YOUR DAILY REAL ESTATE INVESTMENT SHOW
Sept. 19, 2022

The Need for education and Experience When Starting A Real Estate Business With Brock Mogensen

The Need for education and Experience When Starting A Real Estate Business With Brock Mogensen

In this episode of Cash Flow Pro, we talk with Brock Mogensen, co-founder of Smart Asset Capital. Brock is based in Wisconsin and started investing in real estate about five years ago. It all started with him purchasing a duplex and instantly...


In this episode of Cash Flow Pro, we talk with Brock Mogensen, co-founder of Smart Asset Capital. Brock is based in Wisconsin and started investing in real estate about five years ago. It all started with him purchasing a duplex and instantly realizing the potential of real estate investments.

 

Eventually, Brock came across syndication and created his own company. He quickly noticed that while he had the theory, he needed to grow his team with those with experience and found two partners.

 

Smart Asset Capital is a vertically integrated real estate private equity investment firm focused on acquiring commercial assets that already have cash flow and perform well but benefit from creative and innovative strategies that have otherwise been overlooked in the market.

 

In this episode, we discuss:

  • The importance of experience or partnering with an expert
  • Making sure you educate potential investors
  • The word “guarantee.”
  • Milwaukee real estate market

 

 

Make sure to tune in to this episode to find out more!

 

Find your flow,

Casey Brown

 

Resources mentioned in this podcast:

 

  1. smartassetcapital.com
  2. LinkedIn Brock Mogensen
  3. Instagram @brockmogensen
Transcript

1
00:00:01,253 --> 00:00:07,623
[casey_]: hey there and welcome to today's episode
of cash flow pro your daily real estate

2
00:00:07,684 --> 00:00:14,996
[casey_]: investing podcast and youtube channel i'm here
today with brock mogginson of smart asset capital

3
00:00:15,416 --> 00:00:19,724
[casey_]: and brock and i realize we're both
like people and we don't even know why

4
00:00:19,804 --> 00:00:24,151
[casey_]: we're doing this working thing right now
but i don't know about him but for

5
00:00:24,191 --> 00:00:28,683
[casey_]: me i guess my kids eating is
a little bit more important than me spending

6
00:00:28,763 --> 00:00:29,666
[casey_]: time on the lake

7
00:00:29,790 --> 00:00:29,810
[brock_mogensen]: m

8
00:00:29,826 --> 00:00:31,591
[casey_]: so how are you today buddy

9
00:00:32,651 --> 00:00:34,401
[brock_mogensen]: i'm doing great thanks for having me
on case

10
00:00:34,663 --> 00:00:40,913
[casey_]: absolutely man we're always glad to to
to get folks on here that are used

11
00:00:40,973 --> 00:00:45,401
[casey_]: to the real estate business and used
to sindications used to capital raising and especially

12
00:00:45,461 --> 00:00:48,506
[casey_]: people that can bring value our audience
and hopefully

13
00:00:48,339 --> 00:00:48,360
[brock_mogensen]: m

14
00:00:49,467 --> 00:00:54,195
[casey_]: your audience as well and who knows
maybe some of our audience will will become

15
00:00:54,255 --> 00:00:59,203
[casey_]: your audience and your investors and whatever
else so brock watch kind of start out

16
00:00:59,343 --> 00:01:04,348
[casey_]: give us a little background on yourself
and and and tell us you know kind

17
00:01:04,368 --> 00:01:07,952
[casey_]: of how you got towards moving towards
the real estate business

18
00:01:09,230 --> 00:01:13,297
[brock_mogensen]: definitely so i'm so i'm based in
milwaukee wisconsin so

19
00:01:13,468 --> 00:01:13,571
[casey_]: kay

20
00:01:13,537 --> 00:01:21,491
[brock_mogensen]: grew up just south of miwaukie and
about about five years five years ago decided

21
00:01:21,551 --> 00:01:23,875
[brock_mogensen]: to buy a duplex and

22
00:01:23,615 --> 00:01:23,758
[casey_]: right

23
00:01:24,215 --> 00:01:28,062
[brock_mogensen]: kind of it was an accumulation of
just my dad had owned two duplexes growing

24
00:01:28,162 --> 00:01:29,825
[brock_mogensen]: up and i saw

25
00:01:30,343 --> 00:01:31,183
[casey_]: yeah

26
00:01:30,526 --> 00:01:34,172
[brock_mogensen]: you know both my parents came from
very blue college and i saw just four

27
00:01:34,352 --> 00:01:37,537
[brock_mogensen]: units what you know what that can
do to your lifestyle right having that extra

28
00:01:37,638 --> 00:01:41,183
[brock_mogensen]: income coming in each month what that
can do so i knew out of college

29
00:01:41,244 --> 00:01:44,569
[brock_mogensen]: like hey i'm gonna try to buy
a duplex save up some money did the

30
00:01:44,609 --> 00:01:47,777
[brock_mogensen]: house a thing that's all you know
italy at that time that all i was

31
00:01:47,797 --> 00:01:50,142
[brock_mogensen]: on my mind was i just wanted
to buy a duplex

32
00:01:50,304 --> 00:01:50,526
[casey_]: sure

33
00:01:50,322 --> 00:01:54,281
[brock_mogensen]: you know this new the rat thing
to do so did that instantly it was

34
00:01:54,321 --> 00:01:57,288
[brock_mogensen]: like this is awesome you know i'm
living and living on one side renting t

35
00:01:57,328 --> 00:02:00,475
[brock_mogensen]: the other i had roommates i mean
living for free i think i was making

36
00:02:00,515 --> 00:02:03,821
[brock_mogensen]: like five hundred bucks a month to
and i was like this is great you

37
00:02:03,841 --> 00:02:07,267
[brock_mogensen]: know how do i do more of
it and you know i went down a

38
00:02:07,287 --> 00:02:09,992
[brock_mogensen]: few different avenues right like i think
a lot of people do try to do

39
00:02:10,032 --> 00:02:14,219
[brock_mogensen]: the flipping whole sailing um you know
i just wasn't having much luck finding deals

40
00:02:14,299 --> 00:02:18,245
[brock_mogensen]: doing that and that's when i came
across this concept of syndication so

41
00:02:18,233 --> 00:02:18,355
[casey_]: yep

42
00:02:18,726 --> 00:02:22,092
[brock_mogensen]: decided hey this is how i'm goin
actually going to build a business leave the

43
00:02:22,132 --> 00:02:27,001
[brock_mogensen]: job i had to go full time
and actually create a company and so spent

44
00:02:27,062 --> 00:02:31,222
[brock_mogensen]: some time learning as much as i
could about it quickly then found out that

45
00:02:31,242 --> 00:02:33,746
[brock_mogensen]: there's no way i could do this
on my own and have the experience and

46
00:02:33,867 --> 00:02:36,170
[brock_mogensen]: have the money you know no way
i could is on my own let me

47
00:02:36,210 --> 00:02:39,536
[brock_mogensen]: go out and try to find partners
which i did end up finding two partners

48
00:02:39,576 --> 00:02:42,866
[brock_mogensen]: that had some more experience buying properties
on their own

49
00:02:43,154 --> 00:02:43,358
[casey_]: sure

50
00:02:43,690 --> 00:02:48,478
[brock_mogensen]: we all like idea of indication so
we came together and started indicating real estate

51
00:02:48,518 --> 00:02:51,943
[brock_mogensen]: and you know five six deals after
that and a few years later i was

52
00:02:52,004 --> 00:02:52,905
[brock_mogensen]: able to leave my job and

53
00:02:52,993 --> 00:02:53,135
[casey_]: yeah

54
00:02:53,266 --> 00:02:56,675
[brock_mogensen]: go full time into real estate and
love it i mean it's it's a great

55
00:02:56,736 --> 00:02:58,385
[brock_mogensen]: model and i'm excited to continue to
grow t

56
00:02:58,763 --> 00:03:03,891
[casey_]: sure yeah man and that's that's the
goal of so many people especially our audience

57
00:03:04,312 --> 00:03:09,921
[casey_]: out there that's that's like that's basically
beating their head against the desk at their

58
00:03:09,941 --> 00:03:12,788
[casey_]: nine to five um trying to figure

59
00:03:12,751 --> 00:03:13,440
[brock_mogensen]: yeah

60
00:03:12,888 --> 00:03:17,559
[casey_]: out trying to make that escape out
of saying hey how do i do this

61
00:03:17,639 --> 00:03:25,733
[casey_]: and it's you know to me and
it's difficult sometimes but to me it's hard

62
00:03:25,773 --> 00:03:30,421
[casey_]: to understand people not being able to
grasp this concept and i guess

63
00:03:30,360 --> 00:03:30,664
[brock_mogensen]: oh

64
00:03:30,822 --> 00:03:35,009
[casey_]: at the same i say that and
then and then you know my wife is

65
00:03:35,049 --> 00:03:38,114
[casey_]: one of those very black and white
people like it's either black or white there's

66
00:03:38,160 --> 00:03:38,180
[brock_mogensen]: m

67
00:03:38,214 --> 00:03:40,999
[casey_]: no hay this might work or this
might not work it either work or it

68
00:03:41,039 --> 00:03:41,259
[casey_]: doesn't

69
00:03:41,260 --> 00:03:41,301
[brock_mogensen]: h

70
00:03:41,419 --> 00:03:42,581
[casey_]: right and so

71
00:03:43,389 --> 00:03:43,410
[brock_mogensen]: m

72
00:03:43,963 --> 00:03:47,509
[casey_]: sometimes trying to explain some of these
concepts to her the indication and so on

73
00:03:47,589 --> 00:03:49,993
[casey_]: she understands it now obviously but it
just took i had to

74
00:03:50,070 --> 00:03:50,090
[brock_mogensen]: m

75
00:03:50,233 --> 00:03:52,397
[casey_]: i had to take various different angles
at

76
00:03:52,350 --> 00:03:52,571
[brock_mogensen]: oh

77
00:03:52,457 --> 00:03:55,783
[casey_]: it before she finally was like oh
yeah so you're buying part of it o

78
00:03:56,850 --> 00:03:57,198
[brock_mogensen]: oh

79
00:03:57,666 --> 00:03:59,228
[casey_]: what was what for

80
00:03:59,280 --> 00:03:59,880
[brock_mogensen]: yes

81
00:03:59,369 --> 00:04:05,058
[casey_]: you was the biggest challenge and trying
to get things going i know like for

82
00:04:05,118 --> 00:04:09,507
[casey_]: instance for for us it was it
was funding it was the money to because

83
00:04:09,847 --> 00:04:12,513
[casey_]: no matter how you look at it
man i mean you're still even if you

84
00:04:12,553 --> 00:04:19,700
[casey_]: were to do a bear bones absolutely
minimum indication you're talking twenty five grand i

85
00:04:19,740 --> 00:04:21,904
[casey_]: mean just like i'm talking

86
00:04:21,722 --> 00:04:22,230
[brock_mogensen]: hm

87
00:04:21,944 --> 00:04:24,989
[casey_]: about like if you were to just
do bare bones i mean something that you

88
00:04:25,090 --> 00:04:28,495
[casey_]: just maybe even you knew the people
you're raising capital from but so that was

89
00:04:28,575 --> 00:04:31,280
[casey_]: our biggest challenge in the beginning was
trying to figure okay hey where do we

90
00:04:31,340 --> 00:04:33,844
[casey_]: get we got to put this on
here because we got a have so much

91
00:04:33,884 --> 00:04:36,228
[casey_]: over here for that we got he
so much over for that and then we've

92
00:04:36,288 --> 00:04:40,275
[casey_]: got to have this to get started
so for you what was what was you

93
00:04:40,475 --> 00:04:45,630
[casey_]: or your your team or whoever you
had kind of put together there what was

94
00:04:45,651 --> 00:04:46,357
[casey_]: your biggest challenge

95
00:04:48,001 --> 00:04:53,109
[brock_mogensen]: biggest challenge definitely similar was yeah just
overall you know personally i didn't have i

96
00:04:53,149 --> 00:04:56,034
[brock_mogensen]: didn't have much experience right i mean
i did a duplex is the only deal

97
00:04:56,074 --> 00:05:00,101
[brock_mogensen]: i did um you know listen listen
to all the podcas read all the books

98
00:05:00,401 --> 00:05:04,929
[brock_mogensen]: had that knowledge but you know so
there was definitely kind of the factor of

99
00:05:04,969 --> 00:05:09,476
[brock_mogensen]: just not having the true experience but
having a partner that already had a portfolio

100
00:05:09,557 --> 00:05:14,085
[brock_mogensen]: of a couple hundred units proper management
company mean all that being able to leverage

101
00:05:14,105 --> 00:05:17,030
[brock_mogensen]: when i'm talking so rate you know
that tied right into raising capital and definitely

102
00:05:17,571 --> 00:05:20,837
[brock_mogensen]: on that first deal i was a
minimal contribution on raising the capital

103
00:05:20,974 --> 00:05:21,136
[casey_]: sure

104
00:05:22,650 --> 00:05:22,730
[brock_mogensen]: so

105
00:05:22,667 --> 00:05:22,729
[casey_]: to

106
00:05:22,850 --> 00:05:26,496
[brock_mogensen]: that that was definitely the biggest heart
on that first one was just the experience

107
00:05:26,556 --> 00:05:30,122
[brock_mogensen]: levels and even on the second and
third one right i mean it was still

108
00:05:30,423 --> 00:05:35,391
[brock_mogensen]: relatively low experience and it's hard to
raise money when you're able to leverage a

109
00:05:35,431 --> 00:05:37,555
[brock_mogensen]: track record or talk about stuff you've
done in the past

110
00:05:38,139 --> 00:05:38,300
[casey_]: yep

111
00:05:38,256 --> 00:05:42,222
[brock_mogensen]: so that the first couple were a
struggle i mean but now that we've done

112
00:05:42,322 --> 00:05:45,868
[brock_mogensen]: a handful more of them becomes easier
when we've sold a few deals we can

113
00:05:45,928 --> 00:05:49,420
[brock_mogensen]: leverage that ad i mean it becomes
a little bit it's still it's still tough

114
00:05:49,480 --> 00:05:53,452
[brock_mogensen]: i mean i think i think a
lot of times people um say you now

115
00:05:53,512 --> 00:05:58,841
[brock_mogensen]: find the deal and raising the money
and is super easy i personally think might

116
00:05:58,861 --> 00:06:01,485
[brock_mogensen]: be a contrary opinion but raising money
is never easing if you have a great

117
00:06:01,545 --> 00:06:03,108
[brock_mogensen]: deal i think it's still it's still
tough

118
00:06:04,216 --> 00:06:04,438
[casey_]: yeah

119
00:06:04,350 --> 00:06:06,255
[brock_mogensen]: until you get to the point where
you have a massive network

120
00:06:06,664 --> 00:06:06,824
[casey_]: yeah

121
00:06:06,676 --> 00:06:07,056
[brock_mogensen]: then i think it

122
00:06:07,025 --> 00:06:07,105
[casey_]: and

123
00:06:07,076 --> 00:06:07,317
[brock_mogensen]: becomes

124
00:06:07,345 --> 00:06:07,425
[casey_]: and

125
00:06:07,377 --> 00:06:07,538
[brock_mogensen]: easy

126
00:06:07,485 --> 00:06:10,731
[casey_]: you're right and you know and i
tell you what i had a lady tell

127
00:06:10,831 --> 00:06:16,420
[casey_]: me a lady that i was working
with in the auction business several several several

128
00:06:16,500 --> 00:06:21,997
[casey_]: years ago we were just trying to
get this action business off the ground right

129
00:06:22,859 --> 00:06:24,413
[casey_]: and we were

130
00:06:24,420 --> 00:06:24,561
[brock_mogensen]: ye

131
00:06:24,494 --> 00:06:28,042
[casey_]: running adds we were doing this we
were taking out this is at the time

132
00:06:28,082 --> 00:06:31,350
[casey_]: when we were doing newspaper ads and
so on right and

133
00:06:31,260 --> 00:06:31,280
[brock_mogensen]: m

134
00:06:31,450 --> 00:06:37,229
[casey_]: so i learned real quick or she
told me she said listen because we were

135
00:06:37,309 --> 00:06:41,777
[casey_]: we were struggle i mean it was
like we were just bleeding money into these

136
00:06:41,977 --> 00:06:46,444
[casey_]: ads and and all of a sudden
it dawned on me she made it after

137
00:06:46,504 --> 00:06:50,892
[casey_]: she made the statement that in order
to avert the best way to advertise is

138
00:06:50,952 --> 00:06:55,820
[casey_]: to have something to advertise right because
if you're out there trying to say hey

139
00:06:56,481 --> 00:07:00,688
[casey_]: i'm brack i'm with smart asset capital
and we're looking to raise money for our

140
00:07:00,768 --> 00:07:04,675
[casey_]: future deals man nobody gives a ship
about that right they don't

141
00:07:04,590 --> 00:07:04,610
[brock_mogensen]: m

142
00:07:04,755 --> 00:07:09,062
[casey_]: care they're like brock so what brock
you're one in a thousand you're you say

143
00:07:09,122 --> 00:07:12,969
[casey_]: hey my name is broke and i
got a deal that's gonna pay an eight

144
00:07:13,009 --> 00:07:16,695
[casey_]: percent per you're going to get you
know obviously you have to go through

145
00:07:16,569 --> 00:07:16,590
[brock_mogensen]: m

146
00:07:18,057 --> 00:07:21,923
[casey_]: the hurdles are now lower there's a
few more of them but the hurdles are

147
00:07:21,984 --> 00:07:25,529
[casey_]: now lowered by you just saying okay
hey what's a press the preface this what's

148
00:07:25,610 --> 00:07:29,877
[casey_]: a split this is this when what's
a hurdle this is that and once you

149
00:07:29,937 --> 00:07:35,526
[casey_]: explain that but but did you find
that that once what do you think in

150
00:07:35,586 --> 00:07:40,094
[casey_]: your opinion if somebody had a deal
like let's say i called i called somebody

151
00:07:40,154 --> 00:07:40,214
[casey_]: up

152
00:07:40,221 --> 00:07:40,383
[brock_mogensen]: yes

153
00:07:40,254 --> 00:07:43,359
[casey_]: and said hey i've got this deal
is going to pay a ten percent per

154
00:07:43,720 --> 00:07:47,228
[casey_]: what's he prest and once there learn
what that stuff is do you think that's

155
00:07:47,288 --> 00:07:50,638
[casey_]: going to make it much easier than
saying hey my name is casey and i'm

156
00:07:50,678 --> 00:07:51,621
[casey_]: looking to raise capital

157
00:07:53,080 --> 00:07:57,468
[brock_mogensen]: totally totally and definitely experience that where
it's like if you can if you can

158
00:07:57,528 --> 00:08:01,394
[brock_mogensen]: explain the concept to someone it becomes
much easier to raise the capital from them

159
00:08:01,474 --> 00:08:05,521
[brock_mogensen]: if they're not it's amazing i mean
how many people out high income owners out

160
00:08:05,541 --> 00:08:08,907
[brock_mogensen]: there don't understand don't know what indication
isn't aren't aware that it's an avenue

161
00:08:09,235 --> 00:08:09,378
[casey_]: yeah

162
00:08:09,408 --> 00:08:11,110
[brock_mogensen]: so when you can find some one
that's you

163
00:08:11,045 --> 00:08:11,065
[casey_]: m

164
00:08:11,150 --> 00:08:15,858
[brock_mogensen]: know has the money is very interested
in getting involved in real estate but they

165
00:08:15,938 --> 00:08:18,472
[brock_mogensen]: always thought hey i have to be
a landlord i don't want to do that

166
00:08:18,512 --> 00:08:23,833
[brock_mogensen]: responsibility you can introduce indication them and
thoroughly and properly explain hey this is how

167
00:08:23,893 --> 00:08:26,495
[brock_mogensen]: it works is it's gonna be your
role this is going to be our role

168
00:08:27,176 --> 00:08:31,781
[brock_mogensen]: and when you become that kind of
expert and explaining how it works it's much

169
00:08:31,841 --> 00:08:36,268
[brock_mogensen]: easier to raise capital from that so
totally yeah when you find those people and

170
00:08:36,609 --> 00:08:39,954
[brock_mogensen]: become very knowledgeable and explaining in a
simplistic term it's

171
00:08:39,973 --> 00:08:40,116
[casey_]: yeah

172
00:08:39,994 --> 00:08:42,819
[brock_mogensen]: easy to get complicated and start talking
about hurtles right away and all that

173
00:08:43,193 --> 00:08:43,334
[casey_]: yeah

174
00:08:43,260 --> 00:08:46,528
[brock_mogensen]: but explain it to a most simple
manner and you know it will help a

175
00:08:46,568 --> 00:08:46,728
[brock_mogensen]: lot

176
00:08:46,643 --> 00:08:52,668
[casey_]: yeah and you know and and the
thing is is that you know the biggest

177
00:08:52,689 --> 00:08:58,064
[casey_]: thing that i realized with the s
c c was that they really the number

178
00:08:58,224 --> 00:09:03,232
[casey_]: one thing it seems like with these
indications and these structures that they focused on

179
00:09:03,452 --> 00:09:08,701
[casey_]: or that they like will get them
knocking on your front door pretty much faster

180
00:09:08,761 --> 00:09:10,124
[casey_]: than anything is by

181
00:09:10,140 --> 00:09:10,546
[brock_mogensen]: oh

182
00:09:10,304 --> 00:09:11,647
[casey_]: use of the word guarantee

183
00:09:11,238 --> 00:09:11,340
[brock_mogensen]: yeah

184
00:09:12,830 --> 00:09:13,091
[casey_]: and

185
00:09:13,034 --> 00:09:13,219
[brock_mogensen]: yes

186
00:09:14,184 --> 00:09:14,285
[casey_]: the

187
00:09:14,280 --> 00:09:14,300
[brock_mogensen]: m

188
00:09:14,407 --> 00:09:16,443
[casey_]: thing that i

189
00:09:16,523 --> 00:09:17,220
[brock_mogensen]: okay

190
00:09:16,624 --> 00:09:25,567
[casey_]: had to overcome was not necessarily like
you can't guarantee the return but what you

191
00:09:25,627 --> 00:09:30,776
[casey_]: would say is the only guarantee that
there is with this structure is that you're

192
00:09:30,836 --> 00:09:34,462
[casey_]: going to get paid before we get
paid or before you know you're going to

193
00:09:34,502 --> 00:09:38,915
[casey_]: get paid you're you're you're right after
the bank basically and that's

194
00:09:38,880 --> 00:09:39,001
[brock_mogensen]: yep

195
00:09:38,955 --> 00:09:44,043
[casey_]: the only guarantee that you could really
give but but you know and once people

196
00:09:44,244 --> 00:09:48,330
[casey_]: get that concept that hey i'm going
to be getting these returns and then of

197
00:09:48,410 --> 00:09:51,876
[casey_]: course once you start saying hey we're
not making anything we're on this we're focusing

198
00:09:51,936 --> 00:09:54,761
[casey_]: on a back and split we might
get a little bit for management along the

199
00:09:54,821 --> 00:09:59,068
[casey_]: way but we're focused on a back
and split while the press

200
00:09:59,332 --> 00:09:59,352
[brock_mogensen]: m

201
00:09:59,589 --> 00:10:03,039
[casey_]: return basically takes up all the cash
flow or the majority of the cash fo

202
00:10:03,119 --> 00:10:05,435
[casey_]: anyway so um so

203
00:10:05,379 --> 00:10:05,400
[brock_mogensen]: m

204
00:10:05,515 --> 00:10:07,999
[casey_]: tell us about that first deal man
i mean i know you said it was

205
00:10:08,039 --> 00:10:10,763
[casey_]: a struggle but but man i mean
i want to hear numbers i want to

206
00:10:10,803 --> 00:10:13,808
[casey_]: hear struggle i want to hear about
the push ups and the sit ups and

207
00:10:13,889 --> 00:10:16,573
[casey_]: the sweat that it took to get
it done so tell us a little bit

208
00:10:16,613 --> 00:10:21,838
[casey_]: about that first deal and what it
what and then honestly i want to hear

209
00:10:21,919 --> 00:10:25,022
[casey_]: about what kind of mental tole it
took on you to get it done

210
00:10:26,430 --> 00:10:32,938
[brock_mogensen]: yeah so first the first indication deal
did was its eighty nine units rougher part

211
00:10:32,998 --> 00:10:33,459
[brock_mogensen]: of town

212
00:10:34,905 --> 00:10:35,026
[casey_]: what

213
00:10:34,966 --> 00:10:35,128
[brock_mogensen]: so it's

214
00:10:35,106 --> 00:10:35,388
[casey_]: town

215
00:10:35,148 --> 00:10:38,954
[brock_mogensen]: about three a rougher part of town
so there was

216
00:10:38,834 --> 00:10:38,895
[casey_]: in

217
00:10:39,014 --> 00:10:39,214
[brock_mogensen]: you know

218
00:10:39,257 --> 00:10:39,799
[casey_]: wisconsin

219
00:10:40,676 --> 00:10:41,578
[brock_mogensen]: in mowaukiyepyep

220
00:10:41,517 --> 00:10:42,406
[casey_]: milwalke i mean yeah

221
00:10:43,340 --> 00:10:43,621
[brock_mogensen]: correct

222
00:10:43,454 --> 00:10:43,656
[casey_]: okay

223
00:10:43,681 --> 00:10:48,469
[brock_mogensen]: yeah so um about three and a
half million dollar deal i think our raise

224
00:10:48,529 --> 00:10:48,649
[brock_mogensen]: was

225
00:10:48,553 --> 00:10:48,695
[casey_]: oh

226
00:10:48,709 --> 00:10:49,791
[brock_mogensen]: just around a million

227
00:10:50,073 --> 00:10:50,416
[casey_]: oh wow

228
00:10:51,995 --> 00:10:57,083
[brock_mogensen]: so that was the first one right
so we're raising capital all we did very

229
00:10:57,183 --> 00:11:02,552
[brock_mogensen]: favorable structure to l p's i think
sat straight up eight twenty split kept a

230
00:11:02,592 --> 00:11:03,073
[brock_mogensen]: pretty simple

231
00:11:03,304 --> 00:11:03,448
[casey_]: sure

232
00:11:04,315 --> 00:11:07,965
[brock_mogensen]: took some smaller dollar milan on the
investment so we had to big pool investors

233
00:11:08,025 --> 00:11:09,373
[brock_mogensen]: on that deal and

234
00:11:09,424 --> 00:11:11,831
[casey_]: now time out where did you find
these investors

235
00:11:13,380 --> 00:11:13,840
[brock_mogensen]: mostly

236
00:11:13,835 --> 00:11:13,855
[casey_]: r

237
00:11:13,981 --> 00:11:14,081
[brock_mogensen]: so

238
00:11:13,997 --> 00:11:14,017
[casey_]: c

239
00:11:14,301 --> 00:11:18,749
[brock_mogensen]: on that yeah on that first one
my partners raised most capital i had a

240
00:11:19,149 --> 00:11:25,119
[brock_mogensen]: few people come in but the lot
a lot from existing relationships and also

241
00:11:25,163 --> 00:11:25,445
[casey_]: five o

242
00:11:25,501 --> 00:11:25,582
[brock_mogensen]: we

243
00:11:25,545 --> 00:11:25,686
[casey_]: six

244
00:11:25,622 --> 00:11:25,823
[brock_mogensen]: hope

245
00:11:25,846 --> 00:11:26,710
[casey_]: b right

246
00:11:27,310 --> 00:11:27,951
[brock_mogensen]: rect correct

247
00:11:27,743 --> 00:11:27,965
[casey_]: okay

248
00:11:28,211 --> 00:11:33,380
[brock_mogensen]: yep and we we hope we host
local like network in meet up event too

249
00:11:33,560 --> 00:11:36,465
[brock_mogensen]: so we had a couple of people
come through that that wanted to get involved

250
00:11:36,565 --> 00:11:39,590
[brock_mogensen]: so yeah i was just kind of
piecing a lot of stuff to there and

251
00:11:40,112 --> 00:11:45,183
[brock_mogensen]: you know really scrambling to raise all
the money and a lot of learning lessons

252
00:11:45,223 --> 00:11:47,548
[brock_mogensen]: on the first one i'm not going
to live and we learned a lot just

253
00:11:48,560 --> 00:11:51,905
[brock_mogensen]: was our first you know as far
as processes of what the steps you need

254
00:11:51,945 --> 00:11:54,570
[brock_mogensen]: to take to to properly do it
in the front

255
00:11:54,560 --> 00:11:55,093
[casey_]: hm

256
00:11:54,690 --> 00:11:58,396
[brock_mogensen]: end and then do diligence items i
mean just just a whole bunch of things

257
00:11:58,456 --> 00:12:01,922
[brock_mogensen]: that that we learned overall you going
to be a great deal but we learned

258
00:12:01,962 --> 00:12:07,471
[brock_mogensen]: a lot and you know i think
you continuously learn right everyone you do there's

259
00:12:07,491 --> 00:12:10,036
[brock_mogensen]: a few few items that you add
to your your check list in the future

260
00:12:10,156 --> 00:12:14,743
[brock_mogensen]: and but yeah that was at the
first deal and that's what kind of launched

261
00:12:14,783 --> 00:12:15,765
[brock_mogensen]: everything after that were able

262
00:12:15,734 --> 00:12:15,918
[casey_]: sure

263
00:12:15,805 --> 00:12:17,848
[brock_mogensen]: to take that experience then to the
next one on the next one

264
00:12:18,053 --> 00:12:18,776
[casey_]: have you taken that

265
00:12:18,660 --> 00:12:18,882
[brock_mogensen]: oh

266
00:12:18,836 --> 00:12:19,920
[casey_]: deal full cycle yet

267
00:12:20,970 --> 00:12:23,592
[brock_mogensen]: not yet we're about it was about
a little over three years ago

268
00:12:23,983 --> 00:12:24,144
[casey_]: okay

269
00:12:25,033 --> 00:12:25,494
[brock_mogensen]: we're still

270
00:12:25,753 --> 00:12:26,383
[casey_]: yeah

271
00:12:26,775 --> 00:12:28,917
[brock_mogensen]: we're kind of going through the business
plan right now so we

272
00:12:28,884 --> 00:12:29,025
[casey_]: sure

273
00:12:28,977 --> 00:12:29,698
[brock_mogensen]: have some time left on the

274
00:12:30,033 --> 00:12:33,699
[casey_]: sure and sometimes man that that was
a hard part for us to figure out

275
00:12:33,759 --> 00:12:37,505
[casey_]: was you know you make those business
plans and a lot of times i tend

276
00:12:37,545 --> 00:12:41,812
[casey_]: to be the type of individual that
says man if i'm planning on doing something

277
00:12:42,473 --> 00:12:46,660
[casey_]: february twenty sixth by god it's going
to be done on february twenty sixth or

278
00:12:46,781 --> 00:12:51,689
[casey_]: i'm goin make or or and and
that was probably one of the biggest challenges

279
00:12:51,749 --> 00:12:55,796
[casey_]: for me was realizing that hey man
this a lot of this stuff is not

280
00:12:56,076 --> 00:13:00,523
[casey_]: like you can't carve this stuff in
stone because you might not have quite the

281
00:13:00,624 --> 00:13:03,709
[casey_]: unit turn over you might have to
go deeper on some units and not on

282
00:13:03,829 --> 00:13:05,131
[casey_]: others and it just

283
00:13:04,920 --> 00:13:05,223
[brock_mogensen]: oh

284
00:13:05,512 --> 00:13:05,852
[casey_]: didn't

285
00:13:05,871 --> 00:13:06,033
[brock_mogensen]: yes

286
00:13:06,215 --> 00:13:12,158
[casey_]: ever really work out where you could
just really give a solid idea of say

287
00:13:12,198 --> 00:13:14,703
[casey_]: hey this is where we planned to
be on these figures now you could give

288
00:13:14,763 --> 00:13:15,384
[casey_]: projections

289
00:13:16,440 --> 00:13:16,769
[brock_mogensen]: oh

290
00:13:16,706 --> 00:13:22,716
[casey_]: but what so what was your main
strategy there maybe like rent increase or or

291
00:13:23,137 --> 00:13:30,549
[casey_]: flipping the units into you know like
new carpet paint upgrading appliances or whatever what

292
00:13:30,609 --> 00:13:31,911
[casey_]: was what was the main strategy

293
00:13:32,940 --> 00:13:37,207
[brock_mogensen]: yeah yeah so so on that first
one it was combination of a few things

294
00:13:37,307 --> 00:13:43,117
[brock_mogensen]: lowering operating expenses we yeah there was
some rents increased opportunities so we did you

295
00:13:43,157 --> 00:13:47,284
[brock_mogensen]: know smaller smaller flip would say about
four or five thousand dollar flips on the

296
00:13:47,324 --> 00:13:51,351
[brock_mogensen]: units put some l v p flooring
and increased the rents by a hundred bucks

297
00:13:51,671 --> 00:13:56,820
[brock_mogensen]: added a couple of fees some utility
of build back fees in their overall took

298
00:13:56,900 --> 00:14:01,452
[brock_mogensen]: over the property um it was a
pretty rough tenet base i mean there was

299
00:14:01,492 --> 00:14:05,735
[brock_mogensen]: a lot of evictions that we had
we ended up advicting or fifty percent of

300
00:14:05,776 --> 00:14:07,104
[brock_mogensen]: the units in the first six months

301
00:14:07,338 --> 00:14:07,519
[casey_]: wow

302
00:14:08,300 --> 00:14:08,400
[brock_mogensen]: so

303
00:14:08,483 --> 00:14:08,790
[casey_]: man

304
00:14:08,641 --> 00:14:12,006
[brock_mogensen]: we again that was one of the
learning lessons right was was just kind of

305
00:14:12,046 --> 00:14:16,714
[brock_mogensen]: doin all more you diligence there so
yeah so we we had a lot of

306
00:14:16,794 --> 00:14:17,235
[brock_mogensen]: evictions

307
00:14:17,563 --> 00:14:17,910
[casey_]: oh

308
00:14:17,956 --> 00:14:21,122
[brock_mogensen]: lot of unit turns on the front
end we're able to kind of hand you

309
00:14:21,162 --> 00:14:25,168
[brock_mogensen]: know increase the value had there pretty
quickly but also you know dent the cash

310
00:14:25,228 --> 00:14:27,272
[brock_mogensen]: flow a decent amount to during that
time so

311
00:14:27,385 --> 00:14:27,589
[casey_]: sure

312
00:14:27,993 --> 00:14:31,759
[brock_mogensen]: um yeah that was some learning lessons
but it was it's going to work out

313
00:14:31,956 --> 00:14:33,404
[casey_]: now where did you find the deal

314
00:14:35,131 --> 00:14:36,714
[brock_mogensen]: that was through a broker um

315
00:14:36,433 --> 00:14:37,375
[casey_]: okay so

316
00:14:37,436 --> 00:14:37,576
[brock_mogensen]: yeah

317
00:14:37,495 --> 00:14:37,775
[casey_]: broker

318
00:14:37,676 --> 00:14:37,997
[brock_mogensen]: just through

319
00:14:37,856 --> 00:14:43,436
[casey_]: just called you up and said hey
man we got this complex down her and

320
00:14:43,476 --> 00:14:44,440
[casey_]: how many units would you say

321
00:14:45,480 --> 00:14:46,303
[brock_mogensen]: that was eighty nine

322
00:14:46,673 --> 00:14:52,590
[casey_]: so it's pretty sizable but but man
i mean dude three million bucks for

323
00:14:53,552 --> 00:14:53,734
[brock_mogensen]: yeah

324
00:14:53,803 --> 00:14:55,545
[casey_]: eighty nine units son that's

325
00:14:55,691 --> 00:14:55,853
[brock_mogensen]: yeah

326
00:14:56,727 --> 00:14:59,332
[casey_]: what is that thirty something about thirty
thousand a unit right

327
00:15:00,251 --> 00:15:05,871
[brock_mogensen]: i was forty a little under forty
a door i think so it was so

328
00:15:05,931 --> 00:15:09,885
[brock_mogensen]: like i said you know and we
we learned now we don't we don't really

329
00:15:09,905 --> 00:15:15,372
[brock_mogensen]: want to be involved in it's just
so management tensive and those you know

330
00:15:15,327 --> 00:15:15,813
[casey_]: well yeah

331
00:15:15,913 --> 00:15:16,556
[brock_mogensen]: some of the areas

332
00:15:16,883 --> 00:15:21,515
[casey_]: yeah once that management starts to take
over and that's why man you know i

333
00:15:21,656 --> 00:15:27,678
[casey_]: like i've heard the i guess what
the age old argument in this business is

334
00:15:27,939 --> 00:15:30,363
[casey_]: vertically integrated or no uh

335
00:15:30,706 --> 00:15:31,260
[brock_mogensen]: hm

336
00:15:30,804 --> 00:15:35,131
[casey_]: in house property management or no in
house construction or no when you start looking

337
00:15:35,191 --> 00:15:35,772
[casey_]: at those

338
00:15:36,450 --> 00:15:36,853
[brock_mogensen]: oh

339
00:15:36,473 --> 00:15:43,407
[casey_]: and basically you're taking on a whole
separate system right whole separate

340
00:15:44,250 --> 00:15:44,474
[brock_mogensen]: oh

341
00:15:44,270 --> 00:15:50,280
[casey_]: management way of management i guess and
then you're having to not only that you

342
00:15:50,361 --> 00:15:54,407
[casey_]: throw the wot you know it's always
a wild card when you start putting people

343
00:15:54,528 --> 00:16:00,477
[casey_]: and personalities into things from both the
runner stand point and the and the manager

344
00:16:00,557 --> 00:16:05,493
[casey_]: standpoint or your property managers whatever right
and so it just i guess it's

345
00:16:05,520 --> 00:16:05,540
[brock_mogensen]: m

346
00:16:05,533 --> 00:16:08,518
[casey_]: the age old argument i guess it
always will be whether to manage or not

347
00:16:08,839 --> 00:16:13,427
[casey_]: and vertically integrate or not now i
know a lot of your institutional investor money

348
00:16:13,967 --> 00:16:16,472
[casey_]: likes to see vertically integrated because they
say once

349
00:16:16,436 --> 00:16:16,950
[brock_mogensen]: hm

350
00:16:16,532 --> 00:16:17,855
[casey_]: that money it's that desk

351
00:16:17,910 --> 00:16:18,254
[brock_mogensen]: oh

352
00:16:17,955 --> 00:16:20,202
[casey_]: when it comes in it's controlled

353
00:16:19,980 --> 00:16:20,000
[brock_mogensen]: m

354
00:16:20,222 --> 00:16:25,135
[casey_]: all the way to their pocket right
they've got they've got all the way across

355
00:16:25,195 --> 00:16:28,520
[casey_]: and they don't have secretaries needing a
hundred bucks to make their rent payment or

356
00:16:28,560 --> 00:16:29,682
[casey_]: their electric bill or whatever

357
00:16:30,690 --> 00:16:30,933
[brock_mogensen]: oh

358
00:16:31,445 --> 00:16:36,213
[casey_]: that are not joined at the hip
with everything else so um so yeah and

359
00:16:36,374 --> 00:16:39,441
[casey_]: so so how much longer on the
business plan on that deal

360
00:16:41,051 --> 00:16:44,381
[brock_mogensen]: uh a couple more years i would
say and we have a prepayment penalty on

361
00:16:44,421 --> 00:16:45,525
[brock_mogensen]: that one up till your seven

362
00:16:45,916 --> 00:16:46,724
[casey_]: what type alone

363
00:16:48,053 --> 00:16:49,182
[brock_mogensen]: so we did fanny may on that

364
00:16:49,853 --> 00:16:50,354
[casey_]: did you have a

365
00:16:50,511 --> 00:16:50,673
[brock_mogensen]: i was

366
00:16:50,834 --> 00:16:54,740
[casey_]: did you have a k p on
that was one of your your guys there

367
00:16:54,760 --> 00:16:55,942
[casey_]: a p or how did that work

368
00:16:56,720 --> 00:16:59,745
[brock_mogensen]: oh yeah just us three us three
were able to so the one the one

369
00:16:59,785 --> 00:17:03,070
[brock_mogensen]: of one of our partners is is
you know like i said had some experience

370
00:17:03,130 --> 00:17:06,476
[brock_mogensen]: already and had the had the track
record that satisfied it enough to do that

371
00:17:06,516 --> 00:17:06,676
[brock_mogensen]: deal

372
00:17:07,333 --> 00:17:07,517
[casey_]: good

373
00:17:07,518 --> 00:17:11,403
[brock_mogensen]: so that was our first agency that
deal not to derail this topic but now

374
00:17:11,523 --> 00:17:13,606
[brock_mogensen]: we've just done what we just do
local bank financing i

375
00:17:13,663 --> 00:17:13,883
[casey_]: well

376
00:17:13,666 --> 00:17:13,807
[brock_mogensen]: mean

377
00:17:14,243 --> 00:17:14,944
[casey_]: i've heard a lot

378
00:17:14,908 --> 00:17:15,008
[brock_mogensen]: so

379
00:17:15,004 --> 00:17:15,064
[casey_]: of

380
00:17:15,088 --> 00:17:15,208
[brock_mogensen]: much

381
00:17:15,104 --> 00:17:17,787
[casey_]: people go into the local banks man
i'll tell you what i was on the

382
00:17:17,807 --> 00:17:22,371
[casey_]: phone with my local bank the other
day and as of today let's see because

383
00:17:22,411 --> 00:17:28,941
[casey_]: this will err later on today's august
sixteenth m you know they were like four

384
00:17:29,021 --> 00:17:31,165
[casey_]: point seven five on a twenty

385
00:17:31,110 --> 00:17:31,130
[brock_mogensen]: m

386
00:17:31,225 --> 00:17:31,505
[casey_]: year

387
00:17:31,574 --> 00:17:32,160
[brock_mogensen]: hm

388
00:17:32,186 --> 00:17:32,487
[casey_]: um

389
00:17:32,632 --> 00:17:32,774
[brock_mogensen]: kay

390
00:17:32,868 --> 00:17:36,754
[casey_]: five year arm whatever so it's fixed

391
00:17:36,662 --> 00:17:36,804
[brock_mogensen]: yep

392
00:17:36,794 --> 00:17:40,901
[casey_]: for five years twenty year m four
point seven five now we weren't talking a

393
00:17:40,981 --> 00:17:43,946
[casey_]: great deal of money but like three
hundred thousan or someting like a wen a

394
00:17:44,006 --> 00:17:45,949
[casey_]: lot but what i'm getting

395
00:17:45,780 --> 00:17:46,560
[brock_mogensen]: yeah

396
00:17:46,029 --> 00:17:49,614
[casey_]: at you same thing like what you're
saying and whether its three hundred thousand or

397
00:17:49,694 --> 00:17:52,577
[casey_]: thirty million i don't know if that
bank of thirty million or not but

398
00:17:53,210 --> 00:17:53,333
[brock_mogensen]: yep

399
00:17:53,298 --> 00:17:58,925
[casey_]: um it's the same deal because some
of that some of that bigger stuff the

400
00:17:58,965 --> 00:18:02,636
[casey_]: interest rates are higher right now and
i don't know that now was

401
00:18:02,649 --> 00:18:02,670
[brock_mogensen]: m

402
00:18:02,697 --> 00:18:04,021
[casey_]: it recourse or non recourse

403
00:18:04,931 --> 00:18:06,462
[brock_mogensen]: so it was non recourse right

404
00:18:06,343 --> 00:18:06,443
[casey_]: oh

405
00:18:06,502 --> 00:18:06,563
[brock_mogensen]: so

406
00:18:06,504 --> 00:18:06,684
[casey_]: wow

407
00:18:06,643 --> 00:18:06,825
[brock_mogensen]: that's

408
00:18:07,086 --> 00:18:07,849
[casey_]: man that's kicked

409
00:18:07,692 --> 00:18:07,955
[brock_mogensen]: local

410
00:18:08,010 --> 00:18:08,211
[casey_]: that's

411
00:18:08,016 --> 00:18:08,280
[brock_mogensen]: banks

412
00:18:08,391 --> 00:18:09,938
[casey_]: awesome for your first deal dude

413
00:18:11,010 --> 00:18:16,459
[brock_mogensen]: it was yes the recourse aspect is
the biggest argument factor for sure but i

414
00:18:16,519 --> 00:18:20,486
[brock_mogensen]: mean just to give an example i
mean so we when coved hit that property

415
00:18:20,566 --> 00:18:24,953
[brock_mogensen]: we had think about twenty percent our
tenants not pay rent for a year walked

416
00:18:24,993 --> 00:18:27,818
[brock_mogensen]: into leasing officers at he not going
to pay rent can't do anything about it

417
00:18:29,441 --> 00:18:33,187
[brock_mogensen]: so you know we call it we
call our lender right hey explain the situation

418
00:18:33,828 --> 00:18:37,053
[brock_mogensen]: and hopeful no one from anybody's listening
to this but you know they were petty

419
00:18:37,093 --> 00:18:40,980
[brock_mogensen]: much like sorry you know nothing nothing
we can do figured out that that was

420
00:18:41,000 --> 00:18:41,881
[brock_mogensen]: the call right if

421
00:18:41,934 --> 00:18:42,077
[casey_]: yeah

422
00:18:41,942 --> 00:18:44,245
[brock_mogensen]: that was a local bank financing that
deal and we

423
00:18:44,273 --> 00:18:44,437
[casey_]: yep

424
00:18:44,305 --> 00:18:47,890
[brock_mogensen]: call one of our guys that we
have good relationship with hundred per cent they

425
00:18:47,910 --> 00:18:50,773
[brock_mogensen]: would ave helped out let's do some
interest only for six months let's figure out

426
00:18:50,793 --> 00:18:54,276
[brock_mogensen]: how to get through this so that
to me that's the biggest difference is when

427
00:18:54,356 --> 00:18:58,861
[brock_mogensen]: stuff hits the fan and there's you
know uncertain deal that's going to happen you

428
00:18:58,901 --> 00:19:01,787
[brock_mogensen]: know having that flexibility to know like
hey we got a partner in our corner

429
00:19:01,827 --> 00:19:06,255
[brock_mogensen]: that that can help us out instead
of agency they really don't want to help

430
00:19:06,315 --> 00:19:06,536
[brock_mogensen]: you out

431
00:19:06,773 --> 00:19:07,474
[casey_]: yeah i

432
00:19:07,498 --> 00:19:07,678
[brock_mogensen]: most

433
00:19:07,615 --> 00:19:13,164
[casey_]: agree you know you could you could
and i've done that before too where you

434
00:19:13,284 --> 00:19:18,633
[casey_]: just instinctively call you four see something
coming and you call the bank and you're

435
00:19:18,653 --> 00:19:22,680
[casey_]: like hey man listen do you think
we might be able to work out a

436
00:19:22,760 --> 00:19:23,762
[casey_]: six month interest only

437
00:19:23,604 --> 00:19:23,686
[brock_mogensen]: so

438
00:19:24,302 --> 00:19:24,523
[casey_]: only

439
00:19:25,073 --> 00:19:25,620
[brock_mogensen]: hm

440
00:19:25,224 --> 00:19:28,730
[casey_]: section here or ninety days interest on
you know and generally as long as you

441
00:19:28,750 --> 00:19:31,855
[casey_]: have a good track record i'm not
saying banks will all the time say oh

442
00:19:31,935 --> 00:19:36,643
[casey_]: yeah let's do that but you got
the banks in it for the interest and

443
00:19:36,743 --> 00:19:41,131
[casey_]: if if whatever portion that you're asking
about is a small percentage of your total

444
00:19:41,331 --> 00:19:46,359
[casey_]: portfolio with him whatever generally they're going
to say yeah cool man we'll try to

445
00:19:46,780 --> 00:19:49,605
[casey_]: long as we cover the interest will
be in good shape because that's their profit

446
00:19:49,410 --> 00:19:49,550
[brock_mogensen]: yep

447
00:19:49,685 --> 00:19:54,313
[casey_]: right so so yeah so so how
many doors and total do you all have

448
00:19:54,473 --> 00:19:58,159
[casey_]: now and is it the same three
partners that you started with same three of

449
00:19:58,199 --> 00:19:59,301
[casey_]: you are have you all expanded

450
00:20:00,871 --> 00:20:05,979
[brock_mogensen]: us three still still are the team
um so the doors question so we we

451
00:20:06,100 --> 00:20:09,405
[brock_mogensen]: actually so we did that deal i've
done a few other multi family deals but

452
00:20:09,726 --> 00:20:13,933
[brock_mogensen]: we kind of did a pivot and
now we're looking at malta family were more

453
00:20:13,993 --> 00:20:15,315
[brock_mogensen]: heavy in the triple net space now

454
00:20:15,524 --> 00:20:15,826
[casey_]: oh wow

455
00:20:15,876 --> 00:20:17,398
[brock_mogensen]: so we're doing industrial

456
00:20:16,936 --> 00:20:17,138
[casey_]: man

457
00:20:17,519 --> 00:20:18,240
[brock_mogensen]: self storage

458
00:20:18,314 --> 00:20:18,576
[casey_]: sure

459
00:20:18,440 --> 00:20:22,507
[brock_mogensen]: industrial mostly um that's mostly what we're
doing now and kind of where i see

460
00:20:22,687 --> 00:20:24,631
[brock_mogensen]: us going over the next couple of
years um

461
00:20:25,273 --> 00:20:25,596
[casey_]: oh

462
00:20:25,413 --> 00:20:27,338
[brock_mogensen]: we've seen some opportune think in our
local market

463
00:20:27,313 --> 00:20:27,655
[casey_]: oh

464
00:20:27,358 --> 00:20:30,566
[brock_mogensen]: there's it's a good asset class so
we're tying

465
00:20:30,473 --> 00:20:30,573
[casey_]: you

466
00:20:30,586 --> 00:20:30,646
[brock_mogensen]: to

467
00:20:30,633 --> 00:20:30,854
[casey_]: still

468
00:20:30,666 --> 00:20:31,067
[brock_mogensen]: double down

469
00:20:30,914 --> 00:20:31,074
[casey_]: think

470
00:20:31,127 --> 00:20:31,167
[brock_mogensen]: on

471
00:20:31,174 --> 00:20:31,234
[casey_]: do

472
00:20:31,227 --> 00:20:31,328
[brock_mogensen]: that

473
00:20:31,274 --> 00:20:34,560
[casey_]: you think local banks are the best
option for that kind of stuff to i

474
00:20:34,620 --> 00:20:37,865
[casey_]: mean just like and i'm not even
when i say local i'm talking about like

475
00:20:37,966 --> 00:20:39,508
[casey_]: local local i'm not talking about like

476
00:20:39,720 --> 00:20:39,840
[brock_mogensen]: yep

477
00:20:39,989 --> 00:20:43,237
[casey_]: wells fargo or bank of you know
they all have local branches but i'm talking

478
00:20:43,277 --> 00:20:49,987
[casey_]: you're talking about like your small home
town and do you generally try to are

479
00:20:50,027 --> 00:20:52,971
[casey_]: you all generally in the same geographical
area with everything right now

480
00:20:54,290 --> 00:20:54,812
[brock_mogensen]: our radios

481
00:20:54,556 --> 00:20:54,639
[casey_]: ah

482
00:20:54,872 --> 00:20:56,516
[brock_mogensen]: of mowaukieis kind of kind of our

483
00:20:56,463 --> 00:20:56,704
[casey_]: man

484
00:20:56,576 --> 00:20:57,117
[brock_mogensen]: target spot

485
00:20:57,004 --> 00:21:00,971
[casey_]: i'll tell you the last time when
i was in milwaukie about probably fifteen years

486
00:21:01,051 --> 00:21:06,340
[casey_]: ago i say fifteen has probably been
maybe twenty years ago man i'm old

487
00:21:06,330 --> 00:21:06,611
[brock_mogensen]: oh

488
00:21:06,700 --> 00:21:06,961
[casey_]: right

489
00:21:07,394 --> 00:21:08,940
[brock_mogensen]: yeah

490
00:21:08,263 --> 00:21:14,714
[casey_]: but i had i just didn't realize
that like milwaukie is almost like the backbone

491
00:21:14,794 --> 00:21:22,366
[casey_]: of america like it's it really is
probably one of the most industrious industrial

492
00:21:23,160 --> 00:21:23,180
[brock_mogensen]: m

493
00:21:23,388 --> 00:21:26,854
[casey_]: areas that i have really ever seen
i mean as far as just like i

494
00:21:26,894 --> 00:21:30,320
[casey_]: mean you start just start a harley
davidson right and just

495
00:21:30,547 --> 00:21:31,080
[brock_mogensen]: hm

496
00:21:30,881 --> 00:21:37,168
[casey_]: goes out from there and it's just
all industry and it was just really we

497
00:21:37,268 --> 00:21:40,152
[casey_]: did a school college

498
00:21:41,056 --> 00:21:41,179
[brock_mogensen]: yeah

499
00:21:41,103 --> 00:21:43,046
[casey_]: tripe there to milwaukie and

500
00:21:43,023 --> 00:21:43,530
[brock_mogensen]: hm

501
00:21:43,086 --> 00:21:48,775
[casey_]: saw several factories and several processes and
some other stuff going on and and i

502
00:21:48,836 --> 00:21:53,571
[casey_]: was just i was just florida just
how industrial it was

503
00:21:55,571 --> 00:21:59,057
[brock_mogensen]: definitely yeah i mean it's you know
the rust belt right i mean there's a

504
00:21:59,097 --> 00:22:03,124
[brock_mogensen]: lot of lot of manufacturing going on
and that that's part of the reason why

505
00:22:03,244 --> 00:22:07,191
[brock_mogensen]: it's you know moak as a whole
if you look at population grow job growth

506
00:22:07,251 --> 00:22:09,715
[brock_mogensen]: i mean it's pretty flat not losing
like some states but

507
00:22:10,123 --> 00:22:10,326
[casey_]: sure

508
00:22:10,156 --> 00:22:14,463
[brock_mogensen]: pretty flat so that's why i think
you know kind of going more in the

509
00:22:14,483 --> 00:22:17,067
[brock_mogensen]: industrial space something here's a lot of
people doing it right but it's

510
00:22:17,023 --> 00:22:17,344
[casey_]: oh

511
00:22:17,127 --> 00:22:18,049
[brock_mogensen]: something a little bit different

512
00:22:18,167 --> 00:22:19,333
[casey_]: yeah

513
00:22:18,651 --> 00:22:20,746
[brock_mogensen]: and more of like a nitch we're
trying we're trying to build on

514
00:22:20,883 --> 00:22:26,733
[casey_]: well and it gives you a little
diversification there and and honestly you know if

515
00:22:26,793 --> 00:22:31,441
[casey_]: you have a little diversification as far
as the work force goes there you got

516
00:22:31,501 --> 00:22:33,867
[casey_]: diversification from multi family to

517
00:22:33,870 --> 00:22:34,131
[brock_mogensen]: oh

518
00:22:33,967 --> 00:22:36,255
[casey_]: self storage which arguably

519
00:22:35,940 --> 00:22:36,990
[brock_mogensen]: oh

520
00:22:36,395 --> 00:22:43,189
[casey_]: could have a could be tied pretty
close to one another depending on how long

521
00:22:43,042 --> 00:22:43,590
[brock_mogensen]: hm

522
00:22:43,269 --> 00:22:49,860
[casey_]: your people stay right and then you
throw that other element in there of industrial

523
00:22:50,061 --> 00:22:55,069
[casey_]: type stuff basic if it's if the
if the economy is expanding or even at

524
00:22:55,169 --> 00:22:59,817
[casey_]: a level playing field because i didn't
even real the other thing that i didn't

525
00:22:59,857 --> 00:23:05,927
[casey_]: realize until we were in milwaukee as
well i don't even know that there's a

526
00:23:06,348 --> 00:23:12,117
[casey_]: definition of defining line between chicago and
with milwaukee is there i mean is there

527
00:23:12,157 --> 00:23:14,882
[casey_]: a spot where you just i don't
even remember it's just

528
00:23:14,910 --> 00:23:15,071
[brock_mogensen]: oh

529
00:23:14,922 --> 00:23:18,109
[casey_]: almost we left south of milwalke and
it was like no time we were in

530
00:23:18,129 --> 00:23:19,653
[casey_]: chicago like like chicago

531
00:23:19,431 --> 00:23:19,571
[brock_mogensen]: yeah

532
00:23:19,813 --> 00:23:22,038
[casey_]: started or the chicago traffic started rather

533
00:23:22,980 --> 00:23:26,986
[brock_mogensen]: yeah yeah i actually actually grew up
in the town that borders illinois and wisconsin

534
00:23:27,527 --> 00:23:28,188
[brock_mogensen]: kenosha which

535
00:23:28,835 --> 00:23:29,078
[casey_]: okay

536
00:23:29,010 --> 00:23:29,430
[brock_mogensen]: become pretty

537
00:23:29,380 --> 00:23:29,562
[casey_]: sure

538
00:23:29,510 --> 00:23:30,011
[brock_mogensen]: famous town

539
00:23:29,945 --> 00:23:30,107
[casey_]: sure

540
00:23:30,993 --> 00:23:34,659
[brock_mogensen]: for unfortunate reasons but so that's why
i grew up but yeah that kind of

541
00:23:34,719 --> 00:23:36,651
[brock_mogensen]: divine that's the next biggest town from
chicago

542
00:23:36,343 --> 00:23:36,806
[casey_]: it's almost

543
00:23:36,771 --> 00:23:36,832
[brock_mogensen]: and

544
00:23:36,967 --> 00:23:37,088
[casey_]: but

545
00:23:36,973 --> 00:23:37,053
[brock_mogensen]: you

546
00:23:37,209 --> 00:23:37,471
[casey_]: really

547
00:23:37,375 --> 00:23:37,395
[brock_mogensen]: a

548
00:23:37,531 --> 00:23:42,848
[casey_]: it's almost one big metro i means
almost one big area for i mean for

549
00:23:42,928 --> 00:23:48,938
[casey_]: argument sake could somebody not live in
northern chicago and and trick to southern milwaukee

550
00:23:49,399 --> 00:23:50,681
[casey_]: on a daily i mean

551
00:23:50,661 --> 00:23:50,965
[brock_mogensen]: totally

552
00:23:50,741 --> 00:23:51,442
[casey_]: what hour

553
00:23:51,329 --> 00:23:51,754
[brock_mogensen]: glad to do that

554
00:23:51,924 --> 00:23:54,671
[casey_]: hour forty eight forty five minutes i
get

555
00:23:55,101 --> 00:23:55,782
[brock_mogensen]: not even yeah

556
00:23:56,107 --> 00:23:56,127
[casey_]: i

557
00:23:56,183 --> 00:23:57,145
[brock_mogensen]: an hour hour and a half

558
00:23:57,363 --> 00:23:58,223
[casey_]: so i feel like

559
00:23:58,368 --> 00:23:58,388
[brock_mogensen]: a

560
00:23:58,764 --> 00:24:05,891
[casey_]: that's why the labor force is so
strong there because it does pull a lot

561
00:24:05,971 --> 00:24:11,830
[casey_]: of that middle that middle class comes
up there to work i mean i don't

562
00:24:11,870 --> 00:24:17,689
[casey_]: remember how many people you know harley
davidson alone employed there but it was just

563
00:24:17,769 --> 00:24:20,854
[casey_]: anyway so the industry space up there
man i think is a

564
00:24:20,981 --> 00:24:21,061
[brock_mogensen]: oh

565
00:24:21,035 --> 00:24:23,679
[casey_]: fairly solid move um

566
00:24:23,460 --> 00:24:23,480
[brock_mogensen]: m

567
00:24:24,220 --> 00:24:27,989
[casey_]: i feel like as long as it's
coupled with something because you're always going to

568
00:24:28,029 --> 00:24:34,478
[casey_]: have your milwalkians that live there that
are from there that are know brewers fans

569
00:24:34,578 --> 00:24:36,869
[casey_]: and whatever else you know and so

570
00:24:36,800 --> 00:24:36,902
[brock_mogensen]: yeah

571
00:24:38,363 --> 00:24:41,907
[casey_]: those people i think but anyway that
that that discussion could go on so what

572
00:24:41,927 --> 00:24:42,147
[casey_]: kind of

573
00:24:42,180 --> 00:24:42,200
[brock_mogensen]: m

574
00:24:42,207 --> 00:24:46,272
[casey_]: cap rates are you all looking at
on some of that industrial stuff triple net

575
00:24:47,121 --> 00:24:51,609
[brock_mogensen]: yeah it's really tied to like the
tenant in the least length

576
00:24:51,723 --> 00:24:51,905
[casey_]: sure

577
00:24:52,691 --> 00:24:57,559
[brock_mogensen]: we did earlier this year we did
a ten cap industrial deal on a sale

578
00:24:57,503 --> 00:24:57,684
[casey_]: wow

579
00:24:57,819 --> 00:24:59,125
[brock_mogensen]: pat um

580
00:24:58,905 --> 00:24:59,586
[casey_]: but that's today

581
00:24:59,426 --> 00:24:59,547
[brock_mogensen]: so

582
00:24:59,786 --> 00:25:05,312
[casey_]: so but when you're talking tin cap
today what does your r r look like

583
00:25:06,403 --> 00:25:06,564
[casey_]: yes

584
00:25:07,254 --> 00:25:13,070
[brock_mogensen]: our projected ir r on that deal
where we were nineteen twenty percent in the

585
00:25:13,231 --> 00:25:13,291
[brock_mogensen]: in

586
00:25:13,283 --> 00:25:13,384
[casey_]: so

587
00:25:13,331 --> 00:25:13,452
[brock_mogensen]: that

588
00:25:13,484 --> 00:25:13,724
[casey_]: that's

589
00:25:13,532 --> 00:25:13,753
[brock_mogensen]: range

590
00:25:13,924 --> 00:25:17,688
[casey_]: that held that held up to then
i mean because a lot of times

591
00:25:17,490 --> 00:25:17,613
[brock_mogensen]: yep

592
00:25:17,768 --> 00:25:23,686
[casey_]: when you see a tin cap on
triple net stuff i just sometimes i get

593
00:25:23,726 --> 00:25:28,914
[casey_]: a little lari about projecting those least
renewals you know what i'm saying that

594
00:25:29,000 --> 00:25:30,105
[brock_mogensen]: that's the hard part that's

595
00:25:30,096 --> 00:25:30,197
[casey_]: to

596
00:25:30,125 --> 00:25:30,305
[brock_mogensen]: the hard

597
00:25:30,257 --> 00:25:30,377
[casey_]: me

598
00:25:30,346 --> 00:25:30,526
[brock_mogensen]: part

599
00:25:30,657 --> 00:25:33,242
[casey_]: that makes to me that could

600
00:25:33,699 --> 00:25:33,720
[brock_mogensen]: m

601
00:25:34,103 --> 00:25:38,295
[casey_]: could be safer to come down to
like a sixteen seventeen r r or projected

602
00:25:38,536 --> 00:25:41,013
[casey_]: r r and keep the tin

603
00:25:40,920 --> 00:25:41,124
[brock_mogensen]: oh

604
00:25:41,153 --> 00:25:45,437
[casey_]: cap up front so then it gives
a fair balance to say hey these people

605
00:25:45,477 --> 00:25:48,040
[casey_]: are on a five year lease but
that's not guaranteed that they'll be here on

606
00:25:48,080 --> 00:25:49,861
[casey_]: the sixth year just

607
00:25:49,720 --> 00:25:49,941
[brock_mogensen]: that's

608
00:25:50,001 --> 00:25:50,222
[casey_]: under

609
00:25:50,241 --> 00:25:51,684
[brock_mogensen]: that's the hardest part when it comes

610
00:25:51,663 --> 00:25:51,825
[casey_]: that's

611
00:25:51,724 --> 00:25:52,846
[brock_mogensen]: to the underwriting the difference

612
00:25:53,283 --> 00:25:53,943
[casey_]: underwriting

613
00:25:53,607 --> 00:25:54,408
[brock_mogensen]: is industrial

614
00:25:54,103 --> 00:25:56,426
[casey_]: ner talk right that's that's

615
00:25:56,330 --> 00:25:56,851
[brock_mogensen]: yep yep

616
00:25:57,107 --> 00:26:03,893
[casey_]: just things that get me going is
as projections man i've always been not like

617
00:26:03,974 --> 00:26:07,279
[casey_]: a devil's advocate kind of person where
i'm like hey man that's great but what

618
00:26:07,319 --> 00:26:09,423
[casey_]: about this my kids

619
00:26:09,236 --> 00:26:09,810
[brock_mogensen]: hm

620
00:26:09,503 --> 00:26:13,469
[casey_]: it aggravates the hell out of them
but anyway so um so

621
00:26:13,530 --> 00:26:13,851
[brock_mogensen]: yeah

622
00:26:13,850 --> 00:26:17,116
[casey_]: so where so you all are moving
in that space and and you did a

623
00:26:17,176 --> 00:26:17,337
[casey_]: tin

624
00:26:17,340 --> 00:26:17,360
[brock_mogensen]: m

625
00:26:17,457 --> 00:26:20,163
[casey_]: cap can you tell us a little
bit about that deal what the what the

626
00:26:20,644 --> 00:26:24,091
[casey_]: what some of the specks were just
just so we kind of have some context

627
00:26:25,580 --> 00:26:28,527
[brock_mogensen]: yeah so that so saleeasback deal um

628
00:26:29,257 --> 00:26:29,562
[casey_]: okay

629
00:26:29,268 --> 00:26:33,898
[brock_mogensen]: and so so and that's a deal
where we're targeting pretty heavily now i mean

630
00:26:34,790 --> 00:26:37,955
[brock_mogensen]: i mean it's a business that owns
the property right

631
00:26:38,243 --> 00:26:38,385
[casey_]: yep

632
00:26:38,316 --> 00:26:41,180
[brock_mogensen]: they want to sell they want o
sell their property and least it back so

633
00:26:41,321 --> 00:26:45,848
[brock_mogensen]: advantageous to both sides the business gets
a liquidity event inject the capital into their

634
00:26:45,888 --> 00:26:49,414
[brock_mogensen]: business which is alto what they're tying
to grow we get a deal at usually

635
00:26:49,434 --> 00:26:52,439
[brock_mogensen]: a ittle bit more favorable terms the
tenant in place that's committed to the space

636
00:26:52,984 --> 00:26:53,168
[casey_]: sure

637
00:26:53,621 --> 00:26:57,467
[brock_mogensen]: that's what a sale lease back is
and that's what we're targeting pretty pretty good

638
00:26:57,507 --> 00:27:01,494
[brock_mogensen]: right now but yeah so i did
that you got it at the ten cap

639
00:27:02,255 --> 00:27:06,923
[brock_mogensen]: so we gave him pretty favorable least
terms three year lease back but ton of

640
00:27:06,983 --> 00:27:12,152
[brock_mogensen]: demand ninety eight point two percent occupancy
rate in that market um so we felt

641
00:27:12,252 --> 00:27:16,038
[brock_mogensen]: confident they didn't renew we placed a
new tenant ant on a longer term lease

642
00:27:16,760 --> 00:27:20,626
[brock_mogensen]: um and sell it with that long
term lease in place so and again being

643
00:27:20,666 --> 00:27:22,269
[brock_mogensen]: very conservative on you know we used

644
00:27:22,333 --> 00:27:22,657
[casey_]: oh

645
00:27:22,349 --> 00:27:23,170
[brock_mogensen]: a year a half

646
00:27:23,473 --> 00:27:23,713
[casey_]: oh

647
00:27:23,731 --> 00:27:26,917
[brock_mogensen]: least up time so i could sit
vacant for a year and a half so

648
00:27:26,997 --> 00:27:27,698
[brock_mogensen]: we you know there's

649
00:27:27,806 --> 00:27:28,953
[casey_]: wow okay

650
00:27:29,701 --> 00:27:33,948
[brock_mogensen]: we're conservative on all i mean that's
kind of what i do is underwriting and

651
00:27:34,028 --> 00:27:38,195
[brock_mogensen]: i mean some ye're conservative there but
that's the hard the the hardest part is

652
00:27:38,816 --> 00:27:42,282
[brock_mogensen]: compared to multi family right i mean
five to ten per cent of cany you're

653
00:27:42,382 --> 00:27:42,963
[brock_mogensen]: safe right

654
00:27:43,224 --> 00:27:43,385
[casey_]: yep

655
00:27:43,524 --> 00:27:47,331
[brock_mogensen]: um in an industrial you don't know
an you're five are you gonna find a

656
00:27:47,371 --> 00:27:51,758
[brock_mogensen]: tenant that next week or the next
year it's a big difference right

657
00:27:51,714 --> 00:27:51,855
[casey_]: yep

658
00:27:52,199 --> 00:27:55,725
[brock_mogensen]: in the numbers and you can't really
project that you can look at what occupancy

659
00:27:55,785 --> 00:28:00,801
[brock_mogensen]: rates are it's kind of a guess
that's the hardest part so we doesn't you

660
00:28:00,841 --> 00:28:03,724
[brock_mogensen]: know go air on the side of
being you know cautious and

661
00:28:03,873 --> 00:28:04,014
[casey_]: yep

662
00:28:04,405 --> 00:28:07,027
[brock_mogensen]: if its vacant if we fill it
up earlier then great the numbers are better

663
00:28:08,343 --> 00:28:09,565
[casey_]: yeah well also

664
00:28:09,600 --> 00:28:09,925
[brock_mogensen]: oh

665
00:28:09,665 --> 00:28:14,493
[casey_]: man all right well good good conversation
i appreciate everything you've told us i know

666
00:28:14,573 --> 00:28:19,241
[casey_]: that m you've kind of been through
the ringer as far as getting started up

667
00:28:19,321 --> 00:28:23,568
[casey_]: and getting going so it's really i
think it's good for the listeners the newer

668
00:28:24,069 --> 00:28:28,977
[casey_]: the newer folks that are in our
audience to hear those things that hey you

669
00:28:29,017 --> 00:28:34,046
[casey_]: know this is not all gravy all
icing business this is a business where you

670
00:28:34,126 --> 00:28:37,591
[casey_]: get in you grunt for a little
while you sweat for a little while you

671
00:28:38,012 --> 00:28:40,637
[casey_]: sleepless nights for a little while and

672
00:28:40,632 --> 00:28:40,794
[brock_mogensen]: yeah

673
00:28:41,177 --> 00:28:45,565
[casey_]: and then but as long as you
get up every day and kick as

674
00:28:46,200 --> 00:28:46,422
[brock_mogensen]: yes

675
00:28:46,286 --> 00:28:49,852
[casey_]: you know then you get to be
like brock so um

676
00:28:49,590 --> 00:28:49,610
[brock_mogensen]: m

677
00:28:50,413 --> 00:28:50,513
[casey_]: and

678
00:28:50,730 --> 00:28:50,750
[brock_mogensen]: m

679
00:28:50,814 --> 00:28:51,515
[casey_]: and he'll be signing

680
00:28:51,361 --> 00:28:51,870
[brock_mogensen]: hm

681
00:28:51,615 --> 00:28:52,857
[casey_]: autographs after the show

682
00:28:52,860 --> 00:28:53,201
[brock_mogensen]: uh

683
00:28:53,097 --> 00:28:55,581
[casey_]: so but brock listen man thank you
for

684
00:28:55,569 --> 00:28:55,590
[brock_mogensen]: h

685
00:28:55,622 --> 00:28:58,927
[casey_]: coming on today we really appreciate it
and we've got a couple of questions we

686
00:28:59,027 --> 00:29:02,112
[casey_]: ask every guest that comes on the
show just so we can get some insight

687
00:29:02,152 --> 00:29:05,758
[casey_]: into who you are and what you
may be like or enjoy in life but

688
00:29:05,798 --> 00:29:08,804
[casey_]: the first of those is what is
the best book that you

689
00:29:08,820 --> 00:29:09,022
[brock_mogensen]: oh

690
00:29:08,865 --> 00:29:12,058
[casey_]: have recently read or are currently reading
oh

691
00:29:14,019 --> 00:29:19,416
[brock_mogensen]: m i really like the rerutet actually
recently the ten x rule by my grand

692
00:29:19,456 --> 00:29:20,057
[brock_mogensen]: cardon i mean

693
00:29:21,053 --> 00:29:25,052
[casey_]: man the haters out there hate they
always

694
00:29:25,152 --> 00:29:25,172
[brock_mogensen]: i

695
00:29:25,152 --> 00:29:25,474
[casey_]: will

696
00:29:26,730 --> 00:29:28,183
[brock_mogensen]: oh oh

697
00:29:28,295 --> 00:29:33,779
[casey_]: grant it's just you know the few
times that i've been able to talk to

698
00:29:33,860 --> 00:29:38,288
[casey_]: him just one on one he's always
he's just as amped up in life as

699
00:29:38,328 --> 00:29:40,311
[casey_]: he is in in his books and
on his

700
00:29:41,010 --> 00:29:41,255
[brock_mogensen]: yes

701
00:29:41,053 --> 00:29:46,810
[casey_]: instagram and everywhere else but dude that
that book just makes so much sense

702
00:29:47,840 --> 00:29:48,326
[brock_mogensen]: exactly

703
00:29:48,205 --> 00:29:51,075
[casey_]: and it's just like it's exactly what
i just said you wake up every day

704
00:29:51,175 --> 00:29:53,723
[casey_]: and you kick ass that's it it's
all you

705
00:29:53,670 --> 00:29:54,038
[brock_mogensen]: oh

706
00:29:53,763 --> 00:29:54,825
[casey_]: got to do and if

707
00:29:54,830 --> 00:29:54,973
[brock_mogensen]: yep

708
00:29:54,845 --> 00:29:57,509
[casey_]: you think one is good enough if
you think two is good enough it's not

709
00:29:57,789 --> 00:29:59,451
[casey_]: go to ten and it's just it's

710
00:30:00,630 --> 00:30:00,650
[brock_mogensen]: m

711
00:30:00,663 --> 00:30:01,564
[casey_]: self explainantory

712
00:30:02,623 --> 00:30:02,705
[brock_mogensen]: ah

713
00:30:03,267 --> 00:30:04,349
[casey_]: um i'll tell you one

714
00:30:04,290 --> 00:30:04,513
[brock_mogensen]: yes

715
00:30:04,369 --> 00:30:06,773
[casey_]: of the biggest take aways and i
think it was that book i'm gonna i'm

716
00:30:06,813 --> 00:30:08,976
[casey_]: gonna tell you one of the gest
take aways from it was one of his

717
00:30:08,997 --> 00:30:13,684
[casey_]: books but i believe it was that
one was he said as hard as it

718
00:30:13,804 --> 00:30:19,177
[casey_]: is to cut the people in your
life that are holding you back out has

719
00:30:19,218 --> 00:30:19,563
[casey_]: to be done

720
00:30:20,674 --> 00:30:20,714
[brock_mogensen]: hm

721
00:30:21,066 --> 00:30:21,433
[casey_]: no choice

722
00:30:21,789 --> 00:30:23,301
[brock_mogensen]: m yeah

723
00:30:23,253 --> 00:30:26,297
[casey_]: because people don't want to ee other
people succeed get rid of him

724
00:30:27,240 --> 00:30:27,422
[brock_mogensen]: yeah

725
00:30:28,363 --> 00:30:29,644
[casey_]: cool man great good

726
00:30:29,550 --> 00:30:29,752
[brock_mogensen]: yeah

727
00:30:29,744 --> 00:30:32,387
[casey_]: good good call on that one next
question

728
00:30:32,109 --> 00:30:32,130
[brock_mogensen]: m

729
00:30:32,467 --> 00:30:36,992
[casey_]: is what is a dream vacation that
you have either taken or hoped to take

730
00:30:38,560 --> 00:30:46,553
[brock_mogensen]: oh i would that's a great question
just travel around europe more i did that

731
00:30:46,593 --> 00:30:49,117
[brock_mogensen]: a while ago but i'd love to
be able to just take a month and

732
00:30:49,177 --> 00:30:49,318
[brock_mogensen]: just

733
00:30:49,781 --> 00:30:49,942
[casey_]: yeah

734
00:30:49,899 --> 00:30:53,505
[brock_mogensen]: experienced iferent countries and different cultures around
there it just so much cool stuff to

735
00:30:53,545 --> 00:30:53,985
[brock_mogensen]: see i think

736
00:30:54,624 --> 00:31:05,410
[casey_]: yeah and and i i would absolutely
agree with you one hundred percent that that

737
00:31:06,363 --> 00:31:14,106
[casey_]: europe the amount of culture that you
can get on one continent is basically endless

738
00:31:14,707 --> 00:31:16,129
[casey_]: for all intents purposes so

739
00:31:16,170 --> 00:31:16,350
[brock_mogensen]: yeah

740
00:31:16,950 --> 00:31:17,231
[casey_]: anyhow

741
00:31:17,094 --> 00:31:17,475
[brock_mogensen]: exactly

742
00:31:17,972 --> 00:31:20,436
[casey_]: brock how can the listeners reach out
and get in touch with you if they

743
00:31:20,496 --> 00:31:23,501
[casey_]: heard something that if they like let's
say they wanted to invest in one of

744
00:31:23,541 --> 00:31:27,933
[casey_]: your industry you had a new industrial
deal that that that they wanted to hear

745
00:31:27,993 --> 00:31:30,340
[casey_]: about or go to your website or
whatever what's the best way for them to

746
00:31:30,360 --> 00:31:30,901
[casey_]: get in touch with you

747
00:31:32,250 --> 00:31:37,958
[brock_mogensen]: so our company website is smart assets
capital dot com there's a contact form on

748
00:31:38,018 --> 00:31:41,163
[brock_mogensen]: there you know fill that out we
can hop on a call and that i'll

749
00:31:41,183 --> 00:31:45,370
[brock_mogensen]: go to me and answer any questions
to if you just have general questions also

750
00:31:45,450 --> 00:31:48,795
[brock_mogensen]: on instagram doing doing quite a bit
and trying to post more real estate content

751
00:31:48,835 --> 00:31:49,777
[brock_mogensen]: there so that's just my first

752
00:31:49,786 --> 00:31:49,947
[casey_]: cool

753
00:31:49,817 --> 00:31:53,514
[brock_mogensen]: and last name brack mogginson but yeah
hit me up happy to happy to connect

754
00:31:53,353 --> 00:31:57,340
[casey_]: and if you're out there and you
heard that that's moginson not morganson

755
00:31:58,041 --> 00:31:58,222
[brock_mogensen]: yeah

756
00:31:58,281 --> 00:32:01,026
[casey_]: do not add the r or you
will not get in touch with him so

757
00:32:01,341 --> 00:32:01,502
[brock_mogensen]: yeah

758
00:32:01,687 --> 00:32:06,275
[casey_]: don't add the r and there's your
guy so brack man than so much for

759
00:32:06,335 --> 00:32:12,465
[casey_]: being with us and taking time to
be with us and listeners as always please

760
00:32:12,545 --> 00:32:15,851
[casey_]: please please head down and leave us
a five star review and also type of

761
00:32:15,911 --> 00:32:19,457
[casey_]: review that others may know what we
talk about here on the cash flow pro

762
00:32:20,198 --> 00:32:23,964
[casey_]: and while you were there smash that
subscribe button so that you can be notified

763
00:32:23,984 --> 00:32:27,751
[casey_]: when we release new episodes and new
content and i want to thank you all

764
00:32:27,811 --> 00:32:33,218
[casey_]: for listening today been wonderful experience brock
man thanks again i hope you all have

765
00:32:33,358 --> 00:32:34,479
[casey_]: a wonderful rest of the day

766
00:32:34,710 --> 00:32:34,854
[brock_mogensen]: ye

767
00:32:34,960 --> 00:32:36,582
[casey_]: and we will see you tomorrow