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Value-Add Multifamily: Raising Rents From $575 to $915 With Almost No Rehab w/ Charles Seaman · Real Estate Investing with RealDealCrew

• 0:00
  I'll tell you this, I'm not smarter than my competition.
• 0:03
  As much as I'd like to say I am, I'm not.
• 0:05
  I'm probably not better than my competition, but there's two things I do
• 0:08
  that are giving me a competitive advantage.
• 0:10
  One of them is quite frankly, I outwork a lot of them.
• 0:12
  And secondly, is that I move faster.
• 0:15
  It was sent to us and one other group out of Texas.
• 0:18
  So we had already toured the property, we put an offer in, seller countered
• 0:22
  our offer, we countered back.
• 0:24
  We did all that before the other group even got around to
• 0:27
  coming out for a tour.
• 0:29
  And that was intentional.
• 0:30
  Most new investors think that they are the smartest buyer in the room.
• 0:34
  Charles Seaman flipped that.
• 0:36
  He started at 20, young, dumb, and broke, spent 14 years in
• 0:41
  acquisition and operations for a New York investor, and today
• 0:45
  he's syndicated over 1,100 apartment units and $110 million in
• 0:50
  deals. In this episode you'll learn how he took rents from
• 0:54
  $575 to $950 with almost no
• 0:59
  renovations, why he looked at 150 to 200 deals to close
• 1:04
  his first one and the one thing he does that his competition doesn't.
• 1:09
  If this helps, hit subscribe, let's get started.
• 1:15
  Charles Seaman joins me here today, and you can learn what he can help you
• 1:19
  with by reaching out to him directly.
• 1:21
  Head over and send an email to
• 1:24
  cseaman@masterpassiveincome.com.
• 1:29
  I'm
• 1:29
  With that, we're gonna be talking about multifamily investing, how you got
• 1:32
  into it, and a few other strategies.
• 1:36
  Most importantly, if you want coaching directly from Charles, he helps
• 1:40
  Dustin with MasterPassiveIncome.com so you can get some
• 1:45
  conversations going directly with him.
• 1:47
  I really appreciate your time today, Charles.
• 1:50
  Jack, likewise. Thanks for having me.
• 1:53
  Yeah, I really enjoyed my time on your show.
• 1:55
  What maybe we should call that out quick and may so that people can learn
• 2:00
  from you directly there as well.
• 2:03
  Absolutely. So if anybody's interested in another real estate podcast, they
• 2:07
  co-host the Master Passive Income Multifamily Podcast, and we release
• 2:11
  weekly episodes on both Apple and Spotify.
• 2:13
  And we have great guests like Jack on there.
• 2:15
  Well, we're going to start with your origin story, how you got into this,
• 2:19
  because I understand that you were 14 years working for working in
• 2:24
  acquisitions and operations for a commercial investor in New York
• 2:28
  before you went out on your own.
• 2:30
  What did that see teach you that you that you're using today?
• 2:36
  Yeah, great question, Jack.
• 2:37
  So there's a lot of things you taught me.
• 2:39
  So when I first started in that position, I was 20 years old.
• 2:42
  And what I what I always say is that it wasn't really something I
• 2:45
  actively sought out and said, okay, let me go work in this industry.
• 2:49
  But it was more I was young, dumb, and broke, and I needed a job.
• 2:53
  And that was the opportunity in front of me at that point.
• 2:55
  But what happened throughout that is I started working for a guy who's
• 2:59
  highly successful, and I was fortunate to work very closely with him and to
• 3:03
  learn a lot in multiple different industries.
• 3:06
  So, you know, getting The chance to basically sit with somebody who's a
• 3:09
  multimillionaire, shadow them for better or worse, and do a lot of
• 3:14
  different things that still stay with me to this day.
• 3:16
  So the things I would say that I learned most that I still use there are
• 3:20
  the basic foundations of business and just how you're dealing with people,
• 3:23
  how you're treating people.
• 3:25
  And with any business, whether it's real estate or anything, is really
• 3:28
  going to come down to sales and management.
• 3:30
  And those are things that I learned and developed and refined in that
• 3:34
  position, and the things that stick with me still to this day.
• 3:37
  They've helped me go on to learn how to acquire property, how to manage
• 3:40
  property, how to raise capital, and also just how to how to maintain these
• 3:43
  relationships along the way.
• 3:44
  You moved from New York to Charlotte and you started buying value add
• 3:49
  multifamily pro properties.
• 3:52
  Talk a little bit about that process and why you decided to focus on that
• 3:56
  asset class. Yeah, so when I first did that, I started looking in
• 4:01
  mid-2017, and there were really two reasons that I decided to do.
• 4:05
  That asset class. So one is because there was a lot of information
• 4:08
  available, which is good and bad.
• 4:10
  You know, the accessibility of information makes it easier, so you can
• 4:14
  reduce the amount of mistakes that you make, but it also creates greater
• 4:17
  competition. So it's kind of a double edged sword.
• 4:20
  The other thing I that really drew me to that asset class is because I knew
• 4:24
  that there's a long term need and demand for apartments.
• 4:28
  You know, historically I worked with other commercial asset classes as
• 4:31
  well, but when I was starting to get into apartments, I started really
• 4:35
  having some concerns about the future viability of things like office and
• 4:39
  even retail at that time.
• 4:40
  Now almost a decade later retail has actually bounced back quite nicely.
• 4:43
  And office is bouncing back, I don't know if I'd say nicely yet, but it's
• 4:47
  bouncing back. But apartments, there was no doubt, you know, as long as we
• 4:52
  have people we're going to have a need for them to live somewhere.
• 4:54
  So that was kind of what drove the pivot and with value-add specifically
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  is because a lot of times with the deals that I'm doing, I'm raising
• 5:03
  outside capital for investors.
• 5:05
  So to produce returns that are attractive enough for them.
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  Most times you need to have a value-add component where you're not just
• 5:11
  buying a stabilized asset with minimal risk.
• 5:13
  There has to be some so you can give them enough meat on the bone to entice
• 5:16
  them. Well, that strategy makes a lot of sense.
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  Are you buy a lot of these properties then from like
• 5:22
  mom-and-pop investors, or how are you
• 5:27
  sourcing this type of value add property?
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  So most of the ones that I that I buy usually come from broker
• 5:34
  relationships. Out of those, I would say with the eleven deals that I've
• 5:37
  done in value-add multifamily, one of them was really from a mom and pop
• 5:41
  owner, came through a broker still, but it was very mom and pop, and there
• 5:44
  was a lot of improvements to be made.
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  But the other ten were deals that we purchased either from syndicators or
• 5:49
  long-term owners that were pretty sophisticated.
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  So there they weren't quite mom and pop, I would say, but there was still a
• 5:55
  lot of upside and meat on the bone.
• 5:57
  So
• 5:58
  let's spend a little time on that type of meat on the bone.
• 6:02
  What are you seeing as a common thing that happens throughout these where
• 6:06
  you can quickly ascertain whether this might be a property in which to go
• 6:10
  after? What type of meat are you looking for?
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  So there's usually one of two things.
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  There's either physical improvements, where you're improving the units,
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  you're improving the property and getting some type of rent premium because
• 6:21
  of that, or operational improvements, which might be increasing rent,
• 6:26
  reducing expenses, some combination of both, where you don't need as much
• 6:29
  physically intensive capital improvements, but more just strategic
• 6:33
  operational shifts.
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  And you know, I'll give you an example from what I would say is probably my
• 6:38
  best deal. This one was almost totally operational, very little physical
• 6:41
  improvement. And that's actually my favorite type.
• 6:43
  It's easier and less risk.
• 6:44
  So in this particular property, you know, it was a 48 unit property in
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  Sumter, South Carolina, which is a smaller market.
• 6:51
  When we first bought the property, and just for reference, this is also the
• 6:55
  one that had the mom and pop owner.
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  So the rents were between 575 and 650 at the property.
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  These were all two bedroom units.
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  We bought this property in 2020.
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  And you know, we felt confident based on our market study that 750 was very
• 7:10
  achievable for the based on the units and the property type and the area.
• 7:14
  We felt very confident on that.
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  Our property manager.
• 7:16
  Who I felt was a little too aggressive, telling me that she thought even
• 7:19
  850 or 900 was doable.
• 7:21
  I'm glad that she was right and I was wrong, because by the time we sold
• 7:24
  the property in 2024, the average rent there was about 915.
• 7:28
  Now
• 7:29
  you might think that we took the rents from 575 or 600 or 650 to 900
• 7:35
  by doing significant improvements.
• 7:37
  We didn't. We barely did any improvements.
• 7:39
  And what we did is we just realized there was a gap between what the
• 7:42
  subject property was charging and rent and what the neighbors were
• 7:45
  charging. And because of that, we felt pretty confident in our ability to
• 7:48
  execute. So with this particular property, it had 27 month to month leases,
• 7:53
  which means that for everybody brand new that th those tenants could
• 7:56
  potentially just walk at any time because there's nothing obligating them
• 7:58
  to stay at the property.
• 7:59
  So we were both strategic and aggressive in how we worked on getting that
• 8:04
  problem addressed when we first bought the property.
• 8:07
  We gave renewal notices out within two to three weeks to all 27 of those
• 8:11
  tenants. Now, we wind up losing three of them, but We retained twenty four
• 8:15
  of them. I got them to sign new leases at higher rates.
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  So what caused that?
• 8:19
  Well, what happened is did they probably curse us when they got the
• 8:22
  notices. Oh, I'm sure they did.
• 8:24
  But they probably went on Zillow and they probably went on apartments.com
• 8:27
  and they probably cooled some of the neighboring properties and realized
• 8:30
  that this is what these properties are charging anyway.
• 8:33
  So after the initial frustration, they probably realized maybe I don't have
• 8:36
  such a big deal here.
• 8:38
  And I think all of us can agree it's probably a lot easier if you're in a
• 8:41
  place that you're happy with to stay there than it is to uproot yourself
• 8:44
  and go move somewhere else.
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  So most of them renewed at substantially higher rates.
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  So within three months, a large part of our value that was already executed
• 8:52
  without any capex and minimal risk.
• 8:57
  Your online bio says that you've acquired now 1,1251,25 units and
• 9:02
  110 million in acquisitions.
• 9:05
  Where are we here today?
• 9:06
  Is that still accurate?
• 9:08
  Yes, that's still accurate.
• 9:09
  You know, you've accumulated a number of these within a what I
• 9:15
  would consider a relatively short amount of time.
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  Like did you find ways in which you said you're using other people's money
• 9:23
  in order to accomplish this, but early on, how were you acquiring these
• 9:27
  properties? Was it with your own cash?
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  Was it was it building banking relationships?
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  How did that look?
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  So all of them are required with a combination of debt and equity.
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  So every single one of those deals I syndicated, and what that means
• 9:41
  essentially is I'm using investor capital.
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  So even on the first one, you know, we used a combination of debt.
• 9:48
  So the first deal we did was a ninety-two unit one.
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  The purchase price was four million eight seventy six, and the total
• 9:53
  capital we needed for the equity was about two million one fifty.
• 9:57
  So what we did is we obtained a loan, and in this case it was a CMBS loan
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  for off the top of my head, I think it was sixty percent of the purchase
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  price on that one.
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  And maybe seventy percent.
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  And then we went out and raised capital for the for the down payment.
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  For the capital improvements for the reserves and for any fees that the GP
• 10:15
  and the sponsor team received.
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  So that was raised through people we had pre existing relationships with.
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  And it also as much as I'd like to take credit and say that I went out
• 10:23
  there and raised two million on the first deal I did.
• 10:26
  I didn't there were other people we partnered with in the deal as well, one
• 10:29
  of which you signed on the loan as the loan guarantor that had some
• 10:32
  connections you brought in.
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  So it was really a team effort and was finding the right people to partner
• 10:37
  with and to be able to get you across the finish line.
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  Let break down your operations a little bit.
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  Like are you self managing what is your partnerships look like?
• 10:46
  And do you have are you kind of a one man band or is there a bigger team
• 10:51
  involved here? Yeah, great question.
• 10:54
  So in this business and in my business, there's really two different types
• 10:58
  of partnerships. So that you have what I would call long term partnerships,
• 11:02
  which is going to be when you partner with somebody to build a bus a
• 11:05
  business on a regular basis and you're doing deal with the deal with the
• 11:09
  deal together. And then you have deal by deal partnerships where
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  essentially It's kind of a trial and error type process to see if it's a
• 11:15
  good fit. And I've had partners in both.
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  So for instance, like with those with the first deal, you know, I already
• 11:22
  had two partners that I was building a long-term business with.
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  We had met at a at a conference in 2017.
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  We stayed in touch, and after corresponding a few times, we decided it
• 11:30
  would be a good idea to partner because we had complimentary skill sets.
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  And we also had you know similar goals where we what we wanted to do with
• 11:37
  our lives and with the business.
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  And on top of that, we also have deal specific partnerships where we went
• 11:42
  out and we found people who could fill roles that we needed.
• 11:45
  So in this business, one of the things you need is somebody who's gonna
• 11:48
  have the net worth and liquidity to sign on the loan as a guarantor.
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  I didn't have that at that point in the other two partners I was in the
• 11:54
  long-term partnership with.
• 11:55
  So we needed people who were stronger than we were financially.
• 11:58
  We also needed people who had good investor relationships because being
• 12:02
  able to attract capital, especially when you're starting out is not an easy
• 12:06
  task. So those are all things that we that we had.
• 12:08
  On the operational side, You know, say there's also two different types of
• 12:12
  operations. One is the business and two is the actual property level.
• 12:16
  Now, each of these properties when you're buying larger multifamily really
• 12:19
  is an individual business and you have to treat it that way.
• 12:21
  It's you're buying a consistent income stream.
• 12:24
  That's really what you're paying for.
• 12:25
  But then it's figuring out how do you manage it, how do you retain it, and
• 12:28
  how do you how do you make things flow the best way possible.
• 12:30
  So we usually use third party management.
• 12:33
  We have
• 12:33
  doing first party in a few cases.
• 12:35
  That was more by necessity than by plan, where we just weren't happy with
• 12:39
  the results that our third party management options are producing, so we
• 12:43
  decided to take management in house.
• 12:44
  Now, one of the lessons I've learned is that I would actually say I think
• 12:48
  getting yourself to a position where you can have first party management is
• 12:51
  a tremendous competitive advantage in this business.
• 12:54
  And for anybody who's looking to actively, you know, get it get involved
• 12:58
  with a scale, I would tell you it's probably a long term initiative you
• 13:01
  want to keep on the horizon.
• 13:02
  I think that you know, you being a coach, you probably see this
• 13:06
  Quite often. And I like your perspective.
• 13:09
  When people seem to get into real estate initially for the first time,
• 13:13
  there is this perception that it's kind of easy, that there is that a lot
• 13:18
  of passive investing associated with this.
• 13:22
  I'd like to put things into perspective a little bit.
• 13:24
  Could you kind of give us some details as to how many deals you review on a
• 13:29
  regular basis in order to decide what you're going to go after?
• 13:33
  And
• 13:34
  also talk a little bit about the speed in which you have to operate in
• 13:38
  which to when you actually do find a good deal.
• 13:41
  Great questions. Oh man, that second one especially, speed is so key.
• 13:46
  So the first one is it'll vary depending on where you are in your business
• 13:50
  and on the market cycle, quite frankly.
• 13:52
  So the first deal I did, I looked at somewhere between 150 and 200 deals.
• 13:56
  And that's a lot. It's a lot of deals, a lot of time, there's a lot of
• 14:00
  there's a lot of conversation, a lot of a lot of things.
• 14:03
  And You know, I submitted some offers, we didn't get them.
• 14:06
  We were close on a few, but for whatever reason, you know, we didn't get
• 14:09
  them. And it's easy to get discouraged when you're spending a lot of time
• 14:12
  and you're putting in offers and you're doing all the things that you
• 14:15
  should be doing, but you're not getting the result.
• 14:17
  But the key is it is persistent.
• 14:19
  So what I tell anybody with real estate, whether it's single family,
• 14:23
  multifamily, commercial, whatever it is, real estate is a long term game.
• 14:27
  If you think that you're gonna get in and you're gonna be in a materially
• 14:31
  different position in life in six or twelve months, you're probably gonna
• 14:33
  be very disappointed.
• 14:34
  But if you know, if you look at it with more of a longer term perspective
• 14:37
  and realize that, okay, I'm gonna have to invest some time, I'm gonna have
• 14:41
  to invest probably some money, and I'm gonna have to sacrifice.
• 14:44
  And if you do that over a period a longer period of time, I think you'll
• 14:47
  see that the results generally compounds, and you wind up with a favorable
• 14:50
  result, but it's just it's not gonna be as fast as most people want it to
• 14:53
  be. Now you know, what happened is, especially in the multifamily space,
• 14:58
  because a lot of it really is relationship driven.
• 15:01
  So when I looked at 150 to 200 deals for that first one, you know, it got
• 15:05
  down to maybe 30 to 40 deals by some of the later ones.
• 15:08
  And the reason for that is because at that point there was an established
• 15:11
  buyer with a track record.
• 15:13
  So on that first one, brokers and sellers don't really want to take a
• 15:18
  chance on me. And it's not it had nothing to do with me personally, I don't
• 15:22
  think. But it's more so they didn't know if I could close.
• 15:25
  I was an unproven commodity, I was somebody who was new in the space,
• 15:28
  hadn't done it before.
• 15:29
  So there wasn't a high degree of confidence that I'd be able to put
• 15:32
  something on the contract and execute.
• 15:35
  But then after you do a few of them, what happens is the way they look at
• 15:38
  you changes. And it changes because now you're a proven closer, and as that
• 15:42
  happens, you start getting access to better deals that you wouldn't have
• 15:46
  had otherwise. Then the second question you had there's speed.
• 15:50
  You know, what I would tell people, like when people ask you, what has
• 15:54
  helped me close deals and be successful?
• 15:57
  Well
• 15:58
  I'll tell you this, I'm not smarter than my competition.
• 16:01
  As much as I'd like to say I am, I'm not.
• 16:03
  I'm probably not better than my competition, but there's two things I do
• 16:06
  that are giving me a competitive advantage.
• 16:08
  One of them is quite frankly, I outwork a lot of them.
• 16:11
  And secondly, is that I move faster.
• 16:14
  So that 48 unit property in
• 16:17
  South Carolina, that was an off market deal that we got from a broker
• 16:20
  relationship. There was it was sent to us and one other group out of Texas.
• 16:25
  And with the other group out of Texas, I don't really think we had an
• 16:28
  advantage over them.
• 16:29
  But the reason that we got it instead of them is we were able to move
• 16:33
  faster. So we had already toured the property, we put an offer in,
• 16:38
  seller countered our offer, we countered back.
• 16:41
  We did all that before the other group even got around to
• 16:43
  coming out for a tour.
• 16:45
  And that was intentional.
• 16:46
  We wanted to make sure they didn't have a chance to come out for the tour.
• 16:49
  Because by doing that, it would have handed our competitive advantage.
• 16:54
  So speed is really key, I would tell anybody.
• 16:57
  Yeah, the faster you can put yourself in a position to be ready, it doesn't
• 17:01
  mean you're gonna have all the pieces in place.
• 17:02
  I'd love to say that I had all the pieces in place for all eleven of my
• 17:06
  deals when I started out, but that wasn't the case.
• 17:09
  Matter of fact, I don't think I had all the pieces in place for any of
• 17:12
  them. But you have to have as many pieces in place as you can, and then
• 17:16
  kind of put the rest of them together as you go.
• 17:19
  So it's being prepared and being ready and having relationships who are
• 17:22
  ready to support you if you move forward with something.
• 17:24
  And just to remind everybody, we are talking to Charles with Master Passive
• 17:28
  Income, and you can contact him directly again with
• 17:32
  cseaman@masterpassiveincome.com.
• 17:36
  Call out your show again, Charles, because that was a great time when I was
• 17:39
  on there, though you guys have some really interesting perspectives, and it
• 17:43
  was it was great to chat you on that episode.
• 17:46
  Yeah, absolutely. So it's the Master Passive Income multifamily podcast,
• 17:49
  and I co-host that, and we have a great guest like Jack on there.
• 17:53
  And before I forget, just to remind everybody, if you found some value in
• 17:57
  what we're chatting about, do us a favor, share this with one of your
• 18:00
  friends. And if you're watching us on YouTube, a like and subscribe goes a
• 18:04
  long way. So, Charles, now that we are in a new day and age
• 18:09
  associated with this, and you knew I was going to go there eventually, is
• 18:12
  how are you leveraging some of the new tools in the marketplace, including
• 18:16
  AI, in bolstering that speed to acquisition?
• 18:20
  Great question. So AI is definitely a game changer.
• 18:24
  What I would say at this point that you know personally I haven't found it
• 18:28
  at a point where it can totally underwrite a deal from start to finish yet.
• 18:31
  It's getting there, though.
• 18:32
  I think it's not going to be that far off.
• 18:34
  But where I find it really effective is with just accessing data and
• 18:39
  collecting information.
• 18:40
  You know, at this point, and I probably use Google Gemini more than the
• 18:44
  others simply because with every Google search I do, it usually comes up
• 18:47
  with results anyway.
• 18:48
  And a lot of times I'm sourcing market data and market information, so
• 18:52
  that's very helpful when evaluating an investment.
• 18:55
  You can get
• 18:56
  Information that in the past you probably would have needed paid
• 18:58
  subscriptions for, or you would have needed access to other people like
• 19:02
  brokers. So now if you're looking at deals even in the middle of the night
• 19:06
  or on a weekend, you can go out and get information and data that's freely
• 19:09
  available and help increase the speed that you're evaluating these deals
• 19:13
  with. Well, would you mind covering your tech stack a little bit?
• 19:17
  Like everything from since you're working with a lot of investors, how
• 19:20
  you're staying top of mind, commu keeping up with the communications.
• 19:24
  Maybe you're running some funnels, maybe a CRM, project management, like or
• 19:29
  have you found a way to consolidate a lot of these efforts?
• 19:33
  Yeah, sounds good.
• 19:34
  So for me, the I mean the most important piece of my tech stack is always
• 19:37
  Google Workspace. You know, there's a lot of people who probably opt away
• 19:41
  from that due to course, but for a couple of bucks a month, I've always
• 19:43
  found that to be very helpful and has a lot of the things I need.
• 19:46
  CRMs I've used a few in the past, but the one that we've used most recently
• 19:50
  is Go High Level, and that seems to have become a pretty popular within the
• 19:53
  industry for multifamily because it's good for investor communications.
• 19:57
  We also use an investor portal called CashFlow Portal.
• 20:00
  And some people would use the investor portals as a CRM.
• 20:04
  They can serve that piece, but they're not really designed for it.
• 20:07
  So those are best used to put information about deals and
• 20:10
  to store sensitive documents and to communicate with people who aren't
• 20:14
  prospective investors, but who have actually invested with you and to
• 20:17
  update them on different matters.
• 20:20
  You know, other than that, we use the just basic things like Zoom and
• 20:23
  Microsoft OneDrive.
• 20:24
  OneDrive stores all of our documents and our files and Zoom for all of our
• 20:29
  all of our virtual meetings.
• 20:30
  That's really our tech stack in a nutshell.
• 20:32
  I'm going to circle back on something, you know, one of those things that
• 20:35
  stood out since we've been chatting is that you mentioned that you've been
• 20:39
  syndicating like from the very beginning.
• 20:42
  Even like really early on.
• 20:45
  A lot of people see this as an ash aspirational step.
• 20:49
  In fact, mayma's even see it as so complex that they don't even want to
• 20:53
  bother with it. Talk a little bit about where your mindset was that made
• 20:57
  you decide to jump like right in the deep end like that from the beginning.
• 21:02
  Sure. So I would say two things.
• 21:04
  One is that even though I hadn't owned a deal or done a deal this size
• 21:09
  myself, I felt okay with it because I was already working in the industry,
• 21:13
  so a lot of things that were new to people weren't really new to me.
• 21:16
  I understood the concepts, I understood how to find deals, I understood how
• 21:19
  to manage them. So none of those things were new.
• 21:22
  What was new is doing it with my own money or raising capital for investors
• 21:26
  and doing it that way.
• 21:28
  So that part of it was new, but the actual real estate side was something I
• 21:31
  was doing every day anyway, so I felt okay with that.
• 21:34
  And the second part of it, for better or worse, this it can be both a
• 21:38
  blessing and a curse, is I've always liked taking on big challenges.
• 21:42
  And sometimes that works out really good, and sometimes it doesn't.
• 21:45
  So I felt up to it.
• 21:48
  And I think a large part of it is just because I had experience, I had
• 21:51
  background working in this industry and in these in this niche.
• 21:54
  So it wasn't something that was like a novel concept to me.
• 21:57
  So it probably gave me a big head start versus just coming in totally cold.
• 22:01
  Yeah, that prior experience.
• 22:04
  You know, this is one of those things that's a recurring topic on this show
• 22:08
  is that we have these opportunities.
• 22:11
  We might be, whether we're bankers, realtors, in your case you were working
• 22:15
  with a broker. We have this these experiences throughout our lives.
• 22:20
  We see other people excel at it and accumulate these assets, and then
• 22:25
  we don't take these life lessons and apply it to ourselves because it's
• 22:29
  very few people that will learn from those situations and then run with it
• 22:34
  and make a go of it themselves.
• 22:36
  Like why I struggle with understanding why people don't do that more often.
• 22:42
  Mm-hmm. Absolutely.
• 22:44
  Any guesses as to why that might be?
• 22:46
  You know, I think the big one is fear.
• 22:48
  I think that a lot, we're all you all have fears, regardless of what they
• 22:53
  are. They might be a little bit different, but we all have fears.
• 22:55
  And I think for many people they choose comfort because they like the idea
• 23:00
  of knowing what's on the other side versus not.
• 23:02
  I think if you're gonna be a successful entrepreneur or an investor, you
• 23:05
  have to be wired a little bit differently.
• 23:08
  You know, if you're if you're wired like everybody else's, you're probably
• 23:12
  not gonna leave that steady W-2 job and kind of go all in.
• 23:17
  And it's not for everybody.
• 23:18
  So again, you know, sh sometimes being a W-2 employee can work really well.
• 23:22
  But if you want what less people have, you have to be willing to get
• 23:27
  uncomfortable and to take risks that they wouldn't and do things that
• 23:30
  they're not willing to do.
• 23:31
  I need you to speak to
• 23:32
  A specific listener right now, who is sitting there thinking that he needs
• 23:37
  to acquire a hundred properties in the next year.
• 23:41
  He has not done any of this before.
• 23:44
  Where should he start?
• 23:45
  First thing you should thought if he's brand new is educating himself.
• 23:49
  There's a lot of online resources, both paid and unpaid, that you could
• 23:52
  use. And then second is building relationships.
• 23:54
  Yeah, I can't I can't stress that second one enough.
• 23:57
  Th there is YouTube University, for example, on the first part, but the
• 24:02
  second part is getting out there, finding like minded individuals and start
• 24:07
  making those connections and find a support group, if you will, regarding
• 24:11
  this. Because it isn't gonna be an easy task.
• 24:14
  As much as we'd like to believe in those late night infomercials back in
• 24:18
  the day where it's just mailbox money, as far as I'm concerned, that is not
• 24:22
  the case.
• 24:23
  Just a reminder again, you can reach out to him directly at
• 24:26
  cseaman@masterpassiveincome.com.
• 24:30
  I'm gonna have that in the show notes for e easy reference.
• 24:34
  But if you're ready, Charles, we'll dive in.
• 24:37
  Absolutely, I'm ready.
• 24:39
  What lie do real estate investors often tell themselves?
• 24:42
  The lie they often tell themselves is a whole list of excuses about why
• 24:46
  they can't do it. If you could go back in time and give your younger self a
• 24:49
  piece of advice, what would that be?
• 24:51
  So there'd be two pieces.
• 24:52
  The first one would be start sooner, and the second one
• 24:55
  would actually probably be to start building some cash flow before I dive
• 25:00
  right into larger multifamily deals, because it always helps having that as
• 25:04
  the foundation. I need you to look back as you were scaling your business.
• 25:07
  What was the first position you hired for, and would you make that same
• 25:12
  decision today? So in our business, we haven't technically had any
• 25:15
  employees. We've had some independent contractor and virtual assistants.
• 25:19
  Most of the things that we've hired for were typically things that could be
• 25:23
  easily automated, like social media content and investor engagement.
• 25:28
  We never want investor meetings or one on one emails to come from somebody
• 25:33
  in that capacity, but things that are going to a larger pool of people, we
• 25:38
  want to delegate that as soon as we can, so we don't have to focus on it.
• 25:42
  And finally, what single tool or process have you implemented that has had
• 25:46
  the biggest time saving impact?
• 25:48
  So the biggest thing that's saved is just the method of delivering content
• 25:52
  and reaching more people at once.
• 25:54
  You know, you can do only so many things if you're doing one on one
• 25:57
  meetings, which I do a lot of, but the more that you could reach a larger
• 26:01
  pool of people with a single post or a single message, the greater result
• 26:05
  you'll have.
• 26:07
  Well, Charles, this was fantastic.
• 26:09
  I really appreciate you giving us the time here today.
• 26:12
  Again, you can reach directly at
• 26:14
  cseaman@masterpassiveincome.com.
• 26:18
  Again, that's going to be in the show notes, but hope you'll consider
• 26:21
  coming back again real soon, Charles.
• 26:23
  This was awesome. Yes, thanks so much, Jack.
• 26:25
  This has been great.