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Dave Seymour: From A&E Flipping Boston to Impact Investing · Carson's Corner: Entrepreneurship & Investing

• 0:00
  SPEAKER_01: You tell me where you can find a 14% return on your money in a multi-family investment legitimately not hoping everything falls into place.
• 0:08
  SPEAKER_01: The sad thing is, brother, this plenty of heads for bed.
• 0:12
  SPEAKER_01: That's the sad part of this business.
• 0:15
  SPEAKER_00: Meet Dave Seymour, CEO of Freedom Venture Investments, global real estate strategist and star of Flipping Boston.
• 0:21
  SPEAKER_01: And I've found myself in the past two years where my recovery as a sober man has now collided with real estate.
• 0:28
  SPEAKER_01: And the guys that were already in this business, they said to me, Dave, will you will you take a look at it?
• 0:33
  SPEAKER_01: You know, will you lean into your own recovery and see what it looks like to be, you know, a capital raiser, an investor, and a partner in sober living.
• 0:41
  SPEAKER_02: Were you uh nervous getting into it?
• 0:42
  SPEAKER_02: I don't think you were, but I have to ask.
• 0:44
  SPEAKER_01: The Lord says, fear not, fear not, it's gonna be all good.
• 0:47
  SPEAKER_01: And I'm not necessarily talking maturity and I'm all grown up.
• 0:51
  SPEAKER_01: I mean just maturity in years of experience, right?
• 0:54
  SPEAKER_01: I know what a true emergency is.
• 0:56
  SPEAKER_01: I do.
• 0:56
  SPEAKER_01: I know what a true emergency is.
• 0:58
  SPEAKER_01: And if an inspector wants to break your break your stones and slow your roll on a on a deal, that's still not an emergency.
• 1:04
  SPEAKER_01: That's just a challenge.
• 1:06
  SPEAKER_02: A lot of my investors right now are really big.
• 1:08
  SPEAKER_02: You know, they're looking at you know doing north of$10 million.
• 1:11
  SPEAKER_01: It's the real solid frankness of this investment.
• 1:14
  SPEAKER_01: Syndicators, we're always selling.
• 1:18
  SPEAKER_00: Welcome to the Costlet Quarter.
• 1:22
  SPEAKER_02: All right, I'm sitting here with Mr.
• 1:24
  SPEAKER_02: Dave Seymour.
• 1:25
  SPEAKER_02: He is a former AE TV house flipper, former firefighter, and he has been sober for 36 years.
• 1:33
  SPEAKER_02: Uh, Dave, how you doing?
• 1:35
  SPEAKER_01: I'm I'm well across it.
• 1:37
  SPEAKER_01: That's a that's a that's a like a I love that intro, man, because it's who I am, but it it doesn't like stick together.
• 1:44
  SPEAKER_01: You know what I mean?
• 1:44
  SPEAKER_01: It's like, oh you know, he was on TV, he was a firefighter.
• 1:47
  SPEAKER_01: By the way, he hasn't had a hasn't had a drink in 36 years.
• 1:50
  SPEAKER_01: This guy could be interested.
• 1:54
  SPEAKER_01: It's who I am, though.
• 1:55
  SPEAKER_01: Thanks for having me, brother.
• 1:56
  SPEAKER_02: That's a bigger deal than me.
• 1:58
  SPEAKER_02: I quit drinking probably two years ago.
• 2:00
  SPEAKER_02: So nice.
• 2:01
  SPEAKER_02: Congrats.
• 2:02
  SPEAKER_02: It's one of those where health-wise, you're eventually gonna have to give it up or cut it way back, one of the two.
• 2:06
  SPEAKER_01: So yeah, yeah.
• 2:08
  SPEAKER_02: I don't know which body part it's gonna get.
• 2:10
  SPEAKER_02: If it doesn't get you in legal trouble, it'll get a body part.
• 2:13
  SPEAKER_02: So yeah, anyway.
• 2:14
  SPEAKER_01: Sure.
• 2:15
  SPEAKER_02: So uh let's uh just go wherever you want.
• 2:18
  SPEAKER_02: I mean, you grew up uh where'd you grow up?
• 2:22
  SPEAKER_01: Yeah, it was it wasn't uh it wasn't in Atlanta, that's for sure.
• 2:28
  SPEAKER_01: Wasn't in Boston either, even though the accent's as strong as it is.
• 2:32
  SPEAKER_01: I'm an immigrant.
• 2:33
  unknown: Okay.
• 2:36
  SPEAKER_01: I'm a legal immigrant.
• 2:37
  SPEAKER_01: I I emigrated from England.
• 2:39
  SPEAKER_01: I grew up in uh I was born in London.
• 2:41
  SPEAKER_01: Uh grew up in the south of England, emigrated when I was uh 20 years old.
• 2:46
  SPEAKER_01: Um I met my my first wife.
• 2:48
  SPEAKER_01: She was uh she was at um uh teaching program.
• 2:51
  SPEAKER_01: It was like uh an international teaching program from college.
• 2:54
  SPEAKER_01: She was with uh Indiana State University.
• 2:57
  SPEAKER_01: You know what laughed my butt off, Carson.
• 2:59
  SPEAKER_01: She um she was studying juvenile alcohol and drug dependency and delinquency, right?
• 3:06
  SPEAKER_01: That was that was her course of study.
• 3:10
  SPEAKER_01: She picked me.
• 3:11
  SPEAKER_01: She picked me, brother.
• 3:13
  SPEAKER_01: Took this 20-year-old kid from uh London, England to New York City and actually settled in Wheeling, Wheeling Bagard, West Virginia for a while.
• 3:22
  SPEAKER_01: It was all during my during my drinking career.
• 3:25
  SPEAKER_01: But yeah, I've uh I'm not I'm not from these neck of the woods, right?
• 3:28
  SPEAKER_01: I'm an alien in an alien nation, as Sting says in the uh in the song.
• 3:32
  SPEAKER_01: But yeah, an American now, brother.
• 3:34
  SPEAKER_01: I got a passport to prove it.
• 3:36
  SPEAKER_01: That's good.
• 3:36
  SPEAKER_02: Welcome to America.
• 3:37
  SPEAKER_02: Um you've been here quite some time.
• 3:40
  SPEAKER_02: Um, so let's get into how you got into real estate.
• 3:43
  SPEAKER_02: Did you like do corporate America before you went into the fix and flip or no?
• 3:49
  SPEAKER_01: Yeah, I've never been corporate anything, brother.
• 3:52
  SPEAKER_01: I um I'm I'm not a good employee.
• 3:55
  SPEAKER_01: And I thought I was just a bad employee and that was it.
• 3:58
  SPEAKER_01: I just wasn't I just thought I wasn't employable.
• 4:02
  SPEAKER_01: Um I found out later on it was two things.
• 4:05
  SPEAKER_01: One, you know, I drank too much.
• 4:07
  SPEAKER_01: Yeah.
• 4:08
  SPEAKER_01: Two, uh, and and two was um I was an entrepreneur and I didn't know it, right?
• 4:12
  SPEAKER_01: Yeah.
• 4:14
  SPEAKER_01: Entrepreneurs are generally not employable, but um, you know, I was I was blessed.
• 4:18
  SPEAKER_01: You know, I got sober, like I said, I was 23 years old.
• 4:21
  SPEAKER_01: I got sober, and um, I landed a job, you said in the intro, probably one of the best jobs there is, I think, is I was a firefighter and a paramedic.
• 4:30
  SPEAKER_01: And I worked in the city.
• 4:31
  SPEAKER_01: Yeah, I worked in the city of Lynn, Massachusetts, which is about you know 20-minute drive north of Boston, uh, in a city, you know, tough neighborhoods.
• 4:40
  SPEAKER_01: Um, but I I loved that.
• 4:41
  SPEAKER_01: I loved the chaos.
• 4:42
  SPEAKER_01: You know, it gave me some gave me some reps in the stress department that served me well, you know what I mean, later on in life.
• 4:50
  SPEAKER_01: Uh learned some great, some great strategies around, you know, teamwork and dependency, obviously, on on the guy or the girl next to you on the left or the right.
• 4:59
  SPEAKER_01: And you know, understanding that repetition is important.
• 5:02
  SPEAKER_01: Uh you don't go into a burning building and just wing it, right?
• 5:06
  SPEAKER_01: You train first.
• 5:08
  SPEAKER_01: And you know, most firefighters, um, if there's any listening, I miss you, brothers, but uh most firefighters have that, you know, that second job, if you will, because you don't you don't you don't become a firefighter because you want to be financially independent.
• 5:22
  SPEAKER_01: Um most of them have that second job, and I like most of the other guys that I worked with, ended up um, you know, getting my hands dirty in the construction fields.
• 5:31
  SPEAKER_01: And um I was good at uh digging ditches, I was good at picking up heavy stuff and putting it down somewhere else.
• 5:38
  SPEAKER_01: I wasn't good at finished finite carpentry.
• 5:41
  SPEAKER_01: If I ever tried to do a, you know, like a like a nice 45 degree around a window jam or something.
• 5:47
  SPEAKER_01: I needed a pretty strong tube, a caulk in just to fill the gas.
• 5:52
  SPEAKER_01: Um but what I did what I did know was that um I I did uh I we actually put a kitchen in in the firehouse with a buddy of mine's named Sully.
• 6:03
  SPEAKER_01: And um imagine that kid called Sully in a Boston in the Boston market, right?
• 6:08
  SPEAKER_01: But anyway, Sully, Dan Sullivan, who's now actually the chief of the fire department in the city of Lynn.
• 6:14
  SPEAKER_01: Like Sully stayed that course.
• 6:15
  SPEAKER_01: He's still my brother.
• 6:16
  SPEAKER_01: I love him like uh like we uh we were from the same uh clan.
• 6:20
  SPEAKER_01: But um anyway, Sully was an incredible carpenter, and he he said we're gonna throw a kitchen in in the firehouse because the one we had was just it was donkey, it was bad.
• 6:30
  SPEAKER_01: And I saw how Skip worked.
• 6:32
  SPEAKER_01: Like this guy worked down to a sixteenth of an inch.
• 6:35
  SPEAKER_01: His father was uh was a uh an engineer at the GE at the Gemris Electric here in Lynn.
• 6:40
  SPEAKER_01: So his father taught him that work ethic in construction.
• 6:43
  SPEAKER_01: And I saw it and I just said to him, I said, Skip, why don't we why don't we run a run a construction business on the side?
• 6:48
  SPEAKER_01: You know, we'll we'll we'll go into business.
• 6:51
  SPEAKER_01: We're gonna be millionaire, Skipper.
• 6:53
  SPEAKER_01: Let's go do kitchens and decks and you know, put some roofs on and do some stuff.
• 6:58
  SPEAKER_01: And he immediately shut me down.
• 6:59
  SPEAKER_01: He said, uh, no, no.
• 7:01
  SPEAKER_01: He said, I'm no good at the money, brother.
• 7:02
  SPEAKER_01: He said, I don't ask for money.
• 7:04
  SPEAKER_01: He said, I'll do it for a brother for free.
• 7:06
  SPEAKER_01: He said, but I'm not charging anything.
• 7:08
  SPEAKER_01: I said to her, I said, Daddy, why don't I I take care of the money?
• 7:11
  SPEAKER_01: All right, I'll I'll look after the money, I'll I'll sell the deals.
• 7:15
  SPEAKER_01: I got the gift of the gap, the cute English accent.
• 7:17
  SPEAKER_01: I said, we're gonna crush it.
• 7:19
  SPEAKER_01: I said, and then you come in afterwards.
• 7:20
  SPEAKER_01: I said, and I'll pay you X amount of dollars every day.
• 7:23
  SPEAKER_01: I said, but I need you.
• 7:24
  SPEAKER_01: I can't I can't do what you do.
• 7:26
  SPEAKER_01: So that's real estate.
• 7:27
  SPEAKER_01: At the end of the day, real estate is sticks and bricks and people.
• 7:30
  SPEAKER_01: I don't care whether it's in the large commercial world, you know, 150 apartment complex, or whether it's uh, you know, a small condo rehab and refurb and put in the back of the market.
• 7:41
  SPEAKER_01: It's the same thing, people and construction.
• 7:43
  SPEAKER_01: So that that like I had a taste for it and I knew it.
• 7:46
  SPEAKER_01: Um because I came from that working class background in England, I wasn't good with money.
• 7:52
  SPEAKER_01: I I knew how to spend it, I didn't know how to grow it.
• 7:55
  SPEAKER_01: And um, you know, I found myself in a pretty, pretty devastating position financially, and I needed to do something different.
• 8:02
  SPEAKER_01: And um, I heard a commercial on the radio.
• 8:05
  SPEAKER_01: It was uh right before the crash, right before everything, you know, you know what, hit the fan.
• 8:10
  SPEAKER_01: And it was uh a commercial on the radio, and it said, um, I can still hear it to this day.
• 8:14
  SPEAKER_01: Teach me foreclosure.
• 8:16
  SPEAKER_01: A free one and a half uh hour seminar coming to your neck of the woods.
• 8:21
  SPEAKER_01: Learn how to do real estate with no money down, right?
• 8:25
  SPEAKER_01: No money down, all other people's money.
• 8:28
  SPEAKER_01: And that that pricked my ears a little bit because I didn't have any money.
• 8:32
  SPEAKER_01: I didn't.
• 8:32
  SPEAKER_01: My house was in pre-foreclosure myself, and that's how I got into real estate.
• 8:37
  SPEAKER_01: I started as a student, and uh the difference between me and a lot of people that have gone through that education um uh rope a dope, that that you know, that that spin cycle, because there's a lot of stuff out there, um, was I implemented what what what was learned to me, what what I invested in.
• 8:55
  SPEAKER_01: You know, knowledge is useless.
• 8:58
  SPEAKER_01: Knowledge is right now you can go in on the online, you can pull down some AI, and you can create and build anything in the education field.
• 9:06
  SPEAKER_01: But what you can't do is reproduce those human interactions, right?
• 9:11
  SPEAKER_01: Yeah, the fear of going in for your first deal, the fear of negotiating the first deal, right?
• 9:18
  SPEAKER_01: All of those things.
• 9:19
  SPEAKER_01: AI can't help you with that.
• 9:21
  SPEAKER_01: Uh yeah, that's people.
• 9:22
  SPEAKER_01: That's people.
• 9:23
  SPEAKER_01: And I found that I was somewhat good at dealing with people, and my my real estate journey started there.
• 9:29
  SPEAKER_01: I know it's kind of long-winded, but the context I think is important too, you know.
• 9:33
  SPEAKER_02: It's okay.
• 9:33
  SPEAKER_02: I mean, um, working with people, it's it takes a lot of patience, real estate does.
• 9:38
  SPEAKER_02: Most people, even if you're a broker or if you're in construction, you know, you're always kind of dependent on other people to some extent.
• 9:45
  SPEAKER_02: Um so you got into the fix and flip, and then you eventually landed on A E, a TV show.
• 9:53
  SPEAKER_02: Yeah, became a reality TV star.
• 9:59
  SPEAKER_02: How did how did that happen?
• 10:01
  SPEAKER_02: Did you is my brother was on uh Kitchen Crashers and his wife met Lady and Lowe's, I think.
• 10:10
  SPEAKER_02: Like they were on the same aisle, and that's how they got on there.
• 10:13
  SPEAKER_01: But anyway, I remember that show.
• 10:14
  SPEAKER_01: Oh, exactly.
• 10:15
  SPEAKER_02: Yeah, I remember that show.
• 10:16
  SPEAKER_01: Yeah, yeah.
• 10:18
  SPEAKER_01: Take me home with you and let me rehab your kitchen, right?
• 10:20
  SPEAKER_01: That's the premise of the show.
• 10:22
  SPEAKER_01: Yeah, I remember that show.
• 10:23
  SPEAKER_01: It's pretty cool.
• 10:24
  SPEAKER_01: Um, not as cool as my show, but it was cool.
• 10:27
  SPEAKER_01: Uh I um how the heck did I end up on TV?
• 10:31
  SPEAKER_01: Look, but the short version is is when I was a student in the seminar world, I got who's that calling?
• 10:39
  SPEAKER_01: Is that a deal?
• 10:39
  SPEAKER_01: Let's close the deal right on the podcast.
• 10:41
  SPEAKER_01: Let's go.
• 10:42
  SPEAKER_01: Don't don't keep whoever's editing this podcast, leave it in there.
• 10:46
  SPEAKER_01: I love that stuff.
• 10:48
  SPEAKER_01: So I had this, I had this um this group of guys that I was running around with in the education space, and uh one of them was a gentleman by the name of Russell Brunson.
• 10:57
  SPEAKER_01: And Russell Brunson was part of a little network of guys, uh, Gary Vanachuk, Russell Brunson.
• 11:04
  SPEAKER_01: You know, these were these are legends in the info marketing world today.
• 11:07
  SPEAKER_01: And Russell Brunson said to me, he said, Dave, you're a funny son of a gun with the with the accent and the firefighter history and stuff, you should you send an application to this TV show.
• 11:16
  SPEAKER_01: It's right out of the crash.
• 11:18
  SPEAKER_01: Nobody was doing any flips.
• 11:20
  SPEAKER_01: He said, Um, see what happens, put an app in there.
• 11:23
  SPEAKER_01: So I I did.
• 11:24
  SPEAKER_01: I sent in an application and it was vanilla, but I loaded it with profanity.
• 11:29
  SPEAKER_01: I won't I won't um say the things that I put in down on paper.
• 11:33
  SPEAKER_01: But when you start dropping all of the big bad boy words in an application, people will notice that, right?
• 11:41
  SPEAKER_01: Yeah.
• 11:41
  SPEAKER_01: The punchline at the application was was don't waste my effing time.
• 11:45
  SPEAKER_01: Get on a plane, train, or an automobile, don't call me.
• 11:48
  SPEAKER_01: Dave Seymour, blah, blah, blah, blah, blah, and some some kind of line of BS.
• 11:53
  SPEAKER_01: And I got a 212 area code.
• 11:56
  SPEAKER_01: Uh, call call my phone right after I right after I sent this application in.
• 12:01
  SPEAKER_01: And I answered the phone, I'm like, hey, A-Hole, I thought I told you not to call me.
• 12:05
  SPEAKER_01: Click.
• 12:06
  SPEAKER_01: And um he he called back.
• 12:08
  SPEAKER_01: The kid was laughing, and he said, You're either a genius or a lunatic.
• 12:11
  SPEAKER_01: And I said, What's the difference?
• 12:13
  SPEAKER_01: Right?
• 12:13
  SPEAKER_01: It's a true story.
• 12:14
  SPEAKER_01: I said, you know, he said, You're either a genius or a lunatic.
• 12:17
  SPEAKER_01: What's the difference?
• 12:18
  SPEAKER_01: And um, you know, it started there.
• 12:19
  SPEAKER_01: They came up, they did a little demo reel, and uh, we had uh three or four episodes that first season thinking we'd be one and done.
• 12:28
  SPEAKER_01: And uh I guess people liked it.
• 12:30
  SPEAKER_01: We had like one and a half million viewers consistently, those first three episodes, and then they come back and they want 13 more episodes, and all of a sudden you gotta find some houses to flip.
• 12:42
  SPEAKER_01: And uh it was on.
• 12:43
  SPEAKER_01: It was on like Donkey Kong.
• 12:44
  SPEAKER_01: But that that was cool, man.
• 12:45
  SPEAKER_01: I mean, one minute I'm watching the shows in the firehouse, the next minute I am the show in the firehouse.
• 12:51
  SPEAKER_01: I'm sitting there at um at um with Becky Quick and Joe Kieranan, you know, on the on the money shows.
• 12:58
  SPEAKER_01: You know, like Warren Buffett was on there the day before, and the next day it's this clown.
• 13:02
  SPEAKER_01: I'm like, I'm I'm looking around and going, don't these people know I'm just a firefighter?
• 13:08
  SPEAKER_01: Well, yeah, what's what's going on?
• 13:10
  SPEAKER_01: You know, it's crazy.
• 13:11
  SPEAKER_01: Did the today show three or four times, hanging out with Kathy Lee Gifford and and uh what's her name, Mona?
• 13:19
  SPEAKER_01: Or I can't remember the other lady's name, but she's just just cool stuff, man.
• 13:23
  SPEAKER_01: We got to do some cool stuff, you know.
• 13:24
  SPEAKER_01: So that that was that was the TV world.
• 13:27
  SPEAKER_02: Were you uh nervous getting into it?
• 13:29
  SPEAKER_02: I don't think you were, but I have to ask.
• 13:32
  SPEAKER_02: Nah, no.
• 13:33
  SPEAKER_01: God's gonna be able to do it.
• 13:34
  SPEAKER_02: You wouldn't have applied if you were nervous about it.
• 13:36
  SPEAKER_01: No, what do you got to lose?
• 13:38
  SPEAKER_02: Maybe the first episode.
• 13:39
  SPEAKER_02: Can I get you to admit it?
• 13:41
  SPEAKER_01: Yeah, whatever.
• 13:42
  SPEAKER_01: Whatever.
• 13:42
  SPEAKER_01: They paid for three episodes.
• 13:44
  SPEAKER_01: We got the cool story to tell the grandkids.
• 13:46
  SPEAKER_01: That was it.
• 13:47
  SPEAKER_01: We didn't think we'd have four seasons, you know.
• 13:50
  SPEAKER_01: Um that's a good question.
• 13:52
  SPEAKER_01: Are you nervous, right?
• 13:53
  SPEAKER_01: There's so many opportunities in business where you could be nervous.
• 13:57
  SPEAKER_01: You could be nervous about doing this podcast.
• 14:00
  SPEAKER_01: Why?
• 14:00
  SPEAKER_01: Yeah, what's the point?
• 14:02
  SPEAKER_01: What's the point?
• 14:04
  SPEAKER_01: Right?
• 14:04
  SPEAKER_01: The Lord says, fear not.
• 14:06
  SPEAKER_01: Fear not, it's gonna be all good.
• 14:07
  SPEAKER_01: You know what I mean?
• 14:08
  SPEAKER_01: It's gonna be all good.
• 14:09
  SPEAKER_01: There's a plan in place.
• 14:10
  SPEAKER_01: All we gotta do is step up and show up, you know.
• 14:13
  SPEAKER_02: Um somebody on the podcast, what are we nervous about, right?
• 14:20
  SPEAKER_01: I should have answered the phone.
• 14:22
  SPEAKER_01: Yeah, yeah.
• 14:23
  SPEAKER_01: It's it's um, you know, I maybe it's maturity, Carson, as much as anything else.
• 14:28
  SPEAKER_01: And I'm not necessarily talking maturity and I'm all grown up.
• 14:32
  SPEAKER_01: I mean just maturity and years of experience, right?
• 14:36
  SPEAKER_01: You see some things, brother.
• 14:37
  SPEAKER_01: I look, I know what a I know what a true emergency is.
• 14:42
  SPEAKER_01: I do.
• 14:42
  SPEAKER_01: I know what a true emergency is.
• 14:44
  SPEAKER_01: And if, you know, if it's uh uh an inspector who wants to break your break your stones and and slow your roll on a on a deal, that's still not an emergency.
• 14:53
  SPEAKER_01: That's just a challenge.
• 14:55
  SPEAKER_02: Yeah.
• 14:55
  SPEAKER_01: Uh get over the challenge, right?
• 14:57
  SPEAKER_01: Step up to the plate, um, you know, build some confidence.
• 15:02
  SPEAKER_01: But that really for me, look, bro, it boils down to to mentorship in some capacity or another.
• 15:08
  SPEAKER_01: Follow somebody who's doing what you want to do, the way you want to do it, and then figure out how you can bring them some value.
• 15:15
  SPEAKER_01: If you could do those things, you know, it's uh it's a pretty cool ride.
• 15:19
  SPEAKER_01: It really is.
• 15:19
  SPEAKER_01: But uh yeah, I gave up worrying what other people think.
• 15:23
  SPEAKER_01: Other people's opinions are none of my business, brother.
• 15:26
  SPEAKER_01: No, not at none at all.
• 15:27
  SPEAKER_02: I'm gonna so you you transitioned somewhere in there.
• 15:32
  SPEAKER_02: I you had a pretty long run there uh flipping.
• 15:36
  SPEAKER_02: Still do both on on and off camera flipping, which um, you know, that's I I would kind of be nervous at first, like, am I gonna make a mistake in front of millions of people?
• 15:47
  SPEAKER_02: But it's like you're gonna make a mistake, that's real estate, you know.
• 15:50
  SPEAKER_02: Sure.
• 15:51
  SPEAKER_02: I mean, there's no flip house where there's not something that's a little uh screwed up, but you know squirrely for sure.
• 15:57
  SPEAKER_02: It's a little bigger stage, it's all I'll say, but you know, um, so you transition from that and now you're doing uh real estate, uh it's rehab, right?
• 16:08
  SPEAKER_01: Or so yeah, look, I I've never walked away from a flip, right?
• 16:12
  SPEAKER_01: If the numbers are right on a single family flip, doesn't get and this sounds cocky and I don't mean it to, I please don't hear ego.
• 16:21
  SPEAKER_01: But when you do one thing one way well consistently, why would you not do it when it comes down the pike, right?
• 16:29
  SPEAKER_01: So I'll do a I'll do a six-figure profit flip because I can't.
• 16:34
  SPEAKER_01: Um and I continue to do those.
• 16:36
  SPEAKER_01: But during that flipping period, you know, there's a I think there's a maturity that happens or a growth trajectory that happens where, you know, I want to get my heart rate up.
• 16:46
  SPEAKER_01: I want to be challenged.
• 16:47
  SPEAKER_01: And we did that in the multifamily arena, and we'll do that to this day as well.
• 16:51
  SPEAKER_01: So in that multifamily arena, those might be syndicated assets that we'll raise capital for and deploy and you know, assets under management and you know, reposition some of these assets, get their NOIs up and sell them out in the marketplace at the right cap rate.
• 17:06
  SPEAKER_01: Like I've I've lived in that world and continue to live in that world as well when it's right.
• 17:11
  SPEAKER_01: But really, where where I'm at at today is again, it's interesting that you know, I I do believe in in in the Lord, I believe in a God, I believe in a in a plan that's that's divine.
• 17:23
  SPEAKER_01: I'm just the idiot who has to show up and follow through and and ask for his guidance.
• 17:28
  SPEAKER_01: And I've found myself in the past two years where um my recovery as a sober man has now collided with real estate.
• 17:38
  SPEAKER_01: And um, I had a couple of gentlemen come uh come to me over the past few years and they're like, you know, I I've always been somewhat anonymous, right?
• 17:46
  SPEAKER_01: I like I don't want to make money on somebody else's heartache, somebody else's illness of of addiction.
• 17:53
  SPEAKER_01: Um but it's a billion, billion plus industry um and business that has some bad operators in it and some good ones.
• 18:04
  SPEAKER_01: And the guys that were already in this business, they said to me, Dave, will you will you take a look at it?
• 18:09
  SPEAKER_01: You know, will you lean into your own recovery and see what it looks like to be you know a capital raiser, an investor, and a partner in in sober living?
• 18:19
  SPEAKER_01: And I started looking at sober living.
• 18:21
  SPEAKER_01: And here's the beautiful thing with sober living.
• 18:23
  SPEAKER_01: First of all, I would highly encourage anybody who hears our voice to Google and look up what's called the Dover Amendment.
• 18:31
  SPEAKER_01: The Dover Amendment.
• 18:33
  SPEAKER_01: It's a federal amendment that allows me to open open a sober living facility um without um any zoning changes.
• 18:43
  SPEAKER_01: Yeah.
• 18:43
  SPEAKER_01: Now do good business, talk to the city, talk to the the locals, make sure you know you're not fighting any more resistance than you need to, but legally you can't be stopped.
• 18:54
  SPEAKER_01: The life safety needs to be in place, sprinkler systems, etc.
• 18:58
  SPEAKER_01: But what it allows us to do is look at the properties that have been sitting on the MLS that nobody else has been able to pencil out, especially in a multifamily arena, six unit or a 12 or an eight unit or a three-family property that doesn't make sense as a regular rental.
• 19:14
  SPEAKER_01: But when we come in there, we can now rent by the bed instead of by the bedroom.
• 19:19
  SPEAKER_01: So I'll give you an example.
• 19:21
  SPEAKER_01: One we're raising money for right now, 1.3 million is the acquisition price.
• 19:26
  SPEAKER_01: It qualified for a front-end mortgage, a first position mortgage of$950,000.
• 19:31
  SPEAKER_01: The loan to value on it based as a three-family property, right?
• 19:35
  SPEAKER_01: Makes sense for a first position mortgage, but there's still that you know$450,000 to get up to the$1.3.
• 19:43
  SPEAKER_03: Yeah.
• 19:43
  SPEAKER_01: Nobody else would go, nobody else would go find that money.
• 19:46
  SPEAKER_01: They don't, it doesn't make sense for them to put$400,000 in for a three for a three-family unit.
• 19:51
  SPEAKER_01: But we raise that money.
• 19:53
  SPEAKER_01: We raise that money.
• 19:54
  SPEAKER_01: We'll close on that um end of April.
• 19:57
  SPEAKER_01: Okay.
• 19:57
  SPEAKER_01: But now I've gone, and here's the magic: that is now a 20-bed facility for me.
• 20:03
  SPEAKER_01: That's 300 bucks, 300 bucks per week per bed.
• 20:08
  SPEAKER_01: So when you do the math on that, it changes, it just dramatically changes the um the income side of the equation.
• 20:16
  SPEAKER_01: And what it allows us to do is is put the LP position or the the the equity position, not the front the the language is a little different.
• 20:26
  SPEAKER_01: There's the$950,000 for the mortgage, and then there's the money down, the rest of the purchase price, plus some money for the uh for the sober living um ancillary services, and I'll talk about that in a minute.
• 20:38
  SPEAKER_01: But now that money's coming in, and because the cash flow is so strong, you can put an investor in a position at around 14, 14% on their money.
• 20:47
  SPEAKER_01: Now you you tell me where you can find a 14% return on your money in a multifamily investment, legitimately, not hoping everything falls into place.
• 20:58
  SPEAKER_01: Oh, I know.
• 20:58
  SPEAKER_01: Sad thing is, brother, there's plenty there's plenty of heads for beds.
• 21:02
  SPEAKER_01: That's the sad part of this business.
• 21:04
  SPEAKER_01: Um, so it gets on the business side it gets super exciting, but on the uh on the service side, um, you know, I get a front row seat, bro, to miracles.
• 21:14
  SPEAKER_01: I get a front row seat to miracles.
• 21:16
  SPEAKER_01: I get to see men, you know, change their lives, change their their wives, their kids, their kids come back around, they're employable.
• 21:25
  SPEAKER_01: Um you know that that light in the eyes comes back, bro.
• 21:31
  SPEAKER_01: And uh, you know, the enemy gets pushed away.
• 21:33
  SPEAKER_01: We're all it's spiritual warfare.
• 21:35
  SPEAKER_01: Addiction is spiritual warfare, and we overcome that through connection and through good live in situations for guys, and you know, I get to be a part of that.
• 21:43
  SPEAKER_01: So it's super, super fun.
• 21:45
  SPEAKER_01: It's it's awesome.
• 21:45
  SPEAKER_01: It's it's God's work.
• 21:47
  SPEAKER_02: So is there uh rent covered by insurance?
• 21:51
  SPEAKER_01: So they are self pay in this world.
• 21:54
  SPEAKER_01: Okay, self pay in this world.
• 21:57
  SPEAKER_01: Now, the relationships that you build in A market are critical because we can now go out to various grants that are out there.
• 22:05
  SPEAKER_01: You're familiar with the Saka family and the and the uh the lawsuit that they went through with Purdue Pharma, right?
• 22:12
  SPEAKER_01: That was whatever it was, a trillion-something dollars.
• 22:15
  SPEAKER_01: That money is still floating around.
• 22:17
  SPEAKER_01: That money needs to be dispersed.
• 22:20
  SPEAKER_01: And if you know how to how to attack that money and find it, that's grant money that a lot of these guys can tap into through our relationships to pay that 300 bucks a week per bed, number one.
• 22:31
  SPEAKER_01: But number two, what we then do is we then go out and we bring in a clinician on staff at$100,000, plus some some licensing costs and a few other things that we need to do.
• 22:42
  SPEAKER_01: But now we're in the in the business of um what are called IOPs, which are intensive outpatient programs.
• 22:50
  SPEAKER_01: Think of it like um, I don't know, you get a knee done, right?
• 22:53
  SPEAKER_01: A knee replacement.
• 22:54
  SPEAKER_01: Well, you got to go do your PT afterwards and strengthen the muscles.
• 22:57
  SPEAKER_01: Well, this is the same thing.
• 22:58
  SPEAKER_01: A guy goes through a halfway house or you know, a rehab, if you will.
• 23:03
  SPEAKER_01: They then come into sober living, and while they're in sober living, insurance pays for their aftercare, their IOP.
• 23:11
  SPEAKER_01: Um, their IOP is an insurance pay process.
• 23:14
  SPEAKER_01: 25% of the guys in sober housing go to an IOP, and that IOP will pay anywhere between$300 and$1,000 three times a week per guy.
• 23:26
  SPEAKER_01: So now that that bed is now worth anywhere between$1,000 to$3,000 a month in additional income with a with an overhead of maybe$150,000 to set it up.
• 23:41
  SPEAKER_01: So financially, that's where it gets that's where it gets a little silly.
• 23:45
  SPEAKER_01: Um have good services, make sure it's it's done well.
• 23:50
  SPEAKER_01: Um we have the real estate, one of my partners is the number two Century 21 franchise owner in the nation, a gentleman by the name of Jimmy D'Amico.
• 23:58
  SPEAKER_01: And Jimmy has the real estate offices throughout the country, so that we have that capacity to fulfill on the uh on the IOP, which is really just a a two-hour meeting.
• 24:13
  SPEAKER_01: Um whatever 12-step recovery program you may or may not be familiar with out there, America, that's what we do.
• 24:20
  SPEAKER_01: We just run that same kind of um process at an IOP.
• 24:25
  SPEAKER_01: And why do we do that?
• 24:26
  SPEAKER_01: Because it works.
• 24:27
  SPEAKER_01: That's why we do it.
• 24:28
  SPEAKER_01: You know, it has the best, it has the best results um in any in any aftercare out there.
• 24:34
  SPEAKER_01: So yeah, I guess it'd be a great business, bro.
• 24:37
  SPEAKER_01: Yeah.
• 24:37
  SPEAKER_02: How um so on these b on these uh properties, how long are you holding them?
• 24:42
  SPEAKER_02: Is it go ahead and hold the Yeah?
• 24:44
  SPEAKER_01: We'll put an investor in there at 24 months at 14%, and then they're out.
• 24:49
  SPEAKER_01: And the reason the reason we do that is is they're not in um the the medical part of the business.
• 24:57
  SPEAKER_01: It's a real estate um investment for them, right?
• 25:00
  SPEAKER_01: So they stay in at um 14% and and they're out.
• 25:08
  SPEAKER_01: You refinance it once once you turn that call.
• 25:12
  SPEAKER_02: Take them out, yeah.
• 25:14
  SPEAKER_02: So that's pretty desirable.
• 25:15
  SPEAKER_02: It's good size return, and then you basically turn around and you know and it pays.
• 25:22
  SPEAKER_01: The distributions are there.
• 25:24
  SPEAKER_01: Takes about a 90-day to 120 day within that time frame for a good ramp up on the on the beds.
• 25:31
  SPEAKER_01: Once we get to that point, then we start dis distributing on that 14% as fast as we can.
• 25:37
  SPEAKER_01: And whatever we need for a catch-up, that also accrues.
• 25:40
  SPEAKER_01: So it's uh it's accruing and compounding.
• 25:43
  SPEAKER_01: So, you know, they actually do a little better than 14% because I'm not coming right out of the gate with all the beds filled.
• 25:49
  SPEAKER_02: Yeah, yeah, you have to have lease up and all that.
• 25:52
  SPEAKER_02: I mean, it it's business.
• 25:53
  SPEAKER_02: Everything gets thrown back a little bit.
• 25:56
  SPEAKER_02: I mean for sure.
• 25:57
  SPEAKER_02: Well, for sure.
• 25:58
  SPEAKER_02: You know, um, what's your minimum investment if somebody were to come in with you?
• 26:03
  SPEAKER_01: Most of the guys are putting 100, 50 to 100.
• 26:06
  SPEAKER_01: Um, and I I say this respectfully the smaller the investment, the louder the investor.
• 26:12
  SPEAKER_01: I know.
• 26:13
  SPEAKER_01: Uh yeah, you know, it's it's tough.
• 26:15
  SPEAKER_01: It's tough.
• 26:16
  SPEAKER_02: Well, I've I I syndicate too, so you know, you know, I haven't been that often lately.
• 26:22
  SPEAKER_02: Uh here and there, you know, I've had some deals.
• 26:25
  SPEAKER_02: Hard to find a deal, Cross.
• 26:26
  SPEAKER_02: I know.
• 26:27
  SPEAKER_02: Well, that's part of the pencils, bro.
• 26:29
  SPEAKER_02: Yeah.
• 26:29
  SPEAKER_02: So it sounds like you have a good deal.
• 26:31
  SPEAKER_02: I'm like, well, I probably know a few people at least, you know.
• 26:33
  SPEAKER_02: Yeah.
• 26:34
  SPEAKER_02: But a lot of my investors right now are really big.
• 26:38
  SPEAKER_02: You know, they're looking at you know doing north of ten million dollars.
• 26:41
  SPEAKER_01: So yeah, this isn't for them.
• 26:43
  SPEAKER_02: Yeah, I know for them.
• 26:45
  SPEAKER_02: You know, I know what somebody you know, I like it.
• 26:49
  SPEAKER_02: Yeah, so yeah.
• 26:50
  SPEAKER_01: You know where you know where the exit is on this one?
• 26:53
  SPEAKER_01: It's um, you know, maybe 20 or 30 sober living facilities that are now branded out as a business, right?
• 27:01
  SPEAKER_01: As a as a bigger business.
• 27:03
  SPEAKER_01: And that's a that's a cool trajectory to think about, but hear me loud and clear.
• 27:09
  SPEAKER_01: This is a this is a grow slow, not fast business.
• 27:14
  SPEAKER_01: Because if you you could do it, you know, you start making that kind of cash flow, you can go out and buy another one, another one, another one.
• 27:20
  SPEAKER_02: Um, you need good managers on site that live there, that understand the culture and we grow too fast and the operations go to crap, and you know, you have to grow at a manageable or sustainable pace, you know.
• 27:33
  SPEAKER_01: So yeah, yeah.
• 27:35
  SPEAKER_01: No, it's it's a good business.
• 27:36
  SPEAKER_01: I mean, I've got what have I got left on this one?
• 27:39
  SPEAKER_01: I've got maybe five, six hundred grand left on the one that we're um we're raising on right now.
• 27:44
  SPEAKER_01: And um, you know, everyone I talk to, they're just like, Yeah, I got it.
• 27:48
  SPEAKER_01: I like it.
• 27:49
  SPEAKER_01: You know, put me in the put me in the in the mix.
• 27:52
  SPEAKER_01: Yeah.
• 27:53
  SPEAKER_01: You also know that a lot of people say yes and don't come through.
• 27:56
  SPEAKER_01: But three look, three, three Zoom calls with three guys on each call, uh, and this thing's done.
• 28:03
  SPEAKER_01: You know, it it's yeah, it's not a it's not a hard lift.
• 28:06
  SPEAKER_01: You know what it is?
• 28:07
  SPEAKER_01: His his here's the real solid frankness of this investment.
• 28:13
  SPEAKER_01: As syndicators, we're always selling best case scenario.
• 28:17
  SPEAKER_01: Always.
• 28:18
  SPEAKER_01: Yeah, I don't care who you are, right?
• 28:20
  SPEAKER_01: We use our very best, our very best analysis, we go deep on our numbers, we go on our projections, and we sell best case scenarios.
• 28:28
  SPEAKER_01: Uh-huh.
• 28:29
  SPEAKER_01: On this investment, Carson, I sell worst-case scenarios, and it's still coming out at 10 to 14%.
• 28:37
  SPEAKER_01: Which is great for the investor.
• 28:39
  SPEAKER_01: It sucks for the sober Dave, because sober Dave means, right?
• 28:44
  SPEAKER_01: What that means to me is I got brothers that are dying.
• 28:47
  SPEAKER_01: I got brothers that still need sobriety, that need God's grace, that need, you know, uh a brotherhood to lean into and a safe place to transition back into society.
• 28:58
  SPEAKER_01: So yeah.
• 29:00
  SPEAKER_01: Invest with your heart on this one.
• 29:01
  SPEAKER_01: It's okay.
• 29:02
  SPEAKER_01: Because the money will follow peep people first, profit second on this, and it just it it works.
• 29:08
  SPEAKER_01: It really does.
• 29:08
  SPEAKER_02: It works.
• 29:09
  SPEAKER_02: It's good.
• 29:10
  SPEAKER_02: I'll um I'll be sure to include I'm gonna start your um your description off with the investment and what it is and all that.
• 29:20
  SPEAKER_02: You know, that's kind of yeah, kind of what you're focused on.
• 29:22
  SPEAKER_02: The A and E stuff is kind of part of your roots, you know.
• 29:25
  SPEAKER_02: Yeah.
• 29:26
  SPEAKER_02: Firefighter, that's all lead up to where you are now.
• 29:30
  SPEAKER_02: Um you know, it sounds like this is the most important thing.
• 29:33
  SPEAKER_02: Sounds like it's a good one, too.
• 29:35
  SPEAKER_02: It sounds like a winner.
• 29:36
  SPEAKER_01: Um, I've I'll give you a little bit of information for you to look at before you talk to anybody.
• 29:41
  SPEAKER_01: I want before you you say anything to anyone, you you got you gotta see it for yourself.
• 29:45
  SPEAKER_01: But it it is.
• 29:46
  SPEAKER_01: It's it it feels good, dude.
• 29:49
  SPEAKER_01: You know when you you know when you're syndicating and raising money, you always wake up at three o'clock in the morning, right?
• 29:55
  SPEAKER_01: And that thing goes, you see, you're smiling, you know, right?
• 29:58
  SPEAKER_01: So three o'clock.
• 29:59
  SPEAKER_01: People don't understand that about us, man.
• 30:01
  SPEAKER_01: They don't, yeah.
• 30:02
  SPEAKER_01: My wife says to me, Why were you up last night?
• 30:04
  SPEAKER_01: And I look at her and think to myself, why were you sleeping?
• 30:08
  SPEAKER_01: You know what I mean?
• 30:08
  SPEAKER_01: Like, girl, don't you know what's going on?
• 30:11
  SPEAKER_01: And she doesn't.
• 30:12
  SPEAKER_01: She doesn't know.
• 30:12
  SPEAKER_01: I love my wife, but they don't understand.
• 30:14
  SPEAKER_01: But on this one here, I haven't had that.
• 30:18
  SPEAKER_01: It's been more of a five o'clock wake-up, but I'm up at five anyway, you know, 4 35.
• 30:23
  SPEAKER_01: But um, it it feels peaceful rather than tumultuous, and and for that I'm grateful, you know.
• 30:30
  SPEAKER_02: Yeah, it it's a smaller raise too.
• 30:32
  SPEAKER_02: I I hated getting in the big ones where you're like, oh gosh.
• 30:36
  SPEAKER_02: I was just talking to somebody earlier about a a five million dollar investor backed out on me at the last minute.
• 30:43
  SPEAKER_02: I still got the race done.
• 30:45
  SPEAKER_02: Um it wasn't easy, but I got it done.
• 30:50
  SPEAKER_02: It's a lot of help, you know.
• 30:52
  SPEAKER_01: But I got a guy, I got a guy right now.
• 30:54
  SPEAKER_01: He's in for um he's in for 120.
• 30:58
  SPEAKER_01: It's 50, and then a refi, pull a little money out of one of the properties he owns.
• 31:03
  SPEAKER_01: But he genuinely is the most conservative individual I have ever met.
• 31:08
  SPEAKER_01: Like he's been sniffing around the periphery of me for maybe 10 years.
• 31:12
  SPEAKER_01: That's how long.
• 31:13
  SPEAKER_01: And I only got to meet him because he was listening to a conversation, conversation I was having in a coffee shop under my office here.
• 31:20
  SPEAKER_01: Yeah.
• 31:20
  SPEAKER_01: And um, you know, I walked him through it two times.
• 31:24
  SPEAKER_01: Like this guy's already got way too much of my time for this smaller investment.
• 31:30
  SPEAKER_01: But um, you know, it's it's um if it makes sense and it's legal and it's honest and it's ethical and it fits your your mission, your purpose, yeah.
• 31:42
  SPEAKER_01: Do the deal.
• 31:42
  SPEAKER_01: But I think it's not a case of ripping it all apart.
• 31:45
  SPEAKER_01: You know what I'm saying?
• 31:47
  SPEAKER_02: You know, people have to understand the risk too.
• 31:50
  SPEAKER_02: No matter how conservative they are, they have to understand there's risk involved in any in any investment.
• 31:56
  SPEAKER_02: You know, and that's one of those things.
• 31:58
  SPEAKER_02: You know, I think the the smaller investors make the loudest noise because they have the most to lose, you know, because it's yeah, it's it's everything they have.
• 32:07
  SPEAKER_02: So I understand where they come they're coming from, but you know, when I you know, in my earlier days it was like, okay, you'd take them, but now it's like okay, there's got to be alignment.
• 32:18
  SPEAKER_02: You have to understand the risk going in.
• 32:21
  SPEAKER_02: You know, yeah, you guys know what you're doing, you got a good business plan.
• 32:26
  SPEAKER_02: Yeah, you know, find it finding the right investors that are aligned with how you think and all that.
• 32:32
  SPEAKER_02: I appreciate you being up front about uh, you know, lease up times can get delayed, you know.
• 32:37
  SPEAKER_02: Yeah, you're really uh upfront about that out of the gate, which I like, you know.
• 32:41
  SPEAKER_02: Yeah, you can you can only control what you can control something like that.
• 32:46
  SPEAKER_01: So the sad the sad part of this, I'll say it again, is the fact that the the waiting list, a list of of people waiting to get into sober living, is just such a deep list.
• 32:59
  SPEAKER_02: Yeah.
• 33:00
  SPEAKER_01: We we don't take the next guy though, we take the right guy, and that's that's what makes it successful.
• 33:05
  SPEAKER_01: That's what creates the culture in these houses.
• 33:07
  SPEAKER_01: So yeah, it's good stuff.
• 33:09
  SPEAKER_01: It's good stuff.
• 33:10
  SPEAKER_02: Great cause.
• 33:11
  SPEAKER_02: Um I don't think I have are you coming to Nashville?
• 33:16
  SPEAKER_01: Um I think Chris was sending me some invite for something in a in a hangar somewhere.
• 33:24
  SPEAKER_01: You know Chris, man.
• 33:25
  SPEAKER_01: He's a lunatic.
• 33:27
  SPEAKER_01: He's so good.
• 33:28
  SPEAKER_01: He's so good.
• 33:29
  SPEAKER_01: I don't I don't know what Nashville is.
• 33:30
  SPEAKER_01: If it's in a hangar with some jets and some people with money, I'll probably that's in Atlanta.
• 33:34
  SPEAKER_02: That's the oh that's in Atlanta.
• 33:36
  SPEAKER_01: Okay.
• 33:37
  SPEAKER_01: Then I don't know.
• 33:38
  SPEAKER_01: I don't know.
• 33:38
  SPEAKER_01: When's Nashville?
• 33:40
  SPEAKER_02: I I think it's in May, but anyway.
• 33:43
  SPEAKER_02: I think you're coming to that.
• 33:44
  SPEAKER_02: I don't know.
• 33:45
  SPEAKER_01: Okay.
• 33:45
  SPEAKER_02: Okay you might not be.
• 33:46
  SPEAKER_02: I don't know.
• 33:47
  SPEAKER_02: I don't want to tell everybody your schedule.
• 33:48
  SPEAKER_02: I thought I saw you on the invite to Nashville.
• 33:52
  SPEAKER_02: But anyway, we'll see.
• 33:54
  SPEAKER_01: If Chris puts me on an invite to Nashville, I'll be there.
• 33:58
  SPEAKER_02: So you live in Atlanta.
• 33:59
  SPEAKER_02: You live in Atlanta now, right?
• 34:01
  SPEAKER_02: No, no, no.
• 34:02
  SPEAKER_02: I'm in Boston.
• 34:02
  SPEAKER_02: You're in Boston, okay.
• 34:04
  SPEAKER_02: That's what I thought.
• 34:04
  SPEAKER_02: I was thinking that.
• 34:05
  SPEAKER_02: I don't know why I got uh because I was thinking Chris is in Atlanta, so that uh then I was a little bit Yeah, yeah.
• 34:11
  SPEAKER_02: Yeah, I got you.
• 34:13
  SPEAKER_02: Anyway.
• 34:14
  SPEAKER_02: No, sounds good.
• 34:15
  SPEAKER_02: What's a what's a good way to uh get a hold of you?
• 34:19
  SPEAKER_01: Um Yeah, look, for for anything around this particular stuff, I give my personal email out rather than a business email.
• 34:25
  SPEAKER_01: Okay.
• 34:26
  SPEAKER_01: That's that's uh Dave Seymour Live at gmail.com.
• 34:30
  SPEAKER_01: That's the personal one.
• 34:31
  SPEAKER_01: And the reason I do that is some people hear this stuff and they reach out because they need help with sobriety and recovery.
• 34:38
  SPEAKER_01: That's first.
• 34:39
  SPEAKER_01: And then if they're reaching out with regard to the investment, I'll deal with that second.
• 34:42
  SPEAKER_01: But uh I'll send that to you in a text or on an email chain back to you.
• 34:47
  SPEAKER_01: And um I'll drop uh I'll drop some information in there.
• 34:50
  SPEAKER_01: Nice little little deck.
• 34:52
  SPEAKER_01: It's nothing fancy, but you can see how we look at the business, and you know, we'll go from there.
• 34:56
  SPEAKER_02: Absolutely.
• 34:58
  SPEAKER_02: Uh appreciate you coming on and um, you know, really uh admire what you're doing.
• 35:05
  SPEAKER_02: Um, I like the smaller stuff.
• 35:07
  SPEAKER_02: You know, you get into these huge complexes, they're like, oh, you know, you can scale and it's more efficient to have 500 units.
• 35:16
  SPEAKER_02: What could go wrong?
• 35:17
  SPEAKER_02: And it's like, well, you know, if it does go south, it's a lot bigger uh message.
• 35:24
  SPEAKER_02: Yeah, yeah.
• 35:24
  SPEAKER_02: Yeah.
• 35:25
  SPEAKER_01: You know, if it's uh if it's small group of small group of guys.
• 35:30
  SPEAKER_01: That's the idea of this.
• 35:31
  SPEAKER_01: Yeah, small group of guys or girls who see the investment, they love what the mission is, and they want to throw a couple of bucks behind it at a double digit return.
• 35:39
  SPEAKER_01: That's in simplicity, you know.
• 35:41
  SPEAKER_01: It's not uh it's not a 506 C.
• 35:44
  SPEAKER_01: It's not a you know, it's not a you know a regulated deal in that comp uh component.
• 35:49
  SPEAKER_01: You know, it's it's uh there's there's some trust in it, but yeah, it works.
• 35:53
  SPEAKER_02: If it's less than a million, I don't think it can be a five oh six C or whatever.
• 35:56
  SPEAKER_02: Right.
• 35:57
  SPEAKER_02: It's just like partnership.
• 35:58
  SPEAKER_02: It's that's a partnership, correct.
• 36:00
  SPEAKER_01: Correct.
• 36:01
  SPEAKER_01: So correct.
• 36:02
  SPEAKER_02: Sounds good, man.
• 36:03
  SPEAKER_02: Well, I appreciate you on Dave, and uh we'll be in touch and I'll let you know when that's release.
• 36:08
  SPEAKER_01: So anyway that shit looks fantastic, by the way.
• 36:12
  SPEAKER_02: Thank you.
• 36:13
  SPEAKER_01: See you, man.
• 36:14
  SPEAKER_01: God bless you.