Working Capital The Real Estate Podcast

Building a $100 Million Real Estate Empire w/ Jake and Gino|EP3

Apr 15, 2020

In This Episode

Jake and Gino are both experts in multifamily real estate investing and have achieved, in just a few years, the sort of financial freedom they always wanted but weren’t sure was possible. 

Gino Barbaro is an investor, business owner, author and entrepreneur. He has grown his real estate portfolio to over 1400 multifamily units. He is the co-founder of Jake & Gino, a multifamily real estate education company that offers coaching and training in real estate founded upon their proprietary framework of Buy Right, Manage Right & Finance Right. Manage Right & Finance Right. He is the best-selling author of two books, Wheelbarrow Profits and Family, Food and the Friars, and graduated from IPEC (Institute for Professional Excellence in Coaching) where he earned his designation as a Certified Professional Coach.  

Jake Stenziano, MBA is the best-selling author of two books, Wheelbarrow Profits and The Honey Bee. He is also the co-founder of Jake & Gino, the only multifamily real estate investment education company that teaches investors the three pillars of sound apartment investing; Buy Right, Manage Right, and Finance Right. Jake is also the founder of Rand Property Management and co-founder of Rand Capital and Rand Partners. Rand Property Management is the first property management company with a focus on “modern affordability” and vertical integration. As a creator of the multifamily investing framework, Wheelbarrow Profits, Jake is a leading expert on investing in and management of the multifamily space and currently owns over 1500 multifamily units. 

In this episode, Jake and Gino shared their story on how they started in real estate, from investing to educating to syndicating, property management, mortgages, how they do everything at once and how their bond, partnership, professionalism help them to reach their financial freedom and building their $100M Real Estate empire. Walso discussed how they manage tenants, properties, their company in this coronavirus time, and many MORE! 

Enjoy the show! 

Quotes: 

  • “ You as the leader have to show that there’s light at the end of the tunnel”
  • “For me, a partnership is somebody who takes it to the next level”
  • You have one at a time, you learn how to do it, you grow, and you go to the next one”
  • I’m willing to share what I know and I know in return people are going to teach me a lot” 
 

 

Resources and Links: 

Biggerpockets 

Jake and Gino Website 

 

Transcript

0 (0s):

People were to ever ask us and they have before, Hey, how do you guys get two over a hundred,

1 (4s):

The million in assets? How do you get to 60 a hundred units?

0 (7s):

It literally was because we, we got punched in the face for two years and we didn’t quit. And then we broke through and we kept working

1 (13s):

In her ass is off it’s as simple as that.

0 (17s):

Welcome to the Working Capital The Real Estate Podcast. My name is Jesse Fragale. And on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you’re looking at your first investment or raising your first fund, join me and let’s build that portfolio one square foot at a time. I’m very fortunate to have on as guests today. Gino Barbaro and Jake Stenziano Gino is the co founder of Jake and Gino father has six children, 25 years as a restaurant owner and a certified professional coach. Jake Amazon number one bestselling author of Wheelbarrow Profits currently controls over 1500 multifamily units. Also the co founder of Jake and Gino and the founder of Rand property management.

0 (59s):

And both of these gentlemen have over a hundred million in assets, under management. How’s it going guys?

1 (1m 6s):

Jesse I. Love the way you say our last names. It just rolls right off the tongue Barbaro and Stenziano better known as the pizza guy in the drug rep.

0 (1m 14s):

You are doing good. How are you? I’m doing fantastic. I’ve also heard the G daddy. Is that still, is that still a thing?

1 (1m 19s):

Yes. You know, my wife gets a little, a little antsy and, and she’s like, Jake is the only one that can call you the gee dad, you know, and every now and getting somebody to let it slip out. But you know,

0 (1m 28s):

I’m trying to get them to get the license plate. He hasn’t got the license plate. Oh my gosh. I’m just waiting on it. And I think you’re the rock star. Jesse you got the guitar back there, man. So you are doing big things. I like it, man. You know what? It’s going to be like that Seinfeld episode where Kramer gets the, the New York state license plate. Let me just get G daddy for you. So before we jump ahead, I mean, forget the, forget the books, forget the real estate father of six children. How are you handling our current environment and this in this isolation world?

1 (1m 55s):

So Jesse, it’s actually pretty funny to be, to be honest with you. I homeschool my kids. Okay. We’ve had home births and I was that weird guy 15, 20 years ago. Right? And now everybody’s doing what I did 20 years ago. Right? That’s the irony of this whole situation and its hard, you know, it’s, it’s not an easy thing to homeschool. Your kids are to take control of your health and take control of your children’s education. But I promise everybody out there, all the families out there that are struggling with it right now, if you stick with it, you’re gonna love it. It, for me, it was just a choice to spend time with my family. And I love being with my wife. I love being with my kids and for me it hasn’t been that difficult staying at home. Cause I’m usually at home right now.

1 (2m 35s):

Also when I was at the restaurant, I worked a lot of hours, but now working in real estate, working with Jake and Gino I work out of my house. So I really love it. And I would just tell everybody, just enjoying these next few weeks and make that decision because homeschooling is great. It’s a great way for people to really connect with their family. And when you have a large family component, like I do my kids get along really well together. So it’s a nice dynamic from that perspective and all them know all them know business, all in like business, all of them have red The Honeybee right behind Jake’s head right there. I make them read all of my books. So it’s a really cool thing. It’s a lifestyle. And I think once we get back, once we get back to it, I think some people are gonna say, wow, this was really great for me. So just everyone hang in there, try to enjoy the next couple of weeks.

1 (3m 17s):

It’s going to pass. And once it passes will get there.

2 (3m 20s):

Yeah. No, that’s great advice. How about you? Jake how you have you been holding up? Oh, before, before we get to me, I got to plug Geno’s kids a little bit here because six kids that you go into, Gino his house anytime. And it’s like Nirvana, it’s peaceful, it’s calm. And you think there’d be like kids swinging from the ceiling fans and like underwear everywhere and just cause it’s this, but it’s, it’s not an, and you know, I’ve heard this from many people, especially on the team, the go to Geno’s house and be like, those are the most well behaved kids. They are so polite. They are so loving and I’ve, I’ve seen a shift and, and I credit do you know so much for what he’s done with the family because you know, my daughter and you know, my son, his younger, but they have been home now, you know, throughout this whole thing. And I’ve seen a shift in her behavior since she’s not been at the school and she’s literally been, you know, a better behaved, better manners and just more wholesome.

2 (4m 9s):

So I think there’s, there’s definitely something to the homeschooling. So, you know, hats off the GI dad and everything that him and Julia have been able to do there. Cause its, you know, look six kids with it as much as we have going on is no easy feat and they’ve done a phenomenal job with it. And you know, just from our perspective, we’re, we’re hanging in there. You know, we don’t have like the, the luxuries as much as we used to are nanny has been off a booboo, like was a poor us. Right. And we have been cleaning up. We haven’t had the cleaners in the house cause my wife’s a little nervous about it, but I mean, listen, you know, I, I grew up extremely middle class, you know, like lower middle class and you know, it does not bother me at all. And you know, we were making it happen and getting through it and spend some, like Gino said quality time with the kids and, and really its, you know, we just, we just want to get through this I’m in and get past it.

2 (4m 54s):

And fortunately for us, from what I’ve seen, the reports that are coming out, we’re leveling out middle of next week, Wednesday. And, and then, you know, we will start to come down in the other side of this. So I’m just, you know, my butt’s always burning out and I mention to get back to work more than anything. So yeah, not that we’re not working. I mean, I’ve been, Gino don’t know we’ve been putting it like 14 hour days, you know, with all the stuff that’s been going on, making sure the team’s, you know, in the communication is there, but back to MORE normalcy, I’ll say yeah, well that’s great. I, I think I was just saying on a call yesterday, I’m a member of NAIOP I think a, I think Gino You you are as well, or maybe I saw some association on LinkedIn, but basically, umm, it’s a lot of webinars that are going on for commercial real estate and real estate right now. And I heard somebody say, I’ve thought it was interesting the way they put it.

2 (5m 37s):

They said right now is basically a split screen in life. I, one side of that split screen, you’re dealing with health, you’re dealing with Family you’re just trying to stay safe and get through this. Like you said, then the other side of that split screen is basically preparing for the future because like you said, we are going to get out of this and how can we position ourselves to think about that while not forgetting about the first part? So that note from a real estate perspective, how has, how has the experience been for yourselves in your tenants?

1 (6m 4s):

So the amazing thing is we again on a call with one of our mentors last week and we actually the training with Chris Voss we’re really, really dialed into the Coaching right. We really want to spend a lot of money on ourselves because we’re coaches ourselves. And you know, the reason why my kids are really well behaved is cause they have a great role models, right? They have a great mentors. I pride myself and my wife prides herself on trying to be the best role models for our kids. And I think by surrounding yourself with amazing people like we have, I I’ve had the, I guess the Tiffany of we’re going to come out of this. And how has that relationship with your tenants, your residents. We like to call them your employees going to be coming out on the other side, we both have to give up certain things, right. But right now residents don’t really care that you have a mortgage.

1 (6m 45s):

They don’t really care that you have employees. And at the same time we need to collect the rent. So how are we coming out on the other side? I guess you have to be sort of firm, you have to put some kind of groundwork together. We can work together on this, but we wanna have you as part of our community going forward and making sure that you communicate that. And Jake and I, we both are struggling with this point w with overcommunication right. You know, you make it happen. We don’t have time on the day everyday to get on calls, but you really are at this point of the curve. And this point of where we are, you need to really over communicate. There’s no such thing as over communication with your resonance, with your employee’s, with your team, member’s with your family, you as the leader, I have to show, I guess there’s light at the end of the tunnel.

1 (7m 26s):

And that’s one thing that I think that a lot of our leaders are trying to do. We’re going to get out of this were going to get back through a normalcy right now. It’s just a bump in the road. And if you can convey that to everyone on your team and you can show them that a little bit of a leadership that you see, you can express by having those views and buying, being that rock that they need you to be. I think you’ll, you’ll get through this really.

2 (7m 45s):

Yeah. And to Gino point about the Coaching. We also had a, one of our coaches on last week that ah, is training us on what’s called the customer journey of the customer experience. And we came up with an idea to go on the author’s pensive because I, I hate playing defense. It’s just not in my nature. I want to be on attack mode, but look, there’s not, there’s only so much you can do right now. So what we came up with is a we’re going through M Chad. Well, a one of the folks that delivers for us, it’s like an HD supply and they have an abundance of toilet paper. So if anyone is sure on some TP write, now you can get it there. But we ordered enough for all 1600 of our apartments and we’re putting our Rand stickers on there. And there’s a handwritten note going out to all the residents saying your Rand families here for you to make the best of this crappy situation.

2 (8m 30s):

So if you look at it, we’re not trying to play two light with it, but try to, you know, we’re going to go around, I think, Monday of next week and deliver a handle over those too, you know, each residence door with the no. And just to let them know that we’re there, because look, we’re still working. What were, you know, doing the work orders. And before the show, we were talking about look, essential business. When we needed to take care of folks refrigerators, we didn’t to make sure that the ovens are working. We will make sure the heat is working. We’ve got to be stopping the leaks. Ah, you know, that stuff doesn’t stop just because Corona’s here. So we were doing at a very safe way. We, you know, you were using the masks when we, we have an available or in a makeshift social distancing, we’re use an ozone machine’s in the office is over night, sucking the air out to make sure that, you know, if, and we’re really having one person in the office at a time, they are working and then maybe the assistant will come in the next day.

2 (9m 16s):

So, you know, we’re doing a lot of things like that in addition to it, you know, fortunately we’re behind on where we would normally be same time last month for collections, but we’ve essentially hit our breakeven point for the month. So, you know, everything else is going to be, you know, helpful right now. We don’t want to be on the decline, but it’s important. And the thing I’m most proud about right now is do you know what? I made a commitment, it beginning of this, we had sort of a state of a union with all 60 other employees. And we said, look, it is our commitment to do everything in our power. We can’t guarantee anything to have zero layoffs and we’ve stuck to that. And it looks like that’s going to keep going. So that’s the thing I’m most proud of right now. We don’t want to do any forbearance.

2 (9m 56s):

We have Fanny and Freddie loans. It looks who knows what maybe we get into may. And this thing is flipped upside down more so than it is, but we don’t wanna kick the can down the road. We want to meet our obligations. We’re going to work with a tenants to meet their obligations and, and, you know, keep the economic engine running it scary to, you know, think about how long we’ve shut the country down for. And if we keep doing this, we’re going to devalue the s**t out of the dollar because all they’re going to be doing is continuing to print money in propping up businesses. And the, that can only go on for so long. So it’s unfortunate, but I do fear that many of the folks in America think there’s just an endless supply of it. And then there will be no harm done by just, you know, keeping the printing presses on and, and, you know, propping everyone up.

2 (10m 37s):

That’s just not the case. And, and, you know, we’ll see what things look like on the other side of this, because look, you know, I think people will feel it when hamburgers 20 bucks, you know, they’re gonna, they’re gonna, they’re going to feel it when there’s this crazy inflation going on. So that’s the thing that I’m nervous about and, you know, fortunate to be in the business that we are, but look, you know, things do have consequences and, and, and I hope that it’s not, you know, is as bad as it like feeling it could get too, you know, in terms of inflation and the future. Yeah.

1 (11m 6s):

What is the, one of the things that we’ve learned though? Honestly, one of the things that we’ve really learned through this crisis is don’t overreact. I mean, when this happened, there’s a lot of people, shedding employees and just like looking doom and gloom, they didn’t really take that approach to it. We actually are rolling out health insurance for our employees. It’s coming out in May 1st. So if there was any worse, sign it to happen, I mean, like gods got a sense of humor, right. And are our core value as people first. Yeah. So we, we’re going to align with our core values. We have to roll that out and we’re rolling it out May 1st. It’s just ironic to me. And it’s same thing happens to me back in nine 11 years, 2001 when nine 11 occurred, I just had the restaurant I had just opened up at four one K pension plans.

1 (11m 47s):

Self-direct that IRA? Oh, a week later. So I didn’t shut that down. So my My really one thing, just like the, to tell that everyone knows when something happens to you in life. Just take a pause, take a look around, see what, how everyone else is reacting, trying to, to get to emotional, try to keep things a little bit logical and see that there’s opportunities out of the problems. For instance, virtual leasing, hello, tenant Turner, maybe showing apartments. I have to 5:00 PM and people, hello. Those are the things that are opportunities that are popping out of these huge among as a problem five years ago, I would have never thought something like that. I’ve been like my life’s over. I don’t even know what to look at, but now we have people that are relying on us. So we have to continue to work, continue to try to become innovative, try to, you know, try to give our employees the tools to keep them safe.

1 (12m 33s):

And maybe at the same time, streamline our operations and come into the 21st century with the gen Z. And, and, and that in that situation. So I think gen Z, what do we tell them about now? You liked that the younger generation, they wanted to be on the phone when they don’t, they don’t want, they want instant gratification. They want again on the phone. How much does that cost? Can I do a virtual tour? I can lease

0 (12m 52s):

You be on the phone to text you, take it that way. In which time don’t make me talk to somebody.

1 (12m 57s):

What I’m saying, that there, it comes down to that. So just look at these problems and take a look at them and see what opportunities there are. And for us, maybe May 1st is great. Maybe our employees see that we’re following through on our, and our employees has done an amazing job. Putting the health insurance together has been a beast to do it, sort of fulfill that and follow through them. And I think our employers going to be grateful for it. And like I just said before, coming out of this, on the other side, better and stronger. Yeah. He did buy lunch for everybody today. There you go. Well, they deserve it, man. Cause they are out there and they’re the ones we’re going to work. And I can, they could say, Hey, I’m not coming in today. Cause I’m not feeling that great, but they’re all making it up.

0 (13m 32s):

Yeah. I think, I think we’re all hoping for kind of the V shaped curve rate that we get back, get back to normalcy are at least as close to that as soon as possible. I think Jake raise is a great point of this, this, this common thinking of saying that there’s going to be no consequences to boring money in being the banker of a last resort for too long. Like we can’t just, we can’t have this happen in definitely in obviously safety and health is his number one. And you know, we’ve done very similar things with our tenants that are, like you said, over-communicate as an agent, that’s drilled in your head for years because touch base with your clients, even bad news, they will re they will appreciate it in the long run. And I’ve found that for us. When we, when we sent a notice to our tenants, we sent a notice saying, here are the government government Links for any help you can get with assistance.

0 (14m 18s):

The rent is still due. Yes. There’s more a tournament on evictions. We won’t be evicting ever anybody. However, that doesn’t mean that rent isn’t still do like just that communication and what we found come April one, surprisingly, actually every one of our tenants paid. And just to your point about it, I think real estate, it, it teaches you so much coarse on that day. We have a leak in our a and one of our buildings, like a course, like, and all the days, you know what you were like, that’s amazing that you got a hundred percent than boom. We got to leak, but yeah, the handle of man, yeah, you got a handle it and You have you have to deal with that. And I think that to your point, and that was, it was really helpful in terms of, I’d love to kinda let listeners here at both a bit of your story, how you guys met were you guys started real estate and investing just because I think it’s a great story.

0 (15m 6s):

And if there’s any M props too, Partners in real estate, it’s a it’s you two. So I don’t even know where, where you would start their, but why don’t you kick us off? Take it away.

1 (15m 16s):

So in 2009, I’m working in the kitchen, sweating on the grill, making some chicken, I’m still taking some zucchini. Some peppers got some hot tray peppers in their eye. Like the dish. It’s a really good it’s the summer dish. But what I’m saying myself, this is called Jake chicken. Who, where the hell is this? Jake right. I never met Jake was my brother’s friend. And I’m sweating. Jake walks in a suit and tie I’m like, Hey, how are you doing? He goes, I’m Jake. I’m like, dude, this is for you. Huh? Jake was actually going out. And he was doing a pharmaceutical orders for doctor’s offices. So he was a sales guy. And what I liked about Jake that I knew him, but I didn’t know him. He would carry around his calendar. And I would know on January 15th that I’d have to do in the order, in the Bronx, January 28th. So I liked the way he worked.

1 (15m 56s):

Right. And I liked the dish, kept working, kept doing orders, got to be friendly with him. One day, 2011 comes, he knocks on the door at the, a, in the kitchen. I pop my head at and go, Whoa, what’s going on? And he goes, I’m going down to Knoxville. Tennessee said, Knoxville. I said, where’s the Knoxville. Then you ain’t even knew in Knoxville. What exactly I’m in New York or the New York is New York, New Jersey, Connecticut after that Tallahassee. So I sit down with him and I’m like, he’s like, I want to go into real estate. Or the sunshine act has going on 2011. It was basically like now. And it just, the economy stunk. There was nothing really going on. There were deals. There was no money. Just like it is right now.

1 (16m 36s):

It flipped. So I said, Jake, let’s sit down. I’ll worry about LoopNet and looking at these deals. So I’m looking at these deals. I’m like 30 a door. This guy’s getting a 500 bucks a month in rent. I could never do that in New York. So Jake when you get down, they’re just give you a call. And, and this is one thing it has to be a really, really told me. He went down their with that is a soon to be life. He went and relocated by himself in a crappy one bedroom apartment suffered for a good six to eight months. So it was a lot of work involved. This, not one of these things where it’s just an epiphany like, Oh, I made it. He gets down there and I’m mentoring him. We’re looking at deals. It takes about 18 months to find that first deal, believe it or not. Even the fact that I had the coaching, I had the mentorship. It, it was just a Stenziano and Barbaro in East Tennessee 10 years ago.

1 (17m 18s):

It’s not like it is now like right. You all in doing business down here, kind of thing. We find the deal, how to get my cowboy boots. Right. You know, in, in the meanwhile Jake is, you know, his wife was down at the ends up buying a home. So things get derailed a little bit, but we both had that passion that we want to control our future. We both have families. We both want to get into real estate. And after 18 months we got that first deal. And then the second deal, ironically enough only took us three months because we had the systems. We had a credibility book, we had a track record. We had a broker who liked us. He showed us the next deal. So, you know, the moral of is for me a partnership. If somebody who takes it to the next level, who doesn’t say, you know what, on two tired, I can’t work today. A, you know, someone who’s who really knows what they want.

1 (17m 60s):

Someone who’s not in with a shiny object syndrome, but there are many people out there there’s so much more intelligent than we are. There’s so much more talented than we are, but we grinded out and we stay in our lane and we focus on it. And we’re not only by the shiny object syndrome you had referenced the Rand power wheel. Yeah. We only started adding multiple businesses on once we got really good at an investing and then we started educating. Then we started syndicating. We have the property management, and then we started doing mortgages. We didn’t try to do everything at once. You can’t have six kids at one time, you have one at a time, you’ll learn how to do it. You grow. Then you go to the next one. That’s that’s where people’s misconception is. They think is linear. Life is not linear. Life works like this and grows. And then all of a sudden exponential. And that’s what ha that’s what they think happened with our relationship.

1 (18m 42s):

But I think the respect and the admiration we have for each other and that we’re willing to work hard. I’m getting in a call tonight is seven o’clock with our coaches. Jake doesn’t have to be on there. He’ll probably be on there. I get in a huddle with our property managers. I don’t have to be on their all the time, but I’m going to be on there because that’s what we do because you’re partners and you lift each other up. And also, honestly, it’s a lot of fun to work together. It’s so much fun to work with somebody who has your energy, who has your passion, who has your desire. And who’s willing to say, you know what? I had a crappy day today, what did you do? I was just awesome day. So lift each other up. Is that part of that accountability piece, I can go on about partnerships. There’s if you find the right partner and are willing to do anything with them, you’re willing to hold them accountable. And you know, when Jake comes and says, can you read into the book? I don’t say like, no, I don’t have time. I’m like, how do we make that happen?

1 (19m 23s):

Can we start another Podcast that’s a great idea. What can we do? You have to do that. That’s what partnerships should help you do. Yeah. Yeah,

2 (19m 29s):

Yeah. And I think the M, you know, I’m all about like frameworks. So if you’re saying, what is, you know, a good framework for partnerships or what are the top three ways to ensure that the person you’re looking to partner with is a good fit because this a business marriage don’t take it lightly. And I think the first thing is a good moral compass. You know, I can, you know, never in a million years, I have to worry about anything with Gino. I know it’s, he’s going to do it right down the fairway. He’s never going to bump up against the cones. And, and I live my life the same way. And it makes things so much easier. There’s an abundance of, you know, wealth out there to be had. You don’t need to push her or, you know, work the edges. It’s just keep it down the fairway.

2 (20m 10s):

So I think that moral compass is number one, Gino alluded to it a million times. It’s a blue collar work ethic. A, you know, we did not start real estate. We ended up in real estate and, and we did it through hard work. And if people were to ever ask us and they have before, Hey, you know, how do you guys get you over a hundred million and assets? How do you get 1600 units? It, it literally was because we, we got punched in the face for two years and we didn’t quit. And then we broke through and we kept working our asses off. It’s as simple as that, I mean, we came up with the framework Buy Right Manage Right Finance Right we stuck to it. That’s what’s getting this through these tough times. Right now we have parameters around buying. We have parameters around management, we have parameters financing, and then finally its the goals.

2 (20m 51s):

If Gino wanted to fix and flip all day long and I’m saying, well, I want this buy and hold multifamily strategy. Do, do you think we’re gonna butt heads at times? It’s a very simple let’s let’s go. This is the vehicle we want. Let’s create wealth with it. And let’s just ride this pony and not go over to Bitcoin and not over to this, that, and the other thing. So many people hear that, Oh, a stock market crash. And I got to go in, I got to go all in and Buy and then its down and then its up and then its down to look at, that’s fine if that’s your strategy, but become an expert at a point in the 10,000 hours of work, you know, bust your butt and, and then come on the other side, wealthy from it. I think that it’s so easy to just veer and, and jump into investment strategy. And I don’t know what, what is the, one of the people are trying to do now?

2 (21m 33s):

Like Links zoom or

1 (21m 34s):

When they come up with all these names for these cryptos, it’s great. And I’m sure there’s there. Yeah.

2 (21m 39s):

You know, stay in your lane and, and crush it and become an expert before you start jumping around.

0 (21m 43s):

Just listening to you guys over the years. Its been interesting to see the journey for them as an outsider. A you know, I remember there was a time where a Gino you guys were talking about syndications and I think correct me if I’m wrong, you’re a bit hesitant at the time. And then you kind of moved into them. So it seems like, I think there was this thought that the it’s just, you know, you get into real estate, but like you’re saying, you know, what’s your strategy. Did you get beat up a few times? How did that impact your, your career going forward? And then you keep doing it. Did you keep at it and were just speaking with Brandon Turner, he was on the show a couple of weeks ago and it was the same thing. It was this idea that there’s so many people that try it, fail and go, okay. I guess it’s, it’s exactly what everybody said to me.

0 (22m 23s):

It’s it’s it’s difficult. It’s challenging. You have to find the sky is a tire in the sky. Yeah, absolutely. So w that first deal are the first couple years. Maybe you could give an example of one of the deals you did, whether that’s a, you know, knock it out of the park or a kick, kick yourself in the teeth type of deal. And I also a will put a link for the recipe for thee Jake out to be at the there. If you could get that for me, a Gino Yankees, boom, boom, chicken. You wanted,

1 (22m 49s):

They will definitely do that. So that’s a good question. A Jesse, what I would say is for Jake and I, we did it’s sort of backwards. Our first thousand units were only bought by me, Jake and his partner, Mike were able to refinance over $9 million of our proceeds and we didn’t go on vacations. We reinvested into the business, we kept buying assets with it. We kept buying underperforming assets distressed. They call them value out. Now they are distressed basically. So there are back there back to a, okay,

0 (23m 15s):

When he stopped penny stocks or high yield distress. Yeah.

1 (23m 18s):

Yes. So, you know, we would buy them with low end. We knew what rents were. We knew how to run these properties. Cause we had our property management company. We’d buy the assets with the community banking, which a community bank who is coming back now we’d refi them to community bank once and then to agency. And the second time we did that, five or six times, we’re able to refi money out, go from a recourse debt. It’s a nonrecourse debt. And we just kept repurposing. There came a point where I’m like, Jake this syndication sounds a great tool in the it’s only a tool in the toolbox owner. Financing is a tool in the toolbox. Buying yourself is a tool in the toolbox. JV is a tool in the toolbox and syndication for the last four or five years has been an amazing tool in a toolbox right now.

1 (23m 59s):

Not so sure if you’ve gotta, you know, raise 12 months, have you know of debt service as you know, for the day that may crush syndication for a little while, but you have to learn it. And the way I learned that was this, the podcasting syndicators having about 15 of them on my show, listening to their different strategies. And then ultimately what we ended up doing was the first indication we did was a small deal for us. We were able to buy it internally. It was only a $6 million deal. If we couldn’t raise the money, we would have been able to buy it ourselves. But like I said, commit figured out and don’t listen to everybody out there saying, bye, you know, go as big as possible. I say, think big and start small. And I have been proven and I feel like a champ saying that it’s not a sales technique or are not going to sell a ton of education and mentorship programs that way.

1 (24m 39s):

But it’s the reality. The reality is you want to get into a space. We started out with a 25 unit Property I we’re a very first property. It was comfortable for us. We could manage it. We got owner financing. It wasn’t overwhelming. If I had started out with a hundred units, I probably would never be talking to you right now. Cause I probably would never start. So for us to 24, you can’t afford it.

3 (24m 59s):

Yeah. Yeah. That’s the tried to write, but it was that,

1 (25m 3s):

That, that that’s definitely true. But I still think that mental block of getting at a hundred units was just so donkey that even if I did have the Capital, I would not have do it. So the first deal was a 25 unit Property we affectionately called the court yard cottages a K of the crack then, because it was just not a really great Property, but we like to buy out. It was a lot of value adds. It was $600,000. We bought a, we got 10% owner financing. So he only needed to come up with 10% of the down payment, which came out to $82,000, 60,000 plus closing costs. So, sorry, sorry. In the 600,006 million,

2 (25m 36s):

You said, you know, $600,000. I’m sorry.

1 (25m 39s):

The first syndication we did back in November of 2018, that was our very first indication was a $6 million. Okay. I want to go back to our very first day just to have that people understand, even on our first indication, we started small, we thought really big 2020. We started with something where we can consume. And if we did make mistakes, we could pivot cause on his first deal, weekly renters. So it was just a tough denim base. We had to get them to monthly renters. We had a lot of expenses. We have to get the expenses off the, off the balance sheet, as far as paying for electricity, paying for it, you know, basic utilities and cable. And the other problem with a pro the property was that there was no system. It was a mom and pop. So for us, you know, septic fields, six months after we took over, it went out. So for me, thinking about syndication raising money, it was gonna to be really scary.

1 (26m 23s):

Cause I’m like, you know what? Jake, if you don’t get paid the next three months, it’s okay. Investors don’t know if they wanna take that news two a we’ll see what happens. So for us starting at that small level, it was comfortable for us and we took our lumps, but then three months we already had a general understanding of it and we closed it on the next deal three months after the first one. So

2 (26m 40s):

Yeah. And Jesse that first deal pays like 6,000 bucks a every month. It’s a 25 unit. That’s in sense. It’s beautiful. You know, it’s got all metal roofs on it now it’s just, you know, it’s, it’s primed up. And then, you know, you were asking about some other deals to, and the one that I would like to highlight that was our fifth deal. That was 281 units. And there was a fully owner financed deal. I mean, why not in the sense that they, they held the entire note, but they held our full down payment. So we actually got money back at closing and right now, or, you know, well, prior to Corona will see that this month goes yet, but we’re were averaging $250 per unit per month. Like we were we’re crushing Q1, ah, in terms of, Mmm.

2 (27m 20s):

You know, the profit per unit cost. We have, we have these Excel sheets that, you know, that we’re working on, whatever, in that we calculate R draws and it, we call PPU, it’s a good profit per unit. We will get, you know, and he knows that this property has just been phenomenal. We were able to refight out, pay the owners back and this was 2015. We bought it and we were, we were able to take out, you know, money on top of it. And the thing is just, just been crushing it. So we a, you know, we got, ya know, owner financing on it. They didn’t put anything into it, actually got money back in closing. And M thing is just a, just a beast. So people say, Oh, that is not possible. You can’t do that. Yeah. If that’s what you believe. But if, if you really are out there working with brokers constantly, and we didn’t go into it. So I don’t, I don’t suggest that people go in and say, Hey, would you consider owner financing on this note, you start to evaluate the deal, underwrite the deal, get to know them.

2 (28m 7s):

And then they kinda brought it up to us. And so its, when you listen, you know, these opportunities can come forward. So I hope, I hope we do another one. You know, in the future, there’s nothing wrong with owner financing and a love it.

1 (28m 18s):

They send Jake to piggyback over that. It’s really important. One of our coaches, we had a call with yesterday’s and the name is bill him. He did a weekly lesson for us. He uses this acronym, which is really appropriate for everybody listening to this acronym because you can use his facility financing and, and write it down. It’s called spy S P Y the first one is a seller. You always have to worry about what the seller wants on this deal. You can’t think of what you want. The next one of the Property what is the property had? What is the property contained? What are the key elements of the Property? And finally, ultimately it’s why it’s You so when your thinking of owner financing, if you don’t go in and saying, I want to own a Finance, you have to see it. It’s a motivated seller. So the is to sell is the first element end.

1 (28m 58s):

How can you solve his problem? Will Mister owner, what are you going to be doing with that money? One putting in the bank. Well, Hey, how about taking a note? And I can give you a much higher interest rate in much higher rate of return. Mr. Seller, you worried about paying some capital gains. We can defer some of those capital gains. You need to know what the seller has a need to know, focus on what their problem is. So always think of this. Guy’s write it down. S P Y seller Property in you and want to give a big shout out to bill ham, because that was enlightening to me. It was always hard to try to, you know, express it to students in to community members that what you need to be focusing on, but it’s always about solving problems from the seller and there’s going to be a lot of problems coming down the pipe. Now that’s why Jake talking about seller financing is that

2 (29m 38s):

You do with it though. You don’t build rapport on the front end. Okay. You were still

0 (29m 42s):

The sales person, the broker’s not the sales person. You are the salesperson. You have to let them know that you’re qualified. You have to prove that you’re qualified and they have to be able to communicate that with the owner. And you don’t do that by saying, Hey, you want to hold some paper like that. This is not going to fly. So yes. Do you wanna, do you want to end up 3%? So, you know, I’m always curious about this because you talk with syndicators and I’m sure, you know, in our, in our space, I find real estate as one of the better spaces online. But I mean, there’s a guru for every different area. And I don’t mean that in a positive way. I feel like there’s a lot of people that haven’t done it and they talk about a real estate investing in like they have, I am curious for the transition from going from a pre syndication to syndicating deals.

0 (30m 25s):

And also are those are those opportunities still out there where you can get a pref and pay out a pref and be able to have enough meat on the bone for those types of deals, coz to give you some context in where I’m located in Toronto a year, our units are going on for about 350,000 and 300,000 a unit it’s crazy here right now. One of the rents on them. So the rents, the ratio for rent. So to give you context for let’s call it a 500,000 or let’s say $700,000 property, you’re going to get rents of about 3,500 a month. So it’s not great. The yields are low. The yields are like 3% yields in Toronto, a downtown Toronto, but there’s just not enough to syndicate deals.

0 (31m 8s):

So what are a lot of syndicators are doing are we are we’re, we’re a very heavy and development right now as how much per unit for 1,750 in rent per unit. Sorry, say that again. So are you saying for the $350,000 rental, you are getting 1,750 in rent, you would get, let me do the quick math here you would get no, you’d get about a thousand little over a year, like anywhere from 2012 50. So you are at three 30, 300 for someone that costs $350,000 for $350,000. You’re going to get that 1200 feet. I know it’s tight. Yeah, there that’s a thing, right? It’s just like New York, your CV. And that’s why, what we do is invest outside of Toronto. Obviously we were not the pension funds.

0 (31m 49s):

We’re not, we can’t take a 40 year time horizon, 50 year time horizon. And what a lot of developers are doing or what a lot of, because we’re so heavy in development what’s happening is that those preps, if there are any, there just a crewing, nobody’s paying them out, they’re accruing to the end of it. But then you were kind of looking at it from an appreciation point of view. So I guess the question is how did, how did you make that transition from doing what you were doing prior to syndicating and then syndicating and are those deals, are you still finding that there’s deals out there? Maybe let’s talk pre two weeks ago, I can hit that. You know, I think the key is we didn’t like start buying different stuff. So, you know, in it, and we have seen a slowdown, you know what I think what’d we do two deals last year, did two deals.

0 (32m 32s):

So the painful on the road of hundreds of deals and it was actually pretty proud of it looking, they’re looking now, Jake he a real quick, I thought we were doing wrong. I’m like, there must

1 (32m 40s):

Be something wrong here because we’re not buying anything. Our numbers, our brokers are like looking at us like we’re crazy. And now looking back at it, I’m like, thank God we actually stuck to the framework of the Buy Right frameworks. So for us, he was a blessing and the skies.

2 (32m 52s):

Yeah. And we’ve expanded our footprint. So, you know, we’re, we’re looking anywhere within a three hour radius of our home base for property management in Knoxville. So that’s, that’s Nashville, Lexington, we’re in Louisville, looking at the Carolina’s a Greenville area and Asheville, which are smaller market, but we love to be there. M Chattanooga on the Huntsville, you know, all these places where he was just like strategically located with these, these great markets around us. And so we’ve expanded the footprint, we’re looking at more deals and we’re doing less deals. So we, we, we, we through a lot of, a lot more into the equation and we’re just able to squeak out a couple. And, and even I think the last deal that we syndicated, we bought one, you know, we just bought one just in house a like a month ago, there was just a 52 unit didn’t really make sense to syndicate it, but it was right next to one of our other properties and, and just, you know, a tremendous opportunity.

2 (33m 45s):

So he had to take that, but I’m the last deal was syndicated is just absolutely crushing it. We did a deal in Lexington and I think it’s just a monster. So, you know, fortunately, and we’ve been paying out, I think it’s been like 11%, something like that. Gino beautiful. Yeah. So it’s just, just crushing it. So these things, it, it was a off-market deal through the broker relationship and ah, we, you know, it, it looked very similar to a deal we bought in 2016. And so it’s like, Oh, we’ve seen that. That’s what I love is that what we bought, you know, 1600 units now. So a lot of times I’m like, Oh, I’ve seen this deal before. And then I compare it to that deal. Meaning like unit mix rent’s and things like that. Or even the ownership, like the, the first deal we syndicated, literally when we pulled up on Property within 15 minutes of speaking to the owner, I didn’t have to see anything else.

2 (34m 31s):

I knew what the price was as like, let’s just, let’s just get it done. You know, basically in my mind I knew it was, it was, and that things has been just humming to, so it’s yeah, I think the M the experience and, and, and being able to say, Oh, I’ve done this one before something very similar is as extremely helpful. So you make of it. If it don’t cash flow, let the grass grow a baby. That’s been our mantra in a week.

1 (34m 54s):

We’d been lied to take it a little bit of a hit from that. But capital appreciation his great, it gets you really wealthy. A casual pays the bills and it gets absolutely. So if you have your deals are in cash flow, now you are going to have to push it off, but buying a three-fifty a door. I mean, we’ve just closed the deal right now. It was 80, 80, 85 a door. I think Jake deal. We’ll just close it. At 52 units, the rents are 900 bucks a month. I mean, its the nineties build. I mean that’s that’s that you want to buy. There was an appreciation, there was the value in there as there are no CapEx tsunami, whereas the older seven townhomes. Yeah. I mean, that’s what we’re looking for right now. And I think those opportunities are going to come back. But as far as the case and syndication for the good stuff. Yeah, the acidification is difficult because sometimes you just need to do deals.

1 (35m 36s):

You need to place. Capital the 10 31 money and it’s hard. And I just like to tell anybody out there, your in it for the long term, don’t worry about the acquisition fees. Don’t worry about the asset management fees. Put your S P Y put your investors. First year, investors are first. You have a fiduciary responsibility to them, try to do the best for them. Cause then when that next deal comes, they are going to follow you. And I know its hard, but like I said, underwriting on those deals and getting nose, nose, nose. Now when it comes back, now brokers have columns back in saying, yeah, the deals are coming on the market. So I feel confident that we did the right thing. And I think just going forward, you’re going to find deals out there.

2 (36m 13s):

You got it, got a tip for everybody that I learned today. And so this people are going to probably like criticize me about this and say, this is stupid. Why you telling you this? But I have found value in it. So I’m going to share this. So a Mike T Mike T on our Rand Partners team was underwriting on a deal today. He said, Hey, can I hop on with you? And it was, were going into a market that we haven’t purchased it yet. And it seemed a little fringy where on Google, but you know, have you Jesse, have you used Reddit before you familiar with, with it? Absolutely. So, you know, I’m kinda of like, you know, I like going out chopping wood and, and like having campfires, right? Like I use the tools online, but I have no idea really what it was. And so he starts taking me through Reddit, like we’re on zoom, he was going through it and he finds this map of the town that we’re looking at and it’s done by locals and they actually label it.

2 (36m 57s):

Like here’s where the gangs are. Here’s what the drugs are. Here’s what the milks are, you know? And, and, and it literally showed you all

0 (37m 4s):

A deadly combination. Yeah.

2 (37m 6s):

What was it? It was like stuff that like, if your talking to your friends, you would say, but you can’t say like publicly, because it’s not socially acceptable any longer, but it was like literally the local cut this up and there’s probably so much truth to it. And so we kind of had an idea like income’s and things. And we were able to utilize this map and draw the line literally where we wanted to be and Right dab smack and where the deal was. We were looking at, it was like gangs drug dealers, and sort of like, thank you You it just saved us. And we had suspicions, like, based on like, we were kind of going around Google earth, looking in and track median income was a, on the lower side, but saved us so much time. So if you can get on Reddit and, and find the locals map that they do, like the infographic of it is extremely helpful.

0 (37m 48s):

Oh, funny you say that. What the first deal I did with the partner who I have today, John, this was his first real estate deal. He had, he had have been a broker in multifamily for a, for about eight years. We go to the area and it just looks like you’re saying, it just looks like people where it was a bad area. And this is kind of like a Brooklyn two in new York’s it’s a little bit out. We get there. And I told them, I’m like, there’s a tool. Most cities have, that’s called a, a crime heatmap if you Google city’s, you can find this thing. And it’s like, red is terrible. You got orange. We put in this, this Building location. It was like a bullseye, basically just what it was just like, alright, maybe let me go a little bit East to here. But yeah. It’s like, there’s, there’s all these tools that you can use in.

0 (38m 29s):

Yeah. You know, to your point about that, it’s just the community that you have. And that’s where communities online, whether it’s YouTube, Podcast BiggerPockets, you can get so much out of it. I want to a, we’ve got about 10 minutes left here. I want to talk a little bit about Coaching before we finish off. But before we get there, maybe you could touch a little bit about, you said, you said that investors are crucial and making sure that you have a, you maintain your fiduciary responsibility when you first started syndicating, how did that investor base evolve? Was it friends and family first? And then you kinda move to institutional or a larger, how did that work?

1 (39m 4s):

So for us multifamily Mashery one was November of 2017 and, you know, talk about committing and figuring it out. We had no business doing a lot of events. We didn’t know what we were doing. I look back at it. It was funny. Yeah, but it was, we’d got 175 people in the room. I could not believe it. And we had, we gave so much value. Could it have been better? Absolutely. I actually, that Jennifer, our operations manager went to the first one and afterwards I met her and she’s to live my town. She goes, do you want me to help you out with this?

0 (39m 32s):

But it wasn’t that, you know,

1 (39m 34s):

They help me. And she is working with us now currently. So it was an amazing experience. But to us, we actually started at our cultivation of our investors from that first 177, we have probably signed up 35 to 40 people from that investor, from that a meetup, a live event, I’m sorry, on to our investor database. Obviously the podcast was a huge driver for us. We’ve been doing the Podcast for five years, right? Just putting out content and just reaching out to people who is really important and what we wanted more than anything on our investments, we wanted to be really transparent with them. So what we did was we did the, you know, the email blast and we did a webinar about the deal. Then we did 12 monthly webinars after he took over our first syndication.

1 (40m 15s):

And what that was, it was all about education is actually our first indication. I started out with 65,000 a month in revenue by month nine, we’re at 85,000. So every month we’re talking about this month, we did the gazebo. This month, we did the dog park. This month, we’re doing the, you know, we’re repainting it. This is where we’re at. So being transparent and hosting those webinars every month with the investors, gave them the confidence and let them know. And it was all about the education. So I’m using for that Jake and Gino education also. So what we’re teaching our investors, they are learning while they are earning and being transparent. And Oh, by the way, this month we had a little bit of a hiccup. We want to be transparent with you. So next month we’ll be back on course. But you know what? If your starting a podcast, figure out what you want to do with that. Podcast you want to solicit investors’ do you want to get investors on your database?

1 (40m 57s):

Do you want to sell education? You just want to have fun and meet some great guests. I want to do all three. So for us, it was that perspective from the Jake and Gino community and who is also friends and family are a lot of people and also a great thing. What else is the people? First attitudes. We have our employees in investing with us also, you know,

0 (41m 14s):

They don’t know. I think anybody that’s in our space, you gotta give to get, and I’m sure you got it. The same questions I would get. You’re a contributor for bigger pockets. What are they paying you for those videos and this and that. And it’s just like, even like, whatever it is, it’s just like, no, this is not where I get my income. It’s you’re putting yourself out there because you’re hoping for that, that longterm game in that you’re adding value before you go to somebody and ask for anything. So on adding value is something I’ve heard you talk about here in there on podcasts. I’d love you to just maybe briefly talk about your relationship, both of you guys with what kind of coaching and what you do and how you got into it.

1 (41m 50s):

So for me, I would tell everybody out there, just Google the word life Coach and I know what people are going to be out there saying this is fufu. Whatever. For me, it was the ultimate personal development. It actually gave me clarity. Cause that’s what we’re all seeking in life is we’re seeking clarity on wherever we’re trying to do for me. I was focusing on what I, didn’t what I didn’t want. I didn’t want to be at the restaurant, but you don’t normally get, which you don’t focus on. You have to, you usually get where you focus on what you want. And then when I realized it was multifamily, what I realized I wanted to build a real business. What I wanted was those relationships. And I wanted, I wanted a great partner, bam, all the sudden those things started appearing in my life. So coaching life coaching for me, it was, it was revolutionary.

1 (42m 30s):

I loved it. And asking empowering questions, learning about energy blocks, learning about levels of energy. Right now you could really work on your level of energy because if you’re feeling a victim or you’re angry right now, you’re not going to come up with solutions. So, you know, you have to move up that level of energy. You have to, you know, I’m, I’m going to go and I get off this Podcast dude on ready to go. I’ve done another three or four hours. I’m pumped. But the average person’s sitting in home feeling depressed, or they’ve got no idea. They’re going to have thoughts. They’ve gotten those solutions because negative energy doesn’t it is, is, is low emotions, lower emotions. If you leave the lower intelligence. So I would say, look at life, Coaching see what that can do to help you out. Find mentors out there like a Tony Robbins or a Zig Ziglar that can motivate you and listen to the great stuff. As far as Coaching goes for a free education.

1 (43m 12s):

We, we really believe in education times action equals results. For me, I was taking massive action early on a massive action. And I was getting massive crappy results because I didn’t have the education. You need to, a couple of both. Some people are really taking massive education, but they are not coupling with action. And some of us like needed the beginning. It was taking massive action, but I didn’t have any education. When I figured out with Coaching, I wanna do multifamily. I’m going to continue to take massive action. Those things came together. And for me, the results just ended up now. Yeah.

2 (43m 42s):

And I think that the most important thing is that we’ve and so many levels really protected are community and, you know, Weil people will come, you know, and, and, you know, inquire about working with Jake and Gino, we also will qualify the people on the front end because we don’t want to water down in the community because truthfully Gino and I will spend a lot of time with these folks, you know, we’re, we’re on the weekly classes, but in addition to that, our live events, you know, we spend a lot of time on fulfilment. You know, we’re not great marketers. I think that’s very clear. Like we’re just an authentic blue collar work ethic, guys. We’re not great marketers, but what we work really hard on is that customer experience in the fulfillment, we’re at the bootcamps where they are teaching, we’re going out afterwords for happy hours, having one on one communication speaking with, with everyone that’s in the Jake and Gino community, we’re doing money mixers.

2 (44m 31s):

So, so much is dependent on that fulfillment. And we just want to make sure that the people that enter the community are going to have a good experience. So on the front end, there’s a qualification process. And if its, you know, if it’s financially too much of a stretch for you, we’re not going to bring you in. If you know, it’s somebody that just is like, you know, I know at all, but I was just in for the relationships. That’s not a good fit. We don’t want you to In because that’s going to poison and dilute the community. So it has to be a good fit. We’re a values based company. We want people to have, you know, similar values coming in and a, and it’s important to us because once you let down your standards and you let the community a road, you have nothing. And, and the community has done so much, ah, you know, for Gina and myself, just, you know, we’ll go out, maybe we’ll go to a city and do money mixer where we don’t have properties.

2 (45m 15s):

And we see, ya know, one of the property owners is doing something differently from a property management aspect and I’m there, you know, with my notepad, I have taken it down. Its not like, look were learning this we’re going to add and we’re making sure we were bundling that information, packaging it and delivering it back to the community. You know, for example today where on a private Facebook group and, and I heard through the grapevine that there’s rumors, that insurance companies may be eventually funded by the federal government for what’s called loss of rents because there’s a lot of Property you understand all there is this major, a loss of rents or what people may know the term business interruption insurance. So there’s, there’s rumors going around now that if you have that, you know, file for it, because then ultimately that the feds may come in and then, you know, flow the insurance companies for that.

2 (45m 59s):

So who knows. Right. But I mean, I think it’s, it’s being a, in a community of like minded people to know where you can get that information from and then share resources. That’s what it’s all about. So I think the education has just been phenomenal as, as Gino said, that’s where we, you know, get so many in share so many of our vendors and team members and Resources and even, you know, learning more about syndication’s we go and see me

1 (46m 20s):

Hazing thing is that we don’t really need the education to be profitable. And for us, its a lot of fun. It’s great that we have owner draws every month, but I’m not out. They’re just trying to sign people up just to make money. Cause we’re vertically integrated. We learn about 10 in Turner through our students, we learn about Building and we’re able to share that with our students and other educational to a technological tool for property management, all these different things, we’re learning, we’re sharing in them with our community and we’re learning from our students. So when we’re able to put students together, it’s really a lot of fun and it’s a lot of fun. They have students, you know, emailing it to, Hey, quit my job. There is nothing better than that, dude. I mean, that’s just, that makes it, that makes it all really worthwhile. And everyone says, well, they going to be your competition. Listen, it’s not a zero sum game. There are so many deals out there.

1 (47m 0s):

There’s so much money out there. There’s so much opportunity out there. If they’re not going to learn from us, they’re going to learn from somebody else. And you know what, guess what students will bring his deals and let’s partner with deals. That’s another aspect of it also. So

2 (47m 11s):

You did was it, it was brought to us by students at the Jake and Gino, you know, we partner with it and took it down. So look at it this way, read the book.

1 (47m 16s):

Buy Garrett Gunderson. There’s an abundance mindset versus a scarcity mindset. So you have the abundance mindset. There’s no competition. You are, you’re not competing. You’re competing against yourself. Really more than anything else. That’s scarcity mindset. We all gotta grab, grab, grab. I’m willing to share what

2 (47m 30s):

I know. And I know in return, people are going to teach me a lot and also it forces us to keep our systems and our processes tight because we’re sharing that with the community. So it’s, it’s always forcing us to go back and look at our business to make sure it’s just something we feel comfortable sharing. Is it going to be good enough, you know, for our community. So it’s, it’s, it’s just been a, I think a huge win win all the way around.

0 (47m 52s):

That’s great. The remote, it just reminds me of my client’s that Mike technology, client specific, they always say creative collisions and that’s like, the relationships are critical. And then that idea of education just constant and consistent education, he never really stopped that process.

2 (48m 6s):

Yeah, no, I mean, no s**t. Look at it where we’re at right now. And so give you an example. We had our property management team do a full blown out Corona webinar in terms of how we’re handling that, the case. So like if it, and it was only these things are, ya know, classes for students. Yeah. So if you want to be tied into a community where your, you know, you have a, ya know, first hands on people that are managing, you know, hundreds of millions dollars, they are doing it right there for you in saying, this is the steps that were taking to transfer that information. And people were able to interact, go back and forth while I like it like this and it just makes for it, you know, dynamic learning in a very fortunate for it.

0 (48m 41s):

That’s, that’s actually a perfect example, you know, dealing with this crisis right now. Like for us, we’ve been in constantly on webinars. I’ve probably know more about force majeure clauses than I’ve ever wanted to know. I’d probably know about more about business interruption insurance than I’ve ever wanted to know, but it’s like, it’s just another, it’s another place where you can kind of increase that knowledge about a specific area. What I’d like to do. Just write it now, before we wrap up, if you could tell the listeners where are the best way to connect with you or get the resources that you guys have. Umm yeah. What would it be? The what’s the best route?

2 (49m 15s):

Yeah, I think, I think the easiest way to get ahold of us is to, you know, go to Jake and gino.com a forward slash Honeybee. We’d got a nice little Paige there that has are as a new book and a we’ve got, you know, free downloads. We have a credibility book there and if you don’t know what a credibility book is, check it out. It’s basically what we used to share with brokers and bank. It’s a bankers in the beginning and you have free Honeybee Resources M you can download our Podcast and, and apply to work with our team, I think is, you know, the best way to go. So that’s Jake and a and D Gino gino.com Ford slash Honey Bee

0 (49m 49s):

My guests today have been Jake and Gino thank you for listening to the Working Capital The Real Estate Podcast favor listening to the work in Capital Podcast my goal is to help individuals break into real estate investing as well as educate experience investors. If you enjoyed the show, please share with a friend subscribe and give us a rating on iTunes. It really helps us. If you have any questions, want to learn more or led me to cover a specific topic on the show, please reach out to me via instagram@jforgalsorheadtowwwdotjessefragale.com. My name is Jesse Fragale and I’ll see you back here for the next episode or the working capital real.