Feb 22, 2017|
Automatically Generated Transcript (may not be 100% accurate)
Welcome to the hotel one sleeve radio show. Tell challenges the status quo who questions everything. Empowers you to return to your core beliefs don't make your life. Hear their troops are scheduled. Lifestyle you really want the next hour we'll change your life. I know you are a little. National award winning investor relief. CEO and founder of lifestyles and limited Joseph warms my. Welcome don't want to radio show without Vince and help begins I'm your host a while Clinton is always working on your financial freedom. We you know we got the expo coming up here and the day before the expo use the road trip for the expo. Stand on that road trip are going to be eight different properties one of which. It's going to be good shared reviewed by the gentleman that you witnessed today mr. Scott and roster and that's got been around for a long time yields a lot of real state. But it's going to be very interesting story because. Mostly people who come here. I have in the past and not really go home businesses it's got has come out of being a business or insult. So we'll hear his story all the way from the beginning. How we decided to change into this business. From another business Scott welcome to show. Thank you don't. When you started Specter you know he's he tells vote you know you working as a full time employee for Xerox I believe. Take it from there or did you go under compartment or. Could well let me first apologize to tiger announcements in the background every now and I'm actually it's not your order. Appear today you lecture on complex up here and it's a night we go to Cincinnati bar association's 2017. Or caps. Panel so on. Doing all that and headed back to Houston tomorrow but. Two starts. You know I actually got exposed to real estate pretty early on we would she's doing when I was eight or nine years old. I am a mom took what I think it was supposed to be a temporary job. For DeBartolo junior Kurt got a sort of query out to religion for what that's up. And got. She ended up moving up quickly. Took over that location and then took over conceded they measure wouldn't support traders. Stick around longer lunch planned on and ended up blowing that into a commercial. Ansari and residential real estate career not a commercial. Leasing career which turned into a management company by the time I was in my school so. During that time it was pretty exciting not only in Houston vote count all over the place the real estate and innocent character named Donald Trump doubt you work it's kind of started deadlines and they dispersed book came out about that time and it is not cancel class we have our own guy. By the name on the power in Houston that was trying to keep up with thing. I don't know I was cal one step removed from all of that so. Fast forward forty years I get through college I thought I'll just gonna go into real state and I work my mom's company actually and actually the only older real estate market collapsed. Vacuum and they need an early to mid eighties and it was really no place for 21 year old college graduates no real experience so. I doubt the best sales job candidates time that was zero actual and I made an eighteen year career out of office equipment. Work our way up to Xerox for a while they ran into some form of financial problems and competition. So from Japan came over it and some economy on a good day it's. Look you can stay there and do what you're doing or he can jump ball can come open off distrust and Houston and an opportunity here and earlier this on our medical. Formats what I do and death for them and got them started and then a few years later had a business side if you're one man. So I estimate it was OK I took that idea when that started on my own and started my own company that's well. Its interest in oh kind of do you want to do something and actually work were absolutely grown human ago. Now created it did work it was. At the time Lexus they come out in like 92. Was there of course of course in the later in the ninety's they came out with a certified you know program whichever by now and what the idea was was. Going down into smaller to mid sized copy or specifically cannon. Talks equipment which I'd consider was second best behind your expedite the brain wash onshore here. Stand. And I created a certified pre owned program for low mileage can and copiers. Being created daily unauthorized came in dealership for those. But my goal in my business I was always turn that into an authorized to ship which. When it came and look at what we do it without them knowing about it they were harassed. Tell us what you just don't have enough money to start an authorized dealership in Houston and they were right. So I. Actually merge my company with a group out of Oklahoma City was authorized to you or they wanted to expand into the eastern market that came up. A partner and manager accused of operations. Oh Decker. So illogical from that into real estate it's a big joke it's good that's all interest in all wheel rear in the far right vote argued over your left of some well. Well you know I you realist it was a month what I always had visions by getting back to. At some point after our merge with those guys we had some disagreements on where to go with that model. They had somebody had to go and they had majority ownership so. I listen to your radio show that was my first. Intro and a lifestyle Wasilla radio show when I was in between sales calls follow ups things like data so that. Fire was still burning. And when I saw the opportunity. To cash out of what I was due on July initially thought I was gonna buy another business. But some after looking around a few different ones I had done on CD. Seminar I joined up and gone to the two day we can't which you. Teaching a class and you know the intrusions built built built until. I couldn't go waiting game where they got it was going to be my business partner. In the business that I thought I was gonna bilateral or Starker company. Actually knew about a guy by the name every Jacob coop courses. I was probably three years more tenured in this and I have. But we met him outside of lifestyles and he's so that literally it's the real deal and I'll help you out you need to. Become a member of what's going so I get. And when you do do you UK metal blocks. Quite quickly I is that because you have a lot of business experience a problem. And you know I think that was part of it but the other reality was I made pretty good money. Doing what I was doing. And so I built a business plan which I had shown Emery got my lights Portugal of course. But you know what that plan that was really getting deep into the education side of Spain's. And making sure I knew what I was doing before bed everything that I spent so you know fifteen or twenty years going up. Don't apartments. And kind of risky at all. I basically took 2007. All. After so in my company and watching out Thanksgiving of 2006. And I dropped my kids off at school. I would drive straight to the old lifestyles office and I would be sitting outside the door on first person showed up to outlaw hit it I'll make the coffee and turn the lights on and then I was. So it'd you know before the Internet I was able to beat up all those hours and hours of video that you guys I have. I used to sit at a kiosk in your office. We have watched all the classes that you guys had recorded and learn as much like that was so noticed a big big piece of my education. And then in between doing that I was blown up every deal it was for sale and running it through the appeal evaluate or. Modifying the deal value waiter to fit my needs reform my model a little daughter. Until I understood all the variables associated with the real status. Good start Terry analyzed deal batter batter batter before it took the first 2.4 million dollars and socket into the deal. Well you know you're sitting here right now with what is it six properties and one on the way. Fair and over almost 2000 units so you've done quite well as we are going to break your next couple minutes just a short. Woodrow mom think about all this. You could we got they. You know there'll be even when I was doing stopped ears she was trying to convince me she had those deals where are they delicious Williams at some other source triple release results smaller. Commercial strip center tight spaces and she's trying to get me to do that kind of stuff that would owner. Back and I never did jump on and I think that I just felt like I had to have all my eight and the pastor didn't beat the company that I added new growing at. Gross cost money so I just never jumped up and do it until I finally our lifestyles. You know the path was kind of rare and a little more defined for me I. And nutrition. So she was pulled for renewal pulled away commercial. Know that you actually don't know what she thinks. At. You know the last. Put that they're now 89 years almost. Has done a pretty incredible market credit. The culture will get a good deal Cavallo unfolded. After the break but two to growth has been phenomenal I you know what timing could have been better. Certainly lifestyles and all of the resources accelerated. All of them or make. And it's back I couldn't planted any better advocate. Well you know DO say it's better be lucky than to be good because if I don't like by the way for everybody out there. I've swim whatever we know I have a really bad cold so LaMont much medication drug. Keep belied your QB cleared up. So if you recall I apologize or if you can tell might have a nasal sound in my throat it's just because until clogged up it's unbelievable. So while we come back and it's more scuffed at all shouldn't feel like call limited numbers 877. 7-Eleven 5211. Right back don't want to radio show. This got them Austria. You're listening to the Jobe once we radio. Dell will be right back with more life changing principles and just a few minutes. Lifestyle some limited is the real estate investor education and mentoring group that is taking people by the hand and taught them how to invest in real estate for over 24 years our students have been so successful at creating wealth and passing thing come that they won local state and national investor in the year awards nine of the last nine years it's easy to see my personal real estate investor magazine named as the best in the US if you're ready to add real estate to your portfolio go to lifestyles unlimited Austin dot com to access our free live training events scheduled. Wondering who the free workshop is for we did amazingly successful with people who are pressed for time. Doctors lawyers small business owners and corporate professionals. Who are grinding their lives away for earned income and don't realize they can start creating passive income today. Within that confines of their schedules and commitment. Want to get started now go to my passive income workshop dot com thanks to my passive income workshop dot com. Hey folks Dave Ramsey here dollar roofing the company you've come to rely on for superior roofing products and services. Has changed its name to anger roof of Austin why. Well who doesn't love a kangaroo nuclear unique sociable creatures who know how to really get around their territory just like dollar roofing nothing has changed except the name of the company Fowler roofing was ready for a more iconic and memorable personality they're ready to jump when customers call wind choosing a roofing company homeowners consider Scott and Stacy seller. To be. Not leaps and bounds. Over the competition family owned and operated and prepared to protect your family home with a tough roof that'll last for years so give kangaroos of Austin our call 51238. Today Ruth. That's 5123887663. Or book online pet kangaroo route Alston dot com that's 512388. Ruth and tellem day rim. He sent you. 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Once high in a sign purchase orders from the government proving that I'd want a large contract and would be page. I asked my banker for a loan to fund payroll so bad idea the banker started clubbing me. But I had to run payroll so I raise money from friends and ditch the banker. Later the banker literally gave me a baseball bat is a gift and said Mike the bad using your hands now. Hi I'm Mike Chappell sometimes we small business owners need to take control of a bad ourselves. That's wag created patriots software to give you total control over your own payroll. Our payroll starts in just ten dollars a month. And if you need help we will help you for free. Go to patriot software dot com can enter promo code radio you know give you two months of payroll processing free. That's patriots software dot com. Thirteen seventy. Welcome back and now here's some more unconventional wisdom to set you free. The men on a mission to retire road America one person at a time. No one's going. Look back to don't want to radio show with me today is mr. Scott and Austria which is going to be one of the stops on our road trip LO back do you go to welcome president of Mexico. Which will be on the seventeenth for the trip but that trip has been sold out. So yeah there is a waiting list if you would give on the waiting list but the trip has been sold well so. Do you still build to go to the expo it's gonna get a lot of people come by the CU for. Which property you're going to be showing them between them. Seattle Linux which you 164 unity oh my second field. In the gallery area just off the core west timer itself few. And you know we bought that thing in the middle of 2009. Which worst thing I have kind of a bottom video mortgage market. When everything was happened problems but it's been fantastic properties that. We don't heard what I guess would be eight years a couple of months and actually usually an answer for another town so we're not so much. Well let's start bag your first problem I think that's a Salerno road. Salon really helped salon of them so I knew you'd be sure that was. I can assure so after sending all of 2007 getting my education and a you know in my gets up to us by a big deal this is at 262. Mile property much. Albeit without the backing of lifestyles of everything that I learned I beg your doorway they wanna have a world jumped off from. Bought something like that in two I still scratch my head. All the lender added that I was a good risk. On this first property of this size it will say they keep what we call value play a value play. Is one that has bottles that will be to Volkswagen bus won't get it. So it and that's way below market it has tons of deferred maintenance. Kid I had a eighteen year old are. Who I met there actually are daughters it turned out of going to school the other sort chips touch with the sort daughter correct with high school. May I ask you what we're all decent you know things were also well a lot of third party management. And I turned it over to almost 98% occupied making 25000 dollars a marker that didn't wake up. Zoellick obviously winning ten grand in the bank like Friday to make payroll. Know fit in just slowly fallen into the do. Hey we gotta get fantastic stories. All did a massive turn around it may be the worst time I actually just watched the big short the movies this weekend. Hair and she's put up. Subtitled and what not and should dictate itself more mortgage market collapse and that was 63 days after we closed on this golf. But the deal goes certainly did find that it's it was thrust an 80% occupied won't sit. I think I ran it down somewhere in the mid 50% occupied and it turned around both. It's worse market collected like 56000 dollars and now I collects over 240000. Mocks. So you walk into another Warner. Shia and I think. Although the look real quick total year to date on this thing we have returned 227. Yourself. Sort of the original investor mouth and we cheer tree financial were keeping it for military tearsheet thrown off cash flow but about 20%. A year right now. So. Fantastic deal you know it's an older properties some people are bail out of these things but it's just. I'm of the proverbial cash can offer made I really had no intent on syllabus will be either. So do a drug trying to look at your wrote spreadsheet here and Nixon to this. You initial capital infusion when you bought it was two million. 2435000. Dollar correctly. Thank you already paid out taken out of its seventeen million or eleven million yet. Yes so it not enough on that spreadsheet that you're looking at the stuffing green is what we have actually paid out so that's are 2016. The good thing that you run and that number up to eleven million originally disclosed and your clock but I structured this to change your alone almost and we would've been. Dude so what are required 2018. We regatta early. So that 4250000. That EC was the cachet I'll probably try I've gone ahead and what the end be equity based on the appraisal. That's still in the deal and the the expected return this year as well. Which were actually receding in the first quarter so that's an eleven million numbers a little choked up there. So the the property putting a 2.4. SpinRite doesn't even have you taken four million out it's worth. Six million more equity six million equity. And that it did a crazed urgent short of eighteen million dollars on the refi and we twelve million dollar about Crawford. Six million and full public inquiry like. Wouldn't you be forward and beginning. What to work today. We paid seven point seven million sport when we bought it. We're probably could end you know that this is a property you know that had eight yeah Hurricane Ike hit it down a Clear Lake. Insurance to come through force. And we also had a even worse situation where we actually had some flooding. Out there what you get insurance paid out force butch did cause some I guess stressful moments. I'll be but all in all every time something happened to us. It was really an opportunity to court that insurance money back into the property group but even more ways or cheap or. So cute from let's say nine million dollars we've invested in it. Total including the purchase price it's appraising and eighteen million to a we work to remember you double the value. Yeah and Emily yes. That would get settled up property. So humble what do you think use the really positive part about this project produced. That's so important really large gain value what do you think is the positive about this war. I think there's a couple things and I want to get what to yield play and so it's he would require a pretty significant. They're capital injection as well as. Well not too bad putts early on we had to get rid of the bad ones so the Google wants to feel better. And I was really surprised after the turn around started happening while we started marketing things significantly higher level HI thought that the people. And it did stayed true all the Nelson the construction or what not. What eventually fall out because it would be able Fordham who won they would come in for renewals and we would Telemar each state were you know maybe another fifty dollar. Bob let's say I'll stay but I'm not I have to tell what's what I am I under our more what's store and they would move next door in the qualified Forte had more money and just like. You'll probably you and they really did want to move the chairs were in the school which is right extort. And they accomplish home so we got a lot of long term presence there are some that are teaching your residence that property that I know. You know speculated it is unclear like in Clear Lake of course is a great server. Good schools all that sort of doing so they old real estate adage location location location I think watching. Collection and that's what I was thinking because I remember going over there. And taking the one location speakers who will drew right there on NASA road one. Correctly wouldn't have gotten into an 800 what is our job passover I want. BM mail welcome to drive by traffickers at every day it's got to be some incredible traffic and attitude and it seemed like a really good locations. Where you wrap. So we'll do I want Greg archer. It's okay we're gonna go to break we'll come back you pick up your thought our number if you would call this God's specific questions 877711. 5211. We take short break for lunch will be open when we come back we morrow Scott Ben Austin. And the dough while he radio show. You're listening to the Joseph wants leading radio. Dell will be right back with more life changing principles and just a few minutes. Long time lifestyles member Curtis. It's a real joy for me looking back. Is helping others and I wouldn't be able to have done it without the support of lifestyle ladies can't please thank you enough still for that's. If we were asked people if they could vote on the top ten guys. That help other people you'd be one of them you're no doubt about it here and. This road mass of cold and success stories on this one I'm just. One person out of left thousands fantastic success stories that each and every person can learn from that's my life. Hey Curtis Haines advice. Come meet felt like minded successful investors who are helping others just like dale helped him. Attend the workshop. Get your math. Safely and quickly build wealth and passive income so you never have to worry about working till you drop losing your job or retiring in poverty. Call 18669718974. Due to lifestyles unlimited Austin dot com that's lifestyles unlimited Austin dot com to register for the workshop or change your life. CBS news update. Critics say the new trump administration guidelines for enforcing immigration laws amount to a new deportation force the ACLU's leak alert. But I think we're we're gonna see abuses mistakes. Racial profiling. Took part greater extent than we've ever seen before. Sean Moran with the border agents union we. President who is not going to allow the laws to be broken. And so they should not be surprised when law enforcement officers. Get back to enforcing those laws again. The new guidelines make illegal immigrants who have committed crimes even traffic offenses and enforcement priority. And CBS's Jeff be gay says that's race a lot of concern an immigrant community. 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Beat continue with time saver drastic mornings and afternoons and on top thirteen seven lead the right choice. Breaking news right things off. The media has tried to attack our administration because they know we are following through when pledges that we may have been happy about it news at the top and bottom of the hour stay informed throughout the day with top thirteen seven lead a right choice. The right choice for breaking news first time. Talk thirteen seventy. Though right choice. Welcome back now here's some more unconventional wisdom to set you free. The men on a mission to retire road America won her. No one's doing. Welcome back you don't want to reassure with the new Darrion Scott they're Russian who will be one of the present there's only. Expo road trip. Skunk who scored 22 project that you've done. Until twelve dollars. It was like one of the Lenox it's one of the gallery that we talked about earlier it was. Very different time in mid 2009 when my partners and I we look at the sort of feel. Everybody little shaken by the stock market traction low mortgage market. This we've blown that we're out there we're gonna have got 35% down instead that 20% out there we did on the first he also gonna take more cash to do it. And a response to all that I went out sound a deal that was in great shape is institute added eighteen year owner but they've taken a really good. And Boston based group that was nationwide. Skirted owned it and you know instead of buying a fixer upper body don't screw it up for she. Sand. Is cash flow from they want it distributed from day one. Had solid. You know ten plus percent returns. Plus tremendous capital appreciation because without location again west armor of doubt be. So it's pretty similar returned really too nervous a lot of that we just talked about a lot of running at 22. I didn't want to turn as well 220. It just took a little more thought to do it but in sheer number Steve I doubt almost gigs exact. Same amount but they're very very different ways. Such a great property and again we just decided that we can't spell for the attendance. We'll buy and hold on now. All right so attention to him to. Doing the same but in different methods so which one do very rare for. Third one that's I waited. Three years till 2012 before found my next deal they park is actually on NASA road one as well but it. Where one is close to 45 my first deal this one is at our endowment Seabrook. Almost three months. It was a pre foreclosure deal. There are worked out before it went into foreclosure. All the smaller only under 2040 that could comment or. Caught between a half million bucks. And we chair stood in December. Because they what's called supplemental loan which is basically a wreck what you want food. It appeared in order to oust where we captured on supplemental on the appreciation of the at a steel. I would walk three and a half million bucks. It's just a craze straight the quarter. After the war won't come out and we only owner or four years now and. That's quite good. You go from three yet. Pete you know yeah I had a personal right behind me who bought a bad for cloture 300 units foreclosure in this guy really went out I mean everything he. I had it on to the office and putting and canning pears and an incredible. Resort in trees you know kind of be each entry pool it's a volleyball courts all sorts of stuff and from the time I bought it when I realized he was doing how much you trades in franchise guys changed the model and we want more upgrades to the interiors of the units. And increased arrest beyond what I thought I was gonna be able to do so I really wrote this guy's coattails. Can't took advantage of a great market and then you have to look at what our general market has done a 2012. Until now and which stopped for a Barkley I don't know what do you are. Area library to increase this but I bet it's you know 20% or more. Our market there. I was like 7% year over year for a couple years in a row so it's got to be at least 1% maybe more that's quite a bit. Earlier location and timing. And then just being in Houston office. So that was a park right. But I parked like toward so unusual about big house. Eight ounces. Cabinetry lifestyle story we have a member who is actually a doctor should. Can. To Ghana. Found lifestyles. I believe when he was traveling Dakota radio show somewhere and started. Sourcing out out on a get podcaster what you do your radio or got started listening to. If he came down to Houston he joined lifestyles. And he was working with John Rich way to find a complex body. Eight around 890. Unit PO I looked at a couple of times over the years it is actually smack in the middle of muscle Lotto report saw massacre one. They had had it under contract. It's easy. Do you avoid a better older it has chiller air condition units instead of individual units got a aluminum wiring and it's. Got a flat worries a lot of things we should be problems. Much of a look at the more opportunity though and I think you've expressed concern over somebody. Trying to do this from picking on a mile away or whatever Detroit is a Houston and other Texans they'll. Until. There was two things good and the reason why I asked this gentleman to contact you. And John to work through use that number one it was a very difficult field to understand that a turnaround. Remember too that I lived in Michigan so I mean that was a pool very bad combination for the first time deal. Eventually I did have them contact you because. So John let's hope that you had the expertise that you already need the market he knew which you do that so I didn't turn out. Well I'm not met the day that he came down to walk all the units relegated to Tito contract. Dan many months. We get it off pretty well. I do like dole and look I think it's you know you gotta a pretty good deal here in this deal over the years and now. You know I like it but here's the concern and and I battle straight up with a much of this why these guys you know certainly up which you discuss their their little worried about. You've been able to do this and then actually introduce a committed this was a loan assumption is it was very long that was what they do really well on the current. And as you know for a lender to like go over really well funded group. Can't take on the other guy despite the fact that he had the money to buy it here and have the money to buy an entire global. And I don't I suggest doing that might be a problem and are sitting back to go much apple branded brown asked the question. And sure enough he called me back the next day it's you're right they're not gonna are they on the assumption and I think TR he had money or corn found that out so. The lender that was on the deal is the same wonder that had a lot of what the time. So that you make. I want to Brandon is a brand and ask them by some money here that I can't love this guy its day world. Allow oil to go through and they agreed to that no matter what back to a guy outlook we get this done here's what I'll do for years give me the marriage contract could you also get media. 0% of the deal. And we didn't Geller. Stingy concealment returned here we're gonna fortunate situation where he had that we. Bought it and the middle Tony fourteen. The market slipped further and we have reinvested Morrissey interiors obscenities and we thought we were going to do so we have actually taking no. Returns for two years out of this property however I'm actually he with a nine elevenths and I have we besides all alone what are currently under. That would allow us a lot of options protection out anywhere from. Grossly under some of our investment in the deal and by the years of no interest on the new loan ansari interest only on the new loans. Two. And Cassius forget what the other one was no interest and are no interest only period that I got to allow action helicopter. Shot. But what we have the best but still so. We just haven't needed the money up to this point so we haven't taken it out keep that property. But it's we we bought a first thought for six point four million and under I think the club and a half. Smith he's some gigantic numbers go to the next we've only got two minutes for the next low club cup soccer community dubbed orders but orders another deep. Value play it's eighty units. Massive turnaround ran down to below 50% to get underground Republican but do you cash else. I refinance and so we're actually think about North Korea was involved in this deal we think we're gonna turn thirty ought to go to our property which they're the don't war. But also a kind of like the experience of doing that as well. Correct. The note how many people in this deal. The database elsewhere that we talked up forces but to look at this deal is done. Myself and my other largest investor that you never thought I have a few shots they. No or little number those guys all agree to go for 1030 won't support and trying to get to you got this theory we're we're all more interest dividends. Tax avoidance or tax affordable or have you wanna term that. And the Canadian property is to me as the managing partner there's a little cumbersome. A renegade yeah not that much harder to manage 200 units effective may be easier. So. We got enough value chain announced that I think we might have a healthy down in the towards them like I could stay in the deal. That makes a lot of sense. There just isn't that your portfolios were saying he's too small. It's good governor and I never intended to buy it it was just too good deal. Have been there done that there and you know no problem you have to mix more how good the way. Hurry we're gonna go over too short break to really come back for our last segment Scott. So for the rest Joseph turnovers 8777115211. We write back to del Walters radio show. You're listening to Joseph watch what radio. How will be right back with more life changing principles are just a few minutes. Did you know that every dollar you put into a piece of real estate makes you money five ways. Cash flow of money in your pocket each month. Equity capture the thousands of dollars you create when you have the right team and by the right property using the right man. Appreciation. For real estate doubles in value about every ten years equity build up. Renters pay down your mortgage each month and finally this tax advantage we pay almost no taxes on our cash flow and capital gains. These are the five ways we make money in real estate. 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Go to my parents didn't come workshop dot com and find your true financial pieces like so many of our members already have. That's my passive income workshop dot com. Thirteen seven. Welcome back now here's some more unconventional wisdom to set you free. The men on a mission to retire road America one person at a time. No one's going. Welcome back the last segment don't want to reassure with reader today is mr. Scott Ben Austrian which use. The ten year veteran in the real stir investment field then owns right now six apartment complex as fiction who value the seventh. It's been. Producing massive rates return as you heard on the projects. But don't read like to go right now legitimate interest and storing as the one you told just the other day about how you ended up owning a piece of real state. Thousands of miles from where you live I don't know the exact location but it was a great story to ensure that moves us. Yeah it's in Cincinnati that's why I'm here today. That. So my wife and I when we got married our first you have peers America's gonna play Shia. Got out what their MBA she got a job Crocker gamble to gust up to the side tracked about your. And and then we have this tree went back. But I. About a year and a half ago maybe two years ago the largest apartment broker certainly didn't used to it or not or may be in the nation. Merge with another company earlier bought out of that ever when they did to the preferences on the web site where I would sit up to only deals in the Houston area. Canada blown out. And I started getting deals in my inbox all of the California Florida or whatever. So one day and sit on the couch cleaned up my email that we are in my preferences almost feels so I don't do as much junk mail. And this deal from Cincinnati is on to leading banks pops out that they see the subject Klein and I look at it. And you all the time I spent back in 2007 just analyze and concrete over and over you get a pretty good idea pretty quickly. Whether or not a fields were deeper investigation in this one jumped out and it was a no brain. If it was NG eastern and no line to buy this thing would have been so long it would have been ridiculous. So I ask my wife what do you think about having excused of there's almost I'm at a Cincinnati are siege so sure to makes us go forth so I. Chertoff came up here we looked at it actually my partner from Michigan drove down to look at it with me. Daughter's whereabouts of I want to my Katamari. Biggest investors that it would be the longest and trust me the most so guys think about by the steel fifteen under miles away. I trust me want to announce forced to deal. It's top 140 unit properties. It's 655 and over community. And again residents here. Bunches up on and clutch years. You've had a senior. Living dealer measure you know Tara was incredibly close actually 21%. Shoe off property which. Did you so and I think fifty cent probably normal. We owned it since August. It's already cash flowing in distributing Adelaide at 20% cash on cash return search and it's important. But really it was actually below market ransom were bumping them up slightly although these fixed income folks we can't get too crazy. Flip amenities and promotes a solid start to think what really focused on this kind of morons. At least partial. All built pay property so I'm focusing all of my investment on improvements that are going to bottom line cost savings on utilities. And we're gonna make money that way. An increase our net operating income that we courses are awaiting the rats too much on this push. Yeah I love my senior players I was just to have the number oh please interest include. One because it was two different clientele obviously you know him very easier to deal with some ways and Carter deal with and other ways. But I'd like you said that turnover you know. They're dying to get out of the place that's. About how to live there's another property. Another property down the street it's actually did rise to keep October. And ours does not have elevator which I'm thankful for so there are some people that when they leave the elevator when you're lobsters anymore we lose and that property on the streets. But she died since August when we bought the most other perceived out of our boy you'd make your story. And usually it's wanna laugh when a camera could come up what a month to check on it. Got a third party management company. That does not only our forty man accompanied by their owners they have got 101000. Units that are under management but that certainly 500 of those they have an ownership still. Certainly think like owners. The financial world got a great stuff trying to donate. In my industry so you think you see yourself doing more other towns don't. You know I that I am I'm also as soon as I get off the phone with you I'm going she's DOC BRE office job here to become I've ever met Decker jet. They're not start to sort of a property in my group its best in this almost on another topic here torching and if you're. By the one next month in Houston and then I wanna give that about a multiple open familiar over the course worker. Well that's excellent them so now Lou we've. I do with this for ten years. Looking back what would you doesn't differ on what you've done anything or did you just hit it just right. You know I think from the I it is just right we certainly have other leads. That have been more aggressive have amassed more units that god is tremendous things as well. You know more power to him for doing it but for me just worked out well. For the place where was what my family you know I took off all 20071. Matches were in elementary school and I extend a lot of time with them some kindergartners here. Can actually get to do so much help from the culture and teaching. And then you know I mean I pretty good income coming into this but now I bet it's probably keep track of the about a five times what I used to break. In our network and 678 times I would go to don't touch tract actually just doesn't matter anymore. And it just tremendous light salad I've got a top management. She's putting the person like autos are to start my hand a bit yourself. They're hurting my property it would hurt so our dismay and are now about bought back a little more time for myself and my family by doing that. It's it's been great around. Good as a member speaking to you about a year ago and you were just starting to implement the concept of getting yourself out of it and moving on so great thing you really do it Scott appreciate you come out and sharing your time and story would this also appreciate. That your going to be sharing on the expo road trip. For the Russian military don't keep wanting to learn Scott isn't doing this just for the money you know he's not even counting anymore current or network and he's not young anymore. He's doing for years explained you pretty incredible what sales thank you very much guys for coming on the show. For the rest should be out there. Remember not the money. It's a lifestyle if you tomorrow. And radio show. Can obtain the results of join us seventy. Can't get enough. You show. I. Okay. Yeah. The information and a poignancy here on the Dell wants it radio show or those of the hose still wants Lee has gas and is collars and do not necessarily reflect the opinions of the station its affiliates its management or advertisers the Dell wants a show is for entertainment purposes only please consult a professional regarding your personal investment needs nothing presented on the Dell wants a show constitutes an endorsement recommendation offer solicitation to buy or sell any product security.