Ep 534: Buying Value Add Multi Family In Texas

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hello welcome to the hive with this podcast I'm your host Daniel Martinez today I have co-host Kyle Thompson and
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special guest Paul Montelongo how are you doing today good man how about you guys we're all right we're all right
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apparently I'm we're ready to Hive we're ready to Hive that's right we're ready to Hive you getting it you're getting
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yeah yeah yeah nothing gets by me [Laughter]
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man so I always like St I always like appreciate you coming on the show we met a couple weeks ago in Phoenix and we're
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already working on a deal with your wife so it's kind of exciting yeah that's right it's crazy how connections happen
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and you don't even know who you're going to meet and what's weird about that us talking to you and your wife we didn't
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really like communicate till the end of the event right when everybody's walking out the door and like oh I have this
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yeah that's why you got that's why you gotta hang around that's why you gotta you got to work a crowd you know you got to work a room you gotta work the room
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100% you can't can't you can't be invisible in a room that's right that's right 100% I know that very well with my
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cowboy hat oh that's true that's true I like who's that cowboy in the
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back so for people that don't know you can you give us like a 30 second elevator pitch on who you are and what you do and then we'll jump into the show
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sure longtime real estate investor I'm from San Antonio Texas you know I've been investing since I was a a teenager
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over the last 11 years I've been buying apartment complexes and multi-unit properties so our smallest property is
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70 unit or largest property prop is 200 units and we have everything in between about 6570 million under management
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currently all of that was purchased in the last 2 and a half years postco right and uh prior to covid you
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know I'd cycled through several deals but uh we really ramped it up postco because during that time there was you
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know about a year and a half two years where everything was kind of status quo but after that we you know we hit we hit
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the ground running We Buy in the South you know Texas Oklahoma Kansas and we
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buy value ad properties put improvements into them raise the rents create the value and
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dispose of them five years later pay back our investors on average right now
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above a 2X return very nice very nice let's talk about like your your you've
Chapter 2: Navigating the Pandemic.)
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been doing this for a long time but you said you you kind of picked up during Co what was that transition and what was
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that boosting factor that made you like let's let's turn up right now during Co
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well there for there for a minute lender stopped loaning money you may remember in fact in March of 2020 when you know
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when they closed the doors we had three contracts under deal under three Deals under contract with earnest money
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deposits in them and we really thought that we were going to lose the earnest money deposit because no Provisions in
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any contract at that time that I know of in real estate had pandemic Provisions they do now kind of like after 9 11 they
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have that they you know they had terrorist terrorism Clauses now they have Pandemic Clauses and so there for a
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while we were just kind of on a bubble we did buy a deal during uh during the pandemic and turned out to be a really
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good deal but then as it wound down and Society opened up more and people were
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moving now through jobs and our society became a more stay-at-home work from
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home Society we saw more people you know being in apartment complexes and apartment units and and so we just you
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know we went on a buying spree and we you know we have all these assets um in
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fact I just submitted an a third revision of an Loi this morning on a deal that we like 174 units so we'll buy
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a couple more properties this year in 2024 and we think we think that in four
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or five years when we start selling off these prop properties that hopefully will look real smart
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we're gonna look one way or the other put it that way it's always how how it isul do you raise on a on a deal by deal
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basis or do you have a set fund these are deal by deal raises it's interesting you mentioned that because we are
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contemplating the fund does seem like it's probably time for us to put together a fund so we have more more
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latitude you know more more uh mobility in acquiring deals but as of this moment
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they're all transactional raises yeah they're a deal by deal yeah no I wanted to ask you I didn't
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know about the P pandemic pandemic Provisions that's the first time I'm hearing about this uh can you cover a
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little bit about that like if pandemic happens what Pro what Provisions are in place whenever you're doing Ty contct yeah there's some language in these
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contracts now that say something to the effect uh in the in the event of a of a pandemic um then you know you can
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renegotiate or you can return your EMD or various things like that they also
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Provisions in them that in the event that we don't have uh access or we're
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not granted access to a property then that could either extend the due diligence period or cancel the due
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diligence period or replace it or something you know during the pandemic we actually did look at properties and I
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recall going to properties and Property Owners property management companies requiring that we sign a waiver for each
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unit that we walked in so if we looked at a 60 or 70 unit property and we were
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G to walk all I I sat there at a table and signed 60 waivers to go into these apartments and
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that was not an uncommon thing at that time and uh then they and even then they restricted you it's like only one person
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from your team could go in at a time so you know one person would go in come out the next person would go in come out and
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because we you know when we go tour a property and we're inspecting it we have four or five people from the team so that we have plenty of eyes on on the
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property so it was weird times that all yeah well like in like I mentioned
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to you the contracts that we had or the deals we had under contract that got pulled so technically speaking it was
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not uh there were no Provisions in there uh like uh contingencies for Lo lenders
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on those particular contracts but since the lender pulled out because they had no longer had funds there for a minute
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then it would have been a a financing contingency Clause that could have executed but that wasn't a provision
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then so yeah you you you know you learn and and these things get included in contracts now so I I have a quick
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question about pic this is a good pandemic question so I heard people that had like multif family units or property
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management companies they had pandemic assistance from the government did you have to deal with that sure did okay did
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that was that a big issue or minor issue during the pandemic with the pandemic assistance it was an issue that we had to work really hard through okay so so
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on our properties fortunately we maintained a mid90s occupancy ratio during the pandemic okay that's great
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because just in in in normal times you you'd like to see a 94 95 96% occupancy
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ratio challenge was that there was a moratorium a lot of these tenants thought that that moratorium uh applied
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to them and in rare cases it did it actually apply to them but
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psychologically it applied to them like oh there's a moratorium we don't have to pay our rent okay that's not really the
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case okay what was the case case was is that courts were closed down and you couldn't sue someone for eviction
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because there were no Courts open to hear eviction cases so what we did was
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we put our team on finding government money Municipal city state federal money
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to participate in the rent and what we discovered was fortunately to unbeknown
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to us is that the actual payments from the government were a little bit better than Market rent and the mark and the
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rents that we were charging so if we were charging let's say $900 on a unit we actually got like
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$1,010 or something so we were you know we were getting a little bit more than we were charging but we had to put in
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the leg work we had to literally sit down with a client or a tenant at in the office and go okay let's open up the
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computer and let's fill in the blanks and we'll push the application for you because a lot of tenants thought they
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didn't have to so yeah and from that we we learned a lot we learned that you
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know there was assistance available and we were able to our properties were able to survive not only survive thrive
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because there was there was more more money for in rents than than we' planned
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yeah I remember you talking about that at the event that you literally sitting with every single
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tenant applications and uh what would you say did you know anybody else in the
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industry that was doing the same thing because you guys went above it and Beyond doing that well I've heard since
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I didn't at the time you're so absorbed in the moment and trying to fix stuff that's going on you know I didn't I knew
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great I know great operators and I knew great operators that were you know surviving and thriving I didn't know the
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exact details but since then yeah I've learned that good operators did that and we just we literally sat next to
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residents at a computer helped them fill it out did all the followup work with
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whatever entity they were getting the these matching funds from or these funds you know we did the work and all that
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didn't it didn't come in on by the way it didn't come in on the 1 like it's supposed to it usually came in 30 to 60
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days later right because you know it had to run through the government system yeah but that's okay we you know we we
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just we just learned and we just adjusted and wein to got all of our
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money wow you gota you gotta adjust in markets like this because I I it was I'm
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glad I didn't like deal with like people in Property Management during Co because I'm a land guy but like literally when I
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was hearing all the stories I'm like oh man it's Gotta Be A gota be like a mini nightmare yeah it was interesting times
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we bought a property and there was somebody there on that property who hadn't paid for 19 months and his excuse was pandemic
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pandemic pandemic and his case was on the docket at court his eviction case was but court
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was closed right so when it finally opened up after we bought the property
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it opened up like like once we bought the property I think he'd been on our delinquency list like maybe three months
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but prior to that 16 months okay and then we got on a zoom and you know the
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court found found him that he could should be evicted and okay and it was you know a normal eviction I feel like
Chapter 3: Mindset and Mentorship.)
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whenever crisis like this happened people get get away with a lot of stuff I heard a story where during 2008 like
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foreclosure crisis that a person lived in their house for like five years
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without making a payment and then oh yeah got forclosed on like years later
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and they just ended up selling the house yeah yeah no during during 2008 2009
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2010 I bought a lot of properties in the Inland Empire and in Orange County California because those that that was a
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a hypermarket in other words there were a lot of foreclosures the values in
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California as you know were typically very very high but the values have been driven down and so we went and bought
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undervalued properties fixed them up and you and still resold them at a much lower price than they were used to so
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you know just random example the house may have been worth $750,000 but at that particular time
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with all the improvements and everything we sold it let's say for $550 so buyers in California were going wow this is I
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can get a $750,000 house for $500,000 what a steal and so there was no trouble
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Selling Houses and there were plenty of plenty of foreclosures and preforeclosures available during that
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time yeah so you just you regard and this is all the mindset I think regardless of the times regardless of
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what's going on in the economy and in the world if you got the mindset that you're going to adapt and if you got the mindset that you're going to make things
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happen well then then you just go figure out the parts and the pieces and and you just make it happen you're big into that
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into the mindset stuff you said you you have Retreats for your own Mastermind right that you do I do um like mindset
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stuff can you kind of talk about that and what you what you do for mindset and and everything like that your
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health yeah well I think it starts with my started with my own Journey you know I came from a a a home that was um
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pretty Middle America typical you know we didn't have a lot of money and that
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that sort of thing um and and you were kind of told what to think and what to
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believe and what to know and how things are like this is the way the world is
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and so you better fit into this world and then as I grew a little bit older that didn't make sense to me and I was
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like there's there's there are people out here in the world that that are doing things differently how do I get
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involved with that and then I began to learn that okay it's really between the ears and I I actually attended a Tony
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Robbins program back in 1994 yeah 94 and that was the first time
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that I ever really learned that you can
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orchestrate the things you think and create a life from the things you think I'm like whoa that blew my
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mind who does that right and so uh it was new to me and so then that set me on
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a path and and in our masterminds you know we talk a lot about wealth and wealth mindset and the limiting beliefs
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that we all carry with us um from our upbringing from our environment from our
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religious influences from our familial influences from our friends from our first employer all of these are just
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influen that we just carry with us through the life and if if we're aware and here's the main thing Kyle if you
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come from a place of awareness like you're always thinking you're always evaluating okay why why am I responding
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this way why am I thinking this way how can this be better is this a result of my thinking then you go to work on your
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thinking and so in our masterminds we deal a lot with um wi with wealth
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awareness with mindset with health and fitness because it's a everything's a reflection of everything so if you're
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health mentally you're likely going to be healthy physically and vice versa if
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you're healthy physically and mentally you're likely going to be healthy financially and emotionally and
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relationally so it's all holistic it's all tied together and if one area of your life seems to be suffering well
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then that could be a sign that you need to maybe pick up some of the area other areas of your life so that it can pull
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this this suffering area along you know yeah and so yeah we deal a lot with that
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and and in my mentoring and coaching I deal frequently with mindset and I don't I don't sit around beating people up and
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you know I don't I don't go David gogin on people right but you know we all need reminders
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and and so I'll remind somebody is that is that a Is that real is what you're telling me real or is that a function of
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your thinking right right yeah i' I'd say that's you articulated that really
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well so I agree everything is just it's almost like we make things up in our
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head we make a lot of things up in our head we make excuses up we make scenarios up we make a ton of things up
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that hinder us and they and they stop us would you say that Tony Robbins event was like your breakthrough or would you
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say you had like almost like would you say you had a real estate deal that was your breakthrough to where like I'm maybe thinking a little too smaller and
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limiting myself no that was my breakthrough because at the time I was doing okay in life in fact I was doing quite well right in life and and you
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know I had a a relative come to me and say you got to go to Tony Rob and I'm like why well because you'll make more
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money I'm like I'm cool I'm good yeah your family will be better I'm good your health will be better I'm like I'm good
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I was running marathons at the time you know like everything all these bullet points right this will get better this will get better this get better I'm like
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check check check I'm good I'm good I'm good and they're like and plus we walked on fire I'm like
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what I want to do that so I initially went to a Tony Robins program only to
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walk on fire that was my that was my that was my sole purpose for going I didn't care about all the other stuff
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and of course once you put yourself in that kind of environment and you get opportunity to do some self-reflection
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you're like oh the firew walk is just a metaphor you know the firewalk is just a
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thing that's representative of the rest of the way I live my life and so that was really the first time yeah that was
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in 1994 I'm about 100% sure and that was the first time that I really ever
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thought I did not realize that you could think of about what you could think about yeah you know Tony maybe I can't
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maybe I came late to the game I don't know but at least I'm glad I showed up yeah Tony Robinson has been doing events
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before I was born I didn't know he was uh doing events like that for that long oh yeah yeah yeah no he's lot of things
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he's OG he's he's the real he's the old school yeah he's still out there still doing it of course obviously crushing it
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and yeah crushing it and and and the the cool thing is that you know I've I've been able to
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follow him along right and and see how his life has kind of evolved and twisted
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and turned and gone through its you know different phases and the and how how
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he's been able to help people by his example of you know I don't think he's
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had a perfect life in fact I know he's not had a perfect life life you know so I mean who could who gets to describe
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perfect right who who's who gives that definition but by that example you know
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none of our lives are perfect it's just a matter of are you going to show up at the game and are you going to put your full effort in every day year after year
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after year 100% 100% that's awesome is
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is is there a is there a common issue you face with your mentees and how do you address it I yeah I think the most
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common issue is is not thinking big enough and I
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don't mean like big enough dreams and big enough goals and aspirations you know because a because a student could
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come to me and they go like I want to have $100 million worth of property okay well that's that's a that's a big dream
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that's a big goal okay but the mentality that it takes to get there like who do
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you have to have on your team who do you have to partner with who do you have to collaborate with you know who do you
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have to affiliate with those kinds of things are are always surfacing you know like how do we improve our Circle and
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raise Elevate our Circle so that we can achieve those those big things that's the most common denominator because the
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people that come to me they already have big goals and dreams and aspirations like you just
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like you you I told somebody the other day he he's like I want you to Mentor me I'm like you're not ready dude you're
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not ready I need you to go put in work for another couple of years and then let's talk and and I think I'm doing
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them a service by that because because I'm going to Mentor him at a level that
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he's not ready to grab and and I know this because I've mentored so many people so in two years oh he'll he'll
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just soak it up like a sponge okay so so the people that I Mentor they're they already have an elevated thinking and so
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it's like who do we put in your way to help you get those
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things I 100% agree with that I think some people aren't ready to receive the information at that time and time is the
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like the wisdom Factor well they may be if I may they may be ready to rece reive the information but they're not ready to
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digest it and to do something with it it'd be like me saying okay you know um
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I'm going to train you to to run a marathon and tomorrow is day one and we're going to start with 22
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miles you know yeah like like the chances of you of you being successful
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at that are slim and none okay but if I say tomorrow we start with two miles all
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right and then next week we move to four miles Etc now now those now these chunks
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can be digested yeah they're manageable this is good this is good stuff how many
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co do you do like a certain amount of coaching students per year or do you kind of rotate people out over year over
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year or month over month or quarter over quarter it varies I don't have a set number I think with what I have right
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now and what I've done the last 12 months it's um probably my most measures it's not many it's less than 50 it's
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probably in the range of yeah 35 5 to 40 but they get a lot of my private time they get my you know my personal
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mentorship and that's more that's more for me really for me to feel good about
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what I'm doing for somebody and with somebody instead of handing them off to a coach or handing them off to a you
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know to a virtual event handing them off to a series of videos I I want to be involved there's uh you become a better
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Coach and teacher when you take a lot things more Hands-On personally because it actually molds you to become more
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more not professional but you get your you get you you recognize problems and
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errors faster because you're sharpening your skill of becoming a better Coach no that's exactly right and the the things
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that I share and teach and mentor on I'm either going through those myself yeah
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or I've been through those recently or in the not too distant past they were a
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very intense event yeah right so um I I frequently well I always will with my
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students I'll say okay this is the deal I'm in currently this is the phase I'm in currently and so this is how we got
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here you're going to be here soon so this is what you need to look out for so I I do teach from experience and you are
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correct that the more I teach the sharper it keeps me in my world in my business world yeah that's crazy one
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thing I I when you when I heard you speak at the Phoenix event was you're you're very Diversified in your
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purchasing uh you talk about your your your um what's the word I'm looking for
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the doc the Marina Marina so I I I can yeah you can say I'm
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Diversified but you can also say I'm not because I have one overriding uh metric and that is
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multiple checks okay okay so if you if you do a flip you know you buy a flip
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and you fix it up that's one check you buy a d duplex that's two checks but if you go buy 100 units that's 100 checks a
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month so my first transaction was a marina uh back in 2014 2013 into 14 and
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um it had 115 boat slips and it had 24 RV spaces I removed those 24 RV spaces
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and I put in 38 tiny homes so that gave me 153 streams of Revenue just off those rental spaces and
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then we had an event center and we had boat parking in a lot and we had some storage and we had U airbnbs and then we
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had like I had motorcycle rally there and so we had all of these various streams of Revenue that were always
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coming into the property at one time I had 13 different streams of Revenue going on at the same time so that's when
Chapter 4: Real Estate Strategies and Market Insights.)
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I really learned the power of of multiple units and so then I started buying apartment complexes and now we're
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developing a storage and so at the moment we're around 1150 units and so
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that's 1150 check checks and then by the way in an apartment complex you have the
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base rent that's one stream of Revenue and then you can add on some other things as you guys know like your pets
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and your pest control and your parking and those all the little things that are parment complexes add on so now you take
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one apartment unit and it alone can have four or five streams of Revenue so you
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see the the the the multiplier there um and how it diversifies you and how it
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also mitigates your risk uh because if you have 10% of your people leave you
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still have 90% income coming in so that made sense that made business sense to
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me i' I've been hearing a lot of uh value ad propositions for multif family
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of like adding like a TV internet package have you dealt in that yet sure sure we've done all that yeah smart how
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do you set up how do you set up those uh packages you just reach out to the the the service provider yeah yeah there well
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there's a couple of ways first of all there there are vendors that do this that will do this for you on your property or you go you can go buy the
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components and have your maintenance staff put it in right so um and there's
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some value there we have one property that has a what do they call it fiber fiber what do you call fiber
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internet yeah but the the high whatever it is stream fiber internet yeah it's a
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gigabyte speed internet I think yeah yeah it's a Class A property and it's got you know Star Wars um internet in it
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right so so you you know we can charge extra for it right so um and that was
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put in there by a service provider and you know we took over the property and so we can charge for it so yeah there's
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just those those those kinds of things you take a look at the market what the market uh needs what the market demands
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what the other properties comparable to yours or providing for their tenants and what your competition is and then you
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make a decision do we want to add that Tech package or Internet streaming package to our our rent as an option or
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as a base rent yeah yeah or your uh your the the marina deal didn't you you had a
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you had to raise a a certain amount of money in a in a quick period of time right I did I did so that again that was
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my very first deal um multi-unit deal I don't I've been flipping houses forever
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and so part of the deal was I had to raise excuse me $1.4 million and man I I I ra i i i hustled
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for months and months and months and raised absolutely zero and then we reached out to a guy
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that had been in the space for a while and he raised the whole $1.4 million in nine days and I'm like whoa that okay so
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it is possible right there's a great example and how did you do it and so he
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taught me he mentored me and you know now we you know we have a pretty good system for raising capital on on our
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deals yeah but you know I just first of all I had never owned a marina I had
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never even owned a boat I still have never owned a boat but one day one
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morning I woke up and I had 115 boats right and a week after we got the place
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a snowstorm came and crashed six of the docks and all the boats under them and
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you know that was my welcome to the marina uh uh business uh we eventually
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fixed all those up of course and then we you know we monetized the place but I I
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think that's been a characteristic of my life if I look at my life I go like okay what what business did I have getting
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into a marina I had no track record you know I had zero track record I you know
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I zero and um but I had business
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experience and I had personnel and management experience from the businesses I had owned through my course
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of my life so I thought okay I can apply those and as it turns out yeah I was able to apply a lot of that a lot of
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that Acumen and those skill sets to this new business because when you buy a marina or you buy an apartment complex
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or you buy a self storage or you buy a mobile home park or you buy a hotel you buy any of these
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multi-unit and multi- income producing properties you're not really buying real estate
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you're buying a business the real estate happens to be the underlying asset on
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the business but it's the business that you're buying you're buying the marketing you're buying the Personnel you're buying the website you're buying
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the tenants we call those customers you're buying you know good Google reviews you're buying the crappy Google
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reviews you're buying everything that goes along with that business and it's your job to go in and put your footprint
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in that business and it's your job to go around and turn it around that business and make it profitable to your your way
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of doing business and so yes these are real estate transactions but more importantly
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they're mergers and Acquisitions yeah uh I don't think we ever covered but uh you
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said you bought Class A are you buying Class A and B or what's your like your B andc right now B andc because that's
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Middle America and that's where the workforce is and that's where the workforce will uh pay for apartment
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complex you know apartment units the the the big percentage of people uh live in
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a BNC and so we're buying bnc's we do have an a it's doing well you know the
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numbers on it are good but uh B and C you just you set yourself up better for
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Success D's we don't buy D's that's the gun that's the Gun Zone we don't buy those um are you is is is Insurance
29:51
becoming a problem in your space as far as multif family yeah um yeah it is can we talk about insurance because I I
29:58
don't know anything about multif family and insurance and stuff like uh what's what's what's causing the insurance
30:03
rates to go up is it like just the market in general or is it based on different states Market in general
30:08
losses uh you know we buy in Texas okay so and we buy we buy properties down on the coastal bin so they've experienced
30:15
some hurricanes there in like in 2017 2018 and the residuals of those higher
30:21
premiums is still in existence um we do see a little bit of a
30:26
leveling out over the last 12 months um our most recent policies on those
30:31
properties seem to level out a little bit so we think that maybe over the next three to four years we're going to see
30:36
at least a leveling out and not so much of a big jump big spike so that's good
30:41
um and the other thing is we uh uh we
30:47
when we evaluate a deal okay insurance is an expense yeah
30:53
it it's a none of us like it it's like taxes it's like property taxes
30:58
it's like Property Management it's like employees they're it's an expense so if you factor in the expense you know your
31:05
cost and you factor in the expense you write a business plan to factor in the expense okay it's it's an expense and
31:14
and you just cover it um and you make an offer accordingly so this is what's
31:19
happening in the market sellers you know what sellers are selling because they don't want to be faced with the new and
31:26
updated insurance ins premiums okay I get it but you don't get to pass that on
31:32
to us you don't get to pass that fear on to us right we'll make the evaluation of
31:37
what really is like you're not going to absorb that risk it's okay we'll absorb that risk and as a result we're going to
31:43
pay accordingly right so it's just it's a there's nothing fancy about it it's a
31:49
straight business evaluation that's good that's good um so
31:57
as majority of your units in Texas yes yes um Mar Corpus Christie San
32:04
Antonio uh our partners have some in Austin uh we have and then we go up to
32:11
Witchita Kansas okay okay um and you said you're you're
32:17
looking to buy right now you're currently buying what's your end end end buy because this is June right now so
32:22
how much you trying to buy this year in this fiscal year um I'd like to buy at least two more units two more properties
32:29
and those properties typically are 150 to 200 units each so um we we have one that we think
32:37
we're we think we're going to get so it'll close this year obviously and we get another one on top of it uh we like
32:44
we we we like to have all of our buying done by November okay you know and
32:49
because raising capital in December is is you know we're competing with Santa and man he's a tough competitor you know
32:57
and so uh he usually wins so we
33:02
like yeah we we like to well you you know he's a he's a baller OS Santa you
33:08
know he'll draw that money out quicker than we can so anyway we try to wrap everything up by by Thanksgiving on our
33:15
purchases that's very interesting perspective I keep that in mind I keep that in mind yeah well and that's again
33:21
dudes that's from experience a couple of years ago we were raising I I'm pretty sure if remember
33:28
right it was like $17 million if we were in middle of raising $17 million in
33:33
December that you know people are not mean they just don't want to talk to you it's like I'm over
33:40
here hanging out with my family I I don't want to talk to you about you know putting $250,000 into your property talk
33:47
to me talk to me in January right so you know that's just a learning experience
33:53
there very interesting um how how are you raising capital um right now
33:59
currently uh mostly through retail investors okay so the majority by far of
34:05
our investors are business owners trucking companies Physicians meat
34:11
packing companies roofing companies uh let me think what else
34:16
um technology company so they're business owners in their own right and
34:21
they understand that their Surplus cash needs to be invested in real estate but they don't want to do the work
34:28
yeah so they turn to an experienced operator like us and they go okay here's the investment go over there and manage
34:34
the property send me my returns and I'll keep making money the way I make money
34:39
you guys handle the real estate part like okay we are uh working with some
34:45
private Equity groups now so we're we're we're cting them and we're working with getting them to invest in our properties
34:52
so that we can have larger checks yeah and fewer investors that's a process you
34:58
know that's a work in progress that's a relationship building process and so
35:03
we're actively involved in that right now and uh we think it's going well yeah
35:09
well yeah you got to leverage the track record and continued business in the future you do provide that Insight like
35:16
this is where we're going this is where we're going yeah you do you do Paul have
35:23
you ever thought about doing um construction on maybe like an entitled piece for multif family and building
35:29
some units on on some land I have I've been down that road and backed
35:35
out I've been down that road um let's see two years ago I guess two years ago
35:41
we had a a piece of property in Austin uh tied up and we were going right down
35:46
the right right down the Fairway to get this thing entitled and to build 192
35:52
units and uh right at the end there we had a a sewer connection problem and um
35:59
that was going to uh extend our project by another two years and so we're like
36:05
we we just you know we we can't do that so I'm not opposed to building new and
36:10
developing new um my real background my original background is in construction
36:16
so I owned a construction company I owned a fire restoration company I owned a high-end Remodeling Company so I did
36:22
that for 25 years while I was buying you know flips and doing flips and and and
36:27
those kinds of properties um so you know I have a very deep background in construction and I'm I love the
36:34
construction piece of it that's why we love doing what we're doing with the um uh with the storage because it's a
36:41
groundup development right so yeah I'm not opposed to it at all it's just it's just that there's so much out there
36:47
right now in terms of existing properties that can be renovated and
36:52
value added to it that we're going to stay focused on that for a while AB
36:59
um what does your value ad proposition usually look like whenever you're value adding is it like a rent increase is it
37:05
remodeling because I know um if you're buying older units especially class BNC you got to fix up the you had to make do
37:12
of a bunch of make Rees and units yeah so listen if you're in a
37:19
multif family space out there right now here's here's your uh here's your master class okay here's your free Master Class
37:24
hit me hit me I don't about it when we evaluate a property we're evaluating for
37:30
one thing and that is missing rents okay so does the market say you
37:37
can charge 1,200 for that unit but you're only charging a th000 right
37:42
verifiably does the market say you can charge $1,200 and are you only charging
37:47
a th000 as an example all right that $200 Gap there is our
37:53
opportunity because that $200 Gap is not just one unit it's the or the 150 or
37:59
whatever so that's our opportunity the other things that we talked about earlier the other income you know the dogs and the tech package and the
38:05
parking and all that stuff we do not evaluate on other income ah okay okay
38:10
okay we only evaluate on what's called loss to lease so the the the the unit is
38:17
losing money because it's not reaching its potential lease value and then that's how we evaluate a
38:24
property and then secondly we look at the expenses are the EXP expenses upside down or the expenses out of whack and if
38:30
they are that's perfect opportunity for us because day one you can fix expenses you can't fix leases day one it takes a
38:37
12 month staggered period to fix all those leases that are going to come due
38:42
correct but but expenses you can pretty much Start slashing the minute you get
38:48
the keys so those are the two things that we really really evaluate heavily
38:53
on a property and you're selling me a property and you're telling me that that it has a $200 upside but and you're also
39:00
um asking me to buy the property based on that $200 up upside I'm not buying
39:05
your property I'm not paying you for work you didn't do that's my money that's my opportunity okay so that's how
39:14
we're evaluating properties now in 2019 2020 and parts of 2021 operators were EV
39:21
valuing property and buying property based on the proforma based on what they thought it would uh it what they thought
39:28
it would get in years coming and there is an element to that but but properties
39:33
were being bought strictly on perfor properties were being sold based on performa and that's how a lot of
39:39
operators and a lot of owners got caught in the current crisis that we see in the apartment business so um I'm glad it's
39:47
where it is right now because it feels very old school it feels it feels it doesn't feel it actually is
39:55
just like when I was originally trained you're you're negotiating you're
40:00
establishing a value you're selling me a property because you created a certain amount of value for it and nothing more
40:07
and I'm buying it based on that value that you created and I'm haggling with you and that feels very cool and very
40:13
old school to me um it's kind of funny because like uh
40:19
people that buy out performers without actually doing their own homework just because they could raise money like they're getting washed out I've SE I've
Chapter 5: Personal and Professional Growth.)
40:24
heard so many uh people getting losing their their part Ms recently over the last 12 months um and it shows that the
40:33
the the steady TR and true always wins wins the battle Yeah well the tragedy there is the investors are losing that's
40:40
the tragedy 100% yeah that's that's the tragedy because because these inexperienced operators and
40:45
inexperienced syndicators went into the market and they go like oh it's easy to raise money and let's just go you know
40:51
let's just go Corral a bunch of deals and so um you know unsuspecting and less
40:57
than Savvy investors get caught up in that yeah it's always a tragedy is
41:03
investors are caught in the crossfire always Paul what's your main
41:08
way of finding deals right now Brokers 100% of our deals come through broker relationships that we've
41:15
established over the last 10 years um Leticia my wife she found one
41:21
deal on Loop net WoW and loop net is Loop net is the what do they say it's the it's a place
41:27
where deals go to die or something like that but she actually she actually found this deal uh from a broker who
41:34
intentionally list his property on loopnet so this was not a leftover property this was an intentional listing
41:41
and we happened to have she happened to have seen it Saturday morning at 8:00 a. like five minutes after it came out we
41:48
went to see the property that afternoon and we made our offer on Monday so you know speed money loves speed and so that
41:56
was that's the one example of a non- broker uh and it really was it was represented by a broker but your
42:02
traditional brokerage houses is where we get all of our transactions based on a couple of things we've built
42:07
relationships with them and we've actually closed deals with them in the past so anytime you close a deal with a brokerage house and a particular
42:14
brokerage well guess what you get on their speed dial so right for whatever's coming up next yeah performing exactly
42:20
correct I love how you said time kills deals can you talk about um a scenario when time kills something for you bu a
42:27
deal for you every day like there's so many deals you know
42:35
we have a deal tracker and in 2023 I think I don't think I know we evaluated
42:40
over 400 deals okay right so we put in offers on about a dozen we got
42:48
three uh because they just weren't penciling in 2023 because of the crazy debt market and we bought one those
42:55
other two the seller backed out but guess what they came back around last week Soh four months later five months
43:03
later they came back around but um the question was about you know deals I lose
43:10
because of money loves speed and you know those those deals those
43:16
transactions probably could have been taken down had I had all of the capital
43:22
already you know raed raised spoken for committed
43:28
um on those deals where I could go produce evidence to a seller Hey listen I've got my Capital stack ready to go
43:34
let's go just don't don't pay attention to those other buyers pay attention to me because here here's the evidence
43:40
right think towards the fund side of correct correct that's GNA that's going to solve those kinds of things you know
43:47
um and as it is we you know we since we're raising on a transactional basis on a one-off type kind of basis um we
43:54
can put together the capital stack on a one-off basis I'd like to be able to put together the capital stack on multiple deals at a
44:01
time because we have the capacity internally management wise to handle multiple deals we just we just continue
44:08
to grow the the capital raising part of our business how big is your team and I'm sure you do in-house management too
44:14
right we do in-house Asset Management we do in-house construction management we do third-party Property Management we
44:20
think that if we buy another 500 to 600 units will probably go internal uh you
44:25
know on a property management that's when it seems to make sense but up until
44:30
then we'll use third party management we have two MA two asset managers we have Underwriters we have a of course Leticia
44:37
she she does The Branding and the investor relation part of it I do the
44:42
negotiations and the U the legal and the accounting you know deal with the the
44:48
lenders and so forth like that so that's that's basically our team and then we've got some other you know like vendor not
44:54
vendor but um um people that we collaborate with that take other pieces
45:00
and parts of of each transaction I want to ask you about um
45:07
Leticia since you brought her up a couple times how has Letisha changed your business as a whole oh man you're
45:14
going after it aren't you I'm going I'm digging in I'm digging the shovel well I need to know if this is being recorded
45:19
first of all I'm just kidding we are being recorded well so you know before I met
45:26
Leticia the story is we've been married five years in fact next month we will been married five years we met and we got married in 10 months I'm trying to
45:32
get you some points here yeah I feel you I feel you all right we're we're going there and it's the best thing that's
45:38
ever happened to me thank you for asking so H how does how does uh your
45:44
relationship with Laticia you kind of mentioned a few times how does that affecting your business as a whole I'm trying to get you a few bonus points
45:50
here yeah appreciate that appreciate the wingman here okay yeah no I mean seriously so Laticia and I met six years
45:57
ago we've been married now five years and the two of us each of us were single 13 years prior to that okay you know we
46:05
found out later of course we we didn't know each other but we found out that we were both divorced many years ago in the
46:10
at the same time you know so we gone about our lives for 13 years and and I
46:16
had done some business obviously you know uh bought some properties and so forth and so then we get married in 2019
46:23
and 2000 in March of 2020 which is just uh what six months later or something
46:29
seven months later that's when you know the world shut down the pandemic so during this time I'm doing
46:36
virtual mentoring with about 28 people I'm meeting every Tuesday morning I'm
46:42
teaching a multif family um and and as I mentioned earlier we did buy during that time and she overhears and she's like
46:49
tell me more about this and I'm like well you know this I I explained to her she sits into the classes she learns to
46:55
underwrite she learns the principle of what we're we're teaching and she goes out and she finds the first deal and so um as it turns out 16 months
47:03
later we sold that deal for a $2 and half million do profit and that's when she was really
47:09
hooked she's like okay I got this and as it turns out also you know her skill set
47:15
you know she's from corporate she had a she had a a really big corporate job and
47:20
then after that she was a Serial entrepreneur on her own so you know she's been a a driving Force to me and
47:28
it's funny you ask because we're we're going through a uh we're going through like a branding session branding
47:34
sessions right now with a coach that we've hired about how do we really crystallize our message and one of the
47:40
things we keep coming up with is that we're demanding greatness from each other and we're demanding greatness from
47:46
ourselves so even though we don't sit there and go I demand greatness of you
47:52
you know it's it's inferred by example and so what she's done for me me is that
47:57
she's reignited my my love for the business and for real estate because you
48:03
know when I I did deals as as I needed I did deal as I wished right and now now
48:10
we have a plan and we have a Target we know how many doors we want and so on and so forth and so now there's a
48:17
discipline to it that she has really um ref fired up in me and so you know I
48:26
appreciate that and because the main thing is when I when I when I got really
48:31
really in touch with you know who I am and what I want for the remainder of my
48:36
life is like I want to be relevant like I have skill sets I have
48:42
experience um I have knoow and so I to to let that just die on the vine or to
48:48
Let It Go unused I believe would be wrong of me yeah so it'd be wrong of me
48:54
to our family it'd be wrong of me to people that we teach it'd be wrong with
49:00
me just like cosmically not to maximize everything and all the abilities that
49:06
God has blessed me with and the experience that I've been blessed with through the course of my life no I I I
49:12
think it's really important and I've noticed you especially you and your stories that she was like a it was a
49:18
trajectory pivot point in your life for sure 100% so I I always like making the important the importance of your
49:25
relationships and in business and personal life because it can really change your trajectory in a good or bad
49:30
way in your business life yeah well I I needed I needed to I needed to meet and
49:37
marry my match you know or or or better I need to marry up right and so
49:45
not that I needed to get married but I just I you understand what I mean it's like I I I I needed to be with somebody
49:50
that was going to push me and drive me and remind me of
49:57
the the the fire inside yeah that's important it's very
50:02
very important yeah and when when you when you find it it's it's like man I listen this my whole
50:07
life and listen listen I mean let's talk candidly here you know not every day is a better roses you know sometimes
50:14
sometimes we push each other to a point where we're like no not today you know back off you
50:20
know and and that's I think those are the Dynamics of relationships anyway absolutely and and we have Partners we
50:27
have partners that that push us and we push them and sometimes we're like you know it's gets a little a little spicy
50:34
but we keep in mind the big picture we keep in mind the big The Big Goal we
50:39
keep in mind that we're Solutions oriented and go D driven
50:45
individuals and the other stuff is just it's just filler yeah you you got you got to
50:53
understand and have patience and understanding in a relationship ship for sure for
51:00
sure and then of course you know we have we have our families and I have two children and uh two sons and two
51:07
grandchildren she has two daughters and five grandchildren so we Blended our families perfectly like everybody gets
51:13
along really nicely and famously and we vacation together and holidayed together
51:19
and we have the kids over the grandkids over like a house full of grandkids which is craziness so we've Blended our
51:26
amilies very nicely and that is really the bigger picture of what we're doing so that we can make sure that we leave
51:32
the right Legacy not just financially but as an as an example of who we are as
51:37
people are your children older they are they are they are and they're not in the business they're not in the business no
51:44
they not H are you how old are they by the way my oldest son is 40 my youngest son
51:51
is 34 and her oldest daughter is 41 I believe and her youngest daughter
51:56
is 30 35 so our kids are about the same age okay okay I got you they're not kids
52:03
they're adults right yeah 100 per. i i as me I don't know it's I'm trying to
52:09
think of the right question because of me I'm trying to mold my kids to try and go that direction but you as having
52:15
older kids I I don't even know how to ask this question that I want to ask or even potentially ask because I'm not in
52:21
that perspective I'm not even thinking about having a four-year-old kid you don't you don't have kids now
52:26
you do have kids I do have kids they're 643 so they're super young my wife dentist today they got cavities so yeah
52:33
so I I'll tell you this about what I what my belief is about children and I
52:38
had this conversation with my father many years 30 40 years ago right and I said you know what's important he goes
52:44
what's important is that you raise your kids so that they stay with you yeah and I said I don't think so I think it's
52:51
important to raise your kids so that they leave you and that they are productive and
52:57
dependent Society contributing adults on their own right yeah so to me if they'
53:03
and that doesn't mean they have to be in the real estate business whatever business whatever their chosen field is
53:09
whatever their chosen field is as long as they do it responsibly and they do it well that's that's a characteristic that
53:16
you put on your children and you do that by example they see your hustle they see your grind they see your ethics they see
53:22
you the way you communicate with people they they see the way you treat mama they see the way you treat your parents
53:28
and it's all an example because they observe everything everything nothing
53:33
goes unnoticed with your children so to the extent possible you you you have to
53:39
be that example that model example 247 which means let's go back to let's go
53:45
back to the very beginning of the conversation which means you got to do your personal
53:51
work you know you got you got to you got to do your personal development work
53:57
so that especially as men we're emotionally physically mentally
54:02
financially strong with big
54:08
shoulders absolutely uh what is a quote that is yours or somebody else is that you resonate with Oliver wend Holmes The
54:15
Mind once changed can never go back to its original condition the mind that wants change can
54:22
never the Mind wants changed I'm paraphrasing the mind once changed can
54:29
never go back to its original condition or or or words close to that
54:35
in other words once we once we've had a conversion of thought a transformation of thought and it's a true
54:42
transformation we can never go back to the old thought we will always be influenced by the new thought and that
54:48
new thought will generate another new thought and that new thought will generate another new thought so once
54:55
those once those thoughts are there the old thinking is Left Behind I I think I think a lot of people of relationships
55:03
as a whole when it comes to that understanding they they they think people don't grow and what they what
55:11
some people don't realize is that new thoughts create a new version of you over and over again as you get older and
55:18
a lot of people can't grasp or come to reality of that re of that reality as a
55:23
whole and it's an interesting Dynamic that I've noticed even in in my in my 30s but I'm sure you've noticed as you
55:29
gotten older is that a lot of people can't grasp the reality of who you're becoming versus who you were in the past
55:36
yes and that and that's why we move through life and sometimes we we have friends or family or acquaintances
55:43
that that that don't go with us because there's an evolution of
55:49
thought and actions and behaviors that is not in harmony with their current
55:55
existence and so as you grow then some people get left behind doesn't mean you
56:01
have to be mean to them it doesn't have to mean you you know totally ignore them
56:06
they're just not they're just not with your crew you know you got a different crew different running buddies and I'm
56:12
sure you know in in your life you've already experienced this and listen that can be family too that can be blood
56:20
absolutely H how are you building your circle and how do you keep your circle based off the direction you're going in
56:26
life as a whole that's a great question because building the circle is an on ongoing
56:31
thing we consciously and I say we Latisha and I
56:36
we consciously look for individuals that have a mindset at or way above
56:43
ours and you can typically see this by the way that they move through the world
56:48
not the way that not the things that people have cuz listen people can have things and
56:54
be uh be bad people absolutely so so we
56:59
we're in we're in constant I don't say search but we're in constant awareness
57:05
of being around people with uh that that we share similar likes and dislikes and
57:11
similar mindsets and it seems like they're you know they're always reaching
57:17
out to to get a better perspective and to grow personally and grow individually
57:22
and so yeah that's that's how we establish our Circle mhm can you talk
57:29
about I and I'm I'm sure you've had it m multiple times but I want to ask your opinion on this where a mentor you've
57:35
surpassed a mentor in that relationship Dynamic when you're moving up that
57:41
Ladder rung because it happens more often as you like as you as you grow uh
57:47
can you talk about like that Dynamic and that relationship you have with that past Mentor yeah well you want me to
57:53
name names dates and places no places it's intellectual question of like how
58:00
do you I get you I understand I was just giving you grief yeah I got you there
58:05
was this guy okay no it's it's it's happened and and by the way I'm sure
58:10
it's happened in Reverse too you know I I've I know it has you know I've been
58:15
people that I've I've mentored that have gone on so I can I'm thinking of a
58:21
couple of examples in my head internally and we still have a good relationship a very good relationship and I have
58:27
acknowledged these people publicly that they were mentors to me absolutely and I have acknowledged that to them privately
58:34
I'm like dude you know I would I wouldn't be here you know if you hadn't grabbed me by the throat that one time
58:39
and told me such and such you know so that's that that's a function of
58:44
humility because I'll tell you what you know whatever you have today it can be gone
58:50
tomorrow and whatever you've accomplished today something weird can happen and that accom accomplishment is
58:57
nothing tomorrow so there has to be in my belief there has to be a certain humility with where you are in the world
59:04
and where you are in your journey and I I don't you know somebody asked me a while back they like you know
59:11
aren't you really proud of all the stuff you've done and the answer is I don't really hardly ever think about the stuff
59:19
that I've done now if you put it in black and white in front of a piece on a piece of paper in front of me I'm like
59:24
who is this guy oh that's I don't believe that's me okay so I don't really go around in the world
59:32
thinking I've done this that and the other because I'm always thinking about what else can I do how else can I
59:38
achieve how else can I make an impact what's you know what's where's my drive going to take me next and who do I more
59:44
importantly who do I have to be to get there okay and so it's it's the the rare
59:52
time that you know when I go give speeches they'll give my bio you know they give me the introduction I'm like
59:57
wow I who wrote that you know but but I say this in hopes that people really
1:00:05
listen to there's a you can be proud and you can you can be authentically proud
1:00:11
right and you can but but to be haughty or to be arrogant about what you've accomplished that that that shit's going
1:00:17
to go away tomorrow so you got to be ready for that so you know I think that
1:00:23
helps me preserve relationships with people that have mentored me through the years sure and I never ever say oh well
1:00:31
I'm better than you now because that's just not the case that that that you know they're somewhere different than me
1:00:37
that may be true but it helps me keep a good perspective of uh the people that
1:00:44
have helped me along the way yeah and and you know even people that criticize
1:00:49
me let's I I I get criticized you know I
1:00:54
you get to a certain level people are going to criticize you I still I still have the belief that we're all in our
1:01:01
own Journey so that's why that's why it's very rare
1:01:06
if ever you know Leticia likes to tell the story that I don't talk about people so I appreciate her saying that but
1:01:13
that's because I'm so focused on the the the actions and the things next instead
1:01:18
of the human conduct surrounding those I'm also sure there's some sort of
1:01:25
you know some sort of that you're proud if if one of your Mees passes you because you're the one of course course
1:01:32
should be any like ego involved with it it's almost like a happiness thing I that that's the way my mind works um so
1:01:38
I love that you think that way as well yeah they had something that I didn't have or they had something that I'm not
1:01:43
ready to have let's put it that way okay so great okay cool cool maybe I'll get
1:01:49
it you know maybe I'll watch them in whatever whatever path they're on currently and I'll go oh
1:01:56
that was The Missing Link okay now now the student becomes the teacher perfect
1:02:01
great yeah and going back to the inner circle thing that once you start to have that mindset that you want to surround
1:02:07
yourself with with people either at your level or or um preferably above you
1:02:13
there's such a feeling of separation of the people that you don't want to be with and then there's such such a
1:02:18
separation of feeling for the people that you do want to be around and you feel it almost like instantly it's very very quick at least in my eyes from what
1:02:25
trying to do the same thing you are it's very apparent to me now in the separation that is very insightful of
1:02:32
you to say that because when you the moment you come become aware you also feel that you have to take action on it
1:02:38
yeah 100 because if you don't take action you're going to feel like you're being left behind and you're not Liv
1:02:45
you're not living your full potential exactly yeah you know there's putting
1:02:52
putting your place putting yourself in a place where you're are around people
1:02:57
that think bigger are happier are healthier are more
1:03:03
relational those sorts of things it what's wrong with that there's no
1:03:09
downside to that yeah why are you why are you around people that are bring you down or don't believe in your dreams or
1:03:16
don't want to go go with you on those dreams so yeah I understand right in in my in my mentor programs Through The
1:03:22
Years you know I've actually been coaching since 19 99 i' I've actually been coaching since before coaching was
1:03:29
a thing okay so but I will never you will
1:03:34
never catch me telling a a student or someone that I'm mentoring you can't do that right I will tell them you know
1:03:43
evaluate evaluate the situation but I will never tell anybody that they can't do something you
1:03:50
know it that's not for me to decide
1:03:55
that's for that individual to decide can can you imagine telling Elon Musk what
1:04:01
you can't you can't blast a rocket ship up into the space give me a break
1:04:06
dude he wouldn't care it's almost like a to me it's a why not mindset instead of like so why not like why can't why or in
1:04:15
the case or in the case of Tony Robbins what you Canna have hundreds of people walk across burning coals give me a
1:04:20
break dude yeah you know and I'm sure that he had his naysayers right so so I don't think
1:04:27
it's on me to tell anybody what they can or cannot cannot do well let me rephrase it it's not on me to tell a person what
1:04:34
they cannot do because we can all do everything yeah right um but yeah it's
1:04:41
notop my it's not my role it's not my responsibility Paul have you used creative Finance in in any of your deals
1:04:49
before yeah from time to time we'll do um a bit of a seller finance now in our
1:04:54
world the kinds of property that we buy they're not real um candidates for seller finance because we get agency
1:05:00
loan and the bulk of the loan is with agent you know bulk of the the debt is with agency loan but occasionally
1:05:07
there'll be a small piece that a seller will carry for a little bit just so that we can get over the hump and get to the
1:05:12
closing table and and get their property from them we've done that several times we've actually had a couple of sellers
1:05:18
let me think two yes we've had two sellers reinvest back into the property
1:05:23
that we that we bought from them they liked our team they liked our business plan they liked our projections for
1:05:29
profits uh they had a little bit of little bit of emotional ownership in their property and so they asked to come
1:05:35
back in we're like yeah sure so they they came in as a limited partner so that was that was kind of a cool thing
1:05:42
to see happen I it's since we're dealing in this bigger world it's a little bit tougher to have a lot of types of
1:05:49
creative financing so the creativeness comes in the in the equity and uh in any
1:05:55
kind of Bridge debt that might that might need to take place right yeah in
1:06:01
the cases that the seller carried it was it was more in a second position second position they got paid
1:06:06
off usually within 60 to 90 days it was just like I said just to get us to the closing table and uh you know get our
1:06:14
transaction done you're always here's part of the master class again you ready Daniel so um you anytime you have a
1:06:22
property under contract until you actually close and you guys know this until you actually close you are at risk
1:06:29
for not closing and you are at risk for losing all of your Pursuit cost your due diligence cost your legal cost your EMD
1:06:36
all of the things that it takes to play poker at the table yep you're at risk for losing so the the the sooner you can
1:06:43
get to the closing table and sign those documents and take the keys the sooner you can mitigate those kinds of risks so
1:06:51
sometimes we'll work with a seller to get to the table quicker so that we can
1:06:56
have the keys begin the operations and then we take care of those those people
1:07:02
absolutely where people find you online I got Montelongo capital.com um I think
1:07:08
this has been a great episode um any final thoughts and your final pitch to where people can find it
1:07:14
online yeah Montelongo capital.com there's plenty of resources there for investors and for for students and uh
1:07:21
people that'd like to be mentored and all of our deals our portfolio the latest deal we have going whatever that
1:07:27
is and then of course anything social media under Paul Montelongo Facebook in
1:07:33
Instagram YouTube I'm not on Tik Tok not yet does that surprise you you will you
1:07:40
will be I know I keep tell they keep telling me I need to be on Tik Tok but I'm like all right whatever so but but anyway
1:07:47
Instagram link LinkedIn oh you hooked me up thank you very much appreciate you LinkedIn your major social media sites
1:07:53
all under Paul mango.com excuse me Paul montelago and mon montelago capital.com
1:07:59
also has my speaking services and mentoring services and that sort of thing thanks for putting that up there
1:08:06
and and the other thing on all these sites you know I post plenty of content I post free educational stuff tips
1:08:12
strategies things that we're doing you also get to see behind the scenes a little bit with the lifestyle that Leticia and I live and how we're always
1:08:19
uh very active and very engaged with our family and with friends and in Social things and we we really really believe
1:08:26
and try to live a holistic life in terms of Business Health Fitness emotional
1:08:32
well-being um material Goods those kinds of things yeah absolutely everybody here go check
1:08:39
them out mon.com you know what to do go like share subscribe share with a friend hope you found value today thank you
1:08:45
Paul for coming on and thank you Kyle for helping us out everybody here we'll see you next time thanks guys yep thanks
1:08:51
hey guys we hope you're enjoying this content if you have leads that you need to dispo anywhere in the the country please visit hibc doio like Hive buers
1:08:59
club. and we'll help you move those deals that you need to get into the marketplace [Music]