YOUR DAILY REAL ESTATE INVESTMENT SHOW
May 15, 2022

Understanding The Real Estate Market with David Toupin

In this episode of Cash Flow Pro, Co-Founder of Real Estate Lab David Toupin shares how his entrepreneurial spirit encouraged him to opt-out of the corporate route and pave his way to success through real estate investments. From starting from zero to...


In this episode of Cash Flow Pro, Co-Founder of Real Estate Lab David Toupin shares how his entrepreneurial spirit encouraged him to opt-out of the corporate route and pave his way to success through real estate investments. From starting from zero to even creating his own real estate acquisition platform, David has done it all and is here today to tell us how we can do it too!

 

Real Estate Lab is a cloud-based full-fledged real estate acquisitions platform that can underwrite your deals and manage your pipelines all online. The all-in-one platform also aids with running a networking community and hosting events.

 

In this episode, we discuss:

  • Understanding the “Why” behind your goal and taking action
  • Approaching investors and the importance of networking
  • Creating a platform an acquisition platform
  • The ups and downs of the real estate market and understanding when to tap in

 

Learn how to analyze the real estate market, how to approach investors, and more!

 

Find your flow,  

Casey Brown

 

Resources mentioned in this podcast:

  1. realestatelab.com
  2. https://www.toupinholdings.com/
  3. https://www.linkedin.com/in/toupindavid/
Transcript

Casey Brown  0:06  
Hey there, and welcome to today's episode of cash flow Pro, your daily podcast and YouTube channel investment real estate show. I'm here today with David TOOBIN, CEO of real estate lab. David, how're you today, sir?

Unknown Speaker  0:27  
Man, I'm doing wonderful another day in paradise.

Casey Brown  0:30  
That's exactly right. Every day is a day in paradise when we're in when we're investing in real estate when we're syndicating real estate when raising capital, whatever you're doing today, today is a great day. So, David, we want to hear a little bit. So you and I were talking pre show about a couple of different things, the software stuff that you all have going on. And some real estate syndication, capital raising stuff that you have going on, and maybe with some partners, so I want to hear a little backstory, like I want to we want to hear a little bit about maybe where you were five or 10 years ago, and what kind of what kind of event or what happened that kind of set your sights in the direction of saying, hey, I want to pursue at least real estate in a couple of different avenues there.

Unknown Speaker  1:14  
Yeah, so I you know, I've always been an entrepreneur, I started my first business when I was like 1314 landscaping, right? So I was like mowing everyone's lawn in my neighborhood type of deal, do landscaping stuff. And that was that was kind of good way to channel channel manager, you they're into, you know, being an entrepreneur and then coming into college, I studied finance, and I did a little bit of invent, I spent probably about nine months doing internships and like investment banking, consulting, that a little big four gig and then some boutique banking firm. And I stumbled upon real estate. I always had an interest in it. And I knew I wanted to kind of get into some sort of my own business as opposed to going the corporate route. Someone another intern I was working with introduced me to podcast at the time. This is like, early 2016 I think January 2016. Yeah. And so podcasts, you know, they're around but they weren't like they weren't like what they are today. And I found bigger pockets. I started listening to it right away and I was like, man, real estate sounds awesome. Like anyone can do this. And so I actually went and I started like wholesaling a little bit with really in my mind the goal was I want to do bigger stuff and apartments that's what I want to do is apartments I heard like Jake and Gino back then like other people like that. And, and I knew I wanted to do apartments. So I wholesaled for like four to five months did a couple of deals. And then I was like, You know what, screw this, I need to just go straight into apartments because that's what I really want to be doing. And just started I kind of use my skills that I learned through the banking in Excel and financials, stuff like that, to start looking at deals from brokers. And within a couple months, I think it was like, you know, it's like, ended 20 November 2016. I locked up a 12 actually to 12 units within like the same week I made offers didn't know they both get accepted, got accepted. And it was funny because I had I had zero money raised beforehand. I had obviously no money on my own. I was 20 years old paying for my meal plan at college. So right. So now it was like, oh shit, I gotta deal now I gotta find the money. That's all

Casey Brown  3:22  
right. figured out how to make it how to make it happen? Well, obviously you did.

Unknown Speaker  3:28  
Yeah, yeah. Yes, it was a heck of an experience trying to raise money as basically a kid with no experience. And, and no track record. you've ever had to

Casey Brown  3:39  
lean into that a little bit and tell us like, because there's a lot of people, there's a lot of listeners out there who they're not maybe not 20 years old, but they're like, hey, I want to do this, but I can't really figure out what to do. So what was your first what was your initial step there?

Unknown Speaker  3:58  
Yeah, well, you know, obviously, you got to start with like, why, like, Why do I want to do this, I want to build wealth, and I'm gonna do whatever it takes to get there. So you know, then it's like, what right now I've got to, I gotta find a deal. And it's just a puzzle. And I don't know, it just seemed to click for me, it's just a puzzle. It's like, I gotta find a good property that's gonna make money. And I'm gonna have a good business plan. And then I've got to figure out who's the bank that's gonna give me most of the money and who are the investors that are gonna give me the rest of the money. And the toughest part was finding the investors because I didn't have a list. I didn't have this. You know, it wasn't family money, nothing like that. So I had to, I had to literally knock on doors. I was going to RIAs meetups all that I was talking to anyone I could and just putting this deal in front of them saying like, hey, look, you know, you got 25 grand, 50 grand, whatever it is, you know, invest in this project, I'll make you money. You know, here's the projected returns and, and it was just, it was a grind to get even five or six people to put up 25 grand or 50 grand

Casey Brown  4:56  
agenda Verizon all together

Unknown Speaker  4:58  
on those two deals. It was Close to 300,000, I needed to raise. You know, it took me like three, three or four months to get the 600 Grand race.

Casey Brown  5:07  
Wow. Well, I mean, but you know, everybody has to start somewhere. And that's the, that's the worst part about being in the position of needing to start. It's like, okay, I don't want to waste all my time doing this, this and this, but then you are wasting that same amount of time studying this this in this

Unknown Speaker  5:26  
correct. You can only do so many courses before. It's like, man, you just got to find a deal who you put in front of people?

Casey Brown  5:33  
Where did you so did you now we hear so much about meetups, and we hear so much about, you know, those kinds of small gatherings and things like that, but just go to like meetup.com or something like that. And just and just searching for them?

Unknown Speaker  5:47  
Yep. meetup.com. I went to all the local RIA is like, all that kind of stuff is what I was explaining that to the Real Estate Investors Association. Okay. Yeah. So all those kinds of meetings, you know, and those are mostly like, residential, single family type type gigs, you know, so, but I was,

Casey Brown  6:07  
what did your pitch deck look like our I guess they probably called it PowerPoint slide back, then I don't know what year it actually turns woman to pitch deck. But anyhow,

Unknown Speaker  6:16  
it wasn't even. It was not even that special. It was. And it was terrible, right, just one of my big mistakes at first was I put, like, some photos, my Excel underwriting model. I had like a one page or Word document with like my description of the project. And I threw it on Dropbox. And then I sent the link off to investors. And what I figured out was, nobody looked at it. Nobody wanted to comb through multiple documents. Nobody wanted to go through a spreadsheet that they don't know how to read, and figure out what's the what are the returns gonna be? So I spent like, 3045 days doing that before I'm like, Well, I've talked to like, 40 people and nobody wants to invest or is taking the time to look through this. Maybe I needed to make it look a little prettier. So then I got to the OM putting the PowerPoint together, or, you know, pitch deck or whatever. And then people started actually asking questions. Exactly

Casey Brown  7:09  
getting a plan laid out plan of how this is going to take place. And what I guess obviously that deals gone full cycle. Is that right?

Unknown Speaker  7:18  
Yeah, I sold those about four years ago.

Casey Brown  7:23  
What was the return on it?

Unknown Speaker  7:25  
So we're projecting like a 15 IRR over a five year hold, I ended up selling them after like 1718 months and hit the sale price as projecting. So we got close like a 20 IRR on both of those deals. So it wasn't like it wasn't like elbow your money, though in a short period of time. But it was there good returns.

Casey Brown  7:43  
Yeah, but I mean, just just anything solid like that to get you a small little track record going and then kind of pick up and move on from there. I mean, that's, that's, that's what a lot of people don't understand about, you know, just marketing in general, is just, I've always heard the saying episode one is better than episode none. And same deal. You know, whether you're never going to know if you can do it if you don't even try and the fact would just look for meetups and get out and present and and did you run into any resistance from the the people that were like putting the meetups on? As far as like them saying, you know, no, are we really don't want you to come in? Or was there any type of resistance towards anybody very the by insulate their group of investors from you at all?

Unknown Speaker  8:30  
No, I wasn't going to like multifamily specific groups I was I was just going to any type of real estate meetup that I could find. And I was just networking with people and ask him like, Hey, do you have extra money to invest in our house flipper or whoever?

Casey Brown  8:45  
A lot of those people that are meeting after hours are pretty driven people anyway. Exactly. If they're if they're meeting after hours, they're they're they're driven to, to, they're more likely to be driven. Let's say that they're at home watching, whatever. Correct the evening in sitcoms. Now, so let's kind of transform this discussion just a little bit into the software that we discussed. And then and then we're going to kind of hopefully take the pieces of what you have multifamily real estate wise going on, and your software stuff that you've got going on and maybe kind of move both of those forward and see how they kind of come together.

Unknown Speaker  9:28  
Yeah, so you know, back when I first started buying multifamily, right, from what I was telling you, I built out like a little spreadsheet be it used to be a one pager, and just something simple under ideals. And over time, it just evolved, the more deals you know, I looked at hundreds, maybe even 1000s of deals. I was underwriting in order to in order to make offers and so the spreadsheet just evolved and evolved and I think it was in like 2019 people started really asking me you know, like hey what you know Where'd you get the spreadsheet? I'm like, Oh, I just made it works. And it does this and I go cool. Can I buy it from me? I'm like, Well, I never really thought about that. But sure. And so I put it on my website for like 250 bucks. And over the course, like a year, year and a half, I sold over $100,000 of a spreadsheet. And, and I was like, Man, I'm making more income from this than the cash flow on my part.

Casey Brown  10:23  
Yeah, no doubt, man. That's awesome.

Unknown Speaker  10:25  
Yeah, so but it what was interesting is really, at the end of day, I was like, man, there's a demand for this product. There's a demand for people to have something that one works and is easy to use to they can trust it. There's a lot of spreadsheets, that people out there that have faulty equations, and mistakes in them. And you're making multimillion dollar decisions based on a spreadsheet, you need to know if it works and is accurate, and has functionality that you want. And then and then next, right, there's there's a lot that goes into the acquisition side of this business, right from managing hundreds of documents associated with every property, we buy, from the surveys to the title work to the financing documents to the investor, right? Like all this stuff, that goes into acquisitions, the due diligence process, the underwriting. And so I wanted to build out an actual software platform that could assist with this right. And that could help manage the whole acquisition side, there's a ton of property management software's there's ton of investor management software. So this is this is acquisitions facing. So it's totally separate from those. And so I started real estate lab and just started as kind of some ideas of hey, how do I bring this analyzer to an online format, to now where we're at today, you know, full fledged acquisitions, platform, real estate, lab.com. And, you know, it's all cloud based, you can underwrite, deals, manage your pipelines, and loi is all online. And we've got a lot more stuff coming, you know, later this year. So, sure, cool, cool process to see.

Casey Brown  12:01  
Now, is it kind of a thing, you know, you had mentioned there a little bit ago about some of the spreadsheets and stuff that are available online, and then you run into some broken, you know, broken links or broken, not links, but broken provisions and equations and such in the spreadsheets? And so is yours still spreadsheet based? Or is it? Is it completely so? So once you you become a member of real estate labs, I assume it's some type of a monthly type deal? And then exactly, and then you get access, and you can underwrite and send loi is based on these underwriting things. And then the analysis that takes place, I mean, is that is it across the board all the way, like all the way down to, to, you know, every percentage that we all look at

Unknown Speaker  12:49  
the Oh, yeah, so it's like cell based, so the platform is integrated with Google Sheets, okay. And what's cool is the flow, right, you add a property to the system, it's like a CRM data property, you upload the rent roll on T 12. As long as it's an Excel, our platform will read the rent roll, it'll read the T 12, pulls out the unit mix, it'll pull out the key numbers from the T 12, it'll put all that data right into the analyzer for you, it's that ton of the fields are already pre populated. And then you open up the analyzer, it's got all that stuff in there, the unit mix, all you got to do is pick your rents your operating expenses, and then you know, set your purchase price, and then it's kind of done. So our goal is that when you open up the analysis, we can pre populate as much of that data as possible. So something coming in the next, you know, probably six months is automated operating expense assumptions. So when you open up the analyzer, you can choose you know, certain data sets, and will pre populate your operating expenses for you based on the type of deal the market you're in, and all that stuff. So like, you don't have to go guessing what am I contract services? What are my repairs, and maintenance or insurance assumptions, it's gonna pre populate all that for you based on market data that we have. And tons of other stuff. So

Casey Brown  14:01  
yeah, well, that's awesome man. And you know, and that's, that's such a big piece of this business. And it's, it's usually it's the most unsexy part of the business. I mean, it's just totally everybody wants to see fresh new clean good sharp pictures of of new remodeled units and new pools that they put in and new this and new that and new fitness centers, but then all of a sudden, it's like, oh, wait a minute, I gotta make sure this damn thing actually makes money. You know, so, so yeah, so to take something that's, that's probably quite honestly the most important part of this process and, you know, make it at least where it's it's not quite as cumbersome and, and, you know, then of course, if your your monthly fee is considerably less, I'm assuming then probably hiring an outside underwriting either an outside underwriting firm or an outside underwriter

Unknown Speaker  14:53  
on your 29 bucks a month. Yeah. Too expensive.

Casey Brown  14:57  
$1,200 a year. That's That's pretty much gonna I mean, you I don't know anybody that would work with over dollars you're so you're you're already in the game right there you know exactly. So so now when what came first this this chicken or the egg they the investing or had you had? Did you use your initial excel program to underwrite your first deal? Or did you just like a wing the first deal?

Unknown Speaker  15:22  
No, I use the Excel underwriting. I mean, it was in a much simpler form back in like 2016 2017. And it's evolved over the years into what it is today, which is now integrated with the software. So I had invested I've been investing for about four years before I started the software company.

Casey Brown  15:39  
Awesome. Awesome. Yeah. Tell us about you. Were you were talking about your most recent deal and, and what you all had going on there and tell us a little bit about that.

Unknown Speaker  15:48  
Yeah, so I've done a lot of apartments over the years. And I moved down to Austin about three years ago, Austin, Texas. In Austin, everybody lives in Austin man they are moving down. Now it's and it's it's a wild that the amount of growth here is absolutely insane. And so I'm doing some different projects. Here. I've got a condo conversion, the 16 unit, apartment community, we've converted into condos, we're selling the counters off, I'm building 50 apartments out kind of where I live North Austin, but the biggest thing I've got going on right now is a $10 million Self Storage fund. We actually just launched like this week. And the plan is to go out and buy, you know, somewhere around eight, eight to 10 facilities with the Fun Mom and Pop stuff surrounding Austin, kind of, you know, in the little tertiary markets that are that Austin is growing into right Austin is like absorbing all these little towns around it with that we've got. So you know, stuff that used to be a 30 minute drive from Austin is now like, connected, right? It's now in the metro area. And so we're targeting those types of markets, buying existing storage facilities with room to add additional storage. And so you know, something with like, five, six acres, it's only got 20,000 square feet of storage on it, we're gonna go in and add another 60 70,000 square feet of storage, lease it up, and then do you know, seven, eight of these and then we're going to sell the portfolio as a whole to a larger institutional investor or somebody that wants a big storage presence in Austin.

Casey Brown  17:15  
Ah, yeah, man. That's great. And, and you you said you all just launched it. So is this is this your first run at a fund type setup?

Unknown Speaker  17:25  
It is. Yeah, I've done syndications and AVS but this is the first like, fund where we're gonna go buy multiple deals within the fund. Awesome, man. Yeah, that's interesting.

Casey Brown  17:35  
So it's, it's one of those deals where, you know, it's just like, you know, you're constantly stepping into new stuff. And you're constantly trying to figure out ways to put this whole ball of wax together, I guess, if you will. And, and it looks like you're doing it, man. I mean, that's great. Now, what? So you mentioned everybody's moving to Austin, and you'd mentioned some some individual deals that you've got down there. Now, you said, you're building 50 units, is that right?

Unknown Speaker  18:02  
Yeah, I've got a 50 unit ground up development, about the land about two years ago, and we're wrapping up development in the next, hopefully, three or four months. COVID kind of slowed us down by a couple of months. But yeah, we're wrapping up. And, you know, it's funny, because like, when we put that deal together, it's almost all it's like 46, two bedrooms, and four one bedrooms and further twos, we projected like 1200 on the rents originally. And now, you know, just a year and a half later, we're probably gonna be renting those for like 1600 1650

Casey Brown  18:33  
What percentage did your costs go up from initial to fin costs

Unknown Speaker  18:36  
have gone up too, though, because with COVID lumber, we bought lumber, like right during COVID. So we're over, you know, we're probably over about 10 to 15% on the costs. But our rents have gone up. So I think our valuation is up about 40%. Yeah, and valuation. So

Casey Brown  18:54  
wow, man, something in you sit and watch this economy, and you sit and watch this thing grow. Is there a lot of new construction like, like, new build stuff being sold down there? I mean, obviously, it is, you said you're talking about because when I used to drive, we used to drive through those areas. When I was a kid, you know, you've come to like a little town every 25 or 30 little towns you're talking about and all they had was a small elevator, and maybe a water tire. And you know, when we 50 or 60, little houses, something like that. So all of those are kind of being swallowed up by this new construction. That's just that's just taken basically desert ground and putting footers in and build analysis.

Unknown Speaker  19:31  
Exactly. Yeah, they're all the vacant land has been swallowed up every time like the city pushes out that next ring of vacant land is swallowed up houses, you know, shopping centers, strip malls, grocery stores.

Casey Brown  19:43  
Yeah, yeah. Where did you Where were you originally from?

Unknown Speaker  19:47  
I'm from Detroit, Michigan.

Casey Brown  19:49  
Okay, now, where was the where was the 212? The 212 unit buildings were they in Detroit?

Unknown Speaker  19:55  
They were Yes. outside of Detroit in the suburbs about 20 minutes outside of Detroit. What Southeast Michigan? They were, what year? They're built in the, what year was this? That you 20? That was 2016. When I bought that wow,

Casey Brown  20:09  
man, that was that was a gut move to, especially in that area. I mean, that was it was hit so hard. Like, I don't think people we I talked to people all the time on my show here where we talk about the military market that I'm local to, and which one is that the Fort Campbell, Fort Campbell, Kentucky. And as a matter of fact, you know, when you talk about talk about vacancies, and a lot of people don't realize that, you know, an active duty soldier who is deployed cannot be foreclosed on. So as long as he's not on American soil, he cannot be foreclosed on. As soon as he stepped back on American soil, it's game over. But when he's not on American soil, he cannot be foreclosed on. So what we had was this, this market of three foot grass, and as far as you could see, the city was fine. And everybody for having to go through most of these yards, and so on, so on, and so on. But that being said, I don't think that holds us candle to what was going on up there. Like, again, news media likes to likes to share out the worst of the worst, so that they can get a reaction similar to people on on our favorite social media platforms. But at the same time, that was a pretty gutsy move to go in there. It seems like to me at least from the outside looking in. That that was that was a pretty gutsy move to go in and try to make an investment in such an areas that

Unknown Speaker  21:40  
Yeah, well. So I say Detroit, I grew up in the suburbs, which is a little bit different. The more like Class A B areas, there's, you know, definitely different different than when you're in the city of Detroit. But Detroit as a whole metro area got absolutely crushed in Oh, yeah. I mean, I had just a crazy amount of friends whose parents got laid off, like the automotive industry and the GM bankruptcy, right. You know, we're so automotive heavy. And that industry just got absolutely crushed. And then we had, you know, a mayor that was like laundering funds, like all this terrible, like corrupt stuff that happened in Detroit. And so that city was at the absolute lowest of the low right after the crash. And it was it was bad. So it's like almost nowhere, you can go but up from there. Yeah. And so it has actually come a long way since then, which is cool. The City of Detroit. Suburbs, I've always been fairly stable. I would say, you know, they're pretty typical. Like, there's a lot of good C markets B's and a area

Casey Brown  22:43  
of have other type of maybe not, not necessarily heavy auto industry. Yeah, there's

Unknown Speaker  22:49  
different influences. Exactly. And just, there's always been, there's always been a lot of money out in, you know, outside of Detroit, that's, you know, you think that but there, there always has been a good amount of wealth out there. So it stays fairly strong, a little bit of diversity of businesses. But, you know, I like investing in Austin way more, because just sure, there's no growth in Michigan overall, right a little bit right now, because everything's growing, but long term, you know, a place like Texas or Florida or, you know, Phoenix, there's just tons of tons of good markets that you can go to.

Casey Brown  23:24  
I was just sitting here thinking about Phoenix. We were there a couple months ago. And I was literally like, we were walking in old Scottsdale, which is kind of off the beaten. I don't know. Anyway, it's a beautiful little place. And, and honestly, I was standing there, I was just standing like, in the middle of the desert. And I was looking around and I was like, you know, this is like, this is like two guys were hitchhiking one day down some old dusty roads, waiting on a buggy to come out and pick them up and fail. Let's just start a city right here in the middle of the desert. And it's just as flat as far as you can see. And anyway, I mean, but man talk about just something that's almost like it's almost like tropical conditions where you're just your, your, your coldest days or maybe 60s And we were there in October, so I haven't been there.

Unknown Speaker  24:17  
It's a beautiful city. It's really clean, but a lot of development.

Casey Brown  24:23  
I didn't understand what the initial draw was to make a city right there. And I'm sure it's, it's in a book somewhere that you could probably Google it and find out but yeah, you know, Austin seems a little bit there. I think there's some some water in Austin, I

Unknown Speaker  24:38  
think probably Yeah, it's a little different typography. Extremely hilly, which is cool. So you get some beautiful views. You know, there's a lot of a lot of water tons of lakes around Central Texas here. downtown's beautiful. And you know, no state income tax which is nice. And there's just it is crazy like the amount There's a ton of movement here from everywhere, but California especially. And then, and then businesses are investing heavily here, which as we all know, the biggest, you know, economic growth indicator is jobs, right? jobs and businesses moving to a certain city or area, obviously, that brings the employees right don't want to come down whether or not it's a remote, you know, business type of world today or not people are moving here, because that and then people are moving. You know, snowbirds, people that, you know, don't want to live in anymore, they're coming down, and they're like, you know, I can work from anywhere. And so I might as well work from somewhere like Austin, and, you know, it's, it is unbelievable, just three years ago, a house that you could buy for five or 600 grand is now worth a million and a half. That's, it's a weird, dude,

Casey Brown  25:46  
it's triple triple A talk about talking about return. I mean, you know, and it's, it's like, it had all the indicators have been there. And a lot of people were just like, because, you know, we've invested in bought and done some things around and, and a lot of people just were like, oh, it's gonna crash, it's gonna crash, it's gonna crash. And then I mean, here we are five years later, and this thing is still, like a, like, it's like, every time a politician speaks, it just pours more rocket fuel on this thing. Just it just keeps on going. And you know, and then of course, you've got out a lot of outside stuff that does make typical investors a little bit nervous. But, but you know, I've always said, from the very beginning of my real estate career, that real estate is one of those things, it always has a value, that value may not be what you want, it's never gonna go to zero. But it does not go to zero. Correct. And, and that's, with that being said, again, it could definitely go down and you could definitely lose money you could definitely buy now and be underwater in five years, we've seen it, everybody that was that was around during Oh, 809 2010. And in through there has seen that. So we know it has that potential. But the fact of the matter is, and I've said this many times on the show, and I tell people listen, if you don't listen to me, if you haven't listened to the last 10 times, I said, Listen to me now. People talk about, oh, I bought a house and oh five, okay, well, then in Oh, 809 everybody was walking around with tears running out of their eyes, they couldn't, nobody could do anything. And now look in 2020 22? Would you would you like to have a property right now today at the price that it was in 2006. I mean, come on, we're, we're mountains above where we were even then. But we just nobody wants to ride the dips, and you have to buy these things for cash flow. Correct. And when you look, and you bond for cash flow, then you can afford, it may not have the return through those two or three, that two or three years slump. But you know what, it's gonna have appreciative return on top of the cash flow.

Unknown Speaker  28:08  
Correct. And the way to do that is like, you know, if you think of the curve, or the the line graph of where pricing is in the current market, you just got to take wherever we're at, and you've got to always be buying 1015 20% Below that, right? So yes, we're at the top right now. Or we feel like we're at a peak, I really do feel like we're peaked at this moment with rising interest rates. But, but there's still deals to be bought 1020 30% below market value just got to go and find.

Casey Brown  28:37  
Yeah, just just just go, you know, and pin not everybody wants to find a deal in their first two or three ello eyes or their first two or three under writings to take on. Now. You got people out there underwriting 50s 60s 100 properties, and not getting any of them and having a backup and pond. So man, that's you've got some really good advice there. And I hope that anybody that's out there that's and that's part of what we do as syndicators is we're out there finding the deals, making it a truly passive investment, or the investor. All right,

Unknown Speaker  29:14  
correct. 100% and so tail risk out of it and all that.

Casey Brown  29:18  
Yeah, take the risk and then take the geographical risk so well I don't want to Austin is awful heavy. It's awful. Hi. All right. Well, we've got an operator in Austin, we've got an operator in in Kansas City, we've got an operator and we're wherever Pensacola Florida. And you know you you geographically diversify, as well as you diversify across asset classes, like what you're talking about some self storage, some multifamily and you know, like you said event, essentially the land you bought for the 50 units that y'all are building, you know, that was a different type of investment, essentially, until it till the day it started taking on structure So anyway, all that being said, you know, David, I want you to take a minute here. And so we've got listeners of basically all all types and and so there may be some people out there that want to possibly look at your underwriting software or at least maybe get on a call or something and discuss further what what what you have to offer as far as that goes. And then of course, you know, your fund that you've got set up could definitely be something that somebody wants to get in touch with you about and, and possibly invest in. So why don't you take just a second and tell the listeners how they can get in touch with you so that you can help them out however they need it?

Unknown Speaker  30:39  
Yeah, so in terms of on the investing side of the business, you can go to to Penn holdings.com And my last name is spelled t o u p i n Toobin. holdings.com. And then in terms of the software, if you have interest, you can go and check it out, do a free trial or sign up for it at real estate lab.com Real Estate la be real estate lab.com.

Casey Brown  31:01  
Awesome. And that's to Ben holdings, Toobin holdings that count me and that's plural tube and holdings. My listeners, you know, I'm big about that. And those Ss are not adding the SS so it's not calm or real estate lab.com Crociere. Go check David out. And David, I can't thank you enough for the time you spent with us today. I know that everything carving out just a little bit of time in these deals can can can mean the world to somebody and hopefully we're able to hand that to him today. So I do appreciate it. And I want to say thanks again for your time.

Unknown Speaker  31:33  
I appreciate you too, man. Likewise, thanks so much.

Casey Brown  31:36  
100% Thank you. See ya.

Transcribed by https://otter.ai

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David Toupin

Real Estate Lab