Multi-Family Deal Lab Episode 010
An Interview With Rob Rowsell
In This Episode David Lindahl interviews Rob Rowsell about his journey from homelessness to owning several investment properties with his wife and others. This is truly an inspirational “Rags to Riches” story you definitely want to listen to.
Multi Family Deal Lab dissects deals of everyday people who are building a business and realizing financial freedom by creating a Multi Family business. We’ll cover how each investor got their deal, how they raised the money to fund it, what surprises happened during the due diligence process and how they handled them, the unexpected challenges they faced how they chose their market how they chose their markets and more. The show is designed to share experiences that you can use for your own deals.
Speaker 2: Welcome to the multifamily deal lab podcast, where we dissect a deal before your eyes and ears. So you can discover the strategies and tactics that got each deal to the finish line strategies and tactics that you can put in your own toolbox to get you to the closing table from sourcing the deal, raising due diligence to the property takeover. Multi-family deal. Lab shows how you too can get the deal done. And now here’s your host, David Lindahl.
Speaker 1: Hey everybody. Welcome to multi-family deal lab. I’m your host, Dave Lindahl. Today. We’re going to analyze a gentleman by the name of Rob Rowsell, who has a very inspiring story. He’s going to tell everybody who he is, where he’s from. Number one, but we’ll go into his first deal, which was a 70 unit. And then a with time we’ll maybe go through a few more as well. Rob, how you doing the one going Fantastic. How are you doing David I’m doing well. Good to see you. My friend, we’ll see you out there. You’re out there in the shop, working out there
Speaker 3: In the shop. I’m actually a, I got a manager on vacation this week and my district manager is handling another store. So I jumped in for a couple hours today.
Speaker 1: Yeah. Wow. Well, I’m glad you made time to be on the, beyond the, the deal lab. We really appreciate that. And, watch tell everybody who you are and where you’re from.
Speaker 3: my name is Rob Roselle. I live in San Diego, California.
Speaker 1: Beautiful San Diego. Beautiful San Diego. Yes. So we’re going to go into your very first deal, which was a 70 unit. All right. So, why don’t we jump right into that and talk about how you w how did you get that deal How did you find it You know, what brought it to you
Speaker 3: You know, actually a month before that same 10 31 money, I went into a 96 unit deal with a couple of partners, a couple of other students, Eric Stewart is one of those, and Addy was another one of those. And, I was looking for a place to place some 10 31 money. And I reached out to Eric as I was sniffing deals. I reached out to Eric on the loan side, because he’s been my guy that I’ve gone to for information. He’s invested quite a bit of time with me. He’s very generous with his time. And, when I reached out to me, he says, Oh, you’re looking in the St. Louis area. Well, what a coincidence, I’ve got a deal in the coincide in the St. Louis area that you might be interested in. We, we met a few times on that and I actually 10 31 in, into a tick, with my, with my 10 31 money. And, and, worked that deal. We, syndicated 50% of the deal. And, and we had the tick for the other 50%. So that’s going into the 70 unit that was a 96 unit just before the 70, you know
Speaker 1: Okay. So 31 out of the 96 into the 70,
Speaker 3: I’m sorry, I’m confusing. The whole situation. I 10 31 into the 96, the 70 I 10 31 into the following month. So the first deal was actually the 96, Dave.
Speaker 1: Okay. When you went in with partners, did the partners bring you that deal
Speaker 3: Yes. Yes. They were already in the process of the physical and the financial due diligence on that one. By the time I jumped in and I just confirmed that they were on track and they were doing a great job. And the deal actually is still performing very well today. Yes.
Speaker 1: Oh, you said there were other students. Did you meet them at an event
Speaker 3: Addie I met at a UPP and met him, but this was his backdoor thing. I actually met him again because he was already partnering up with Eric on this deal.
Speaker 1: Oh, that’s interesting. So you met him there and all of a sudden you collided again Yes. Excellent. So you jumped into the due diligence, then you jumped into the 70 with Eric. So Eric had another deal.
Speaker 3: Well, the 70 was actually my wife and I, Eric, Eric did do the financing on that, but that is a 100% my wife and I on the 70. Yeah. How’d
Speaker 1: You get that deal Where’d you find it That
Speaker 3: Was a broker relations. I had kicked a lot of tires that didn’t make sense with the guy. And I initially met him on LoopNet, as we know most of the time that’s the, the trash can for deals, but it’s not necessarily the trashcan for finding brokers. And that’s how I started with, with my broker and sales strategy. Yeah. Taught by Dave Lindahl. It’s a great strategy, actually.
Speaker 1: Yeah. So, do you found the broker on that deal And then did you use the, you know, the basic strategy of, Hey, you know, I saw your deal on here. It doesn’t, it doesn’t really work. This is how I buy. And then did you have commonality with this particular person or did you know, how did you keep in contact with them and how did you get that Then there’s the next listing
Speaker 3: You know, the truth be told on this one. It didn’t make sense, but by the time we got to the, the bartering table, we got it to make sense. It was on the verge of not making sense, as far as the tr as far as the trilogy goes, Trinity. But, they sent, the seller, came to his senses a little bit at a time, more and more, and it finally came around and made sense of the deal that initially I contacted him about that we passed on and he showed deal after deal after deal. That also didn’t make sense. We ended up back at the first deal when the seller had come to his senses.
Speaker 1: Interesting that the seller go in and out of contract with a buyer or two before that,
Speaker 3: I think it had, I not, not from the first time we looked at it, but I think before we looked at it, I believe he had Dave. Yeah.
Speaker 1: So the seller got worn down, came to a census and put it to a, a, within a range where you could buy it at and be within the Trinity and be comfortable moving forward. Good. So what type of value play or value add that particular deal had What, what attracted you to it When the numbers started making sense
Speaker 3: This one made sense for a number of different reasons. One of them, we, there was, there’s a lot of room in the basements of these, units. There’s 10 buildings there that had the ability to, to create some storage for, two, for 25 bucks a month for storage. So we, that was valued. The value play that we had stumbled across when looking at the deal, but this was, seven, 10 plexus that the seller had purchased all boarded up in one at a time. He went through them, using permits and everything with new AC new electrical, new everything. So there was, I mean, as far as, physical condition, everything with permits had just been gone through one building at a time, you know, naturally, since we didn’t ha we weren’t syndicating the deal, I didn’t necessarily have to meet the, the, the Trinity, because, it was just my wife and I doing a 10 31.
Speaker 3: We were just looking for a safe Harbor for something to hold on to for a long time with a good return, you know, but here’s an interesting thing that happened during the negotiations is we had the financing in place and the property manager who knew they weren’t staying, took their eye off the ball. And the, the collections went way down. So, we, we could not get the loan that they had promised until collections came up. And by the time we got to three or four months down the road of them trying to do that, they still couldn’t get them up. So it came to the point where we weren’t going to get the loan if he didn’t lower the price. So he did.
Speaker 1: Okay. So he or the other option is the bank tells you to come to the table with money, right
Speaker 3: That’s right. He did try that. No, absolutely. But yeah, it ended up being 150 grand is where he had to come down in order for me to get the loan. Yeah. And that’s, you know,
Speaker 1: We talk about what’s happening now with the COVID-19 and how it’s affecting the real estate market. And I talk to people and I tell them, you know, you gotta watch those numbers. can we go to the, bank’s going to watch the numbers, right. And if you don’t put something inside of your, purchase and sale agreement, that basically stage you’re buying based on a cap rate, you know, the cap rate that you agreed on the purchase price. And as long as the collections remain the same, then you get the price. But if they go down, you know, that price has to lower because the bank is going to be watching that as well. And there’s also a risk of that. If the collections actually go up, then you pay a little bit higher price, but at least you’re paying at the cap rate that you knew you were buying yet. And the numbers typically would make sense. Absolutely. So that’s a, that’s a, that’s an interesting surprise. What other surprises did you have in that deal
Speaker 3: Well, it’s funny. You should ask a month after owning that we bought it on, I think it was December the 27th on January, the 11th of 2018. We had a fire, somebody fell asleep while cooking, and it literally took out, one of the buildings. Yeah. It was, it was an interesting experience that it was great.
Speaker 1: We lost you for about 30 seconds, but I think I can fill the gap in. So you had a fire, you lost an entire building, but with that tire building loss, you still cashflow,
Speaker 3: We still cached mode. We still held our own. Yeah.
Speaker 1: Wow. That’s really good. That’s another good point that we bring up is the fact that, you know, you want to buy a property that has a break even, you know, in the high seventies or the lowest of the eighties, because the higher your break, even, you know, when something like that happens, you’re going to be, you’re gonna have a much more difficult time keeping that property running smoothly.
Speaker 3: Yeah. And it took a year, it literally took the insurance and the construction. And there was a, it was a full year to get us back to, 70 back to back to 70. Yeah.
Speaker 1: Well, how did you, did you make out on that Did you get a third party what’s the, what’s the word term I’m looking for
Speaker 3: Oh, I know what you’re talking about. And the answer is yes, yes I did.
Speaker 1: So neither one of us can remember the term, but there’s a third-party agency that will come in and negotiate with the insurance company, public, a public adjuster. So a public adjuster will come in and negotiate on your behalf of the insurance company. You pay them typically 10% of whatever they get, but they usually get you two or three times what you normally would have gotten. So how’d you make out, you make out well on that
Speaker 3: We did really well. Actually, we were able to do some CapEx at the building and, probably in the neighborhood of 50 K in addition to what the expenses on the, on the, on the rebuild was. Yeah.
Speaker 1: Great. So how much do you still own that property Yes. How much equity do you think you have in there
Speaker 3: That’s a great question. If I were to ballpark at Dave, I would say somewhere around 900 ish. Nice.
Speaker 1: And did, did you put any of your own money Oh, you had some 10 31 exchange money.
Speaker 3: Yeah. 10 31 five-ish went in or roughly around nine ish nowadays. Yep.
Speaker 1: Did you have other investors and that deal is just yours Yeah, just my wife and I great. Any other surprises about that particular deal How long you plan on holding
Speaker 3: That’s a keeper, I think because of the neighborhood and because it does strong, that’s a keeper, that’s at least a 10 year hold. We’re a couple, three years into it. I will tell you. It’s just an extraordinary circumstance that happened is, a 32 unit right down the street. There’s a football field and a half of bare land in between, the 32 and the 70 that became available. Same broker. He called me, we 10 31, some other things into the 32. And with the same amount of property manager, the same amount of, maintenance guy, it went from a 70 to a one Oh two. Oh, wow. That’s pretty good. Yeah. Pretty cool stuff. So on that same street, we’re going to rename it Rob Boulevard, because it looks like we’ll get own a few more on that street too.
Speaker 1: Pretty good. Where are you what city is that in St. Louis. Oh, that’s right. St. Louis. Yeah. I only went to St. Louis as well. Hey, have you been to, Oh, what is that ice cream store I, I took a, a class over, Goldman Sachs had a, small business, 10,000. They have the small business, 10,000 initiative. And they’ve got this a three month class where they take you in and you, you tell them, you know, where you want to bring your business. And, and then everybody comes in and, Oh, it’s called clementines. So, so different business owners come in and then they go through this three month class. You you’re, you’re at the, for the last week and a half of the class, you’re there. And you’re doing presentations about how you’re going to grow your business. And one of the girl in my group, she owned clementines in St.
Speaker 1: Louis. It’s the only ice cream place that I know of. That actually makes us alcohol with the ice cream. You can get it without the alcohol too, but there’s, as she calls it, they call it crack. And it’s kinda like a, a salted caramel, but man is really, really good. They call it crack because you crack the top of it. but man, it’s really, really good before we go into additional units. I just want to pull up your book. This is Rob’s book that he wrote, it’s called addicted to life. And, you actually, he, he sent me a copy and wrote me a really nice note on the inside. But do you want to tell everybody your backstory and I’m sure you’re going to inspire a lot of folks out there.
Speaker 3: I’d be happy to, you know, my wife, Claudia and I were living on the streets homeless in 1999. I’m a recovered crystal meth and crack cocaine addict. and my wife has never done drugs and alcohol. She was addicted to Rob and she could see in me what other people can’t. And while her parents and my parents told her to run like, hell, she wouldn’t listen because she believed in me. And now she’s enjoying the fruits of her, of her faith, this at this day and age. But, you know, so the book talks about, the secondary title is how I went from homelessness to, from homeless to extraordinary success and happiness in a short period of time. And the book takes you through, the chapter one starts in a jail cell, literally, and every chapter has a different mugshot of mind to begin the chapter.
Speaker 3: I only needed eight mugshots. I had a lot to choose from, but I chose, I chose my favorite eight for the, for the book. And, the forward in the first half of each chapter is our story in the second half of each chapter is the principles of success that we use to get out of that lifestyle and that anybody can use to get out of a life of mediocrity. And I’ll let the cat out of the bag a little bit, as we talk about chapters seven, the name of chapter seven is the law of exposure. And the law of exposure says what you expose yourself to you shall become. And, and I let the cat out of the bag, Dave Lindahl, junior allow ski and Jeff Lindahl, and a number of people in your organization are named in that chapter because, because of that law of exposure, I have become the multifamily investor today that I am. So I want to thank you publicly and just let you know, I can’t thank you. And your team and your principles of success enough, Dave.
Speaker 1: Well, that’s how, I mean, one of the greatest gifts that you can give us here is the fact that, you know, you actually take, take what we give and go out and use it because we know it works. We’ve been doing it since 2002 teaching it. We know it works. And when somebody goes out and works it, then it’s a beautiful thing. That’s such an, you know, it’s such an inspiration, you know, somebody that was down and out, you know, it turns their life around. It just goes to show that anybody, no matter where you are, you know, w where were you positioned as in life right now You can just change it, but you gotta make that decision that you want to change it, or you’re going to change it and takes action. And there’s going to be a lot of hurdles along the way. You’re going to fall down a lot of times along the way, but as long as you keep getting yourself up and dusting yourself off, and it’s not just real estate that you invested in, you also tell them, talk about your, automotive business.
Speaker 3: Yeah. And the book goes in depth about how we got our first two businesses with no money down, old Carlton Sheets methods that I got the home study course of Carlton Sheets back in the day. I never did buy a, I know a lot of us feel a lot of people don’t even know who that is, but as old folks with a few gray hairs, we know who old Carlton is where there’s infomercials, but that taught me the principles. I never did buy a house with no money down at that point in my life, but I bought my first two auto repair shops that way. And, currently we have four auto repair shops here in San Diego. And, that is our, if you will, our day job still operate those. I have a district manager in place that runs the stores, but from time to time, I still jump in and you know, that’s been the foundation of our success was business, business ownership, and real estate has been the Avenue in which to, invest in.
Speaker 1: Right So I just want everybody to know that the name of that book is addicted to life. You can get on Amazon: Addicted to Life. There’s all kinds of great life lessons in there. So talk about for your automotive business for a second, and talk about the business systems that you put in place that allowed you to multiply two, three properties, because the same type of mentality and processes is what you use in any business like multifamily to go, because each multifamily properties to separate business, just like each auto dealership is. So you want to talk about that a little bit. How did how’d you get there You know,
Speaker 3: You’re exactly right. You can run a store, kind of, you know, what they refer to as command and control. You don’t need systems. You’re pretty much everything. And we call it in our business. We call it the dad syndrome. Dad, what do we do next What do we do next What do we do next You can even have two locations if they’re not too far apart, because you can be at one half a day. And the second one, then the second half a day. But if you want to have any addition to that, three locations, four locations, we’re currently looking at location, number five, you got to put systems in place that your people follow when you’re not around. And, you know, Robert Kiyosaki refers to a business as something that if you go away for a year and you come back, it should have grown. That’s a, that’s a real business. It should not have fail because you’re not around. And that truly the key is putting systems in place that people are incentivized to want to accomplish the same things as you would, if you were in the building, even when you’re not in the building. Right
Speaker 1: Exactly. Yeah, absolutely. Yeah. Joan Warrillow has a really good book called Built to Sell.
Have you read that one No, I haven’t. That’s all about, you know, putting in the systems so that you’re not the, you’re not the main Rainmaker, you know, at any time you can walk away or sell it off. Absolutely. Yeah. So congratulations on those number five. That’s awesome. Right. So you now have you bought after the 70, you got a 32, a 60, 193 and 104. So the 32 was also on the same street. Is that the one you just talked about Okay. Where’s the 60
Speaker 3: Actually, there was another 32 by pure coincidence at 32. That’s a B class building also in St. Louis on a different street. We 1031 into that last year. And the one 93 is actually with the 60. It was a two property package that was 253. That was December of last year. And that was with, some students. I know, you know, some of them very well, Brian Darisay is a partner in that deal as well.
Speaker 1: There’s my, Brian’s my surfing partner. Every time I call Diego he’s he pulls up in a van at five 30 in the morning with a wetsuit and a board. God bless him. We go over to scrubs.
Speaker 3: That’s a lot of fun. That’s a lot of fun. I am a surfer. Yes.
Speaker 1: Next time I come, we’ll get a little, you, I would love
Speaker 3: To join you guys. It’s never worked out for my calendar and you guys have been doing it. I’ve been either out of town or whatever, but I’d love to join you guys. Yeah. It’s fun stuff. Absolutely. So the two 53 was a two property deal with Brian and Eric Stewart and a couple of other students that, that, actually found the deal, you know So, and that deal has been doing very well. we both, both of these deals, the, the one Oh four and the two 53 were just before COVID they both just closed in December Dave. So, COVID was a great test for how we did the numbers. Wasn’t it
Speaker 1: Yeah, absolutely. So, so how did you make out, what, what, what did you put in place when you first realized that this was here, this pandemic was here and it was going to affect your properties How did you react
Speaker 3: You know, it was a strategy session with the individual property managers to come up with a plan of, okay, it’s not going to be free rent. Unfortunately, the meta was, the media was not very friendly to us. The media immediately was throwing it out there. Everybody’s going to get free, free, free, free, free, free everything. Right. You don’t pay your rent. Right. It was a bit of a challenge. So we immediately put in a place, Hey, it’s not free. It’s deferred. And, and these are the qualifications in order to, to meet those requirements is, you know, number one, you got to show us some sort of proof that this has negatively affected your income, a layoff notice of some sort, or what have you, number two, we’ve got to show some affirmative action that you’re doing something about it, either, application for unemployment, application for public assistance programs. And we held their hand through the process, you know, out of 253 doors, we had six people actually apply and all of them, or all of them are caught up at this point.
Speaker 1: Well, how about the ones that didn’t apply and did he have a, did you have more skips than usual skip meeting that they did, they took off, did not for your benefit for anybody that doesn’t know where to skip is somebody that takes off, you know, in the middle of the night, do you have any skips, more skips than normal They always going to have skips on a property.
Speaker 3: I think, quite honestly, from going on memory here, nothing stands out. That was really out of the ordinary. Dave, I think the people that skipped were people that were already in the foreclosure process or people were happy to see.
Speaker 1: Yeah, yeah. It’s much better when they skip, because you don’t have to go through the whole, eviction proceedings and that costs you money. Right. It’s great. When they skip your may rent came in. Okay.
Speaker 3: Main rents came in. Okay. And matter of fact, all we did differently was we held off on the first quarter disbursements just to see how April it did. And, you know, we’ve already sent out those disbursements in there right. As we had.
Speaker 1: That’s great. Yeah. that at the beginning of last call, I actually talked about a study that was done on multifamily ownership. And the fact that they’re basically only seeing about a five or 6% decline in revenues, and that the good property managers were not seeing the decline and the smaller ones weren’t seeing the decline because they were more, they typically have a better relationship with their tenants and the people that weren’t operating efficiently were the ones that were seeing the decline. Right. Marginal owners, I call a marginal ownerships that never really learned how to operate properly. So that’s good stuff. All right. So let’s talk about, I know you’re busy. I’m going to keep you for just a couple more minutes. Okay. okay. What did you, in terms of Dar teachings that you learned at Ari meant, or what did you use, or what particular classes do you think were most important for you to get to where you are
Speaker 3: That’s good. That’s really good. Probably one of the most essential classes was managing the managers. I’ve attended that a couple of times. And, you know, there’s a lot of things that are common sense, but just, you don’t think of when you’re in the heat of the battle and your property, your on-site management, or the regional, whoever you’re dealing with directly, usually the regional will come at you. Like things are just industry standard, but really they’re not, they’re they’re standard that don’t necessarily benefit the property owner. And just a little, little details. And, you know, keeping honest people, honest is a weekly job. I think everybody who’s, everybody understands that the Monday morning report is called the Monday morning report. Cause you need it each and every Monday to make sure that that plane that’s leaving San Diego is still heading towards San Francisco and not Tokyo. Right. I mean, that’s the key is to make sure that that plane is going in the right direction. Right.
Speaker 1: You know, here’s the most important thing about the Monday morning report is that people actually read it, you know, because a lot of people will get it and they won’t read it. And then the second most important thing is that when you see any numbers that are outliers is that you pick up that phone and find out why, you know, what you’re going to do about it. It’s funny that you mentioned managing the manager first because that’s probably the least sexy of all the events now digitally because you know, the people just weren’t showing up for it. Even though they, they buy a big package and they get it in the package, they still wouldn’t show up for it because it wasn’t sexy. It wasn’t teaching you how to buy a million dollar property. And it wasn’t teaching you how to raise a million dollars for your funds.
Speaker 1: It was teaching you how to actually operate it after you did those two things and got a property, you know, in the, in the opportunity that we’re going to see from owners that didn’t actually learn how to operate properly. Like take that course. You actually took it twice. You know, that course or any, you know, any other way to get educated on how to operate. Those are the people that are going to give us the opportunity over the next couple of months because they never did it. Right. You know And then when something happens to the property and the revenues get affected, they don’t have the experience or the knowledge or the skills to fall back on to say, okay, this is my problem. This is how I deal with it. And that’s what, you know, I did this special webinar calling. I call it the, the 2020 opportunity.
Speaker 1: And that’s what it’s all about. It’s all about these marginal owners where they’re just going to start popping up and the smart ones are going to sell the properties because they’re going to realize that they don’t have the skillset and they’re gonna lose the property. They don’t sell it. They’re going to take away any equity that they can. And that’s the first wave. And then the second wave for the people that weren’t smart enough to sell it, that they tried to hang on, didn’t have the skillset and had to give it back to the bank. And then either going to buy it before that you gonna to negotiate with the bank before they buy it, or you’re gonna take get it from the bank afterwards. But there’s a lot of opportunity coming up, Rob. I hope you’re excited and, and get ready for it very much. So, yeah. So talk about that P and L that monthly P and L profit and loss statement,
Speaker 3: Funny that you, you should say the key to the MMR is that somebody is actually looking at it because the P and L is a once a month, ritual that, for all of our businesses, not just our multifamily, but it’s E it’s easy to, to review it and look for mistakes, but it’s as, one of my mentors used to say, it’s easier not to, right. So do we gotta fight that, that you got to resist that and make sure it would dig in into the detail report and looking for the little things that tend to get buried. another phrase I’ve heard used is the we’re talking about property managers, the goose is fat and likes to eat a lot. So you’ve got to be careful about that goose and make sure that you’re keeping it on the proper diet. Right
Speaker 1: Well, the whole idea behind, you know, reading the re reading the Monday morning report and the profit and loss statement, and the picking up the phone and asking questions is if they know that you’re minding the store, they’re going to run the store efficiently. If they think you’re not minding the store, they’re going to find, you know, these little, they won’t run as efficiently as they could. This is the good ones. And if for some reason you didn’t get a good property manager in there, you know, somebody that may not be as ethical as others. That’s when the scams began, when the bad ones are in there. And they realize that you’re not watching the numbers, they’ll find ways to make sure that those numbers favor them all kinds of ways that, you know, being in this business for 24 years, I’ve been through all kinds of managed pits camps, and a lot of them that I’ve shared on stage, you know, many times, I don’t mind certainly telling you about my mistakes.
Speaker 1: It helps other people, but yeah, but they’re not all bad. You know, there’s a lot of good ones out there. You just have to go through the process to get the good ones, but yeah, you gotta ma you gotta mind your numbers. And even if you’re not a numbers person, get somebody that is a numbers person on your team, or even your accountant, and have them read those reports and ask, you know, ask the questions. I’ll give you the questions to ask. It’s that important, pretty important. What other systems do you have in place to keep your properties running efficiently He runs coming in.
Speaker 3: He actually above and beyond doing the MMR. we actually meet virtually like we’re meeting right now, every single week with an, with our onsite manager and regional at each location, in different meetings, of course, and, actually over the numbers and ask whatever questions come about. We do a lot of email interaction, but, I think, like you said, letting them know that you’re minding the store. Part of that is actually doing a video conference and hearing it directly from them. And I just think there’s something magical in them knowing that, that meeting’s coming to make sure that things are getting done promptly and efficiently prior to the meeting.
Speaker 1: Yeah. I agree. Especially
Speaker 3: When there’s construction involved, if you’re doing any type of rehabs or renovations, it’s amazing to me how quickly six months goes by. And if you’re not on it on a week to week basis, how slowly these projects get finished, if you’re not having your video conferences and getting updates and time is money. Absolutely.
Speaker 1: Especially if you’re doing a repositioning, you know, or just, just upgrading unit things don’t get done unless, somebody is watching the ball number one, number two. I mean, they gotta be walking that property, walking those units from the contractors on site every day, you know, to keep the contractor honest as well, honestly, just to the point of showing up every day, right. Squeaky wheel. Absolutely. Right. So what’s next on your site
Speaker 3: No, we’re still analyzing deals. We’re still throwing them in the profit maker. And, just looking at numbers right now, I’m partners with a number of different students that we’re looking at deals together all the time. We’re still submitting a little eyes, nothing that’s made any sense. And apparently it makes sense to other people because we’re not getting the bids, but, we have our strike price and where we need to be and where some of these people are purchasing properties, nowhere near where, where we need to be. And I think we’re being fairly liberal with some of our numbers, but, the right deal will be there. We’re still looking
Speaker 1: That’s right. It’s the right one will come along and you don’t get antsy that’s for sure. Especially in this market. Hey, do you have any morning rituals Absolutely. What do you do
Speaker 3: An early guy I’m a three 30 in the morning guy. So that means I go to bed fairly early nine o’clock is my it’s past my bedtime, but, I’m in the word every single day. I think the spiritual foundation is the foundation of anything good in our lives. And I know for a fact, I mean, you know, my background, you know, addicted to drugs and homeless. I’m no longer the man that I used to be, but I’m known where’s near the man. I know I can be. So I know there’s a daily growing that takes place by continually getting closer to God. And the way I get closer to him as I become more like him and the way I become more like him is by getting around him. So I’m in the word and prayer every single morning, as well as I have my reading time, generally it’s 45 to 60 minutes every single morning prior, you know, and that might be, you know, reading a good book or Christian author book or somebody that, you know, the books I read just like you, Dave, they’re not entertainment, they’re growth books.
Speaker 3: So sometimes they’re painful. They take a little time to get through, you know, I can, I can be a couple months on a book because I want it to stick a little bit, you know Yeah,
Speaker 1: Absolutely. Well, Rob, thanks for coming on to this call. I really appreciate it. You gave us a lot of good information and the next time I’m down there and San Diego, me and Brian are going to come by at five 30, pick you
Speaker 4: Up while heading out to sir, always a pleasure, man. Thank you, David. Take care of my friend. Have a great day. You too.
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