damn thing is
so cheap

465
00:23:47,924 --> 00:23:48,148
[david]: right

466
00:23:48,367 --> 00:23:51,532
[casey_]: and so and that's what i mean
by

467
00:23:51,472 --> 00:23:51,553
[david]: ah

468
00:23:52,815 --> 00:23:56,400
[casey_]: that's why it's interesting to me for
people that they just bound out of where

469
00:23:56,421 --> 00:24:00,627
[casey_]: they're at and go somewhere else and
it's i'm glad you made that connection of

470
00:24:00,668 --> 00:24:05,716
[casey_]: saying hey your operators are basically your
sole resource to start

471
00:24:06,310 --> 00:24:12,440
[david]: yeah so i mean that that was
my strategy and we we ended up acquiring

472
00:24:12,480 --> 00:24:13,502
[david]: that deal it was

473
00:24:13,830 --> 00:24:14,377
[casey_]: hm

474
00:24:13,842 --> 00:24:20,754
[david]: roughly a ten million ten million dollar
acquisition we raid uh you know roughly three

475
00:24:21,315 --> 00:24:27,946
[david]: million dollars for that deal um and
you know i had prept my investor network

476
00:24:28,126 --> 00:24:35,175
[david]: long before that you know i had
spent of months trapping my investor network for

477
00:24:35,356 --> 00:24:36,418
[david]: what we were about to do

478
00:24:36,957 --> 00:24:37,078
[casey_]: yeah

479
00:24:37,520 --> 00:24:42,207
[david]: i had been emailing them i had
been having conversations with them about the strategy

480
00:24:42,288 --> 00:24:47,015
[david]: about the benefits of investing passively so
here's an example i have a client that

481
00:24:47,116 --> 00:24:52,384
[david]: you know many clients that own small
scale multi or even single a small single

482
00:24:52,445 --> 00:24:53,847
[david]: family portfolio they had

483
00:24:53,788 --> 00:24:53,909
[casey_]: true

484
00:24:53,907 --> 00:24:57,513
[david]: built up a tremendous amount of equity
in those properties right and

485
00:24:57,447 --> 00:24:57,589
[casey_]: yep

486
00:24:57,653 --> 00:25:02,442
[david]: one of the top things that i
review with my investor clients and and one

487
00:25:02,482 --> 00:25:10,114
[david]: of the u one of the metrics
that most important to an investor and probably

488
00:25:10,154 --> 00:25:13,319
[david]: the most overlooked is return on equity

489
00:25:14,067 --> 00:25:14,190
[casey_]: yep

490
00:25:14,530 --> 00:25:19,761
[david]: so many of my invested clients get
caught up on their cash on cash return

491
00:25:20,462 --> 00:25:24,800
[david]: and how much equity they have built
up and what their net worth is and

492
00:25:24,840 --> 00:25:29,488
[david]: they lose sight of how much how
hard that equity is working for them

493
00:25:29,547 --> 00:25:29,648
[casey_]: yep

494
00:25:29,908 --> 00:25:33,314
[david]: and so one of the first conversations
i have with my investor clients that already

495
00:25:33,394 --> 00:25:37,802
[david]: have a portfolio small portfolio and especially
if they but in the last ten years

496
00:25:38,242 --> 00:25:41,327
[david]: goodness gracious they've built up a tremendous
amount of equity the question

497
00:25:41,137 --> 00:25:41,260
[casey_]: yep

498
00:25:41,368 --> 00:25:45,454
[david]: that needs to be asked is how
how hard is that equity work working for

499
00:25:45,514 --> 00:25:50,903
[david]: you and what is your return on
equity so if that return on equity once

500
00:25:50,964 --> 00:25:54,790
[david]: we take them through a process of
evaluating the return on equity which i'm happy

501
00:25:54,850 --> 00:25:57,855
[david]: to share a tool with your listeners
i've got a free tool where they can

502
00:25:57,935 --> 00:26:04,346
[david]: get their own in just five minutes
plug in their numbers and identify their return

503
00:26:04,426 --> 00:26:04,847
[david]: on equity

504
00:26:05,228 --> 00:26:05,389
[casey_]: sure

505
00:26:05,568 --> 00:26:10,396
[david]: but we run them through that analysis
and if they're if they're getting a poor

506
00:26:10,456 --> 00:26:13,502
[david]: return on the equity that they have
tied up in that property it's time to

507
00:26:13,542 --> 00:26:15,126
[david]: re position that equity through

508
00:26:15,037 --> 00:26:15,160
[casey_]: yep

509
00:26:15,166 --> 00:26:19,536
[david]: an exchange through a refinance or through
a sale and in some cases the equity

510
00:26:19,576 --> 00:26:22,492
[david]: is performing just fine and it should
stay put in

511
00:26:22,578 --> 00:26:22,759
[casey_]: yeah

512
00:26:22,592 --> 00:26:25,537
[david]: many cases it needs to be re
positioned to get it working harder and so

513
00:26:25,837 --> 00:26:28,322
[david]: that's what we did with a lot
of our clients which sort of prep them

514
00:26:28,502 --> 00:26:34,210
[david]: saying hey you guys might want to
consider exiting through a refining or through a

515
00:26:34,351 --> 00:26:39,855
[david]: sale and getting into these type of
opportunities in a higher cash flow market that

516
00:26:39,895 --> 00:26:43,358
[david]: could provide better returns than what you
recurrently getting with the equity that was tied

517
00:26:43,398 --> 00:26:44,059
[david]: up in your property

518
00:26:44,917 --> 00:26:51,528
[casey_]: sure and that's exactly right when you
start gaining equity in your property put it

519
00:26:51,788 --> 00:26:59,762
[casey_]: to work don't just because honestly the
what he just sitting there is no better

520
00:26:59,862 --> 00:27:01,485
[casey_]: than just having cash in the bank

521
00:27:01,901 --> 00:27:02,002
[david]: ah

522
00:27:02,378 --> 00:27:09,522
[casey_]: and both are susceptible to cost of
inflation right because obviously well now maybe not

523
00:27:09,562 --> 00:27:13,829
[casey_]: necessarily the equity because the equity is
going to increase as inflation increases and the

524
00:27:14,450 --> 00:27:17,175
[casey_]: youryou're continuing to pay down the property
but i guess what i'm getting

525
00:27:17,130 --> 00:27:17,271
[david]: well

526
00:27:17,255 --> 00:27:17,315
[casey_]: at

527
00:27:17,311 --> 00:27:17,451
[david]: what

528
00:27:17,475 --> 00:27:17,676
[casey_]: is

529
00:27:17,511 --> 00:27:22,985
[david]: happens what happens is that over time
as you pay down your debt your return

530
00:27:23,046 --> 00:27:23,948
[david]: on equity goes down

531
00:27:24,477 --> 00:27:24,580
[casey_]: yeah

532
00:27:24,930 --> 00:27:30,760
[david]: so as equity builds up whether it
be natural appreciation or forced appreciation guy as

533
00:27:30,820 --> 00:27:34,686
[david]: that equity builds up and yu pay
down your debt over time your return on

534
00:27:34,766 --> 00:27:38,733
[david]: equity is going to go down that's
why you often see re finance is happening

535
00:27:38,813 --> 00:27:40,215
[david]: in three to five years

536
00:27:40,647 --> 00:27:40,771
[casey_]: yep

537
00:27:40,897 --> 00:27:44,723
[david]: because it's time to re position that
equity get it working harder for you so

538
00:27:44,903 --> 00:27:48,269
[david]: generally speaking that the risk is and
i have a lot of clients that are

539
00:27:48,309 --> 00:27:54,487
[david]: very real verse in many cases i
have clients that carry no debt um they

540
00:27:54,567 --> 00:27:58,413
[david]: just won't do it now i'm not
a proponent of carrying no dat i think

541
00:27:58,493 --> 00:28:01,718
[david]: that's one of the major benefits of
investing in real estate

542
00:28:01,737 --> 00:28:01,859
[casey_]: yeah

543
00:28:02,239 --> 00:28:09,731
[david]: right so what what we do is
we discuss what's a conservative amount of equity

544
00:28:09,832 --> 00:28:14,860
[david]: that you want to keep in the
property and if it's over that conservative amount

545
00:28:15,140 --> 00:28:19,408
[david]: let's get that remaining equity that trapped
equity working for you and so

546
00:28:19,407 --> 00:28:19,552
[casey_]: yep

547
00:28:19,448 --> 00:28:25,157
[david]: that's one strategy re financing getting that
back up to a comfortable level of debt

548
00:28:25,598 --> 00:28:31,067
[david]: where you're still safe where you still
have great debt service coverage but

549
00:28:30,847 --> 00:28:30,988
[casey_]: yep

550
00:28:31,368 --> 00:28:35,046
[david]: you have this other equity you can
go and continue to build your portfolio

551
00:28:35,877 --> 00:28:41,902
[casey_]: yeah and and then and then potentially
even from their diversified diversify asset classes diversify

552
00:28:42,402 --> 00:28:46,026
[casey_]: locations diversify whatever it all makes perfect
sense

553
00:28:46,151 --> 00:28:48,479
[david]: yeah you know what i got to
harp on that too because this is a

554
00:28:48,499 --> 00:28:55,441
[david]: conversation that i have with my clients
yeah i can help one of my local

555
00:28:55,541 --> 00:29:00,870
[david]: clients go buy a let's just use
a fourplex because it's simple and people can

556
00:29:00,910 --> 00:29:01,591
[david]: wrap their heads around

557
00:29:01,697 --> 00:29:01,859
[casey_]: sure

558
00:29:02,853 --> 00:29:07,261
[david]: they can go in my market today
you're going to spend eight hundred thousand to

559
00:29:07,441 --> 00:29:15,638
[david]: one point four on a flourplex so
you're plopping down you know at a minimum

560
00:29:16,339 --> 00:29:19,424
[david]: two hundred thousand dollars to get yourself
into a fourplex

561
00:29:20,127 --> 00:29:20,270
[casey_]: yep

562
00:29:20,746 --> 00:29:26,283
[david]: that's great and for many people that
optimal and it's the right move in everybody's

563
00:29:26,625 --> 00:29:31,536
[david]: case um their desires and what they're
trying to accomplish with their portfolio is going

564
00:29:31,556 --> 00:29:35,422
[david]: to be different some one that wants
to be hands on wants to own something

565
00:29:35,462 --> 00:29:38,347
[david]: right in their back yard maybe that
person a fourplex would be right for them

566
00:29:38,407 --> 00:29:44,003
[david]: in this situation but you take that
two hundred grand and you're buying four doors

567
00:29:44,404 --> 00:29:45,327
[david]: right four tenants

568
00:29:46,109 --> 00:29:46,291
[casey_]: yeah

569
00:29:47,000 --> 00:29:49,324
[david]: four streams of potential income well

570
00:29:49,227 --> 00:29:49,370
[casey_]: yep

571
00:29:49,384 --> 00:29:53,391
[david]: if one of those units go vacant
all of a sudden you know you're only

572
00:29:53,451 --> 00:29:54,673
[david]: seventy five percent occupied

573
00:29:55,287 --> 00:29:55,431
[casey_]: yep

574
00:29:55,334 --> 00:30:00,142
[david]: right whereas if we're buying a hundred
unit two hundred to three hundred unit apartment

575
00:30:00,182 --> 00:30:04,670
[david]: building and we have you now ten
units go vacant that's a different story right

576
00:30:04,730 --> 00:30:07,555
[david]: so you have a little bit of
safety in scale in my opinion but here's

577
00:30:07,615 --> 00:30:12,843
[david]: the bigger impact you can talk that
two hunter grand pop it down on one

578
00:30:12,944 --> 00:30:16,028
[david]: building in one location with only four
tenants

579
00:30:16,797 --> 00:30:16,918
[casey_]: yep

580
00:30:17,080 --> 00:30:22,673
[david]: or you could take that two hundred
grand and spread that out over four different

581
00:30:23,154 --> 00:30:26,281
[david]: investments commercial grade property

582
00:30:25,867 --> 00:30:27,697
[casey_]: oh yeah

583
00:30:27,243 --> 00:30:32,176
[david]: in four different locations with four different
sponsors four different asset types and four different

584
00:30:32,196 --> 00:30:35,477
[david]: business plans extremely diversified

585
00:30:36,107 --> 00:30:36,230
[casey_]: yep

586
00:30:36,840 --> 00:30:42,885
[david]: and that's what we do on this
indication side is we basically partner my goal

587
00:30:43,445 --> 00:30:48,069
[david]: for my investors is to give them
a variety of investment opportunities

588
00:30:48,837 --> 00:30:48,980
[casey_]: yep

589
00:30:49,010 --> 00:30:53,879
[david]: across geographic locations across operators and across
business plans

590
00:30:55,547 --> 00:30:59,293
[casey_]: and that's the one thing that always
seems to get left out of of a

591
00:30:59,333 --> 00:31:04,742
[casey_]: lot of people stop at diversify across
the operators they don't realize that diversifying across

592
00:31:04,762 --> 00:31:12,014
[casey_]: the operators also diversifies business plans because
there's it's like a fingerprint always seems like

593
00:31:12,094 --> 00:31:16,682
[casey_]: no two operators run something exactly the
same no matter how efficient it's running it

594
00:31:16,742 --> 00:31:21,430
[casey_]: seems like somebody always wants to change
some thing a little bit so anyway all

595
00:31:21,470 --> 00:31:26,178
[casey_]: right well listen so david we're kind
of running out of time here but i've

596
00:31:26,218 --> 00:31:29,744
[casey_]: got a few questions i want to
ask you that are just pertaining to you

597
00:31:29,904 --> 00:31:33,971
[casey_]: and what your likes are and the
first of those questions is what is the

598
00:31:34,051 --> 00:31:37,216
[casey_]: best book that you have recently read
or are currently reading

599
00:31:38,782 --> 00:31:41,507
[david]: um who not how i

600
00:31:41,547 --> 00:31:41,690
[casey_]: yep

601
00:31:41,587 --> 00:31:44,071
[david]: believe that's the right title who knows
how

602
00:31:44,911 --> 00:31:45,196
[casey_]: yeah

603
00:31:45,213 --> 00:31:51,362
[david]: m that's a great book about building
business through other p and putting people in

604
00:31:51,442 --> 00:31:54,065
[david]: place that have unique skill sets outside
of yours

605
00:31:54,837 --> 00:31:54,960
[casey_]: yep

606
00:31:55,526 --> 00:31:58,009
[david]: i would also mention the one thing
by garry keller

607
00:31:58,857 --> 00:31:58,981
[casey_]: yep

608
00:31:59,431 --> 00:32:05,461
[david]: it's a great very simple concept but
a very powerful concept about identifying the one

609
00:32:05,621 --> 00:32:10,349
[david]: thing that's ultimately going to have the
greatest impact on the end result and then

610
00:32:10,630 --> 00:32:13,106
[david]: cussing on that one thing and hammering
away on that

611
00:32:13,857 --> 00:32:18,224
[casey_]: yep and man both great books and
i know i can tell from talking with

612
00:32:18,264 --> 00:32:23,052
[casey_]: you is like your your sales experience
and your indication experience how well they go

613
00:32:23,132 --> 00:32:28,942
[casey_]: hand in hand and it's like ach
of those books kind of compliments each of

614
00:32:29,002 --> 00:32:35,432
[casey_]: those skill sets the sales and the
net working part of the indication although at

615
00:32:35,453 --> 00:32:40,279
[casey_]: the same time they chris cross and
they both can compliment one another so

616
00:32:40,320 --> 00:32:40,581
[david]: oh

617
00:32:40,760 --> 00:32:44,744
[casey_]: all right so the next question is
what is a dream vacation that you have

618
00:32:44,764 --> 00:32:46,066
[casey_]: either taken or hoped to take

619
00:32:48,639 --> 00:32:52,994
[david]: m you know i'm a pretty simple
guy um

620
00:32:52,819 --> 00:32:53,023
[casey_]: okay

621
00:32:53,375 --> 00:32:59,806
[david]: you know we're heavy heavy into youth
athletics and so taking vacations isn't really top

622
00:32:59,946 --> 00:33:00,587
[david]: mine for me

623
00:33:01,008 --> 00:33:01,532
[casey_]: understand

624
00:33:01,328 --> 00:33:07,619
[david]: my deal vacation which we take once
per year is going to lake power for

625
00:33:07,659 --> 00:33:09,261
[david]: a week on a nice house

626
00:33:09,169 --> 00:33:10,254
[casey_]: man

627
00:33:09,322 --> 00:33:12,687
[david]: boat with a handful of friends and
family we take all

628
00:33:12,668 --> 00:33:12,829
[casey_]: oh

629
00:33:12,707 --> 00:33:17,373
[david]: of our kids we got back just
a few weeks ago and we had five

630
00:33:17,433 --> 00:33:19,995
[david]: families like forty kids running around

631
00:33:20,367 --> 00:33:20,888
[casey_]: yes

632
00:33:20,916 --> 00:33:21,777
[david]: and just a

633
00:33:21,789 --> 00:33:21,809
[casey_]: i

634
00:33:21,837 --> 00:33:22,197
[david]: blast

635
00:33:22,069 --> 00:33:23,111
[casey_]: love lake pale

636
00:33:22,737 --> 00:33:22,838
[david]: like

637
00:33:23,872 --> 00:33:27,519
[casey_]: lake pale is probably one of the
coolest places i've ever been in my life

638
00:33:28,059 --> 00:33:31,125
[casey_]: and we it was a church trip
and we

639
00:33:31,152 --> 00:33:31,172
[david]: m

640
00:33:31,225 --> 00:33:34,330
[casey_]: went and we took that at a
big house boat right i'm sure that's

641
00:33:34,214 --> 00:33:34,296
[david]: ah

642
00:33:34,370 --> 00:33:35,432
[casey_]: what a lot of people

643
00:33:35,301 --> 00:33:35,322
[david]: h

644
00:33:35,492 --> 00:33:36,133
[casey_]: do that we rented a

645
00:33:36,189 --> 00:33:36,210
[david]: h

646
00:33:36,193 --> 00:33:40,961
[casey_]: house boat and all of us had
to get up top and the guy

647
00:33:40,972 --> 00:33:41,136
[david]: yeah

648
00:33:41,121 --> 00:33:43,726
[casey_]: drove it we went back in a
i don't know it called

649
00:33:43,704 --> 00:33:43,885
[david]: little

650
00:33:43,766 --> 00:33:44,266
[casey_]: a camera

651
00:33:43,985 --> 00:33:44,448
[david]: cover

652
00:33:44,447 --> 00:33:44,527
[casey_]: or

653
00:33:44,629 --> 00:33:44,810
[david]: yeah

654
00:33:44,667 --> 00:33:45,048
[casey_]: something

655
00:33:45,513 --> 00:33:46,719
[david]: yeah

656
00:33:45,609 --> 00:33:48,594
[casey_]: and we all had to get up
top and help guide the boat back

657
00:33:48,663 --> 00:33:48,744
[david]: ah

658
00:33:48,674 --> 00:33:50,176
[casey_]: into this thing we were back there
by ourselves

659
00:33:50,154 --> 00:33:50,296
[david]: yeah

660
00:33:50,397 --> 00:33:54,343
[casey_]: water as clear as you can clear
as far as you can see down oh

661
00:33:54,423 --> 00:33:55,525
[casey_]: man oh

662
00:33:55,391 --> 00:33:55,532
[david]: yeah

663
00:33:55,625 --> 00:33:57,030
[casey_]: man place was

664
00:33:57,668 --> 00:33:57,789
[david]: yeah

665
00:33:58,637 --> 00:33:59,842
[casey_]: so spectacular

666
00:33:59,888 --> 00:34:00,028
[david]: yeah

667
00:33:59,962 --> 00:34:00,043
[casey_]: so

668
00:34:00,109 --> 00:34:00,310
[david]: that's

669
00:34:00,143 --> 00:34:00,404
[casey_]: anyway

670
00:34:00,350 --> 00:34:00,812
[david]: a good trip

671
00:34:01,337 --> 00:34:04,282
[casey_]: awesome an we just keep the things
you and i have in common

672
00:34:04,696 --> 00:34:04,857
[david]: yeah

673
00:34:04,822 --> 00:34:10,572
[casey_]: just more and more the the all
right man so listen i know that there's

674
00:34:10,893 --> 00:34:14,799
[casey_]: some people out there who have heard
what you've said and are interested in possibly

675
00:34:14,859 --> 00:34:19,567
[casey_]: learning more about your vision from the
sale side or possibly your vision from the

676
00:34:19,627 --> 00:34:24,195
[casey_]: investor side or maybe there's an investor
out there looking to to place their two

677
00:34:24,255 --> 00:34:27,601
[casey_]: hundred thousand in capita and and they'd
like to maybe get in touch with you

678
00:34:27,641 --> 00:34:30,165
[casey_]: so what is the best way for
somebody to reach out and get in touch

679
00:34:30,225 --> 00:34:30,446
[casey_]: with you

680
00:34:31,651 --> 00:34:37,020
[david]: i'll give him two ways the first
is you can get a free copy of

681
00:34:37,260 --> 00:34:42,369
[david]: our return on equity report our return
on equity calculator so if you go to

682
00:34:42,649 --> 00:34:50,903
[david]: return on equity report return on equity
report dot com can download a free copy

683
00:34:51,184 --> 00:34:56,192
[david]: of our calculator which will allow you
to just plug in your numbers of any

684
00:34:56,272 --> 00:35:00,098
[david]: property that you currently own and it
will spit out what you're currently or what

685
00:35:00,139 --> 00:35:04,205
[david]: you should back potentially expect as a
return in equity in the next three years

686
00:35:05,147 --> 00:35:05,307
[david]: um

687
00:35:05,167 --> 00:35:05,289
[casey_]: sure

688
00:35:05,427 --> 00:35:09,294
[david]: then that can guide some decisions on
what you do with that equity so that's

689
00:35:09,334 --> 00:35:12,679
[david]: the first one and then the second
way is just go to canovo capital dot

690
00:35:12,780 --> 00:35:19,771
[david]: com that c a n o v
o kanovo capital dot com and just join

691
00:35:19,891 --> 00:35:24,499
[david]: our investor network there our team will
reach out with schedule call i'll jump on

692
00:35:24,539 --> 00:35:27,490
[david]: a call you talk to you about
your goals what we do on the indication

693
00:35:27,550 --> 00:35:29,758
[david]: side of things and would love to
chat with you

694
00:35:31,037 --> 00:35:35,164
[casey_]: awesome and awesome that's great and i
can't thank you enough for taking the time

695
00:35:35,224 --> 00:35:38,449
[casey_]: today to be with us i know
that you all are really busy over there

696
00:35:38,910 --> 00:35:41,775
[casey_]: i know that especially in some of
the market you're in that things are just

697
00:35:42,195 --> 00:35:47,063
[casey_]: booming in it it's hardly it's hard
to find time to like you said you're

698
00:35:47,144 --> 00:35:52,112
[casey_]: new sports my kids or new sports
so i get that completely but anyway thank

699
00:35:52,152 --> 00:35:57,361
[casey_]: you so much for your time david
and also thank you you're you're the free

700
00:35:57,441 --> 00:36:01,748
[casey_]: resource that you've offered the listeners and
listeners please go get that return an equity

701
00:36:01,848 --> 00:36:06,816
[casey_]: is a very very important piece of
this puzzle so and as always please head

702
00:36:06,957 --> 00:36:11,785
[casey_]: down and leave us a five star
review and while you're there please hit the

703
00:36:11,845 --> 00:36:15,571
[casey_]: subscribe button so that you can be
notified when we release episode when we release

704
00:36:15,651 --> 00:36:17,294
[casey_]: content and come

705
00:36:17,190 --> 00:36:17,370
[david]: yeah

706
00:36:17,414 --> 00:36:21,123
[casey_]: back and visit us soon again i
want to thank you david so much for

707
00:36:21,164 --> 00:36:23,752
[casey_]: your time and listeners thank you for
being with us today

708
00:36:23,529 --> 00:36:23,670
[david]: yeah

709
00:36:24,153 --> 00:36:24,735
[casey_]: have a good day