YOUR DAILY REAL ESTATE INVESTMENT SHOW
Sept. 21, 2022

What ALL Beginner Syndicators Should Know with J Scott

What ALL Beginner Syndicators Should Know with J Scott

In this episode of Cash Flow Pro, we talk with J Scott, Partner, and co-founder of Bar Down Investments. J was a former tech guy in Silicon Valley, working for one of their most prominent companies - Microsoft. In 2008 J got married, and together...


In this episode of Cash Flow Pro, we talk with J Scott, Partner, and co-founder of Bar Down Investments. J was a former tech guy in Silicon Valley, working for one of their most prominent companies - Microsoft. In 2008 J got married, and together with his wife, they decided to look for more flexibility in their respective careers. Together they decided to go into real estate. 

 

From 2008 to 2018, J and his wife flipped about 400 houses, close to 40 per year! Eventually, with the economic changes on the horizon, they decided to re-assess their investments and began their journey into a different asset class – multi-family and syndications. 

 

 

In this episode, we discuss:

  • Education and experience - how and where to get it. 
  • Teamwork and delegating 
  • Figuring out your weaknesses and hiring your staff accordingly 
  • Raising capital, equity, and debt 
  • Dealing with soft and hard commitments and the opposite views 
  • The importance of communication and transparency

 

 

Make sure to tune in on this episode to find out more KEY ingredients to starting your multi-family journey with the right team – the right way! 

 

Find your flow, 

Casey Brown

 

Resources mentioned in this podcast:

  1. www.bardowninvestments.com
  2. https://www.linkedin.com/in/jscottinvestor/
  3. https://www.instagram.com/jscottinvestor/

 

Transcript

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

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[casey_]: investing podcast and youtube channel i'm here
today with j scott bar down vestments j

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[casey_]: how are you today

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[j_scott]: i'm doing great casey thanks for having
me

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[casey_]: absolutely man we're always we're always glad
to have our good friends that live and

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[casey_]: reside in the gloomy cloudy state of
florida with us so that most of us

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[casey_]: can be jealous probably what you're looking
at but i noticed you i think you're

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[casey_]: in sarasota right

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[j_scott]: i am

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[casey_]: and is that where you're originally from

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[j_scott]: no we've been here for about three
years we've lived all over the country but

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[j_scott]: about three years ago we were outside
of d c and my wife got cold

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[j_scott]: and said

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[casey_]: yeah

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[j_scott]: we're moving some place warm and i
said okay and a month later we were

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[j_scott]: here in florida

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[casey_]: man there you go and that's that
if that doesn't like scream hey passive income

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[casey_]: do what you want to do live
the life you want to live i really

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[j_scott]: yeah

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[casey_]: don't know what so j w once
you kind of

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[j_scott]: m

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[casey_]: start out tell us a little bit
about yourself where you came from how you

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[casey_]: got into the business and then we'll
kind of take it from there and let

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[casey_]: the listeners get a glimpse into what
what you all do and how you do

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[casey_]: it

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[j_scott]: absolutely so i am a former tech
guy engineer by education spent most of my

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[j_scott]: career in silicon valley actually spent most
of my crew at microsoft doing the the

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[j_scott]: engineer and engineering and and business stuff
two thousand eight my wife and i decided

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[j_scott]: we wanted to get married and we
wanted a little bit more flexibility we were

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[j_scott]: both working ridiculous number of hours you
said we wanted that that freedom to kind

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[j_scott]: of do what we wanted and raise
a family and so two thousand eight we

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[j_scott]: quit our jobs we moved back to
the east coast fell into to real estate

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[j_scott]: bete two thousand eight and two thousand
eighteen flipped about four hundred and fifty houses

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[j_scott]: wrote a couple of books on the
topic and

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[casey_]: it's like one a week

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[j_scott]: two thousand ighteam we were we were
doing about forty year

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[casey_]: now

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[j_scott]: um and and two thousand eighteen came
around and was a little bit burned out

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[j_scott]: on flipping houses also star and to
feel like the economy was changing a little

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[j_scott]: bit i thought we were heading towards
a recession in two thousand nineteen or two

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[j_scott]: thousand twenty which we did for about
two weeks and so i started thinking about

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[j_scott]: what asset class i'd like to be
in should the economy change and really liked

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[j_scott]: multi family for a whole bunch of
reasons so two thousand eight made the transition

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[j_scott]: two larger multi family started indicating deals
we now own about a thousand units mostly

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[casey_]: have

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[j_scott]: in the south east texas and i'm
a partner of a company called bar down

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[j_scott]: investments

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[casey_]: awesome man uh now bar down investments
is that do you own are your partner

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[casey_]: are you a partner owner are you
just obviously you your partner your owner but

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[casey_]: i mean is there any of you
all is there

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[j_scott]: so there are two of us as
the key principles my partner actually wilson and

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[j_scott]: i were were fifty fifty owners and
then we have a couple other partners who

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[j_scott]: are more boarded director type partners and
they participate the deals but the company is

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[j_scott]: run by by ashley and myself

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[casey_]: awesome man that's great so it seems
like you definitely have the experience and the

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[casey_]: the at least the knowledge and you're
not too far separated from that in being

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[casey_]: it's like five years ago so there's
a lot of beginning

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[j_scott]: yeah

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[casey_]: sindicators out there are people that are
looking to become beginning sindicators that of course

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[casey_]: if you're

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[j_scott]: m

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[casey_]: a key principle or partner or keep
whatever you know there's interchangeable terms there but

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[casey_]: i guess what i'd like to hear
about a little bit is is your actual

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[casey_]: first sindication deal like where you went
out and you found maybe a hundred

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[j_scott]: yeah

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[casey_]: unit department complex and you were like
because it's obvious

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[j_scott]: oh

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[casey_]: that you didn't just start out where
you are today i mean you had to

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[casey_]: learn you had to gather investors you
had to figure all of that stuff out

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[casey_]: so i'd like to hear a little
bit about your first deal where we talk

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[casey_]: about the capital raised how you got
the loan so on so on so on

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[j_scott]: yeah so first i'm a big fan
of not necessarily going it alone and so

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[j_scott]: when i wanted to start in multi
family i realized that despite that fact that

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[j_scott]: i had an engineering background i had
flipped several hundred houses i knew the equity

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[j_scott]: and the debt side of things i
knew there was a whole lot that i

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[j_scott]: didn't know and i knew especially if
i was gonna start raising money from other

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[j_scott]: people and be kind of a fiduciary
for other people that i really wanted to

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[j_scott]: understand the business well so i mentioned
that my partner now is a woman ashley

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[j_scott]: wilson she's somebody i've known since i
guess around two thousand fifteen and she's been

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[j_scott]: doing multi family for a lot longer
than i have when i was ready to

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[j_scott]: get into multi family the first thing
i did was i kind of went through

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[j_scott]: my role of accents and who do
i know that i trust that i could

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[j_scott]: kind of learn from in this business
and so actually was the first name that

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[j_scott]: came to mind i basically went to
her and i said look here's here's a

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[j_scott]: deal propose i'll come work for you
for a year you have access to my

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[j_scott]: knowledge you have access to my skill
you have access to my time you have

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[j_scott]: access to my money and you have
access to my network and i'll give you

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[j_scott]: that for a year and in return
all i ask is you mention me and

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[j_scott]: you teach me the business

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[casey_]: sure

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[j_scott]: and i think we both agreed it
was great a great idea was it was

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[j_scott]: win win for both of us so
she said yes and so basically i spent

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[j_scott]: the next year working for her company
and so

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[casey_]: now

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[j_scott]: did everything

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[casey_]: like physically

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[j_scott]: from

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[casey_]: working or like like i'm talking about
like get up and go to the office

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[casey_]: every day working or virtually where like
what was your geograph because i know that's

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[casey_]: a challenge for a lot of people
right now a thing

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[j_scott]: yeah

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[casey_]: is is like i could pick up
the phone and probably call a hundred people

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[casey_]: and propose the same thing that you
just proposed likely would get some takers

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[j_scott]: ah

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[casey_]: but the fact of the matter

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[j_scott]: yep

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[casey_]: is is how did that our ship
look go ahead with that

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[j_scott]: yeah so at the time i lived
outside of d c she lived in philadelphia

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[j_scott]: and so we were not like co
located um even to this day we have

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[j_scott]: staff we have employees all over the
country and so very few of us live

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[j_scott]: anywhere near each other my closest employe
is about an hour and a half away

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[j_scott]: and hers is probably several hours away
so even at the very beginning it wasn't

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[j_scott]: going into an office and being in
the same spot

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[casey_]: sure

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[j_scott]: every day but she and i were
both very big on systems and processes and

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[j_scott]: basically treating of business like a business
and so from day one everything was very

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[j_scott]: structured we had regular meetings we had
meetings between the partners and then we had

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[j_scott]: meetings between the rest of the team
and m and then we had our staff

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[j_scott]: meetings and then we had our our
equity meetings had our operations meetings and we

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[j_scott]: had our acquisitions meetings and so basically
we were intimately involved the whole team is

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[j_scott]: intimately involved even though we weren't co
located or in an office so even from

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[j_scott]: day one i felt like very much
an integral part of the team and so

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[j_scott]: so i got to learn all aspects
of the business basically i participated in the

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[j_scott]: aqua tiens phase i participated in the
in the fund raising i participated in the

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[j_scott]: debt raising in the in the underwriting
in the due diligence in the in the

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[j_scott]: operations and asset management so i really
did give me an and an opportunity to

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[j_scott]: kind of learn each piece of the
business and what i've learned about multi family

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[j_scott]: over the years is that it really
is a team sport unlike single family were

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[j_scott]: i can i don't i didn't do
everything myself

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[casey_]: sure

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[j_scott]: but in theory i

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[casey_]: yes

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[j_scott]: could have i could have found the
deals and i could have hired the contractors

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[j_scott]: and managed the contractors and dealt with
the staging and dealt with the listing and

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[j_scott]: selling all that stuff in multi family
you can't do that

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[casey_]: yep

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[j_scott]: there's too much to do there are
too many areas that are too important and

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[j_scott]: too big doing acquisitions is a full
time job

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[casey_]: yep

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[j_scott]: doing fund raising full time job doing
asset management is more than a full time

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[j_scott]: job and so so really in multi
family you have to have a really good

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[j_scott]: team around you and you have to
be really knowledgeable about what you're od at

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[j_scott]: and what you're not good

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[casey_]: yep

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[j_scott]: at and you have to be honest
with yourself about what you're good at and

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[j_scott]: not good at and so that first
year was actually a really good opportunity for

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[j_scott]: me to figure out one what am
i good at what am i not good

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[j_scott]: at what do i enjoy doing i
not enjoyed doing so that i could figure

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[j_scott]: out how if i was goin t
become part of ashley's team how i could

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[j_scott]: best insert myself into her team

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[casey_]: yeah

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[j_scott]: or if i were going to start
my own company how i could best kind

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[j_scott]: of carve out a role in my
own company and then bringing other people to

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[j_scott]: supplement me

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[casey_]: yep

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[j_scott]: and so what i realized was and
one of the reasons why ashley and i

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[j_scott]: are now full time partners what i
realized was we had a lot of very

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[j_scott]: complimentary skills she was really good on
the acquisition side she was really good on

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[j_scott]: the asset management side he as really
good at everything that was day to day

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[j_scott]: property related i on the other hand
i was really good at the accounting i

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[j_scott]: was really good at the h r
i was really good at the underwriting and

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[j_scott]: the math and the processes and the
systems and it was really good because i

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[j_scott]: had a large network and following i
was really d at the fund raising and

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[j_scott]: equity side of things so once we
realized that we had these complimentary set of

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[j_scott]: skills the next natural step was hey
maybe there's an opportunity for us to work

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[j_scott]: together so we kind of looked at
what parts of the business would i be

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[j_scott]: good at running what parts of the
business would should be good at running and

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[j_scott]: when we realize that was that between
the two of us we basically covered the

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[j_scott]: entire spectrum of the business and that's
what i kind of took to the next

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[j_scott]: level as partners now the first deal
i'm sorry i kind of got off topic

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[casey_]: oh

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[j_scott]: there

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[casey_]: yeah

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[j_scott]: but you asked about the first deal
the first deal was about

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[casey_]: all of that

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[j_scott]: nine

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[casey_]: to

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[j_scott]: months

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[casey_]: me has

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[j_scott]: after

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[casey_]: to do with how the first deal
plugs in anyway i mean the back story

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[j_scott]: yep

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[casey_]: and then because i would want to
point out too for the listeners

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[j_scott]: yeah

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[casey_]: especially when you start talking about the

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[j_scott]: ah

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[casey_]: between single family and multi family a
lot of people you know where you could

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[casey_]: do a hundred single families a year
multi families you might do two or three

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[casey_]: because you're right there's

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00:10:32,750 --> 00:10:32,871
[j_scott]: yep

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[casey_]: a lot of there's a lot pockets
and a lot of corners that need to

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[casey_]: be scraped out so that you can
see what you're what you're doing there rather

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[casey_]: than in single family basically you're like
an inspection a pest inspection and financing away

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[j_scott]: yep

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[casey_]: from closing multi family your sewer pipes
and electrical nd roofs

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[j_scott]: yeah

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[casey_]: and h so yeah um um but
anyway go ahead yeah first deal

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[j_scott]: so for the first deal it was
a few months into kind of working with

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[j_scott]: with ashley and her team and being
mentored and we found a deal in houston

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[j_scott]: texas

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[casey_]: yeah

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[j_scott]: and at the time it wasn't really
clear to me like what i was good

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[j_scott]: at and what i should be doing
so i kind of participated in each piece

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[j_scott]: of of the deal so on the
acquisition side i was i was kind of

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[j_scott]: involved in kind of deciding on the
areas and

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[casey_]: yeah

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[j_scott]: in our by box for that area
i helped out with the underwriting i helped

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[j_scott]: out with the due diligence once we
go under contract i helped out with with

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[j_scott]: the debt piece and working with our
mortgage broker and figuring out the right debt

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[j_scott]: product for us i raised some money
so i helped out with the equity side

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[j_scott]: of things um on that deal i
don't remember if i acted as a key

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[j_scott]: principle or k p or not but
we certainly talked about that and so i

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[j_scott]: really had the opportunity to kind of
get my my my fingers each piece of

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[j_scott]: the business and it was like as
soon as we closed on that deal it

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[j_scott]: was pretty obvious to me what i
liked doing what i was good at doing

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[j_scott]: and what just wasn't in my wheelhouse

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[casey_]: sure

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[j_scott]: and so for the next deal we
bay ikey decided okay i'm goin t help

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[j_scott]: manage the underwriting side of things i'm
going to help i'm going to do all

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[j_scott]: of the fund raising and manage the
investor relations that i would manage the the

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[j_scott]: capital staff the equity and the debt

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[casey_]: yes

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[j_scott]: and leave kind of everything else to
the rest of the team and so really

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[j_scott]: that first experience where i kind of

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[casey_]: oh

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[j_scott]: did a little bit of everything it
really helped me figure out what i wanted

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[j_scott]: to be doing what i was good
at doing on future deals and after that

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[j_scott]: deal i really i plugged myself in
on on one piece of the business or

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[j_scott]: a couple o pieces the business and
then for the last four years i've just

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[j_scott]: been focused on those pieces of the
business

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[casey_]: awesome now so i want to go
back and talk a little bit about the

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[casey_]: team building part of of that so
so first off i guess the biggest problem

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[casey_]: i think a lot of people have
with the team building part is is they're

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[casey_]: not really aware or

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[j_scott]: yeah

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[casey_]: or knowledgeable about what pieces they're going
to act we need help with right like

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[casey_]: defining hey these are the things like
you said these are the things that i'm

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[casey_]: good at

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[j_scott]: m

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[casey_]: now what

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[j_scott]: yeah

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[casey_]: do i need to hire out and
what can what things can one person do

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[casey_]: all of or what things does it
take one person to do just that does

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[casey_]: that make sense

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[j_scott]: absolutely

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[casey_]: so i'd like to know a little
bit or like to hear a little bit

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[casey_]: about how you transition or how you
kind of started bringing that team on and

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[casey_]: how you define what you needed to
help specie call with and then where you

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[casey_]: found them

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[j_scott]: i'm gonna answer that second question first
where

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[casey_]: yeah

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[j_scott]: i found him because this is i
think a big sticking point for a lot

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[j_scott]: of new real estate investors and certainly
a lot of new investors who are doing

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[j_scott]: big stuff that need a team around
them a lot of us get into the

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[j_scott]: business and we assume one of two
things we either need to do it all

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[j_scott]: ourselves which

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[casey_]: hm

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[j_scott]: again can't do that in large multi
family or two you need to hire a

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[j_scott]: bunch of staff for a lot of
us that's just daunting

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[casey_]: yep

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[j_scott]: i mean in the corporate world i
managed literally hundreds of people but the interviewing

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[j_scott]: and hiring in boarding was always really
different to do it even though i had

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[j_scott]: a large company and hundreds of people
around me to help the idea of having

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[j_scott]: to hire ten or twenty or thirty
people not only from a financial standpoint did

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[j_scott]: it seem crazy but just from a
jistic standpoint doing that seem crazy and a

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[j_scott]: lot of people assume that those are
basically the two options either do everything yourself

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[j_scott]: or you hire a whole bunch of
people and so what we realized was or

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[j_scott]: what i realized was that there are
actually other ways of doing things so certainly

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[j_scott]: there are pieces you can do yourself
and there are pieces where you're goin to

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[j_scott]: want to hire full time but then
there are other ways to do things one

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[j_scott]: you can hire part time employes so
literally you hire somebody to come in and

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[j_scott]: work for a few hours a week
so early on i knew i needed a

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[j_scott]: personal assistant or an executive assistant didn't
really know what i wanted them to do

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[j_scott]: but i was doing a lot of
busy work so bringing in a part executive

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[j_scott]: assistant made sense for me

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[casey_]: so

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[j_scott]: and it was easy to hire a
part time person because i didn't have anybody

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[j_scott]: quitting their job for me i didn't
have to find full time

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[casey_]: sure

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[j_scott]: work for them if they worked five
hours a week great so part time was

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[j_scott]: one way to do it another way
to do his partners so there are plenty

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[j_scott]: of people out there who do things
that they're really good at but they don't

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[j_scott]: have their own company or they don't
want to be doing it for themselves or

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[j_scott]: they only don't want to be doing
it for one person so they can come

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[j_scott]: in and they can help so for
example we have a mortgage broker that we've

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[j_scott]: worked with a number of deals and
he is not only a mortgage broker who

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[j_scott]: knows the equity side of things he
does deals himself so he's a great consultant

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[j_scott]: we deal that that he comes in
we give him g p equity we give

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[j_scott]: him equity in the partnership because he's
just a great consultant and he's also really

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[j_scott]: good on the debt side so he
reads all of our loan ox he takes

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[j_scott]: care of finding the right loan products
for us and working through all the debt

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[j_scott]: stuff so we don't pay him a
salary we don't have to on board him

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[j_scott]: we don't have to deal with pay
and all that stuff

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[casey_]: and

295
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[j_scott]: but

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[casey_]: he's

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[j_scott]: we

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[casey_]: got

299
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[j_scott]: still

300
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[casey_]: a stake

301
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[j_scott]: have the best

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[casey_]: and he's got a stake

303
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[j_scott]: a

304
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[casey_]: so

305
00:16:24,271 --> 00:16:24,674
[j_scott]: devastik

306
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[casey_]: it's all beneficial for everybody

307
00:16:27,630 --> 00:16:32,538
[j_scott]: exactly so so partners is another way
to go another way to go is commission

308
00:16:32,999 --> 00:16:36,945
[j_scott]: so we wanted to scale into new
markets and so we need to do that

309
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[j_scott]: we needed acquisition people because the acquisition
s part a large multi family can be

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[j_scott]: a really time consuming piece i mean
reaching out to brokers and making phone calls

311
00:16:45,860 --> 00:16:50,167
[j_scott]: and having lunch and sending emails i
mean literally it can be a full time

312
00:16:50,268 --> 00:16:54,274
[j_scott]: job for several just before you start
getting deal flow and so because we didn't

313
00:16:54,294 --> 00:16:59,082
[j_scott]: want to hire people five different people
for five different markets we didn't want to

314
00:16:59,122 --> 00:17:02,969
[j_scott]: spend the pay roll take all the
time hiring somebody we found people in those

315
00:17:03,009 --> 00:17:06,835
[j_scott]: markets we're already finding deals and we
said look bring us a deal and in

316
00:17:06,915 --> 00:17:10,201
[j_scott]: return we'll give you a hundred thousand
dollars if you bring us a good deal

317
00:17:10,401 --> 00:17:13,626
[j_scott]: or we'll give you g p equity
for bringing us a good deal basically work

318
00:17:13,707 --> 00:17:14,167
[j_scott]: on commission

319
00:17:14,278 --> 00:17:14,421
[casey_]: yeah

320
00:17:14,869 --> 00:17:19,556
[j_scott]: and so between the doing everything yourself
and hiring full time people there's part time

321
00:17:19,596 --> 00:17:23,323
[j_scott]: there's commission people there's partners and there's
lots of other ways that you can bring

322
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[j_scott]: in a team where you're not spending
a ton of time on boarding you're not

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00:17:27,049 --> 00:17:32,498
[j_scott]: spending that sarily a ton of time
doing pay roll and you're not necessarily using

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[j_scott]: all of your resources manage those people
and so basically to this day our team

325
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[j_scott]: consist of we do have a bunch
of employes we have seven or eight employes

326
00:17:42,935 --> 00:17:45,860
[j_scott]: but in addition we have a number
of partners that we work with on deals

327
00:17:45,940 --> 00:17:48,905
[j_scott]: we have a number of park time
people and then we have a number of

328
00:17:49,005 --> 00:17:53,273
[j_scott]: commission base people that that especially on
the quisition side of things that do that

329
00:17:53,353 --> 00:17:57,740
[j_scott]: for us and so that's how we
kind of structure our team in a way

330
00:17:57,880 --> 00:18:01,707
[j_scott]: that each piece of the puzzle we
have the right person in the job without

331
00:18:01,767 --> 00:18:05,552
[j_scott]: again having to do it all ourselves
are high so now going back to your

332
00:18:05,612 --> 00:18:10,139
[j_scott]: first question which was what are those
pieces of the puzzle the big pieces for

333
00:18:10,279 --> 00:18:14,607
[j_scott]: us number one is acquisitions so you
have to get that deal flow we like

334
00:18:14,647 --> 00:18:18,694
[j_scott]: to have a dedicated person r market
that we're in because what we found is

335
00:18:19,635 --> 00:18:25,845
[j_scott]: for single family for small multi family
there's not much of an allegiance for brokers

336
00:18:26,006 --> 00:18:30,513
[j_scott]: to buyers so if i'm going to
buy a single family house a real estate

337
00:18:30,593 --> 00:18:34,440
[j_scott]: agent or a broker they don't care
if i've ever bought from them before if

338
00:18:34,480 --> 00:18:38,587
[j_scott]: i've ever bought before because they don't
lose much if the deal falls through

339
00:18:38,550 --> 00:18:38,755
[casey_]: trot

340
00:18:39,428 --> 00:18:45,658
[j_scott]: but in multi family the most important
piece to any broker who is selling a

341
00:18:45,759 --> 00:18:47,942
[j_scott]: deal is getting it to close

342
00:18:48,028 --> 00:18:48,149
[casey_]: yep

343
00:18:48,463 --> 00:18:51,648
[j_scott]: because if i'm if i'm a seller
and i hire a broker to sell my

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00:18:51,789 --> 00:18:57,538
[j_scott]: fifty million dollar property um and they
find me as a buyer let's say and

345
00:18:57,638 --> 00:19:00,964
[j_scott]: i come in and i say yeah
i can buy this fifty million dollar property

346
00:19:01,084 --> 00:19:03,989
[j_scott]: well as soon as we go under
contract i'm gonna have to walk the property

347
00:19:04,009 --> 00:19:07,715
[j_scott]: which means i'm gonna have to see
every unit in that property which means every

348
00:19:07,795 --> 00:19:11,021
[j_scott]: tenant is gonna have to be out
of the heir unit for hour two or

349
00:19:11,081 --> 00:19:13,725
[j_scott]: three number two i'm goin t want
to do a lease on it so i'm

350
00:19:13,745 --> 00:19:18,193
[j_scott]: gonna be sitting in the leasing office
probably for week with with my folks going

351
00:19:18,213 --> 00:19:23,982
[j_scott]: through literally every lease asking questions about
every tenant and so it's a lot of

352
00:19:24,062 --> 00:19:28,009
[j_scott]: hustle for a seller to sell a
property if that deal then falls through in

353
00:19:28,049 --> 00:19:29,952
[j_scott]: the cell has to start that process
over

354
00:19:29,938 --> 00:19:30,060
[casey_]: yeah

355
00:19:30,273 --> 00:19:33,478
[j_scott]: well most likely i'm going to fire
that broker for bringing a buyer that couldn't

356
00:19:33,578 --> 00:19:33,919
[j_scott]: close

357
00:19:33,829 --> 00:19:33,970
[casey_]: yeah

358
00:19:34,680 --> 00:19:39,889
[j_scott]: so brokers are very protective about insuring
that a deal is going to close and

359
00:19:39,969 --> 00:19:43,375
[j_scott]: the best way they do that is
they like to work with buyers who they've

360
00:19:43,415 --> 00:19:44,136
[j_scott]: worked with before

361
00:19:43,948 --> 00:19:44,337
[casey_]: correct

362
00:19:44,436 --> 00:19:48,884
[j_scott]: who've proven that they can close and
so any time you're doing acquisitions in a

363
00:19:48,944 --> 00:19:54,213
[j_scott]: new market you can spend months or
years building relationships with these brokers to prove

364
00:19:54,273 --> 00:19:57,859
[j_scott]: to them that you're serious that you
can really close the deal and if you

365
00:19:57,899 --> 00:20:01,385
[j_scott]: can't build that relationship if you don't
take the time to build that relationship you're

366
00:20:01,425 --> 00:20:03,047
[j_scott]: never going to get any deal flow
in that market

367
00:20:03,128 --> 00:20:03,532
[casey_]: that's true

368
00:20:03,608 --> 00:20:08,017
[j_scott]: so so having dedicated people on the
acquisition side to every market is really important

369
00:20:08,209 --> 00:20:08,352
[casey_]: yeah

370
00:20:08,719 --> 00:20:12,286
[j_scott]: number two once you get that deal
you need a team of people who can

371
00:20:12,366 --> 00:20:16,955
[j_scott]: then vet the deal and that involves
doing due diligence going to the property walking

372
00:20:17,115 --> 00:20:23,065
[j_scott]: the deal finding contractors that can put
together a scope of work finding property management

373
00:20:23,125 --> 00:20:28,354
[j_scott]: company that can do least audits basically
going through the underwriting to make sure that

374
00:20:28,414 --> 00:20:30,578
[j_scott]: you've you've crossed your teas and dotted
your eyes

375
00:20:30,458 --> 00:20:30,579
[casey_]: yep

376
00:20:30,898 --> 00:20:35,105
[j_scott]: basically you're underwriting in your due diligence
team part of that is going to be

377
00:20:35,826 --> 00:20:39,973
[j_scott]: being able to work with your contracts
attorney part of it's gonna be going to

378
00:20:40,013 --> 00:20:45,242
[j_scott]: be working with a security attorney attorney
too basically structure the deal if you're doing

379
00:20:45,282 --> 00:20:49,028
[j_scott]: a indication and you're raising equity and
so that could be one big team or

380
00:20:49,048 --> 00:20:52,955
[j_scott]: that can be multiple so we have
an underrating team and an analyst team and

381
00:20:53,035 --> 00:20:56,701
[j_scott]: a de diligence team when we started
out it was kind of one group of

382
00:20:56,741 --> 00:21:00,127
[j_scott]: people doing everything but now we've kind
of broken down the task because we have

383
00:21:00,167 --> 00:21:03,953
[j_scott]: more deal flow and we're doing bigger
dea then you have the whole fund raising

384
00:21:04,234 --> 00:21:04,474
[j_scott]: side of

385
00:21:04,478 --> 00:21:04,658
[casey_]: yeah

386
00:21:04,514 --> 00:21:04,775
[j_scott]: things

387
00:21:05,299 --> 00:21:05,500
[casey_]: that's

388
00:21:05,376 --> 00:21:05,476
[j_scott]: so

389
00:21:05,600 --> 00:21:06,762
[casey_]: the that's the

390
00:21:07,078 --> 00:21:07,219
[j_scott]: yeah

391
00:21:07,303 --> 00:21:11,349
[casey_]: go ahead on into that because that's
there's more questions

392
00:21:11,082 --> 00:21:11,185
[j_scott]: ah

393
00:21:11,429 --> 00:21:15,095
[casey_]: on that side i guess than there
is anything now everything you've provided so far

394
00:21:15,256 --> 00:21:16,798
[casey_]: is spot on

395
00:21:16,650 --> 00:21:16,853
[j_scott]: oh

396
00:21:17,680 --> 00:21:18,261
[casey_]: and you can tell

397
00:21:18,183 --> 00:21:18,326
[j_scott]: yep

398
00:21:18,341 --> 00:21:22,027
[casey_]: that it's coming from experience so i
can only assume that the fund raising side

399
00:21:22,087 --> 00:21:25,733
[casey_]: is probably going to be equally as
interesting as what you've gone through this far

400
00:21:25,833 --> 00:21:28,097
[casey_]: so definitely yes just move right on
into the

401
00:21:28,070 --> 00:21:28,130
[j_scott]: ye

402
00:21:28,137 --> 00:21:28,883
[casey_]: fund sing side

403
00:21:29,960 --> 00:21:32,524
[j_scott]: yeah and let me start with it's
not just fun raising i like to think

404
00:21:32,564 --> 00:21:34,187
[j_scott]: of it as the capital stacks it's
both

405
00:21:34,069 --> 00:21:34,210
[casey_]: yeah

406
00:21:34,267 --> 00:21:37,913
[j_scott]: the debt and the equity and too
many people think about like the fun raising

407
00:21:37,993 --> 00:21:40,758
[j_scott]: side and raising money but they're not
thinking about the debt side and wat they

408
00:21:40,778 --> 00:21:44,983
[j_scott]: don't realize is if seventy percent or
ceventy five per cent of of the money

409
00:21:45,003 --> 00:21:48,206
[j_scott]: that you're bringing in is debt as
a loan from a bank or a loan

410
00:21:48,346 --> 00:21:55,836
[j_scott]: from from a government agency that every
quarter point in interest or every every hundred

411
00:21:55,896 --> 00:21:59,682
[j_scott]: thousand dollars are spending on a rate
cap can have a significant impact on the

412
00:21:59,722 --> 00:22:03,128
[j_scott]: deal and so too many people don't
think about the debt side of things they'll

413
00:22:03,168 --> 00:22:06,293
[j_scott]: stick some some numbers into their underwriting
that i think i can get at seventy

414
00:22:06,354 --> 00:22:06,834
[j_scott]: five per cent

415
00:22:06,891 --> 00:22:07,054
[casey_]: yeah

416
00:22:06,935 --> 00:22:10,040
[j_scott]: l t v and i think this
interest rate and then they go and they

417
00:22:10,100 --> 00:22:14,627
[j_scott]: actually spend weeks talking to lenders and
figuring what their debt products are and they

418
00:22:14,687 --> 00:22:18,672
[j_scott]: realize they were off by a quarter
here fifty thousand dollars there and the projects

419
00:22:18,752 --> 00:22:19,053
[j_scott]: blown

420
00:22:19,138 --> 00:22:19,280
[casey_]: yep

421
00:22:19,553 --> 00:22:23,878
[j_scott]: so number one when we talk about
raising money we have to think about the

422
00:22:23,978 --> 00:22:25,199
[j_scott]: debt as well as the equity

423
00:22:25,409 --> 00:22:29,691
[casey_]: i always say that the banks or
even the government agencies

424
00:22:29,430 --> 00:22:30,090
[j_scott]: yeah

425
00:22:29,771 --> 00:22:33,837
[casey_]: or whoever the gatekeeper is of those
they're the biggest investor in your deal right

426
00:22:34,618 --> 00:22:34,838
[casey_]: i mean

427
00:22:35,031 --> 00:22:35,655
[j_scott]: absolutely

428
00:22:35,499 --> 00:22:37,022
[casey_]: it's again like

429
00:22:36,930 --> 00:22:36,950
[j_scott]: m

430
00:22:37,102 --> 00:22:37,883
[casey_]: you said everybody

431
00:22:37,540 --> 00:22:38,070
[j_scott]: hm

432
00:22:37,983 --> 00:22:39,166
[casey_]: focuses on the private

433
00:22:39,164 --> 00:22:39,348
[j_scott]: yes

434
00:22:39,226 --> 00:22:43,593
[casey_]: equity part and bringing the equity to
the table but then it's

435
00:22:43,590 --> 00:22:43,610
[j_scott]: m

436
00:22:43,633 --> 00:22:46,338
[casey_]: like it's like all of a sudden
everybody

437
00:22:46,260 --> 00:22:46,682
[j_scott]: uh

438
00:22:46,378 --> 00:22:48,082
[casey_]: is like well well you just go
get the debt

439
00:22:48,069 --> 00:22:48,090
[j_scott]: h

440
00:22:48,203 --> 00:22:49,405
[casey_]: when now that that guy's got

441
00:22:49,430 --> 00:22:49,552
[j_scott]: yeah

442
00:22:49,465 --> 00:22:50,869
[casey_]: to be sold or that lady's got
to

443
00:22:50,895 --> 00:22:50,998
[j_scott]: so

444
00:22:50,909 --> 00:22:53,655
[casey_]: be sold more than just about anybody
so go ahead

445
00:22:54,820 --> 00:22:58,786
[j_scott]: yeah we literally have somebody on the
team and again he's a partner of ours

446
00:22:58,907 --> 00:23:03,053
[j_scott]: that his sole job is to know
whenever we're doing a deal what the current

447
00:23:03,154 --> 00:23:07,882
[j_scott]: debt terms look like and then going
out and finding that right lender for us

448
00:23:07,999 --> 00:23:08,241
[casey_]: okay

449
00:23:08,603 --> 00:23:11,247
[j_scott]: so that's really important but then we
get into the fund raising side of piece

450
00:23:11,608 --> 00:23:16,316
[j_scott]: the fund raising side of things and
a lot of people think that like okay

451
00:23:16,396 --> 00:23:19,361
[j_scott]: now that we have the deal we
can start raising money and what they realize

452
00:23:19,441 --> 00:23:23,427
[j_scott]: is especially if you're raising i mean
the deals we're doing we're raising anywhere from

453
00:23:23,708 --> 00:23:28,556
[j_scott]: ten to thirty million dollars this isn't
something we can like say okay let's start

454
00:23:28,656 --> 00:23:30,660
[j_scott]: today and we'll have thirty million dollars
tomorrow

455
00:23:30,508 --> 00:23:30,651
[casey_]: yeah

456
00:23:31,261 --> 00:23:35,053
[j_scott]: um if we're going to raise ten
or twenty million dollars we probably needed to

457
00:23:35,154 --> 00:23:36,418
[j_scott]: start a year ago

458
00:23:36,518 --> 00:23:36,641
[casey_]: yeah

459
00:23:37,330 --> 00:23:41,797
[j_scott]: two years ago five years ago so
the best fund raisers the teams that that

460
00:23:41,858 --> 00:23:43,861
[j_scott]: do best at raising money are the
ones

461
00:23:43,868 --> 00:23:44,131
[casey_]: oh

462
00:23:43,921 --> 00:23:47,847
[j_scott]: that have spent the last several years
building a brand and building name recognition and

463
00:23:47,948 --> 00:23:52,615
[j_scott]: building trust and gettin their name out
there and and really building a network of

464
00:23:52,716 --> 00:23:55,981
[j_scott]: potential investors that once you have a
deal you can go to them and say

465
00:23:56,101 --> 00:24:00,849
[j_scott]: okay all this time we've been building
a relationship between us now i actually have

466
00:24:00,889 --> 00:24:03,974
[j_scott]: a d for you to look at
and let me tell you something you think

467
00:24:04,295 --> 00:24:08,502
[j_scott]: you might have twenty million dollars out
there but the reality is if whatever you

468
00:24:08,662 --> 00:24:12,028
[j_scott]: think you can raise on that very
first deal you're probably going to raise ten

469
00:24:12,068 --> 00:24:17,036
[j_scott]: percent of it if you're lucky maybe
twenty percent of it after you've like done

470
00:24:17,116 --> 00:24:20,161
[j_scott]: things for a long time and you've
built up a great reputation and you have

471
00:24:20,201 --> 00:24:23,787
[j_scott]: a brand and you have investors you
still might only be at fifty or seventy

472
00:24:23,847 --> 00:24:27,714
[j_scott]: five per cent always those investors that
will tell you that they're going to invest

473
00:24:27,774 --> 00:24:30,699
[j_scott]: maybe they ven think they're going to
invest but for one reason or another they're

474
00:24:30,779 --> 00:24:30,959
[j_scott]: not

475
00:24:32,021 --> 00:24:32,122
[casey_]: ah

476
00:24:32,342 --> 00:24:36,188
[j_scott]: so i like to tell people no
matter how optimistic you are about raising money

477
00:24:36,589 --> 00:24:39,272
[j_scott]: you've probabl started too late and you're
probably too optimistic

478
00:24:39,158 --> 00:24:39,300
[casey_]: yep

479
00:24:39,693 --> 00:24:43,818
[j_scott]: so so for anybody out there that's
looking to get into indication and looking to

480
00:24:43,878 --> 00:24:47,264
[j_scott]: raise money even if you think you're
a year or two from doing a deal

481
00:24:47,825 --> 00:24:55,833
[j_scott]: focus on the building your brand building
trust building relationships umnandbasically getting those investors ready

482
00:24:55,933 --> 00:24:57,618
[j_scott]: to invest today

483
00:24:57,488 --> 00:24:57,690
[casey_]: yes

484
00:24:58,159 --> 00:24:59,101
[j_scott]: because that process

485
00:24:59,009 --> 00:24:59,090
[casey_]: it

486
00:24:59,182 --> 00:25:00,665
[j_scott]: can take months or even years

487
00:25:00,528 --> 00:25:02,351
[casey_]: well and let's talk about that real

488
00:25:02,310 --> 00:25:03,068
[j_scott]: ye

489
00:25:02,491 --> 00:25:08,954
[casey_]: quick about the fact because i think
there is some

490
00:25:09,405 --> 00:25:09,508
[j_scott]: ah

491
00:25:11,248 --> 00:25:18,348
[casey_]: i don't know what the best way
to say like there's some misconceptions about i

492
00:25:18,408 --> 00:25:19,069
[casey_]: know when i first

493
00:25:18,921 --> 00:25:19,042
[j_scott]: ah

494
00:25:19,129 --> 00:25:24,297
[casey_]: started several years or well few years
ago and you're like okay do you go

495
00:25:24,378 --> 00:25:28,464
[casey_]: through a soft commitment because there's it's
like either you get soft commitments or you

496
00:25:28,545 --> 00:25:32,611
[casey_]: get hard commitments but as soon as
you get the what i'm saying hard commitment

497
00:25:32,651 --> 00:25:36,338
[casey_]: i mean some sign the documents send
the money money is there ready to go

498
00:25:36,939 --> 00:25:41,286
[casey_]: the problem is as obviously you're paying
a press which is typically higher than your

499
00:25:41,326 --> 00:25:48,070
[casey_]: banker at on money as soon as
it lands versus the soft commitment where they're

500
00:25:48,110 --> 00:25:48,696
[casey_]: saying hey yeah

501
00:25:48,810 --> 00:25:49,033
[j_scott]: yeah

502
00:25:48,857 --> 00:25:51,170
[casey_]: i'll commit amount of dollars to it

503
00:25:51,429 --> 00:25:51,450
[j_scott]: m

504
00:25:51,951 --> 00:25:52,452
[casey_]: and then

505
00:25:52,560 --> 00:25:53,490
[j_scott]: oh

506
00:25:53,014 --> 00:26:01,378
[casey_]: there's also the in between there where
how do you keep a soft commitment moving

507
00:26:01,478 --> 00:26:01,859
[casey_]: forward

508
00:26:01,892 --> 00:26:02,074
[j_scott]: yeah

509
00:26:01,919 --> 00:26:05,505
[casey_]: because obviously a soft commitment you call
and you're like hey man i need to

510
00:26:05,545 --> 00:26:08,330
[casey_]: borrow ten books to go buy this
thing and i say

511
00:26:08,280 --> 00:26:08,485
[j_scott]: yeah

512
00:26:08,370 --> 00:26:11,315
[casey_]: all right cool j here you go
i mean no problem an just all just

513
00:26:11,495 --> 00:26:14,320
[casey_]: just let me know when you're ready
and i'll i'll send you the ten bucks

514
00:26:14,440 --> 00:26:18,266
[casey_]: right and then you call me like
two weeks our like hey man i'm ready

515
00:26:18,306 --> 00:26:21,732
[casey_]: for that tin box i'm like damn
jay shoot dude i just went and bought

516
00:26:21,792 --> 00:26:23,535
[casey_]: my kid in new yo yo i
don't have

517
00:26:23,339 --> 00:26:24,172
[j_scott]: hm yep

518
00:26:24,156 --> 00:26:26,682
[casey_]: i don't have that any it's the
same scenario

519
00:26:26,552 --> 00:26:26,654
[j_scott]: ah

520
00:26:26,762 --> 00:26:30,812
[casey_]: of site on a bigger scale but
the question is is

521
00:26:31,050 --> 00:26:32,850
[j_scott]: yeah yeah

522
00:26:33,098 --> 00:26:37,685
[casey_]: i think that that's where a lot
of confusion comes into the game because people

523
00:26:37,745 --> 00:26:40,109
[casey_]: are like well hey i don't i
don't want to just get a soft clam

524
00:26:40,149 --> 00:26:43,976
[casey_]: and i want to take the money
but then so at what point and how

525
00:26:45,319 --> 00:26:45,440
[casey_]: do

526
00:26:45,420 --> 00:26:46,140
[j_scott]: yeah

527
00:26:45,681 --> 00:26:52,821
[casey_]: you keep that river flowing up until
they're like up until they actually hit

528
00:26:52,950 --> 00:26:53,238
[j_scott]: oh

529
00:26:52,982 --> 00:26:56,408
[casey_]: send on that wire yeah

530
00:26:56,461 --> 00:27:02,851
[j_scott]: so and my partner actually and i
we we vehemently disagree on how to do

531
00:27:02,931 --> 00:27:07,179
[j_scott]: this so it just goes to show
that people that are experienced are gonna

532
00:27:07,162 --> 00:27:07,263
[casey_]: oh

533
00:27:07,199 --> 00:27:07,439
[j_scott]: have very

534
00:27:07,363 --> 00:27:07,484
[casey_]: it's

535
00:27:07,539 --> 00:27:08,464
[j_scott]: differn opinion how do

536
00:27:08,450 --> 00:27:08,570
[casey_]: it's

537
00:27:08,504 --> 00:27:10,153
[j_scott]: you do things there's there's no right
or wrong

538
00:27:09,988 --> 00:27:13,133
[casey_]: no and it's about a fifty fifty
divide i mean i think i think

539
00:27:13,120 --> 00:27:13,242
[j_scott]: yep

540
00:27:13,273 --> 00:27:17,500
[casey_]: the fact that you to both have
separate opinions about it i think is

541
00:27:17,430 --> 00:27:18,570
[j_scott]: oh

542
00:27:17,761 --> 00:27:22,929
[casey_]: is the bulk of people that are
in this business i think half people are

543
00:27:22,989 --> 00:27:27,016
[casey_]: like hey you know you take joe
fales for example he's a he's a wire

544
00:27:27,216 --> 00:27:28,759
[casey_]: now kind of guy he's a wire

545
00:27:28,910 --> 00:27:29,013
[j_scott]: yep

546
00:27:28,939 --> 00:27:31,944
[casey_]: now i'll start paying per f the
next the first day of the

547
00:27:31,980 --> 00:27:32,161
[j_scott]: oh

548
00:27:31,984 --> 00:27:35,231
[casey_]: next month well if you send it
on the tenth obviously he's got

549
00:27:35,250 --> 00:27:35,394
[j_scott]: oh

550
00:27:35,291 --> 00:27:38,659
[casey_]: twenty days to place the capital if
you said it on the twenty ninth i

551
00:27:38,719 --> 00:27:40,383
[casey_]: think he's taking a little risk there
and the

552
00:27:40,320 --> 00:27:40,464
[j_scott]: yeah

553
00:27:40,523 --> 00:27:41,586
[casey_]: capital could cost him

554
00:27:42,150 --> 00:27:42,414
[j_scott]: oh

555
00:27:42,428 --> 00:27:47,324
[casey_]: a little bit but nevertheless go ahead
a

556
00:27:47,320 --> 00:27:51,247
[j_scott]: hundred percent and it's funny i've had
this conversation with joe he invests in ideals

557
00:27:51,307 --> 00:27:55,754
[j_scott]: i invest in his deals we've had
this discussion because we're both very different on

558
00:27:55,794 --> 00:27:55,995
[j_scott]: how we

559
00:27:56,018 --> 00:27:56,301
[casey_]: yes

560
00:27:56,055 --> 00:28:00,623
[j_scott]: approach this as well so like in
our camp so ashley is a big proponent

561
00:28:00,683 --> 00:28:05,110
[j_scott]: of soft commits figure out how much
money is out there get people like invested

562
00:28:05,170 --> 00:28:09,577
[j_scott]: in the deal and then then we're
ready to literally raise the money will raise

563
00:28:09,597 --> 00:28:14,467
[j_scott]: the money and the checker the wire
the money i'm more of a i don't

564
00:28:14,587 --> 00:28:18,174
[j_scott]: want to spin people up too many
times if the deal is not going to

565
00:28:18,215 --> 00:28:18,736
[j_scott]: go through

566
00:28:18,789 --> 00:28:19,109
[casey_]: that's

567
00:28:19,076 --> 00:28:20,018
[j_scott]: i don't want to spin people up

568
00:28:20,571 --> 00:28:22,334
[casey_]: that's it right there

569
00:28:22,200 --> 00:28:22,445
[j_scott]: yeah

570
00:28:22,794 --> 00:28:23,335
[casey_]: that's it

571
00:28:23,510 --> 00:28:25,255
[j_scott]: so exactly

572
00:28:25,398 --> 00:28:25,858
[casey_]: diligence

573
00:28:25,696 --> 00:28:25,776
[j_scott]: and

574
00:28:25,939 --> 00:28:26,219
[casey_]: falls

575
00:28:26,077 --> 00:28:26,198
[j_scott]: so

576
00:28:26,279 --> 00:28:29,483
[casey_]: apart and you call em hey man
remember that fifty grand now you can go

577
00:28:29,563 --> 00:28:31,486
[casey_]: buy your kid of yo yo we're
out

578
00:28:31,894 --> 00:28:36,306
[j_scott]: ay so and but here's the thing
that happens in hard commits also we had

579
00:28:36,366 --> 00:28:41,013
[j_scott]: a deal that that we were doing
that we were literally we had a closing

580
00:28:41,074 --> 00:28:46,122
[j_scott]: date and we had we had like
i think it was twelve of the twenty

581
00:28:46,162 --> 00:28:50,169
[j_scott]: million committed just a couple of weeks
ago and the deal fell apart and now

582
00:28:50,289 --> 00:28:54,035
[j_scott]: i have like forty five investors that
i have to say thank you but no

583
00:28:54,155 --> 00:28:58,382
[j_scott]: thank you and we're dealing with it
our investor understand in fact if you're smart

584
00:28:58,443 --> 00:29:01,728
[j_scott]: you spin it the right way you're
like look we're not doing this deal because

585
00:29:01,768 --> 00:29:04,232
[j_scott]: we found things during de diligence that
added risk to

586
00:29:04,191 --> 00:29:04,416
[casey_]: there's

587
00:29:04,272 --> 00:29:06,075
[j_scott]: the deal we're not going to take
extra risk

588
00:29:06,088 --> 00:29:06,229
[casey_]: yep

589
00:29:06,496 --> 00:29:10,943
[j_scott]: and our investors actually really that but
you certainly don't want to be doing that

590
00:29:11,104 --> 00:29:15,251
[j_scott]: like every month when you think you
have a deal coming and you don't really

591
00:29:15,291 --> 00:29:19,558
[j_scott]: have a deal coming so there are
actually ways that are that are kind of

592
00:29:19,738 --> 00:29:23,785
[j_scott]: in between so again actually and i
disagree in the whole soft commit thing but

593
00:29:23,825 --> 00:29:28,412
[j_scott]: what we do agree on is you
do need to communicate with your investors you

594
00:29:28,573 --> 00:29:32,219
[j_scott]: do need to keep them engaged because
one thing i found is we do a

595
00:29:32,299 --> 00:29:35,725
[j_scott]: lot or deals than a lot of
other sindicators

596
00:29:35,639 --> 00:29:35,801
[casey_]: sure

597
00:29:35,805 --> 00:29:40,312
[j_scott]: so so well we do between zero
and six deals a year

598
00:29:40,469 --> 00:29:40,489
[casey_]: a

599
00:29:40,973 --> 00:29:45,441
[j_scott]: um and so last year we did
zero deals this year we've already three but

600
00:29:45,982 --> 00:29:48,766
[j_scott]: we invest a lot of our own
money in our deals and so we're not

601
00:29:48,786 --> 00:29:51,611
[j_scott]: going to do a deal unless we
really really like it which means we could

602
00:29:51,651 --> 00:29:56,479
[j_scott]: go six or twelve months without doing
a deal on on occasion but if you

603
00:29:56,519 --> 00:30:00,967
[j_scott]: don't if your investors don't hear from
you for six months they're gonna invest elsewhere

604
00:30:00,987 --> 00:30:03,631
[j_scott]: they're going to forget about you and
then you have to re spin up that

605
00:30:03,711 --> 00:30:08,800
[j_scott]: relationship so what i found is instead
of the soft commit what we lay to

606
00:30:08,860 --> 00:30:13,307
[j_scott]: do is we like to just constantly
communicate so i do a monthly newsletter to

607
00:30:13,387 --> 00:30:18,095
[j_scott]: all of my investors we do a
sorry weekly news letter to all of our

608
00:30:18,135 --> 00:30:22,202
[j_scott]: investors which is basically i'll write an
article very week if i do a podcast

609
00:30:22,242 --> 00:30:26,309
[j_scott]: i'll probably put this podcast in one
of our weekly news letters on a monthly

610
00:30:26,369 --> 00:30:30,696
[j_scott]: basis we do a monthly newsletter that
has bigger announcements from the company where we'll

611
00:30:30,736 --> 00:30:35,444
[j_scott]: talk about each of our projects and
how it's in for existing investors um and

612
00:30:35,484 --> 00:30:39,872
[j_scott]: then once a month i will do
a survey of our investors on how much

613
00:30:39,952 --> 00:30:43,818
[j_scott]: capital they have to invest and win
and what types of returns they're looking for

614
00:30:43,898 --> 00:30:48,043
[j_scott]: so once a month have less three
or four or five question survey literally takes

615
00:30:48,203 --> 00:30:52,967
[j_scott]: fifteen seconds for them to just click
boxes but they can tell us we have

616
00:30:53,247 --> 00:30:54,068
[j_scott]: x number of dollars

617
00:30:53,918 --> 00:30:54,240
[casey_]: you have

618
00:30:54,128 --> 00:30:54,609
[j_scott]: to invest

619
00:30:54,301 --> 00:30:54,825
[casey_]: somebody that

620
00:30:54,709 --> 00:30:54,869
[j_scott]: in the

621
00:30:54,905 --> 00:30:55,127
[casey_]: does

622
00:30:54,909 --> 00:30:55,109
[j_scott]: next

623
00:30:55,187 --> 00:30:57,932
[casey_]: the survey i want to dig back
into

624
00:30:57,882 --> 00:30:57,903
[j_scott]: i

625
00:30:57,992 --> 00:30:58,192
[casey_]: that

626
00:30:58,004 --> 00:30:58,084
[j_scott]: do

627
00:30:58,413 --> 00:30:58,975
[casey_]: you do that

628
00:31:00,331 --> 00:31:03,607
[j_scott]: so this is something that it's probably
not

629
00:31:03,938 --> 00:31:04,246
[casey_]: oh

630
00:31:04,360 --> 00:31:08,126
[j_scott]: something i should be doing myself but
when it comes to my investors i am

631
00:31:08,326 --> 00:31:12,774
[j_scott]: so protective when it comes to communicating
my investors so i don't necessarily write all

632
00:31:12,814 --> 00:31:17,061
[j_scott]: of our communications but i read every
word of the community tiens that go to

633
00:31:17,121 --> 00:31:19,705
[j_scott]: our investors because i want to know
what they're being told i want to make

634
00:31:19,745 --> 00:31:23,491
[j_scott]: sure things are being said in the
right way it's just i'm just i'm very

635
00:31:23,552 --> 00:31:26,857
[j_scott]: controlling that way when it comes to
investors because that is the heart of our

636
00:31:26,917 --> 00:31:31,105
[j_scott]: business when it comes to these surveys
i'm very particular about the way things are

637
00:31:31,145 --> 00:31:34,171
[j_scott]: written in what questions we're asking and
if if they're going to have to take

638
00:31:34,251 --> 00:31:36,836
[j_scott]: twenty five seconds versus fifteen that's too

639
00:31:36,759 --> 00:31:36,999
[casey_]: well

640
00:31:36,916 --> 00:31:37,357
[j_scott]: long they're

641
00:31:37,179 --> 00:31:37,260
[casey_]: and

642
00:31:37,377 --> 00:31:37,457
[j_scott]: not

643
00:31:37,380 --> 00:31:37,540
[casey_]: see

644
00:31:37,497 --> 00:31:37,617
[j_scott]: going

645
00:31:37,580 --> 00:31:37,640
[casey_]: and

646
00:31:37,637 --> 00:31:37,677
[j_scott]: to

647
00:31:37,700 --> 00:31:37,941
[casey_]: that's

648
00:31:37,738 --> 00:31:38,219
[j_scott]: engage

649
00:31:38,041 --> 00:31:43,690
[casey_]: the that's a big that's for for
somebody that's been in the business like let's

650
00:31:43,730 --> 00:31:45,593
[casey_]: say a year and you've built up

651
00:31:45,600 --> 00:31:46,350
[j_scott]: yeah

652
00:31:45,654 --> 00:31:49,360
[casey_]: a little base of investors reason i
dig in on that survey part is because

653
00:31:50,363 --> 00:31:52,988
[casey_]: hunter thompson for example he's i'm in

654
00:31:53,040 --> 00:31:53,060
[j_scott]: m

655
00:31:53,048 --> 00:31:55,113
[casey_]: his master mind and

656
00:31:55,110 --> 00:31:55,212
[j_scott]: yep

657
00:31:56,416 --> 00:32:04,362
[casey_]: what he always pushes and it's like
almost to the manner you're really talking about

658
00:32:04,382 --> 00:32:07,490
[casey_]: this again is surveying your audience and
i

659
00:32:07,490 --> 00:32:07,611
[j_scott]: yep

660
00:32:07,650 --> 00:32:14,016
[casey_]: think that as as for the person
that's between a whole heartedly all in just

661
00:32:14,738 --> 00:32:21,545
[casey_]: blood down marketer and the person that's
a business capital raiser studying l l c

662
00:32:21,745 --> 00:32:28,889
[casey_]: agreements blab blah in between there somebody
has to figure out okay how do we

663
00:32:28,990 --> 00:32:34,414
[casey_]: survey our audience and figure out what
what are they finding that they like that

664
00:32:34,474 --> 00:32:39,040
[casey_]: we can do more of what are
they finding that man this really sucks what

665
00:32:39,281 --> 00:32:44,124
[casey_]: of those things there so that's why
i jump in on that survey part just

666
00:32:44,164 --> 00:32:44,405
[casey_]: because

667
00:32:45,692 --> 00:32:45,773
[j_scott]: ah

668
00:32:46,329 --> 00:32:47,913
[casey_]: just it's such a big part

669
00:32:47,700 --> 00:32:48,360
[j_scott]: yeah

670
00:32:48,033 --> 00:32:49,376
[casey_]: of the relations business

671
00:32:50,570 --> 00:32:55,018
[j_scott]: yeah we know at any given time
based on the last survey we did do

672
00:32:55,098 --> 00:32:59,104
[j_scott]: we have ten million waiting to be
deployed or thirty million waiting to be deployed

673
00:32:59,124 --> 00:33:02,009
[j_scott]: and again you have to slash that
because people say they have money and the

674
00:33:02,230 --> 00:33:05,916
[j_scott]: don't but if i if this month
i have ten million next month i have

675
00:33:05,956 --> 00:33:09,041
[j_scott]: thirty million even though i don't know
if i have ten or thirty i do

676
00:33:09,101 --> 00:33:10,944
[j_scott]: know that i have a lot more
now than i did last

677
00:33:10,939 --> 00:33:11,082
[casey_]: yeah

678
00:33:11,004 --> 00:33:15,392
[j_scott]: month um and so that tells me
i can probably be and after larger deals

679
00:33:15,452 --> 00:33:18,497
[j_scott]: or maybe we find somebody else to
partner with at the same time i can

680
00:33:18,597 --> 00:33:22,303
[j_scott]: ask basically what are you looking for
right now you're looking for cash flow or

681
00:33:22,383 --> 00:33:28,233
[j_scott]: you're looking for for total return and
so gives me some idea of the types

682
00:33:28,313 --> 00:33:32,340
[j_scott]: of deals my investors are looking for
i know my investors pretty well but we

683
00:33:32,400 --> 00:33:36,046
[j_scott]: have a wide variety of investors one
of our partners used to be a professional

684
00:33:36,126 --> 00:33:38,610
[j_scott]: athlete and so we have a number
of professional let that are

685
00:33:38,618 --> 00:33:38,840
[casey_]: yes

686
00:33:38,630 --> 00:33:41,776
[j_scott]: investors i used to be in the
tech world in silicon valley so we have

687
00:33:41,796 --> 00:33:47,926
[j_scott]: a number of like young tech guys
and girls that that are investors who they

688
00:33:48,026 --> 00:33:51,933
[j_scott]: know nothing about real estate they have
high risk tolerances but then i also have

689
00:33:51,973 --> 00:33:56,261
[j_scott]: a bunch of real estate investors in
my network that invest with us

690
00:33:56,378 --> 00:33:56,584
[casey_]: yeah

691
00:33:56,762 --> 00:34:00,328
[j_scott]: and there are a whole lot different
they understand the deals they know exactly what

692
00:34:00,368 --> 00:34:03,433
[j_scott]: they want and they can tell me
to the dollar or to the per cent

693
00:34:03,874 --> 00:34:08,101
[j_scott]: what return they need to get a
deal done i know at their risk tolerances

694
00:34:08,401 --> 00:34:11,426
[j_scott]: and so by doing these surveys i
kind of get an idea of should i

695
00:34:11,486 --> 00:34:15,713
[j_scott]: be doing these high rest deals that
that are generating no cash flow but lots

696
00:34:15,794 --> 00:34:20,381
[j_scott]: of total returns in the back end
or my investors right now looking for cash

697
00:34:20,501 --> 00:34:22,465
[j_scott]: flow and security and low risk

698
00:34:22,528 --> 00:34:23,288
[casey_]: yeah

699
00:34:22,865 --> 00:34:27,072
[j_scott]: and so because that's going to change
over time especially as the economy changes i

700
00:34:27,152 --> 00:34:30,318
[j_scott]: can modulate the types of deals i'm
looking for in the deals i'm putting out

701
00:34:30,358 --> 00:34:32,602
[j_scott]: there based on my investors are telling
me

702
00:34:32,718 --> 00:34:32,840
[casey_]: yeah

703
00:34:32,982 --> 00:34:37,229
[j_scott]: so the surveys are great the other
thing that i love about surveys is my

704
00:34:37,329 --> 00:34:41,496
[j_scott]: wife and i wrote a book and
negotiating as well for real estate investors and

705
00:34:41,757 --> 00:34:48,027
[j_scott]: from negotiating standpoint any time you get
somebody to physically write down yes i'm looking

706
00:34:48,087 --> 00:34:52,855
[j_scott]: to invest a hundred thousand dollars with
your company in the next ninety days they've

707
00:34:52,935 --> 00:34:55,540
[j_scott]: now made if not a hard commitment
on their mind and

708
00:34:55,568 --> 00:34:55,691
[casey_]: yep

709
00:34:55,620 --> 00:34:58,665
[j_scott]: they've made at least a soft commitment
in their mind of investing with you

710
00:34:58,798 --> 00:34:58,942
[casey_]: yep

711
00:34:59,246 --> 00:35:02,211
[j_scott]: you forced them to really think through
the fact that they're going to vest with

712
00:35:02,251 --> 00:35:06,819
[j_scott]: you they've told you and now they
have this again not a hard obligation but

713
00:35:06,839 --> 00:35:09,324
[j_scott]: they have this have soft obligation in
their mind that when you

714
00:35:09,382 --> 00:35:09,603
[casey_]: well

715
00:35:09,404 --> 00:35:10,226
[j_scott]: come to them and say

716
00:35:10,147 --> 00:35:10,268
[casey_]: it's

717
00:35:10,326 --> 00:35:10,446
[j_scott]: hey

718
00:35:10,348 --> 00:35:10,791
[casey_]: a seed

719
00:35:10,526 --> 00:35:17,197
[j_scott]: we've got a deal exactly and so
we really like this idea of of the

720
00:35:17,237 --> 00:35:21,004
[j_scott]: surveys and we really like the idea
of one going communication i used to be

721
00:35:21,064 --> 00:35:26,273
[j_scott]: a big believer that that you can
over communicate that if i send weekly emails

722
00:35:26,353 --> 00:35:31,081
[j_scott]: to my investors or if we have
a deal and i send every day i

723
00:35:31,201 --> 00:35:34,987
[j_scott]: say hey just a reminder about this
deal or every other day i used to

724
00:35:35,047 --> 00:35:39,775
[j_scott]: think like that's gonna piss off my
investors and they're gonna like unsubscribe from my

725
00:35:39,895 --> 00:35:43,561
[j_scott]: list and what i found is that
it's kind of just the opposite

726
00:35:43,318 --> 00:35:43,462
[casey_]: yeah

727
00:35:43,882 --> 00:35:48,289
[j_scott]: if i go too long between sending
messages i get a lot of unsubscribes because

728
00:35:48,470 --> 00:35:52,220
[j_scott]: those investors are either no longer interested
they don't remember who i am they don't

729
00:35:52,300 --> 00:36:01,339
[j_scott]: remember what we do but if i
send more more more constant communication what i

730
00:36:01,639 --> 00:36:04,724
[j_scott]: see is a whole lot more engagement
certainly there are some people that don't like

731
00:36:04,764 --> 00:36:07,309
[j_scott]: to be bothered every day but those
are people that weren't going to invest with

732
00:36:07,369 --> 00:36:08,170
[j_scott]: us every anyway

733
00:36:08,418 --> 00:36:08,560
[casey_]: yeah

734
00:36:08,750 --> 00:36:14,736
[j_scott]: so so i've now kind of gone
on this this this this other track of

735
00:36:14,996 --> 00:36:17,859
[j_scott]: over communicating because i found that it
works

736
00:36:19,240 --> 00:36:24,830
[casey_]: and you know and i think that
everybody thinks there's a fine line there and

737
00:36:25,350 --> 00:36:30,660
[casey_]: the fine line actually exists not in
not in how often you commun okay but

738
00:36:30,720 --> 00:36:31,662
[casey_]: what you're communicating

739
00:36:31,320 --> 00:36:31,684
[j_scott]: oh

740
00:36:31,722 --> 00:36:33,385
[casey_]: about and when you're ommunicating

741
00:36:33,273 --> 00:36:33,640
[j_scott]: exactly

742
00:36:33,466 --> 00:36:37,664
[casey_]: about so when you're trying to offer
somebody a chance

743
00:36:37,500 --> 00:36:38,100
[j_scott]: oh

744
00:36:37,744 --> 00:36:39,818
[casey_]: to make money a

745
00:36:40,951 --> 00:36:41,116
[j_scott]: yeah

746
00:36:41,100 --> 00:36:48,813
[casey_]: man you could tell them every hour
and especially after they've invested after they've invested

747
00:36:49,374 --> 00:36:50,155
[casey_]: man something

748
00:36:50,220 --> 00:36:50,363
[j_scott]: yeah

749
00:36:50,235 --> 00:36:51,638
[casey_]: changes they want to know

750
00:36:51,890 --> 00:36:52,014
[j_scott]: yep

751
00:36:52,218 --> 00:36:56,566
[casey_]: because the thing is is that these
people that are investing fifty hundred two hundred

752
00:36:56,646 --> 00:37:01,474
[casey_]: two fifty a million whatever in your
deal they've obviously done something to make that

753
00:37:01,554 --> 00:37:02,976
[casey_]: money initially right

754
00:37:03,590 --> 00:37:03,714
[j_scott]: yep

755
00:37:03,859 --> 00:37:11,736
[casey_]: all know what that making of that
money boils down to is control they've controlled

756
00:37:11,896 --> 00:37:18,407
[casey_]: something to an extent long enough to
make this pile of money right

757
00:37:18,821 --> 00:37:18,942
[j_scott]: yep

758
00:37:19,129 --> 00:37:25,495
[casey_]: so when they invest it with you
they want to feel like hey i have

759
00:37:25,596 --> 00:37:27,943
[casey_]: some say so here i have

760
00:37:27,990 --> 00:37:28,650
[j_scott]: oh

761
00:37:28,003 --> 00:37:36,078
[casey_]: some so the control part of it
i think is everything in my tin

762
00:37:36,050 --> 00:37:42,101
[j_scott]: and here's the other thing we use
our communication to educate as well and so

763
00:37:42,340 --> 00:37:42,646
[casey_]: shit

764
00:37:42,562 --> 00:37:46,949
[j_scott]: a lot of our investors a lot
of our investors also want to do sindication

765
00:37:47,010 --> 00:37:49,414
[j_scott]: themselves they're looking for a place to
put their money but they also want to

766
00:37:49,434 --> 00:37:54,963
[j_scott]: be active and so we use a
lot of our communications to educate not just

767
00:37:55,063 --> 00:37:59,570
[j_scott]: on the deals we're doing but we'll
talk about like we'll dig into the underwriting

768
00:37:59,611 --> 00:38:04,939
[j_scott]: of the deal we'll dig into the
opportunities on the deal things that typical investor

769
00:38:05,000 --> 00:38:09,587
[j_scott]: might not be interested in but somebody
who is actually looking to become an active

770
00:38:10,449 --> 00:38:14,195
[j_scott]: on this indication side themselves they're gonna
be like oh this is really good information

771
00:38:15,116 --> 00:38:20,005
[j_scott]: and if i send ten emails in
a week and three of them are educational

772
00:38:20,085 --> 00:38:24,071
[j_scott]: or and seven of them are pitching
a deal those investors those people are going

773
00:38:24,091 --> 00:38:27,397
[j_scott]: to keep opening the deals even if
they don't care about the deals or opening

774
00:38:27,417 --> 00:38:30,442
[j_scott]: the emails even if they don't care
about the deals because they know that a

775
00:38:30,562 --> 00:38:31,063
[j_scott]: few of them are

776
00:38:31,028 --> 00:38:31,193
[casey_]: yeah

777
00:38:31,083 --> 00:38:34,069
[j_scott]: going to contain good information good education
and so

778
00:38:33,999 --> 00:38:34,142
[casey_]: yeah

779
00:38:34,129 --> 00:38:37,555
[j_scott]: they're looking for those and then one
day they may be ready to invest in

780
00:38:37,636 --> 00:38:39,178
[j_scott]: a deal and they're still open in
the emails

781
00:38:39,338 --> 00:38:44,567
[casey_]: and the thing is the education and
all of that and the information is coming

782
00:38:44,667 --> 00:38:46,290
[casey_]: from the surveys the survey

783
00:38:46,730 --> 00:38:46,916
[j_scott]: yes

784
00:38:46,851 --> 00:38:49,495
[casey_]: edformation education survey information education

785
00:38:49,140 --> 00:38:49,243
[j_scott]: yep

786
00:38:49,896 --> 00:38:54,804
[casey_]: now one thing that found interesting we're
kind of running close we're running shore on

787
00:38:54,864 --> 00:38:59,652
[casey_]: time but it's been very interesting discussion
because i feel like you're right in you're

788
00:38:59,692 --> 00:39:04,039
[casey_]: right in the glut of where a
lot of our listeners want to be at

789
00:39:04,160 --> 00:39:04,941
[casey_]: some point but

790
00:39:04,890 --> 00:39:05,910
[j_scott]: yeah

791
00:39:04,981 --> 00:39:07,966
[casey_]: you're still enough of you're still early

792
00:39:07,894 --> 00:39:07,914
[j_scott]: i

793
00:39:08,046 --> 00:39:12,514
[casey_]: enough in the actual syndication part to
be able to to freshly tell us how

794
00:39:12,594 --> 00:39:17,051
[casey_]: these are the things that we did
to get traction right but one thing that

795
00:39:17,071 --> 00:39:17,172
[j_scott]: oh

796
00:39:17,091 --> 00:39:18,433
[casey_]: i found interesting in some

797
00:39:18,510 --> 00:39:18,692
[j_scott]: yeah

798
00:39:18,514 --> 00:39:25,625
[casey_]: of the surveys and i've actually talked
to several investors that were in past deals

799
00:39:25,726 --> 00:39:29,211
[casey_]: other deals matter of fact a doctor
was in to deal with a guy in

800
00:39:29,292 --> 00:39:33,358
[casey_]: new jersey right and this so i
just remember this i just this is the

801
00:39:33,438 --> 00:39:37,806
[casey_]: example i'm going to use but um
you know the deal lost money and this's

802
00:39:37,826 --> 00:39:41,452
[casey_]: been he was in it it was
several years ago and you know the funny

803
00:39:41,512 --> 00:39:47,682
[casey_]: thing about it when i started talking
to him and asking inquisitive questions was he

804
00:39:47,762 --> 00:39:52,370
[casey_]: wasn't even mad about losing the money
i mean he didn't lose it all but

805
00:39:52,410 --> 00:39:53,893
[casey_]: he wasn't even mad about the investment

806
00:39:53,713 --> 00:39:53,857
[j_scott]: yep

807
00:39:53,993 --> 00:39:58,491
[casey_]: losing money you know what pissed him
off he didn't tell him like they didn't

808
00:39:58,511 --> 00:39:58,672
[casey_]: tell

809
00:39:58,681 --> 00:39:58,802
[j_scott]: yep

810
00:39:58,732 --> 00:40:00,956
[casey_]: him till he was over and he
was like

811
00:40:00,800 --> 00:40:00,942
[j_scott]: yep

812
00:40:02,528 --> 00:40:06,635
[casey_]: do you mean he lost twenty per
cent of my money and and instead of

813
00:40:06,975 --> 00:40:09,660
[casey_]: like like he was like he was
like i went into a real estate deal

814
00:40:09,720 --> 00:40:12,925
[casey_]: i knew there was a chance right
it was a little bit this out of

815
00:40:12,965 --> 00:40:18,014
[casey_]: the other but the to the matter
is is everything went on

816
00:40:17,963 --> 00:40:18,168
[j_scott]: yeah

817
00:40:18,054 --> 00:40:20,438
[casey_]: and went on and went on and
went on and went on and then when

818
00:40:20,478 --> 00:40:25,987
[casey_]: it came time to cash out he
was everybody ever like hay sorry and that's

819
00:40:26,087 --> 00:40:31,009
[casey_]: what them off that's what made him
mad and it was just like that that

820
00:40:31,050 --> 00:40:36,534
[casey_]: could not that he probably would have
likely came back on another deal but at

821
00:40:36,574 --> 00:40:39,457
[casey_]: the same time there's a better chance
that he would have right

822
00:40:41,910 --> 00:40:46,918
[j_scott]: yeah and i'll tell you i'm i'm
big on one of our urrcorepillers and our

823
00:40:46,978 --> 00:40:52,387
[j_scott]: company is transparency we are always going
to be completely transparent with our investors and

824
00:40:52,428 --> 00:40:56,875
[j_scott]: our investors know it there are times
when like my partner cringes a little bit

825
00:40:56,935 --> 00:40:59,559
[j_scott]: because i'll say things that she's like
i can't believe you said that to an

826
00:40:59,579 --> 00:41:04,748
[j_scott]: investor but it's like i would rather
tell an investor like the potentially bad thing

827
00:41:04,788 --> 00:41:09,736
[j_scott]: that could happen now um so that
if it does happen um i can say

828
00:41:09,917 --> 00:41:12,902
[j_scott]: we talked about this and let's now
let's talk about what we're going to do

829
00:41:12,922 --> 00:41:13,903
[j_scott]: in mitigate it and fix

830
00:41:14,028 --> 00:41:14,150
[casey_]: yeah

831
00:41:14,044 --> 00:41:18,331
[j_scott]: it um i mean i will often
jump on zoom calls with potent all investors

832
00:41:18,731 --> 00:41:22,658
[j_scott]: um for a deal and i'll say
let me tell you about the three things

833
00:41:22,738 --> 00:41:26,024
[j_scott]: on this deal that keep me up
at night and i'm investing my own money

834
00:41:26,084 --> 00:41:30,111
[j_scott]: on the passive side so i know
how you're feeling so let me tell you

835
00:41:30,191 --> 00:41:33,740
[j_scott]: those three things and let me tell
you if each of these three things or

836
00:41:33,800 --> 00:41:36,547
[j_scott]: any of these three things happened let
me tell you what we're planning to do

837
00:41:36,648 --> 00:41:40,144
[j_scott]: about it so that way if one
of those things happens on the deal i

838
00:41:40,184 --> 00:41:42,768
[j_scott]: can go back to my investors and
say hey you remember we talked about this

839
00:41:42,848 --> 00:41:42,971
[casey_]: yeah

840
00:41:43,109 --> 00:41:47,075
[j_scott]: it sucks but it happened and just
like we talked about this is what we're

841
00:41:47,176 --> 00:41:51,141
[j_scott]: doing about it and our investors love
the fact that when they talk to me

842
00:41:51,341 --> 00:41:54,725
[j_scott]: i'm not all yeah this deal is
fantastic and nothing can go wrong and you're

843
00:41:54,765 --> 00:41:57,487
[j_scott]: goin t make lots of money i'm
pretty cynical

844
00:41:57,458 --> 00:41:57,959
[casey_]: hey and

845
00:41:57,988 --> 00:41:58,068
[j_scott]: and

846
00:41:58,019 --> 00:41:58,260
[casey_]: that's

847
00:41:58,128 --> 00:41:58,869
[j_scott]: i'm going to tell them

848
00:41:59,062 --> 00:42:03,433
[casey_]: yeah i mean and that's the way
that that you have to be and because

849
00:42:03,894 --> 00:42:04,616
[casey_]: at the end of the day

850
00:42:04,472 --> 00:42:05,222
[j_scott]: it builds trust

851
00:42:05,538 --> 00:42:09,564
[casey_]: yeah yeah hey listen hey this may
go good this may go bad listen we

852
00:42:09,604 --> 00:42:13,371
[casey_]: hope it goes good but it goes
bad this is the list of things that

853
00:42:13,451 --> 00:42:17,878
[casey_]: may happen or going to happen or
whatever now real quick before we we move

854
00:42:17,938 --> 00:42:21,746
[casey_]: into the last phase of the of
this but i don't want to know where

855
00:42:22,718 --> 00:42:27,951
[casey_]: where is your stream of investors or
potential investors or even people to have calls

856
00:42:28,051 --> 00:42:28,733
[casey_]: with coming from

857
00:42:30,971 --> 00:42:35,518
[j_scott]: so i have been fortunate enough over
the last fifteen years that i've built a

858
00:42:35,619 --> 00:42:41,108
[j_scott]: pretty good brand a lot of your
listeners are probably familiar with bigger pocket so

859
00:42:41,629 --> 00:42:46,817
[j_scott]: i got in with bigger pockets really
early i've written four books soon to be

860
00:42:46,897 --> 00:42:51,225
[j_scott]: five books for them i was the
host of one of the bigger pockets podcasts

861
00:42:51,325 --> 00:42:55,512
[j_scott]: up until last year and so a
lot of peopl that that are part of

862
00:42:55,532 --> 00:43:02,234
[j_scott]: the bigger pockets community know me through
that and so i pretty active on social

863
00:43:02,275 --> 00:43:05,961
[j_scott]: media i post a lot on facebook
i write a lot of articles i'm pretty

864
00:43:06,001 --> 00:43:11,530
[j_scott]: well known for just the education that
i put out there and i basical spent

865
00:43:11,550 --> 00:43:16,418
[j_scott]: the last fifteen years kind of building
a brand and putting information out there without

866
00:43:16,478 --> 00:43:19,403
[j_scott]: asking for anything in return and so
i get a lot of people who say

867
00:43:19,463 --> 00:43:23,229
[j_scott]: to me i've been following you for
ten years and and now you finally lie

868
00:43:23,550 --> 00:43:23,670
[j_scott]: have

869
00:43:23,678 --> 00:43:24,022
[casey_]: oh

870
00:43:23,690 --> 00:43:27,016
[j_scott]: something i can invest in i really
want to invest with you even though i've

871
00:43:27,036 --> 00:43:29,280
[j_scott]: never invested anything before because i feel
like i know

872
00:43:29,338 --> 00:43:29,460
[casey_]: yeah

873
00:43:29,340 --> 00:43:35,109
[j_scott]: you and so so what i would
tell anybody out there that's looking to build

874
00:43:35,149 --> 00:43:39,617
[j_scott]: a and then build up an investor
list start by offering value giving value without

875
00:43:39,677 --> 00:43:44,906
[j_scott]: asking for anything in return build those
relationships build that trust so that way a

876
00:43:44,986 --> 00:43:48,872
[j_scott]: year or two or five down the
road when you ready to start raising money

877
00:43:49,273 --> 00:43:53,420
[j_scott]: people are like wow you've been giving
to me for the last three years you've

878
00:43:53,460 --> 00:43:58,508
[j_scott]: never asked or anything in return i'm
thrilled to invest with you because like i

879
00:43:58,568 --> 00:43:59,209
[j_scott]: feel like i know you

880
00:43:59,848 --> 00:44:04,596
[casey_]: yeah awesome man that's that's that's great
and i think that there's a that that

881
00:44:04,737 --> 00:44:09,464
[casey_]: that carries a lot of value to
the people who are trying to figure out

882
00:44:09,545 --> 00:44:10,206
[casey_]: how to dig in

883
00:44:10,290 --> 00:44:10,472
[j_scott]: ye

884
00:44:10,506 --> 00:44:14,951
[casey_]: so awesome all right we'll listen j
so we always end that each episode with

885
00:44:15,031 --> 00:44:17,613
[casey_]: a couple of questions there's no right
or wrong answer but the first of those

886
00:44:17,653 --> 00:44:22,797
[casey_]: questions is what is the best book
that you've recently read or are currently reading

887
00:44:24,530 --> 00:44:28,297
[j_scott]: so my favorite book and i like
to pick this one because my guest is

888
00:44:28,377 --> 00:44:32,604
[j_scott]: nobody else's on your show has suggested
this book but it's a book called the

889
00:44:32,704 --> 00:44:32,984
[j_scott]: goal

890
00:44:33,298 --> 00:44:33,481
[casey_]: okay

891
00:44:33,706 --> 00:44:41,278
[j_scott]: go a l and it's all about
basically process improvement and creating

892
00:44:41,648 --> 00:44:41,854
[casey_]: yeah

893
00:44:42,140 --> 00:44:48,310
[j_scott]: optimal systems and processes in your business
books like forty years old written by a

894
00:44:48,410 --> 00:44:54,661
[j_scott]: process engineer but it applies to real
estate investors it applies to business owners whoever

895
00:44:54,721 --> 00:44:58,507
[j_scott]: you are and it's just for anybody
out there that's looking to build and scale

896
00:44:58,547 --> 00:45:00,420
[j_scott]: of business i highly recommend that welcome

897
00:45:00,388 --> 00:45:05,325
[casey_]: awesome awesome what is a dream vacation
that you have either taken or hoped to

898
00:45:05,385 --> 00:45:05,566
[casey_]: take

899
00:45:07,556 --> 00:45:14,348
[j_scott]: um so we've been trying to do
alaska for the last couple of years

900
00:45:14,629 --> 00:45:14,972
[casey_]: ovid let

901
00:45:15,029 --> 00:45:15,109
[j_scott]: we

902
00:45:15,032 --> 00:45:15,093
[casey_]: me

903
00:45:15,149 --> 00:45:15,309
[j_scott]: were

904
00:45:15,153 --> 00:45:15,375
[casey_]: guess

905
00:45:15,369 --> 00:45:16,872
[j_scott]: supposed to go just before covid

906
00:45:16,908 --> 00:45:17,070
[casey_]: yep

907
00:45:16,912 --> 00:45:20,378
[j_scott]: and then covid hit and then we're
supposed to go last year and covid gotten

908
00:45:20,398 --> 00:45:24,102
[j_scott]: the way again and so we've bee
trying to schedule this alaska trip with our

909
00:45:24,163 --> 00:45:26,946
[j_scott]: two boys we have eleven and twelve
year old boys for a couple of years

910
00:45:27,026 --> 00:45:29,729
[j_scott]: now so hopefully hopefully this winter we'll
be able to do that one

911
00:45:29,828 --> 00:45:33,734
[casey_]: awesome awesome all right well listen so
how can the listeners reach out and get

912
00:45:33,754 --> 00:45:37,180
[casey_]: in touch with you if there's something
they heard which i know there was i

913
00:45:37,240 --> 00:45:40,546
[casey_]: know there is questions they may have
or things they want to know more

914
00:45:40,530 --> 00:45:40,713
[j_scott]: yeah

915
00:45:40,606 --> 00:45:42,954
[casey_]: about how and then reach out and
get in touch with you

916
00:45:44,280 --> 00:45:48,747
[j_scott]: if anybody wants to find out how
to how to connect with me or anything

917
00:45:48,848 --> 00:45:53,976
[j_scott]: that that i'm doing just go to
one place w w w dot connect with

918
00:45:54,337 --> 00:45:58,973
[j_scott]: j scott dot com just letter j
connect with j scott dot com and that

919
00:45:58,993 --> 00:45:59,877
[j_scott]: will link you out to everywhere

920
00:46:00,159 --> 00:46:03,365
[casey_]: awesome man that's great well thank you
so much j i know you're busy man

921
00:46:03,746 --> 00:46:06,953
[casey_]: you all got it's obvious with the
phone rings and the dings and everything that

922
00:46:07,213 --> 00:46:07,353
[casey_]: you've

923
00:46:07,340 --> 00:46:07,360
[j_scott]: i

924
00:46:07,414 --> 00:46:07,514
[casey_]: got

925
00:46:07,460 --> 00:46:08,061
[j_scott]: apologize

926
00:46:07,594 --> 00:46:08,015
[casey_]: going on

927
00:46:08,162 --> 00:46:08,482
[j_scott]: for that

928
00:46:08,436 --> 00:46:08,676
[casey_]: man

929
00:46:09,024 --> 00:46:10,968
[j_scott]: i always have to put it on
on silence

930
00:46:10,968 --> 00:46:14,714
[casey_]: but hey listen that's part of that's
part of the business we're in and and

931
00:46:15,035 --> 00:46:18,661
[casey_]: you know when those investors call and
people reach out you know we we we

932
00:46:18,721 --> 00:46:21,445
[casey_]: may hit the decline button one time
an you know dan you're goin to call

933
00:46:21,485 --> 00:46:24,250
[casey_]: him back when you when we get
all figured so thank you so much for

934
00:46:24,290 --> 00:46:29,419
[casey_]: your time and listeners as always please
head down and leave us a review leave

935
00:46:29,459 --> 00:46:35,268
[casey_]: us a five star review and we
will most certainly appreciate that and also while

936
00:46:35,368 --> 00:46:39,295
[casey_]: you're there hit to subscribe but so
that you can be notified when we release

937
00:46:39,355 --> 00:46:44,884
[casey_]: new episodes new content and with that
i want to thank you for your time

938
00:46:44,984 --> 00:46:48,621
[casey_]: and again j thank you for your
time i hope everybody has a wonderful rest

939
00:46:48,681 --> 00:46:49,004
[casey_]: of the day

940
00:46:50,541 --> 00:46:50,783
[j_scott]: cassy