About our speakers:
Candace Pilgrim’s real estate journey began with single-family rehabs and rentals, private lending, and solo-401k investing. In 2018, her concentration shifted to multifamily acquisitions, where she excels in underwriting and asset management. Candace is also the co-founder of Multifamily Women’s Mastermind where she works side-by-side with many of the top women in the industry.
David Iglewicz is a board-certified pediatric dentist with over ten years of experience, He started investing in 2004. In 2017, he became intrigued with Real Estate after reading Rich Dad Poor Dad. He dove in headfirst and by 2019 had already invested in 865 units. He is the president of Prostoig Capital, Multifamily Investing for Dental and Medical professionals.
VIDEO TRANSCRIPTION
00:00
let’s get this party started and this is
00:02
recorded just to give everyone a heads
00:04
up let’s go
00:06
awesome uh garrison are you able to put
00:08
that link in our in our uh in the chat
00:11
uh the link for the zoom
00:14
now
00:14
uh link to the multi-family con oh yep
00:17
i’ll go ahead and uh i’ll go ahead and
00:18
hit that
00:19
yeah okay go ahead feel free to
00:21
introduce yourselves pal first and then
00:23
uh ferris musa
00:24
sure sure
00:26
so uh my name is powell chi um
00:29
i am a real estate investor based in los
00:31
angeles california all my real estate
00:34
investing has been out of the state of
00:35
california so i haven’t invested in
00:38
anything inside the state so um
00:41
i’ve gotten involved in a number of
00:43
different uh syndications i’m on the
00:45
general partner on five different
00:46
syndications and they’re spread out
00:48
throughout the united states so san
00:50
antonio dallas
00:52
uh jacksonville
00:55
phoenix um
00:56
let me see indianapolis
00:58
so a number of different syndications
01:00
multi-family um also got involved in
01:02
with a lot of self storage deals uh
01:04
recently so heavily involved in in
01:06
acquiring self storage deals
01:08
um acquired 1300 units and sell storage
01:11
so far it’s like
01:12
uh 150 000 square feet so self storage
01:15
is a little bit more based on square
01:16
footage than than unit size our unit
01:19
count
01:19
um but
01:21
that all said um you know started
01:23
multi-family masters along uh almost
01:25
four years ago and since then it’s it’s
01:28
grown it’s been it’s one of these things
01:30
that has helped a lot of people grow in
01:32
terms of like it’s really based on
01:34
networking
01:35
and a learning environment and just kind
01:38
of a community feel and that all said
01:40
that is that kind of mixture has brought
01:42
about tons of different people have
01:43
partnered together a lot of different
01:45
deals have come throughout the um come
01:47
through and
01:48
people close deals
01:50
inside of multi-family masters and so
01:52
we’re super excited that you’re here to
01:54
join us as well we’d love to have you
01:56
come out to uh multifamily con as well
01:58
and get to see everybody in person we
01:59
haven’t really been able to do that um
02:02
on a large scale in a while so it’d be
02:04
great to see everybody out there at
02:06
multi-family con um we’re gonna have
02:08
like a two day event so it’s like a
02:09
two-day event where we’re gonna have a
02:10
lot of different speakers like garrison
02:12
mentioned so it’s gonna be an awesome
02:13
event um
02:15
that all said um i’m looking forward to
02:18
meeting people meeting people here on
02:19
later on in our breakout rooms looking
02:21
forward to hearing from candace and iggy
02:23
uh two two great people that i’ve had
02:26
connections with uh for a long time now
02:27
and super happy every time i get to hear
02:30
them speak and for that i’ll turn off
02:32
the turn on ferris here
02:34
all right thank you powell
02:36
so for those that don’t know me my name
02:38
is ferris of a company called disrupt
02:39
equity and we also have our management
02:41
company called disrupt management uh
02:43
primarily we buy properties throughout
02:44
texas and georgia we’ve done i don’t
02:46
know 14 deals full psych uh not full
02:48
cycle got 14 deals
02:50
uh four of which are selling this year
02:52
and you know have about seven deals full
02:54
cycle so you know been up and down the
02:56
spectrum and
02:58
like i like to tell people right
03:00
multi-family investing is all about the
03:02
people right it’s all about networking
03:04
that’s why we host multi-family masters
03:06
that’s why we’re putting on the
03:07
conference and you know i actually met
03:09
my partner ben
03:10
suttles what four or five years ago at a
03:13
meet-up right that we now host in
03:14
houston so you know the proof is in the
03:16
pudding guys get out there get you know
03:18
go network go meet people right get to
03:20
these events right i mean in person it’s
03:21
such a critical part of it i think i
03:23
don’t know about you all that’s what i’m
03:24
most excited about going away just being
03:26
out there starting to network getting to
03:28
catch up with friends building new
03:29
relationships and potential part
03:31
and so with that said
03:34
you know we figured that for those who
03:35
don’t know we do mfm live once a month
03:37
right and you know with the goal of just
03:39
adding content and helping people learn
03:42
and kind of really deeply doing deep
03:44
dives into the things that people want
03:46
to know one of the things that people
03:47
always want to understand is how you get
03:50
started right how did that first deal go
03:52
about and i know me pal dearson and
03:54
other friends have talked about this
03:56
before but we figured you know what how
03:58
about we bring on two people that have
03:59
recently kind of you know that aren’t
04:01
new but really just can speak to their
04:04
first deal right that have kind of
04:06
progressed down that pathway doing the
04:08
first deal
04:09
doing their second and so on and really
04:11
let people ask the questions that they
04:13
want to ask right they’re both friends
04:14
of ours great people you know genuine
04:16
people and we like to host people that
04:18
we like know and trust and so you know
04:20
candace and iggy both meet that bar and
04:22
with that said candace do you want to go
04:24
ahead maybe go first and introduce
04:25
yourself and then i’ll let iggy and then
04:27
i’ll start to moderate but if people
04:28
have questions comments please ask them
04:30
and i will go ahead and ask them as well
04:32
it’ll be kind of a free form and for
04:34
those that know we’ll do this for about
04:35
30 40 minutes and then the last 15 20
04:38
minutes we will do what’s called
04:39
breakout rooms right we’ll break out the
04:41
audience into a smaller group of people
04:43
because again getting to have that
04:45
little bit more intimate setting right
04:46
five six seven people that you can kind
04:48
of have a little bit more one-on-one and
04:50
just get to know for a little bit we’ll
04:51
do that for 10-15 minutes and then we’ll
04:52
bring it all back home
04:54
so with that said candace do you want to
04:55
go ahead and hop on
04:57
yeah absolutely first of all thank you
04:59
guys so much for having me on tonight
05:00
i’m excited to
05:02
join you guys and talk a little bit
05:03
about my first deal but as a short
05:06
introduction i’m based in birmingham
05:08
alabama live with my husband casey and
05:10
our son carson and we have our second
05:12
son on the way
05:13
so grow in the family
05:15
um so
05:16
we are actually full-time multi-family
05:18
now as of the start of 2021 we left our
05:21
other business and we’re full-time
05:22
multi-family so
05:24
currently we’ve done six deals we have
05:28
two under contract to sell right now
05:30
and then we have two more accepted loans
05:33
so should soon be eight that’s kind of
05:35
where we are in the journey but uh in
05:38
terms of my first deal
05:40
that one was really the game changer for
05:42
me so we can we can get into that in
05:43
just a second i know you have questions
05:44
to ask but that one really just it’s
05:47
kind of like uh garrison said it could
05:49
have either
05:50
turned me off from multifamily forever
05:52
or got me really excited and passionate
05:54
about it and then fortunately it was the
05:56
the latter so
05:57
um so right now i am the asset manager
06:00
for astra equity i’m so happy to have
06:02
joined my three partners i don’t know
06:04
some of you guys probably know them
06:05
jeremy porto stewart dukeman and richter
06:08
payner
06:09
so my role is asset management within
06:11
that team and we are exclusively
06:13
pursuing deals together as a team and
06:14
then our model is typically to jv with
06:17
one or two others
06:18
so whereas we are definitely interested
06:20
in 75 plus 100 plus units like everyone
06:23
else we also love to buy the 40s you
06:25
know 30 units 40 units 50 units because
06:28
we’re able to own a much larger chunk of
06:30
those assets we still have capital to
06:32
place of our own so it’s just kind of a
06:34
win-win not quite as competitive in that
06:36
space and we’ve just kind of mastered
06:38
the the system i guess for for property
06:41
management and asset management in that
06:43
size range so that’s kind of what we’re
06:45
known for it’s our focus on the smaller
06:47
assets so that’s where we are right now
06:49
and we’re looking forward to continue
06:51
growing in the alabama markets of
06:53
birmingham huntsville and montgomery
06:55
all right and as you guys heard success
06:58
in the smaller stuff you probably get to
06:59
keep your sanity a lot more too this
07:01
bigger stuff is just hyper competitive
07:03
these past couple months killing us so
07:05
yeah well the smaller stuff is becoming
07:07
that way as well
07:08
yeah all right well thank you candice
07:11
iggy mr glasses you want to go ahead and
07:13
introduce yourself as well
07:16
this is uh past my bedtime
07:19
so
07:20
i came back from pal’s neck of the woods
07:22
last night and so i’m still in
07:24
california time that’s why i’m wearing
07:26
the glasses no these are the black the
07:27
blue light that’s all i’m honored to be
07:30
here i’m honored to be with candace i
07:32
mean we’re we’re actually pursuing the
07:34
same size stuff and we’re doing jv stuff
07:37
with our own money so
07:40
it’s an honor to be here who am i i’m a
07:43
pediatric dentist by trade and then now
07:46
a full-time real estate investor as of
07:48
uh 2020
07:50
and
07:51
that’s what i’ve been doing i fell in
07:52
love with this stuff and and powell with
07:55
the great lighting behind them it was my
07:57
coach or still is my coach
07:59
and uh
08:01
i’m happy to be here
08:03
all right well thank you very much iggy
08:06
short and sweet
08:07
so
08:08
let’s leave that say i got to keep it
08:10
short and sweet sweet
08:13
but don’t worry those glasses don’t just
08:14
keep out the blue light it keeps you in
08:15
that uh that west coast persona
08:17
personality um so
08:20
with that said right i think let’s go
08:21
ahead and just hop right in right the
08:22
thing that people want to understand
08:24
for each of you right what was that
08:26
first deal where was it what did it look
08:29
like
08:29
how did you find that deal right and
08:31
ultimately you know how did you close it
08:34
and
08:35
how did that deal turn out so that’s
08:36
kind of the question i’m going to go
08:38
reverse it now so iggy would put you on
08:39
the spot like candace
08:41
you know have to chase your answer
08:44
well good luck candace you got to top
08:45
this one
08:47
can you do it
08:49
try my best
08:51
i’m too much late at night all right so
08:54
i thought a lot about it and i’m like
08:56
which deal should i talk about and it
08:58
was actually my first
09:00
passive deal
09:02
and it was my per first passive
09:04
investment
09:05
that
09:06
and the reason why is
09:08
everything made sense you you have rents
09:11
coming in you have expenses going out
09:13
and i’m like
09:14
i don’t have to do any work i just have
09:16
to lay out the money i have to wire the
09:19
money and then i was like oh crap i have
09:21
to wire money
09:23
i never wire money
09:24
where’s it going and so it was getting
09:27
over that hump
09:28
that first passive investment
09:31
was the one that it literally changed my
09:34
life it changed me from
09:37
my financial advisor at the time
09:40
telling me that i couldn’t retire and i
09:44
would never be able to retire and i
09:46
didn’t understand why it made no sense
09:48
to me there was no logic to it and and
09:52
it got me out of the whole stock market
09:54
game
09:55
and
09:56
it got me into the world of real
09:59
investing and in being almost an inside
10:03
investor
10:04
even though because i’ve access to the
10:06
syndicator i’ve accessed everything
10:09
and and learning the trade
10:12
and that was the key for me and that was
10:15
i’m still getting the chills right now
10:17
because i remember that wire i remember
10:19
going into the bank now i doing the
10:21
computer but uh
10:23
i was not as wise pal taught me well and
10:26
he taught me all these things and but
10:29
you know going into the bank and they’re
10:30
like are you sure you want to do this
10:32
and i remember that that that transfer
10:35
and i’m like hell yeah let’s do it
10:37
and got it done and then that’s it i
10:40
don’t know ferris if you wanted to hear
10:41
more but that’s that was to me the most
10:44
empowering is getting over that hump
10:46
because you’re relinquishing
10:48
some of your friends and you’re sending
10:50
it
10:51
and a lot of people ask how to get
10:52
started i like to tell them just being
10:54
passive right you learn a lot because
10:56
most people don’t wire big sums of money
10:58
for anything besides a house that
10:59
they’re buying right and realizing that
11:02
there’s a method to the madness there’s
11:04
real entities there’s real legal
11:05
paperwork there’s a real you know
11:07
process to it and
11:09
you know there people have to understand
11:10
where this money’s going it’s not going
11:12
to some random you know person’s account
11:14
right it’s part of a process and you
11:16
learn a lot being a past investor how
11:18
did they pitch the deal how did they you
11:20
know get you comfortable with that right
11:22
what happened during the closing what
11:24
happened after so but
11:26
i’m going to turn the question around a
11:27
little bit more though what about your
11:28
first active participation ah see i knew
11:30
you were going to ask it anyway yeah i
11:32
think that’s the meat of it that people
11:33
want to know all right you want to hear
11:35
the active stuff you want to hear the
11:36
good stuff or the bad stuff candace what
11:38
do you want to hear you you don’t want
11:40
to hear the bad stuff right because
11:41
you’re going to tell us a great story no
11:43
but candace can’t learn anything from
11:44
the good stuff she wants to hear the bad
11:46
all right well we’ll start we have to go
11:48
with the fun stuff the fun stuff so i i
11:51
did several other passive investments
11:53
and then
11:54
i was like i was like this is great i
11:57
could just do this
11:59
and then you know
12:00
and just leave it like that the problem
12:03
was i fell in love with multifamily and
12:05
i wanted to be active it wasn’t so much
12:08
about the money now it was more about i
12:10
wanted to get more involved
12:12
so i just started reaching out to people
12:15
and
12:17
realistically the first deal
12:20
that
12:21
that i was i did a joint venture and i
12:24
had i’m gonna go back a little bit in it
12:26
was uh january 2020 it was
12:30
right after we all went to rod’s event
12:32
and then everything shut down
12:34
and right before it shut down i had
12:36
three deals under contract
12:38
powell was still leading my coaching i
12:40
was like all excited and gung-ho i was
12:43
like i got three deals he’s like yeah
12:44
bring it on bring it on
12:46
and then
12:47
everything fell through except for one
12:49
and then that one it was a joint venture
12:51
it was more of a passive one i’m just
12:54
ferrous i’m bringing up the background
12:55
of it you tell me if i’m rambling too
12:57
much you guys can stop me it’s it’s late
13:00
at night for me so this is what happens
13:02
so
13:03
it’s it’s uh july 2020 that one was
13:06
under contract in january that joint
13:08
venture finally closed in six months
13:11
later it had to be like the longest
13:12
closing ever so that prepared me
13:15
for anything possible going on
13:18
and so i knew that things could be messy
13:22
so in july i get a call from one of my
13:24
friends
13:25
uh matt and he’s like you won’t believe
13:27
it
13:28
i got
13:29
a real deal under contract like a real
13:32
deal and it was a 300 plus unit in north
13:34
carolina and i’m like he’s like you want
13:36
to get involved and i’m like hell yeah
13:38
let’s do it so i drove down i think it
13:40
was that weekend or whatever to uh
13:43
winston-salem north carolina we hung out
13:46
i got to meet the whole team and
13:49
that’s how i got involved and it was it
13:51
was
13:52
you know more on the the
13:54
capital raising side but i got to see
13:56
everything because
13:58
they they allowed me to be a part of
14:00
everything and that was my first deal
14:02
but i got to see
14:03
everything so i was on the calls before
14:06
i was doing dentistry
14:07
after i was doing dentistry just seeing
14:10
the whole
14:11
everything the ups and the downs and
14:13
that’s what it was it was ups and downs
14:14
because it was raising capital
14:16
during covid when things were
14:18
questionable and it was my first race so
14:20
people didn’t they knew i was always
14:22
excited about it because this is all i’m
14:23
talking about when i’m doing dentistry
14:26
and so they they felt the excitement so
14:28
i got friends family and everyone else
14:31
even though it was a 506 c involved
14:33
that’s why i’m talking about it it
14:35
involved in in this uh
14:37
kind of stuff and then it went from
14:39
there but that it wasn’t really um
14:42
nothing negative really happened it
14:44
actually ended up to be an amazing deal
14:46
and
14:47
and uh but it was scary it was scary
14:50
because you know there was dd money on
14:52
the line there was a lot of stuff on the
14:54
line and
14:56
uh i’m gonna interrupt you there you go
14:57
yeah go for it you said a lot of terms
14:59
so people don’t understand something
15:01
please ask questions i will facilitate
15:03
right but let me understand so you raise
15:05
capital you also put up due diligence
15:07
money is that right you put up kind of
15:08
the earnest money the hard money yeah so
15:10
for those who don’t understand right
15:11
that’s a way to get a piece of the pie
15:12
right you agree to put up some of that
15:14
earnest money now let me ask you this
15:16
did you have a deal with them that if
15:18
they lost that earnest money right they
15:20
didn’t close on the deal for whatever
15:22
reason that who would be on the line for
15:24
that would that be you or that be on
15:25
them that was me
15:27
you’re taking on that risk so you’re
15:28
betting that they’re going to get that
15:29
deal across the finish line
15:31
that’s why you got to start putting up
15:33
their earnest money for our deals man
15:34
you know i end up i back that money so
15:38
not your fault
15:40
um okay and so you know you took on you
15:42
basically bet on that horse right you
15:44
went all in
15:47
and
15:48
ultimately you know
15:50
they closed it worked out and what’s the
15:52
status of the deal today the status is
15:54
it’s actually doing absolutely amazing
15:58
uh just justin fraser is running the
16:01
asset management uh team
16:03
and
16:04
it’s
16:05
so when we took it over the rents were
16:07
559
16:09
um
16:10
the renaults are like 5500 the turns are
16:14
like half that because they’re they’re
16:15
still heavy turns
16:17
and
16:18
now those same two bedrooms are going
16:20
for 800.
16:23
so 336 of them
16:26
that’s pretty good
16:28
got it no one’s excited that’s freaking
16:30
great that’s great it’s great for me
16:33
you’re ready that’s all i need i don’t
16:34
need i don’t need you know big big stuff
16:37
but that one was a big big stuff so that
16:39
was that was a big deal and i’m excited
16:41
awesome man
16:43
perfect all right well we’ll come back
16:44
and talk more about the second deal etc
16:47
um
16:48
candace
16:50
same question
16:51
okay yeah so we did several passive
16:54
investments first a jv that i was more
16:56
passive in i won’t really talk about
16:58
those i’ll just jump to the active since
17:00
that’s what you want to hear from ferris
17:02
um
17:03
but our first true active deal was a 40
17:07
unit
17:08
and that was in birmingham alabama so we
17:10
were originally i say we my husband and
17:12
i were solo at the time we hadn’t
17:13
actually joined astro equity yet at this
17:15
point
17:16
so we were
17:17
exposed to this deal originally on
17:19
market
17:21
with a different seller it’s not the
17:22
seller we ultimately closed with so it’s
17:24
kind of a unique story
17:26
um we we had submitted an lol on this
17:28
deal at 33 adore their asking price was
17:31
45 a door
17:33
which sounds so cheap now i mean yeah
17:35
okay worth way more now but
17:37
uh so this was this was early 2019 just
17:40
to give you some perspective there uh
17:41
when we were originally offering on this
17:43
in february march 2019
17:46
so we ultimately couldn’t come to an
17:48
agreement we were way off from their
17:49
asking price we walked away forgot all
17:51
about the deal and moved on
17:53
and then a broker that i had a great
17:55
relationship with at the time
17:57
actually called me a few months later
17:59
and said that he and his partners
18:01
actually had this deal under contract as
18:03
part of a larger 200 plus unit portfolio
18:07
he buys deals as well in addition to
18:09
brokering he knew that i was bidding on
18:11
this deal he knew i wanted this deal
18:13
his business model was more turn-key you
18:16
know he didn’t want to do any work he
18:17
just likes buying stabilized assets and
18:19
letting them cash flow
18:21
so this particular 40 unit deal was a
18:23
very heavy lift distressed deal i mean
18:26
definitely not
18:27
in any way shape or form so that didn’t
18:29
really fit his business model but he got
18:31
a great price because he was buying the
18:32
whole portfolio
18:35
so he asked me if i wanted the 40 unit
18:36
deal and the plan was basically kind of
18:38
like a double close but i still had a
18:40
shorter due diligence to where
18:42
he would close on the portfolio and turn
18:44
around and then sell the 40 unit to me
18:46
for my 33 adore offer price it’s like
18:49
awesome so it was a win-win because he
18:51
didn’t have to do all the work on this
18:52
heavy lift deal and i was able to get it
18:54
from my initial offer price from him
18:57
rather than the initial seller so so so
18:59
did he do a double close or it wasn’t no
19:02
it wasn’t actually a double close but us
19:05
so we had a contingent contract to where
19:08
it was basically theirs had to close
19:10
before
19:11
you know before i would technically be
19:13
under contract so i couldn’t really
19:14
start title work or anything like that
19:16
but i did start like financial due
19:18
diligence and like there were some
19:20
things i could go ahead and start with
19:22
like because he got all the due
19:23
diligence documents from the seller
19:25
at that time and just passed them to me
19:27
it was it was kind of unique because it
19:30
was a chain a lot of things i couldn’t
19:31
do until he closed but a lot of things i
19:33
could do so i had a lot of it behind me
19:35
already
19:36
by that point that they closed
19:39
and so did you close about 30 days later
19:41
or so about 45 days later
19:44
it would have been faster actually but
19:45
we had a lender issue at the last minute
19:47
and had to
19:48
had to expand so always a lender issue
19:50
somewhere so yeah and this one actually
19:52
shouldn’t have been it was just a tricky
19:54
deal because
19:55
when we went under contract on the deal
19:57
that was technically like 85 percent
19:59
occupied but it wasn’t really you know
20:01
once it all kind of came to light
20:03
it ended up being more like 65 occupied
20:05
and the lender didn’t want that
20:07
so but yeah we got it done got it so you
20:10
so you and your husband did that alone
20:13
correct yeah what gave you the
20:14
confidence that you’d be able to
20:16
not stumble through that
20:18
well it was kind of the opposite
20:21
confidence in a way but it was actually
20:22
because i was kind of burned with a 96
20:25
unit jv that happened right before this
20:27
deal
20:28
to where i did not i didn’t
20:31
trust the partners and didn’t vet the
20:32
partners well enough and that whole
20:35
experience was not a good one
20:37
because i was left in the dark when i
20:39
was promised
20:40
that i was not going to be in the dark
20:41
and that i was going to be an equal jv
20:42
partner because i fronted pretty much
20:44
all the money to close that deal
20:47
and after that experience it just kind
20:49
of burned me from wanting to partner i
20:51
mean you know i know like everyone else
20:52
partnering is the way to to get where
20:54
you want to go in this business it’s
20:55
absolutely a relationship business a
20:58
you know a partnership business but at
20:59
that point in time i just wanted to do
21:01
my own deal like i didn’t want to trust
21:02
anybody else i didn’t want to jump into
21:04
you know jump into another deal with
21:06
someone else i didn’t know well so
21:08
i was glad to do it on my own i knew i
21:10
could figure it out you know because it
21:12
was local and that gave me confidence as
21:14
well it was local i had a great
21:15
relationship with the property
21:16
management company
21:18
and and the head property manager the
21:20
regional had a lot of experience so i
21:23
guess that kind of gave me the
21:24
confidence to take a risk but looking
21:27
back
21:28
i can’t believe i took such a big risk
21:30
on my first deal you know when it was a
21:32
heavily distressed deal like we had to
21:34
bring it down to 50 occupancy just to
21:37
turn it around and start going the other
21:39
direction so it was it was a fun one
21:42
yeah you live and learn right so
21:44
hey candace how long did it take you
21:46
from day one you entered this business i
21:48
want to buy a multi-family property i
21:50
want to be a multi-family investor until
21:52
you actually
21:53
put that cash out there you can say that
21:55
hey i’m in the x amount of doors what
21:57
was that time frame like
21:59
i don’t really know what you would
22:00
consider day one of that so like 2017
22:03
was kind of my education year i guess
22:05
like reading a lot of books and watching
22:07
free content and
22:09
i attended my first multi-family
22:11
conference in 2018
22:13
and then started passively investing in
22:15
2018 we also bought a few single-family
22:17
homes in 2018.
22:19
uh the the jv on the 96 unit was late
22:22
2018 into 2019
22:25
so that’s kind of the timeline so 2019
22:28
mid 2019 was my first you know the 40
22:31
unit the first active deal so i guess
22:33
maybe about two years if you count just
22:36
reading type education but i wasn’t
22:38
really building my team or looking for
22:39
deals in 2017 yet sure now that took you
22:42
two years to get to deal one
22:44
how long did it take you to get from
22:46
deal one to deal two
22:48
uh that one was a little bit longer than
22:50
you would think so we closed
22:52
we closed in mid 2019 on deal one and we
22:54
closed in april 2020 on deal two okay
22:58
and they came very fast after deal two
23:01
it was bam bam bam after deal but that
23:03
brings up a a very good point many of
23:05
our mastermind students many of my
23:06
coaching students they’re in a hurry
23:08
let’s get that first deal let’s get that
23:09
first deal let’s get that first deal i
23:11
feel rushed
23:12
what is your word of advice to someone
23:14
who feels like holy it’s been six
23:16
months and i haven’t closed anything
23:19
definitely don’t rush it and don’t and
23:21
don’t
23:22
don’t rush into a bad deal just because
23:24
you’re pressured to keep up with
23:26
everyone else and get into a deal you
23:28
know that i think that was part of my
23:29
issue with the 96 unit deals like i
23:31
wanted to deal so badly at that time
23:33
like in the numbers worked for the deal
23:34
and i didn’t check out everything else
23:36
so i would just say be very cautious
23:38
about rushing into it it’s kind of weird
23:41
too how i’ve noticed deals almost come
23:43
in bunches
23:44
like we we closed three deals within
23:47
like a two month
23:48
period earlier this year you know late
23:51
last year into early 2021 and then like
23:53
we just had a
23:54
seven month
23:56
drive zone
23:57
where we were like where are the deals
23:58
we can’t find any more deals and now
24:00
like all of a sudden they’re starting to
24:01
come in bunches again and we have two
24:02
other two deals with offers accepted so
24:06
it’s easy to
24:07
you know get down in those dry periods
24:10
where you’re like oh i’m never gonna get
24:11
another deal but just hang on keep
24:13
underwriting keep your relationships up
24:15
because that’s that’s when it’s going to
24:17
count is when the deals start coming you
24:19
want to have all that in place not have
24:20
electric
24:22
and when it rains it pours right and the
24:23
story should always give an offer
24:26
right we’ve been going crazy we’ve said
24:28
maybe we’ve done like eight best and
24:30
fine interviews the past three weeks
24:32
right and some of the stuff comes around
24:33
later right i mean you just never know
24:34
so it’s
24:35
constantly offer brokers see you getting
24:38
close right i mean they know you’re
24:39
serious
24:40
and i literally got a text while i’m on
24:42
here from a broker saying hey call me in
24:44
the morning this deal is kind of
24:46
back in place so we’ll see right i just
24:48
i tell people always offer go through
24:50
the homework and it
24:52
comes and goes right we had three deals
24:54
we closed within 60 days and then we
24:55
went
24:57
15 months of no deal right so similar
24:59
thing you just never know
25:01
great take away candace it’s important
25:03
for a lot of people watching this
25:05
do not feel rushed a lot of times the
25:07
best deal is a deal that you do not
25:09
close do not try to keep up with the guy
25:11
next to you do not watch social media
25:13
and see like this guy closed
25:15
2000 apartments in year number one
25:17
that’s an abnormality and we do not know
25:20
what that person’s underwriting or what
25:21
his bank account or what those numbers
25:23
look like
25:24
stick to what works for you plain and
25:26
simple yeah and i gotta tell people it’s
25:29
easy to buy right it’s hard to perform
25:31
so you know it’s easy to just go on the
25:33
buying spree
25:34
um
25:35
so let’s see let’s there’s a few
25:37
questions that came in that i’ll ask and
25:38
then we can kind of transition on uh one
25:41
question by the way iggy people are
25:42
saying that is an awesome deal so you
25:44
did get a pat on the back that you
25:45
wanted
25:46
someone likes it
25:47
yeah so let’s see so matt says
25:50
did you do your dd in tandem with the
25:52
seller or after their dd i think it
25:54
sounded like after right candace
25:56
primarily after there were two things
25:58
that we did in tandem but yeah we had
26:00
access to all the documents
26:02
at the same time
26:05
there’s too many sellers in this chain
26:07
it gets confusing but
26:08
the seller we bought it from the seller
26:10
they were buying it from we kind of all
26:12
were sharing documents at the same time
26:14
but all of the actual physical due
26:15
diligence was after
26:17
yeah
26:18
so let’s see so avac says uh do you guys
26:20
think finding deal is so tricky these
26:22
days
26:24
is it tricky
26:25
no it’s the same level of trickiness as
26:28
it was a year ago as it was five years
26:30
ago it’s just more competitive right so
26:32
margins are getting tighter right is
26:34
maybe my answer right so either you have
26:37
to be okay with a lesser return right
26:40
or you know you’re probably not going to
26:41
buy something right and so
26:43
and i don’t know like candace and iggy
26:45
speak for themselves but
26:47
part of this if you’re going down the
26:48
syndication route is training your
26:50
investors that hey the market has
26:51
changed right like we’re selling six
26:53
deals but i have to tell my investors
26:54
like the returns that you got on this
26:56
deal is not likely to be what you’re
26:58
going to get on the next deal right and
27:00
the market is very different and so
27:02
i don’t know any candace iggy you guys
27:03
have anything else to add to that yeah
27:06
it just depends what you consider a deal
27:07
i mean it’s all relative like you said
27:09
like you know if you’re taking other
27:11
people’s money what are your passive
27:12
investors looking for return wise
27:14
because there’s always something to buy
27:15
it’s just a matter of how much risk you
27:17
want to take on and what returns you or
27:19
your investors need
27:21
yep
27:22
i’d like to second buy any deal in the
27:23
world if my investors are okay with that
27:25
return profile right so
27:28
yeah was you know what’s interesting is
27:31
to that comment is
27:33
i’m finding now
27:35
more brokers are actually
27:37
getting back in touch with me
27:39
faster
27:41
than before covid so like end of 2019
27:46
it it was because i was newer to the
27:48
space and maybe it was confidence or
27:50
whatever it was but now i can call a
27:51
broker and it’s almost like things flow
27:54
and but be but in 2000 even
27:58
early 2020 before the pandemic it seemed
28:01
like it was
28:02
it was uh
28:03
i was getting uh doors shut in my face
28:05
and then all of a sudden it snapped
28:07
during the pandemic and then
28:09
it seems like now i don’t know
28:11
communication lines are open
28:14
i don’t know if anyone else is finding
28:16
that
28:16
i i think a big part of what iggy and
28:19
candice are both saying as well is is on
28:22
the relationship side kind of the theme
28:24
of the
28:25
theme of like how you get things done in
28:26
multi-family a lot of times it’s on the
28:28
relationship side so i mean i was with
28:29
eddie when he was going through his
28:31
whole journey right and he he was
28:32
looking at he was also looking at
28:34
multiple deals so it’s not like they
28:35
just put all his eggs in one basket and
28:37
talk to one person and then he happened
28:38
to get a deal with that one person he
28:40
was looking at a smaller property it’s
28:42
like a mid-sized property and then also
28:44
a large property right and he was
28:45
looking all around he was making all
28:46
kinds of different connections with
28:47
people
28:48
so i think that certainly helped him uh
28:51
accelerate and then like get gets get
28:53
something done get get works and get
28:54
momentum right candice mentioned she was
28:58
um
28:59
you know she this her deal came from a
29:01
broker right like initially
29:03
what she put out there it didn’t happen
29:06
but through through her relationship
29:07
with somebody else he was able to make
29:09
this happen and it really kind of comes
29:10
about with all these relationships that
29:12
you know you form good relationships
29:14
with people uh people know who you are
29:15
people know that you’re active people
29:17
know that you’re really looking and
29:18
you’re gonna you’re gonna be the one to
29:19
close the deal or get something done um
29:22
people wanna work with people like that
29:24
and so if you can get you you can be out
29:26
there and show people what you’re doing
29:28
um you know that’s how you that’s how
29:30
you get deals done
29:33
good point pal and anyone watching this
29:35
feel free to drop any questions
29:37
whatsoever in the comments below whether
29:39
it’s on facebook social media whether
29:41
it’s right here on zoom but this is your
29:43
opportunity to hang out with people that
29:45
are actually doing things um pick their
29:47
brave brain excuse me feel free to ask
29:50
anything and everything
29:54
all right
29:55
so with that said let’s transition i
29:56
know we got about another 15 10 15
29:58
minutes so
29:59
with that said i wanted to kind of hop
30:01
in for both of you right to talk
30:04
more about partnerships right
30:06
candace you kind of started off yourself
30:08
you got burned started off and then kind
30:10
of transitioned back to partnership
30:11
right what led to that change of thought
30:14
probably the nicu for you as well right
30:16
what you know kind of after that first
30:19
deal right limited kind of role what is
30:21
kind of transition from there so let’s
30:23
go with iggy first
30:25
all right so
30:26
the main thing so i i didn’t say what
30:29
postelwood capital or my business is is
30:33
for but i also wanted a place for other
30:36
dentists and medical professionals to
30:39
get great returns on their money and
30:43
and actually help out other people and
30:45
because you know we’re helping out
30:47
residents and taking care of residents
30:49
is being a pediatric dentist it’s the
30:51
same
30:52
c-class properties of most of my
30:54
patients so it’s like the same thing
30:56
and they can connect with it and then
30:59
they get great return so that’s the big
31:01
push so i look for partners
31:04
that
31:05
care about the residents and that
31:09
care about
31:11
the investors
31:12
and truly care about them don’t just
31:14
want their money to make more money for
31:16
themselves really appreciate them really
31:18
respect them knowing that and and i
31:21
don’t know if everyone’s going to feel
31:22
the same as me but i heard this on a
31:25
meet up that they are
31:27
like
31:28
the they are running the deal they’re
31:31
bringing the money to the table without
31:33
their money we don’t have a deal and so
31:35
that’s what i look for and so i i look
31:39
around at who’s doing
31:42
and can run and execute the business
31:45
plan the best and take care of those
31:47
other two things that i mentioned
31:49
so that’s what i’m looking for
31:51
great point ziggy i like that
31:53
cool man
31:55
all righty
31:56
candace
31:58
yeah so with my astra equity partnership
32:02
i think what led me to that was actually
32:04
when i did that first deal on my own
32:07
because i had to do everything
32:09
i really learned what i loved the most
32:11
like what role i best fit into both by
32:13
you know because of my skill set
32:15
and also because of just what i enjoy
32:17
doing so asset management was that piece
32:19
that i wanted to focus on
32:22
so
32:22
even though i knew that it’s not like i
32:24
set out to find partners to fill the
32:26
other roles because like i said i was
32:28
burned i was kind of scared of just
32:29
partnering with someone so i just i let
32:31
it happen organically it’s almost like a
32:33
a marriage or a relationship like you
32:35
don’t want to go out and try to find
32:36
someone you just wait till they
32:38
come into your life and that’s kind of
32:39
what happens so
32:41
jeremy porto is who i met first he was
32:43
actually in birmingham
32:45
he had smaller properties like four
32:47
plexes
32:48
in the huntsville in birmingham area so
32:50
he was here doing due diligence or
32:52
closing i can’t remember which on on
32:54
some fourplexes and and he knew i was in
32:56
the area and wanted to meet for coffee
32:57
so we just met for coffee and talked
32:59
about the market and ended up looking at
33:01
a few deals together and he checked out
33:03
one of my properties here and
33:05
we never planned to really partner it
33:07
just
33:08
kind of happened organically from there
33:09
he was already partnered at the time
33:10
with rich and stewart
33:12
so
33:13
we you know i joined their slack channel
33:15
just to talk about birmingham and
33:16
huntsville deals and we started looking
33:18
at a few deals together just on the
33:20
underwriting side and
33:22
just one thing led to another we ended
33:23
up jv’ing one deal we didn’t actually
33:25
form a company yet
33:27
after the third deal we closed we knew
33:29
it was time to
33:31
form an entity together go exclusive
33:33
because we just worked so well together
33:35
we each have our role that we’re good at
33:37
and
33:38
my husband calls us lightning in a
33:40
bottle because it’s just that magic when
33:42
we’re together like i know that sounds
33:44
corny but
33:45
it’s just a really amazing partnership
33:48
so i never thought i would be where i’m
33:50
at so quickly in a partnership after
33:52
thinking i wouldn’t partner again for a
33:53
while but i’m definitely where i was
33:55
meant to be there
33:57
and i think the thing that you guys are
33:59
kind of glossing over is you kind of
34:00
realize you can only go so far alone
34:02
right you run out of money you run out
34:03
of time you run out of you know
34:05
opportunities so and you’ll get burned
34:07
out if you try to do everything too for
34:08
sure yeah
34:09
so candace in regards to your
34:11
partnership what is your superpower what
34:13
do you excel at what do you specialize
34:15
in
34:16
i’m i think i am very good at the
34:18
details i love you know that’s why i
34:20
love asset management because you know
34:23
data so my background is in science i
34:25
didn’t mention that earlier but
34:26
scientific research specifically
34:28
so i really love just analyzing the data
34:31
and looking at the trends and just
34:34
really executing the business plan
34:35
making what’s on paper become reality
34:37
you know working with property
34:38
management so that it’s fun
34:40
i love seeing the transformation
34:43
so i don’t know if that’s considered a
34:45
super power necessarily but
34:47
absolutely
34:50
and before i forget candace iggy feel
34:52
free to drop your contact information
34:54
your website
34:56
uh your email your cell phone whatever
34:58
you feel comfortable feel free to drop
34:59
that in the comments below there’s a lot
35:00
of people watching this there’s going to
35:02
be a lot of people that want to reach
35:03
out to you and these are great people to
35:04
surround yourself with
35:08
all right so with that said you know
35:10
what you have about i don’t know five
35:11
ten minutes there’s still a lot of
35:12
questions so i’m gonna go ahead and
35:13
start answering these so i’m gonna do a
35:14
little bit of a rapid fire so people
35:16
have questions please go ahead and ask
35:18
drop them and i will ask them to the to
35:20
the participants
35:22
so let’s see so uh
35:24
what is y’all’s vetting process for
35:26
partnerships
35:31
candace we’ll go ahead we’ll let you
35:32
take that one
35:34
okay yeah let me finish hitting enter on
35:36
that okay i’d send it to one person by
35:38
mistake
35:39
so my vetting process like i said i
35:41
didn’t really plan to vet partners this
35:44
go around it just kind of happened i got
35:45
to know these guys really well before we
35:48
did our first deal together
35:50
so i can’t really say i actually did
35:52
this process but i definitely recommend
35:54
you know the full background checks and
35:56
the best way is word of mouth
35:58
so if you just go to enough conferences
36:01
and connect with enough people via zoom
36:03
and phone calls and really immerse
36:05
yourself in the multi-family
36:07
space
36:08
you’ll find out if you shouldn’t partner
36:10
with someone because everyone knows
36:12
someone that knows someone that can tell
36:14
you which you have to be careful too
36:16
because just because someone’s had one
36:18
deal go bad doesn’t mean they’re a bad
36:19
partner you know it can happen so you
36:21
have to
36:22
kind of make those judgment calls but i
36:24
definitely just recommend talking to as
36:26
many people as you possibly can in
36:28
addition to doing the
36:29
typical background check stuff
36:31
and it’s really crazy how small this
36:33
world or how small this business really
36:35
is right
36:37
yeah it is small world for sure yeah
36:39
then there’s yeah and then on top of
36:42
that too like i tell people date before
36:43
you get married
36:44
right
36:45
slow roll it before you go all in
36:48
and you know there’s a lot of
36:49
unfortunately there’s a lot of fakeness
36:50
out there so kind of again slow roll
36:52
into it get to know people get to know
36:54
what they’ve actually done what versus
36:56
what they happen and it’s okay to be new
36:57
that’s what i tell people like there’s
36:58
nothing wrong with being new right but
37:01
people admit to it are very different
37:02
people that don’t right so
37:05
um let’s see candace uh what did your
37:07
finance look like for your first deal
37:09
local bank actually that’s a good
37:10
question we didn’t talk about financing
37:12
yeah so it was a local bank i wasn’t
37:14
eligible for agency debt at the time
37:16
because of its you know it wasn’t 90
37:18
occupied for 90 days
37:20
so we went with a local bank here in
37:22
birmingham our terms sound bad now but
37:25
they were good at the times five and a
37:26
half percent interest rate
37:28
at 25 year am we had 18 months of
37:31
interest only no prepayment penalty so
37:33
it gave us that flexibility
37:35
we actually
37:37
we were going to refinance after about
37:39
18 months but that was the time covert
37:41
hit so at that time we ended up getting
37:43
a loan modification with the same lender
37:45
and they gave us a three and a half
37:47
percent interest rate an additional one
37:49
year of interest only in a 10-year term
37:52
so almost like agency-like terms and at
37:54
that point i thought well i’ll never
37:56
refinance now because i have these
37:57
amazing terms but that being said we’re
38:00
about to start a ferrari reef finance
38:02
actually to full capital back out and
38:04
you know just get that agency experience
38:07
30-year am and
38:09
additional two years of i o so we’re
38:10
about to start that process now
38:13
all right
38:14
let’s see so any advice for buying
38:16
specifically in the los angeles
38:18
area for a first-time buyer
38:21
oh that’s a good question there you go
38:24
i can yeah
38:26
i’ll answer it all of us invest in
38:28
landlord-friendly places with cap rates
38:30
that make sense if you didn’t understand
38:33
one of those words go research it but
38:34
ultimately la is not very landlord
38:37
friendly so you run that risk and again
38:38
there’s nothing people invest in la
38:40
successfully it’s not like you can’t do
38:41
it
38:42
but also
38:44
just you know cap rates are a lot
38:45
tighter in la so for the same asset
38:47
that’s you know to get to get a 1500
38:49
rent you’re probably paying twice as
38:50
much to buy it in la than you would in
38:53
you know alabama no offense so
38:55
um
38:56
very different kind of market take that
38:58
california money and invest it into a
39:00
friendlier state
39:02
yeah yeah that’s that was a game changer
39:04
for me honestly because i would realize
39:05
that you can invest outside of where you
39:08
live that was a huge just like jump that
39:10
i’d never really thought of before i
39:12
always thought like hey i have to invest
39:14
i’ve lived in california my whole life
39:16
so how am i going to invest in the san
39:17
francisco bay area or in la i just
39:19
didn’t know understand how you can do
39:21
that but then when
39:23
when i started seeing other people doing
39:24
it i was like oh this is amazing and
39:26
this is unbelievable and then when you
39:28
start to think of that
39:29
in the times we live in it’s the easiest
39:31
that it’s ever been it’s only going to
39:32
get easier with the communication that’s
39:34
faster you know previously maybe 20
39:37
years ago people had to pick up the
39:38
phone you had the
39:40
you know whatever you had to make sure
39:41
that somebody else is on the other line
39:42
and everything you never get an answer
39:44
back so nowadays it’s like messaging
39:46
back and forth you can see your reports
39:48
are all done instantly you can log in
39:50
your portals it’s all it’s all totally
39:52
different than and it was 20 years ago
39:54
so
39:54
um so yeah it’s only gonna get easier as
39:56
well
39:58
all right let’s see next question um i
40:01
think it’s directed at me i heard one of
40:02
the guys state that he had done some
40:04
deals in texas and georgia uh what
40:06
advice could he give for investing in
40:08
the houston area as a first-time rookie
40:10
in finding an investor that would not
40:12
consider you some fly-by-night scam
40:13
artist i know that relationships are
40:15
crucial um there’s a lot of different
40:17
questions in that question first
40:19
question is investors right you know
40:21
most people start off with friends and
40:22
family right and then you can grow from
40:24
there right and bring partners if you
40:26
don’t know what you’re doing go find
40:28
someone like people on this call that do
40:30
know what they’re doing right and you
40:32
can point to them
40:33
with your friends and family hey
40:35
i don’t know what i’m doing but this
40:37
person does right and really being on
40:39
webinars like this being at conferences
40:41
you should share and show people you’re
40:43
doing these things right it shows people
40:45
that you are getting educated you’re not
40:46
just a newbie right that’s maybe that
40:48
and then
40:50
specifically the houston market it’s
40:52
become kind of the
40:53
i don’t know the the cinderella at the
40:56
ball all of a sudden like this the
40:57
market was kind of flat for several
40:59
years and it’s just been insane i mean
41:01
each i joke we closed on a deal a month
41:03
not even that three weeks ago i joke i
41:04
could turn around and sell for like
41:05
another 20 today right i mean it’s just
41:07
growing month over month so houston’s
41:09
really really hot and that really goes
41:11
for all of the texas markets i mean
41:13
you know you’re looking at 20 price
41:15
increases from six months ago
41:17
um
41:18
yeah that’s maybe what i have to say
41:19
about houston so it’s
41:21
don’t you have a meet-up in houston is
41:22
there a multi-family member you have a
41:24
meet-up in houston so come on out first
41:25
thursday every month
41:27
so you know we hosted downtown if you
41:28
don’t know about it go to disrupt
41:29
equity.com and there’s a link somewhere
41:31
on there message me
41:33
um but it’s a good way to kind of get a
41:34
pulse on what’s going on
41:36
um let’s see
41:38
how can you confirm a potential partner
41:40
has done what they say they’ve done
41:41
versus being a smooth talker
41:44
who wants to answer that one
41:48
i’ll answer it
41:49
you’re gonna answer it do you want to
41:51
answer it yeah go for it
41:53
getting on things like this you know
41:54
most people are happy to just give their
41:56
opinion right it’s not about bashing
41:58
it’s uh you know ask other people what
42:00
do you know about this person right and
42:03
you know ask the hard questions right i
42:05
mean it’s your if you’re investing with
42:06
someone or partnering with someone
42:08
that’s your hard earned money or time
42:10
right you are allowed to ask the hard
42:11
questions and you know to the point
42:13
where you say show me the paperwork
42:14
right or who else has partnered on it i
42:16
think maybe the biggest question ask who
42:17
all the partners are and then ask them
42:18
who everybo what everyone did because
42:20
you know what it takes to close a deal
42:22
so if you can piece together this person
42:24
to this and this person you can kind of
42:25
deduce what that person did right if
42:27
there’s a lot of people on the deal
42:28
maybe that’s one way to do it it’s a
42:30
hard thing to answer because again
42:32
being a good marketer is very different
42:33
than being a good operator
42:35
right and you know there’s a lot of
42:36
flash
42:39
um next question is rally north carolina
42:41
a landlord friendly area i heard it was
42:44
a good market
42:46
who wants to answer that one
42:48
yes
42:49
yeah the answer is yes
42:53
i’m curious how your deal sizes
42:54
progressed over time and you gained
42:56
experience which one do you guys want to
42:58
answer that one
42:59
i’ve been going opposite
43:02
you know i’m
43:03
i i went from uh
43:06
yeah
43:07
really big
43:08
passive investments to really big and
43:10
then it keeps going smaller and smaller
43:13
as i get
43:14
more
43:15
actually
43:16
more and more pieces of the pie i guess
43:18
we would like to say i’m more
43:22
aligned with candace’s model and
43:25
i think it’s a wonderful model and
43:27
uh what was our latest the the one
43:29
before was a 40 unit in greensboro that
43:32
someone reached out to me on linkedin to
43:34
connect at 40
43:36
40 units for 40 a unit
43:38
and
43:39
unbelievable price and that one’s going
43:41
great too so
43:42
so
43:43
yeah size doesn’t matter as long as i
43:45
can make a cash flow
43:47
that’s it
43:49
you can make them you can make a lot of
43:50
money in real estate in a lot of
43:51
different ways it’s not
43:53
you know yeah
43:54
people do bigger deals right but also
43:56
they’re getting smaller pieces of those
43:57
deals and so
43:58
you know there’s not a right or wrong
43:59
answer even in houses right people make
44:01
a tremendous amount of money if you if
44:03
you really know how to do the operations
44:04
of just scaling a house you know rental
44:07
business too so
44:08
um
44:10
maybe the big feedback is just kind of
44:13
learn to really refine your
44:15
your niche right and just be the best at
44:17
it and that’s maybe the biggest feedback
44:19
it’s easy to get shiny toy syndrome
44:21
right but also there’s an art to being
44:24
kind of the expert at a specific niche
44:27
um let’s see last question and then
44:29
we’ll caught a wrap right on time before
44:31
we go into our breakout rooms uh
44:32
kiyosaki says now is the time to sell
44:34
does anyone liquidating to have cash to
44:36
pick up pre-foreclosures in the next 12
44:38
months
44:42
we’re not really intentionally
44:44
liquidating we have two under contract
44:46
to sell that’s obviously going to free
44:48
up some cash uh but
44:50
we always have some liquidity on hand
44:52
and we always have the partnerships you
44:54
know the jv partners to bring in with
44:56
that extra liquidity as well so we’re
44:57
not really worried about our cash
44:59
position we’re we’re just concerned with
45:01
finding the deals right now more so than
45:02
the capital yeah
45:05
and i’ll answer the question too for us
45:06
at least
45:08
you know we are making a lot of exits
45:10
because i believe in taking money off
45:11
the table right lock it in yes the
45:14
market may keep going up and you miss
45:15
out a little bit but it’s better to lock
45:16
it in than not and
45:18
for us we give it back to investors let
45:20
them decide what to do with it right
45:22
and to your point candace it’s the
45:23
hardest part is actually finding the
45:25
next deal right
45:26
i don’t see there being a big crash and
45:29
pre-foreclosures in the next 12 months
45:32
there is a tremendous amount of money in
45:33
the market right now people right even
45:35
if you’re buying you know
45:37
properties let’s say you’re buying a c
45:39
property that i mean a year ago to say
45:41
you’re buying it for a four cap is just
45:43
kind of crazy well now the stuff is four
45:44
caps right even at a four cap that stuff
45:47
is still a magnitude more than what
45:49
savings accounts are going for right and
45:51
so there’s a lot of money that is just
45:54
pent up that is deploying and it’s still
45:56
a magnitude more so even if it from a
45:58
four to a three cap let’s say it just
45:59
makes that jump that’s still
46:01
significantly more than what any savings
46:03
account is close to giving you so people
46:04
need to realize that i don’t see there
46:06
being
46:07
some big crash right there you know
46:09
there’s just
46:10
the rates right now unless the fed
46:13
significantly starts to push rates i
46:14
mean money is very very cheap and
46:17
i see all that money trickled up and i
46:18
think it’s going to trickle back down
46:19
into real estate so
46:21
um so with that said and i know one
46:23
question is about our beat up uh send me
46:25
a message ferrous at disrupt equity and
46:26
i’m happy to kind of send you the
46:27
information but
46:30
candace iggy thank you guys very much
46:33
lots of information there hopefully
46:34
people got a lot of value from that
46:36
right i know they included their contact
46:37
information go ahead and put it in there
46:39
again if people want to reach out to
46:40
them please do right they both are happy
46:42
to share their knowledge and information
46:45
and so do not hesitate to reach out and
46:46
ask questions so thank you guys very
46:48
much appreciate you guys taking some
46:49
time out of your evening to hop on and
46:51
kind of talk to people
