JF1312: Apartment Syndication Advice To My 22-Year-Old Self #FollowAlongFriday
Today we have a listener question from a 22 year old who wants to do apartment syndications. Joe approaches answering the question as if he’s talking to his younger self, telling himself what he wishes someone told him at that time. We’ll also get business updates from Joe and Theo. If you enjoyed today’s episode remember to subscribe in iTunes and leave us a review!
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Joe Fairless: Best Ever listeners, how are you doing? Welcome to the best real estate investing advice ever show. I'm Joe Fairless, and this is the world's longest-running daily real estate investing podcast. We only talk about the best advice ever, we don't get into any of that fluffy stuff.
Well, it's good to be back, Follow Along Friday; it's been a couple weeks... I am looking forward to talking about all of our updates, we've got a lot going on. How do we wanna approach today?
Theo Hicks: Before we jump into our updates, we had a question submitted from a listener, which is going to [unintelligible 00:02:49.19] the conversation today, which is "Apartment syndication advice you would have given to your 22-year-old self." The question comes from Sammy, and I'm just gonna go ahead and read their e-mail.
"Hey, Joe. My name is Sammy. I'm 22 years old. I stumbled upon your podcast a couple weeks ago and I've been hooked ever since, and can't get enough of the excellent content you put out, so I firstly wanted to thank you for giving back to the real estate investing community.
I currently live in Toronto, Canada. I just graduated from college with a degree in business. It wasn't until about three months ago when I discovered the power of investing in multifamily complexes, and I have since had a burning desire to begin the journey of purchasing one. I wanted to ask you what advice you would give to someone my age who is looking to pursue this journey? I would definitely to syndicate a property if I find a good deal. The current market for multifamily in Toronto is horrible. Properties are insanely expensive, and even about three hours away from the heart of Toronto a [unintelligible 00:03:43.06] nothing special at all.
I would love to venture off into the States and tap into some new markets there eventually, but right now what would you recommend I do? I'm looking for jobs in the real estate field, such as risk analyst for big companies, so I can at least make some money and get knowledge of the industry. Your feedback would help me a ton, and I would really appreciate it. Thanks a ton."
Joe Fairless: First off, Sammy, thanks for the compliment. It sounds like you've got a lot going on with positive momentum. Ultimately, my suggestion is to learn how others have approached this scenario when they were in your shoes, and then learn from them based on the pros and cons, success and challenges they had to overcome. I know I've interviewed a handful of individuals who partnered with other investors right out of the gate, at a very young age. I personally wouldn't recommend that, because you said in your e-mail that you just discovered multifamily properties three months ago... So I personally wouldn't partner with someone, at least in the very near future. I would get more acclimated with the process, learning certain things, the ins and outs of the business, and specifically how to conservatively underwrite deals and the execution of those deals.
Now, the challenge is on the second part, overseeing the successful execution of those deals - how do you do that without actually doing a deal? The answer to that is you find someone in your local market who you can talk to and perhaps shadow. That's one way. Another is that you do get a job with a company that has a multifamily or a property management angle; that certainly will be beneficial for you. It's not the end-all-be-all, or it's not the exclusive approach that you could do or should do, it's just an option.
Ultimately, from a macro level, my approach would be acclimate yourself with the business as much as possible; I'm glad you're listening to this pockets... Bigger Pockets is a good one, Michael Blank has got an apartment-focused podcast; that's a really good one... And some others like that. So acclimate yourself with the stuff, and then specifically seek out interviews and people who have been in your position, who are as ambitious as you are, and who have generated results in a similar situation.
Perhaps if Grant on our team can find some interviews with some younger individuals... And perhaps I shouldn't be assuming -- did Sammy say his age?
Theo Hicks: 22, yeah.
Joe Fairless: Okay, good. So maybe I shouldn't be assuming; you're a recent college grad - could you graduate at 50 years old...? Okay, so 22 years old. Find others who are in that same age range who I've interviewed and who have partnered with others or who have not, and just simply learn what they did and model your approach based on what they did or didn't do. That's advice for everyone; it's not just you, Sammy, it's for everyone - when you find something that you want to do... Maybe you want to start fix and flipping, maybe you wanna start wholesaling, doing multifamily, raising money, and ultimately just -- I've got over 1,300 interviews, so search "Joe Fairless" and whatever you're looking to do and you're gonna come up with some interviews of people I've interviewed who have done that... Model what they've done. You'll hear lessons learned along the way, or if they talk about a failure, then you model after what they didn't do... And then get as much hands-on experience as you can while you're learning from others.
And here's something crazy - reach out to those people who I've interviewed. Talk to them and ask them questions. Ideally, before you reach out to them, you identify ways you can add value in their life; don't just ask "Hey, what can I do to help you out?" Proactively, when you reach out to them, add value to their life.
If they were interviewed on my podcast, one thing you could do is just simply say "Hey, I heard you on the podcast, I enjoyed it, and I know you talked about XYZ; I actually know someone who does XYZ. If you'd ever be interested in connecting with them, perhaps I could help you out. Additionally, I'm in your similar situation that you were in before, and I'd be really grateful if we could jump on a call and I could just ask you some questions for 9 minutes or less", and you're gonna get a pretty good response rate, I imagine, if you approach it that way. And then maybe instead of offering an introduction, maybe it's just -- if they have a podcast, write a review. If their company is on Facebook, then give them a five-star review on Facebook, like their page, comment on something and say "I love this stuff." Retweet them if they're on Twitter.
I mean, just stupid simple stuff like that, that 90% of the people don't do prior to reaching out to someone that they want something from - you can do that, and you'll stand out. I intentionally didn't give you an exact approach that is right, because ultimately I don't know what's the exact approach that's right for you, but frankly, neither do you until you actually get in there and do it. But I do know the macro-level way to go is model after those who have been there before you, reach out to them, learn from what they've done, and apply your approach based on the lessons you've learned from the people who have already been there and done that before, and then actively add value along the way to their life and other people's lives as you go along, and I'm telling you - you're gonna be set up for success.
Theo Hicks: Yeah, the big thing in what you're saying is identifying what you can actually bring to the table for value. Because once you understand how the syndication works, then you know what the syndicator needs in order to run a successful business, whether that be money, whether that be deals, whether that be a team member maybe, a new contractor... [unintelligible 00:09:56.11] conversation with that person and you'll know maybe more specifics, but kind of going in, if you know "Okay, well maybe if I have a bunch of time, because I've just graduated college or I haven't got a job yet, I can figure out what market this person is in", or just in your own market and find a deal and offer a deal... Have a deal already when you come to the table, or say "Hey, I'm willing to raise money for you."
The reason why I say that is because -- this is kind of me getting ahead of myself for the updates, but I had my meetup last night and a couple of people that were [unintelligible 00:10:23.29] apartment syndications came. They weren't in this exact situation, but it was close enough. They weren't as young; they didn't know anything about apartment syndications, but they wanna do it, and so I kind of just mentioned that... And they were interested in partnering up, and things like that.
I'm interested in that, but it's kind of like, at the end of the day you have to bring value to that person's business and do something for them that maybe they could do themselves, but they don't have the time to do themselves, or they just don't wanna do themselves, whether it be being really interested in raising money, and someone's saying "Hey, I have access to private capital."
Something else you said too about reaching out to the podcast guests - [unintelligible 00:10:56.21] they were on a podcast, and then some guy that was also at the meetup had reached out to them, and that's how they met each other, and they're potentially gonna partner up on some sort of deal. So it definitely works, and I'm sure people that go on podcasts don't get a lot of people reaching out to them, so if you kind of go above and beyond just reaching out to them, you're for sure going to get some sort of response from that person.
Joe Fairless: You'll most likely get a response. Yeah, I agree. I remember Tony Robbins saying -- he talks about if you do good work, you get average results; if you do great work, you get good results. And if you do outstanding work, then you get great results.
Theo Hicks: We have a blog post on that, too.
Joe Fairless: Yeah, but the point -- disproportionately larger results, and it's that sliver of difference that most people don't do, and in this scenario the sliver of difference is instead of just reaching out to someone, which most people wouldn't do - they wouldn't reach out, they'd just listen. But if you do a step above that and you reach out, then you're in the minority. But then if you reach out and proactively add value, then you're really setting yourself apart from others, and that's also setting the foundation for a long-term relationship, because you're reaching out to that individual to learn from them... And when you add value to their life, it's likely they're gonna want to keep you around a little bit longer, right? So instead of you trying to reach out to them, you're actually attracting them, and they're gravitating towards you and actually pulling you in, versus you pushing yourself towards their direction. It's a really compelling thing, and it's something that when we do, regardless of if we're trying to start in syndication, or if we're doing other stuff, it will be beneficial.
Theo Hicks: Exactly. And then the last thing on this topic, something else that Sammy mentioned in their post is that they live in a market that's (as they said) horrible; what they meant is that it's really expensive, and they're interested in investing in the States... Again, we have a lot of resources on the website that will help you evaluate a market, pick a market... I think we actually have a blog post that says "How to invest out of state." If you use the search function and say "out of state" or just say "market evaluation", you'll have a bunch of blog posts come up. I'm sure Grant could toss some of those in the comments section as well.
Joe Fairless: Cool. Yeah, and by the way, Sammy, when you say your market is horrible, perhaps it is for cashflow, but guess what? Since it's bad for cashflow or value-add plays -- well, probably cashflow; you probably can find some value-add plays if you look hard enough... It's good for people who have money. And when you evolve your business, you're gonna be very grateful that you are in -- I think he's in Toronto... Is that right?
Theo Hicks: Yup.
Joe Fairless: Yeah, that you are in Toronto, instead of Buffalo, New York. Ther's a lot of people with money, I'm sure, in Buffalo, New York, but I imagine there's a higher concentration of higher income earners in Toronto versus Buffalo, that's my sneaking suspicion. So instead of focusing on a lot of deals around you, also remember that there is a flipside to everything, and because there's not a lot of deals around you, it's because you've got a lot of people with a lot of money jacking prices up, you've got a lot of people with a lot of money who you can partner with.
Theo Hicks: Exactly.
Joe Fairless: Cool. Alright, updates - what have you got going on?
Theo Hicks: Yeah, we've been [unintelligible 00:14:28.10] for a while, so there's some moving and shaking going on in the business... I did that direct mailing campaign that I had mentioned before; I sent out a bunch of direct mailers to 4 to 19-unit properties in some neighborhoods of Cincinnati, and I got a great response rate. I don't have a property under contract yet unfortunately. I'm kind of choosing between two properties right now. One of them I could definitely put under contract today if I wanted to, but I wanna get both, and the one that I'm kind of negotiating back and forth on, the one that's kind of still up in the air - that's the one that I really want.
It's a property from the same street as all the other fourplexes that I own, so I understand the area, I understand the rents for sure, because it's the exact same street and we're in the process of raising the rents right now... The guy wants 220k for it - it's a fourplex - and right now they're all 2-bedroom units that are rented for $650, which is... Technically, at that purchase price it's still above the 1% rule, but the reason why I'm really attracted to it is because I've just raised the rents on my 2-bedroom units, and we raised them to $825. We probably wouldn't raise them from $650 to $825, although one of the units is vacant and we could market that one at $825 right away... But just drastic increases in rent will just make this thing a cash-flowing machine.
I don't want to buy other property until I know for 100% fact that this person is not going to sell it in the next couple of months... But there still hope, so I'm still holding out hope. I'm actually gonna attempt to do a lease option, which we've kind of talked about before... Because the reason why they don't wanna sell the property -- well, there's two people that own it; they're in a partnership. One guy wants out completely, and the other guy still wants it for the cashflow... So I figured that a lease option would be the best of both worlds for them. We've submitted the offer, the partners are still talking it through, so we'll kind of just see what happens there.
Joe Fairless: Are these from direct mail?
Theo Hicks: Yes.
Joe Fairless: Remind us again how many pieces did you send out and how many responses did you get.
Theo Hicks: We sent out about 400 pieces, and we got responses by approximately six people.
Joe Fairless: Okay, and of those six you've communicated with all six?
Theo Hicks: Yeah, one of them sold right away, one of them was not -- it was not in my business plan, let's just say that...
Joe Fairless: Why?
Theo Hicks: It was basically a single-family converted into a fourplex. I like to avoid those types of properties.
Joe Fairless: Okay.
Theo Hicks: A duplex is fine, but a fourplex, I just [unintelligible 00:16:47.15] property that was created to be a fourplex. So there's two I'm looking at right now; as I mentioned, one sold, and then two of the other ones - they were just asking too much, so they're just gonna put them on the market and see what happens. I didn't know the streets very well, and the rents were really low, and they claimed that they could be raised, but at the current rents when I bought it, it wouldn't have cash-flowed, whereas for these two right here - they will cash-flow once I buy them... And I'm looking to raise the rents to make even more.
Based off of my properties in Pleasant Ridge, I just don't wanna buy a property that's not cash-flowing right away, at this moment in time; maybe in the future I'll do it... And it's not even like they need to be updated or anything. Just for some reason the owner just never raised the rents. But I wanna make sure I buy a property that's cash-flowing. Those are the only two properties that I was looking at and maybe I would have pursued them harder, but I kind of just said "If you're wanting that price, for those rents, it's just not gonna work for me."
Joe Fairless: How much did you spend to send out the 400 pieces?
Theo Hicks: Right now I've incurred zero expenses on it, because my real estate agent sent it out. I'm basically not gonna be able to buy the property without an agent, so I'll pay them a little more on the front-end for the actual property, because I can't negotiate a lower price [unintelligible 00:17:58.29] and then obviously once I sell them, if I'm still working with them, I'll have to pay them money... So that was kind of the purchase price, I guess.
Joe Fairless: Right, right. Well, if it helps get a deal, then yeah, it's a no-brainer... Unless you send them yourself, but then there's no agents, and -- why do you need an agent?
Theo Hicks: Well, I needed an agent in the first place just to send out a mailer, and the second part is more of just like I just don't wanna do any of the negotiations, I don't wanna do any of the paperwork... I'd much rather someone else do that and I just focus on other things. That's really it.
Joe Fairless: Okay, cool. Convenience.
Theo Hicks: Yeah, convenience.
Joe Fairless: Yeah, it's kind of a turnkey model. And was there only one round of mailers sent out?
Theo Hicks: Yeah, we sent this mailer out less than a month ago. We plan on doing this every 2-3 months. I wasn't expecting to get any responses until the second or third round, so... I was totally surprised.
Joe Fairless: Cool, good.
Theo Hicks: So if we get a property under contract now - amazing! But if we don't, my expectations were not to find a property for the next two to four months, so right now we're way ahead of schedule.
Joe Fairless: And you're waiting on this partnership to say yes or no... Let's assume they say no - are you gonna buy the other one?
Theo Hicks: No, I'll just offer a higher purchase price to see if I can sweeten the deal, on the same property.
Joe Fairless: Okay, but then they still say no.
Theo Hicks: If they say no to that, then I'll buy the other property.
Joe Fairless: Got it. So it looks like you're gonna be buying one of these deals, maybe both.
Theo Hicks: Yeah. I talked to my agent, and I kind of probed her to see what the situation was of the owner who owns the other property... I wanted to know, does he need to sell fast? Is he talking to other people? Because I don't wanna spend all this time on this other property and then get to the point where I'm like "Okay, they don't wanna sell it" and I go back like "Hey, I'm ready to buy your property now" and they're like "Oh, I'm sorry. Sold to someone else. You took too long."
She said she's talked to them... I guess the agent that he's working with also works at her office, and so she can kind of stay on top of it and give updates on what's happening, so I've just been texting her basically every single day with updates. I'm sure she loves me right now.
Joe Fairless: What's your deadline for hearing back from the property A with the partnership, before moving forward with property B?
Theo Hicks: I'm gonna say the end of next week... If they're still kind of diddle-daddling around, I'll just move on and buy this other property.
Joe Fairless: Cool, exciting stuff. Congrats on that. Well, quasi-congrats, and then I'll give you the full congrats in hopefully two weeks, once something's under contract.
Theo Hicks: Awesome, thank you. And then a couple quick other updates, too. I did host my second meetup last night, and what you were expecting my first meetup to be like was what the second meetup was like, because 6 out of the 12 people that RSVP-ed showed up, as opposed to 11 and 13 the last time... And actually not a single person that came to the first meetup came to the second meetup. They're all new people. It might have been a mistake on my part...
Joe Fairless: You should definitely take that personally.
Theo Hicks: I'll take it personally. Well, three people emailed me the night before and said they couldn't make it, and then a couple other people posted in the Facebook group literally this morning, asking when the next meetup was... So I guess some lessons learned - I need to post the new meetup to the Facebook group and the meetup.com website. But I've only had two meetups and I've already made some really, really good contacts out here in Tampa. It's potentially going to result in some sort of partnership in the future, so I'm really excited about that.
Joe Fairless: That's great.
Theo Hicks: And then lastly, I've been meeting with some property managers and brokers in Tampa, just to kind of learn the area and prepare to syndicate my first deal... So those are my updates for now, and hopefully I've got some more interesting stuff to talk about moving forward.
Joe Fairless: Sweet. Yeah, you've got a lot of exciting stuff, and you're building the network where you just moved, through the meetup; you're staying active with your investing in Cincinnati, where you've got the portfolio, and now you're looking for the long-term larger deals by putting together your team. You've got a lot of exciting stuff, and I'm looking forward to continuing these conversations, because as you continue to build and build your portfolio, it's going to be pretty cool to be with you along the way, so we can hear it... So that's pretty cool.
Theo Hicks: Yeah... It's like a joke, but it's kind of serious - when people ask why I started the meetup and I was like "Oh, well I was on the podcast..." and then he mentioned now [unintelligible 00:22:11.24]
Joe Fairless: Well, it's just like -- and then we'll move on to my updates... But it's just like when I first met you the very first time - we met at a McDonald's in Cincinnati with one of your buddies, Joey... Is that his name?
Theo Hicks: Yeah, Joey.
Joe Fairless: Joey. We met at McDonald's, and this is like three years ago or something... And you told me that you bought your first house - was it a month after you looked into what is real estate investing?
Theo Hicks: Yeah, I had a property under contract within two days, not a month.
Joe Fairless: Oh, two days, not a month. Excuse me, two days. So real estate investing was not on your radar at all, and then in two days you had a property under contract, right?
Theo Hicks: Basically, yeah.
Joe Fairless: Yeah. So you clearly take action, and the result is what we've seen so far and what you've told us about, and then what will continue in the future, and we're gonna be a part of it, at least listening. Cool. My updates - last Friday... Was it last Friday? Yes, last Friday we closed on 462 units in Dallas-Fort Worth. It was a unique structure, because we are partnering with a woman my business partner knows, so we did not bring any equity to the deal. I invested in the deal, like I do all of our deals, but we didn't reach out to our private network of investors, because this woman who my business partner knows - she found the deal, she had one investor (her investor) who is our only limited partner on the deal, and she just needed us to help get awarded the deal, and also to do asset management to help make sure the thing is successful. So we're partnered up with her, and that's why -- I know I have investor who listen to this podcast, and that's why you didn't get an e-mail about that one, because it was a unique situation.
And then we've got right now a portfolio in DFW that we're purchasing, and since it's a live deal, I'm always gun-shy about what I can say for SEC purposes... So I'll just say we have a deal and I'm excited about it, and then more to come as we get a little bit further along. So there's that.
Here's something I'm really excited about and proud of - on one of our deals, we returned 40% through a refinance, and we've only owned it 15-16 months. We bought it in December of 2016, and we just completed a refinance on it. From a high-level, we bought it right, at the right price, but more importantly, [unintelligible 00:24:57.26] went really well and the market continued to be friendly to us with the rent premiums... And it's just really exciting. It's exciting to be able to send those e-mails out to investors, it's exciting to see the results of that from investors...
I've got an investor - he proactively called me on Saturday morning, which was not so fun, but I didn't answer, because I was still asleep; it was very early Saturday morning... And he left me a voicemail. It was like a two-minute voicemail; I listened to it when I got up. He said he'd been investing with 12 different syndications, and we are by far the best one, from projections versus returns standpoint, from a K-1 standpoint, he's had to switch around some entities... He's had to switch around where he receives his payments, and we're on top of that... And with his permission, I shared it with our team, the people from executive assistants to my business partner, and it was just a really cool feeling.
That's the type of stuff that I'm grateful that we're building, and those types of relationships... Because we haven't done Follow Along Friday for approximately two and a half weeks, and the reason why - because I have been in Dallas with a family member of mine who had some health issues and still does, so I was at the hospital for approximately two weeks in DFW... And I recognized - and yeah, I've always known this, but I recognized that the value that others create in life, like nurses, doctors, speech therapists, people who work admin at hospitals and things like that... Quite frankly, their impact is much greater than mine, and it's important for me now to continue to recognize that, because this type of syndications we do - I work with either... Most likely, if they're admins, I work with their bosses - the doctors, the surgeons etc. who invest in our deals, and there is a trickledown effect, in my opinion, whether it's financial or whether it's emotional/psychological, where when we're delivering on what we're supposed to be delivering on, then it adds to the greater good.
I'm not a doctor, so I don't directly save people's lives, but I don't have that power; I'm not smart enough to do that, and I just choose not to, because it doesn't sound like the area I'd be very good at, but I do know what my role is... And my role is to help those who can help others, and to serve those who can serve others. So when we do deliver on the 40% for that one deal, or I get that voicemail, it's more meaningful now than it was two weeks ago. And it was meaningful before, but it's more meaningful now than it was two weeks ago, because now I know that by helping the people who I know I can help, then I believe most people are inherently good, so as I help them, they'll kind of push it along and help others.
So it's a pretty cool thing. Business is going incredibly well, and if you'd like to attend a conference that I'm gonna be attending, there's two conferences. One is April 21st and 22nd. It's the MidAtlantic Summit (midatlanticsummit.com). Dave Van Horn heads up the conference, I'm keynoting that conference... It's April 21st and 22nd. MidAtlanticSummit.com - you can go there; I think there were like 40 tickets left, so you probably wanna get your ticket once you hear this, and check out the conference. MidAtlanticSummit.com. I'll be there.
Or if you'd like to travel to the Midwest, MidwestSummit.com - I'll be there May 11th and 12th at the conference. I think I'll only be there one day, the day I'm speaking, because I've got some stuff I'm doing in Chicago that weekend... But MidwestSummit.com - it's May 11th and 12th, the conference, so you'll want to check that out. I'm on a panel there, talking about multifamily syndication.
On the other one, MidAtlanticSummit.com, I'm doing the keynote. MidwestSummit.com - my friends are putting that on, Bree and John. MidwestSummit.com, in Chicago, May 11th and 12th. I'm looking forward to seeing you at one or both of those. If you are coming, then email info@JoeFairlss.com and let me know you're coming. We'd love to connect with you whenever you're there.
And then two other quick things - we launched BestEverCauses.com, so it ties into doing what we can do to make good things happen across the board. Basically, BestEverCauses.com is a new initiative where we are donating $500 towards a cause each month, and profiling it on BestEverCauses.com to help get the word out about their initiative. The first one that we're highlighting is a kid again, and my wife, Colleen, is involved with them. She has been involved with them for a little while. Basically, kids who have cancer or an illness like that, they get to go to an event where they feel like a kid again. Recently, they went to an aquarium and got to hang out and do some of that stuff.
So the money goes towards helping them have that experience, so A Kid Again is the cause. You can go to bestevercauses.com and check that out. And if you have a cause that you'd like us to consider profiling, donating money and then giving them a shout-out, then on that website page (bestevercauses.com) you can submit your cause and we'll check it out and see if we can help you get more exposure to the cause that is near and dear to your heart.
Then the other is the apartment syndication book - it is in motion due to what I said earlier, two weeks in hospital with a family member, and we've got a deal right now going on, and I also have to live life. It's not then going as quickly as we'd like from the review stages, but that's still something that's on our radar and hopefully we'll have that published in the next month, month-and-a-half. I know a lot of people have been asking about it, because there's nothing like it... It's a step-by-step process, how to do apartment syndication start to finish, and anyone who's doing apartment syndication or wants to - you need this book. So I recognize the importance of it, and we'll be getting it out as soon as we can.
What else have we got going on? Anything else, Theo?
Theo Hicks: No, that's it. Just to wrap it up, make sure you guys join the Best Ever Show community on Facebook - that's BestEverCommunity.com. We ask a question every week and then write a blog post on it. We have a fun question this week. The question is "You can choose anyone to mentor you, dead or alive. Who would it be, and why?" Make sure you check that out and answer the question. The answer could be "Joe Fairless" if you want it to, I'm just throwing that out there.
And then finally, make sure you subscribe on iTunes and leave a review for your opportunity to be the review of the week. This week we've got AWildFox2010. The Fox says:
"Joe's Best Ever podcast is the best podcast ever, for sure. Joe is an amazing interviewer and always asks the right questions that get the important out of each interviewee for us listeners. I learned so much from every one of his podcasts, and it is the best return on time spent for sure.
One other awesome thing is that Joe does not sell his own investments on the podcasts, even though he is successful in multifamily investments. So we know that we can always listen to his podcasts knowing that he tries to be non-biased towards any and all real estate investment options, and non-real estate topics as well. I listen to any all of Joe's podcasts on a daily basis and as many as possible, and the other best part is that Joe publishes one podcast per day, so we never run out of content and topics to learn from. Thank you so much, Joe, for doing this all for us."
Joe Fairless: Wow, I appreciate it. Whenever you perked up on that last part, Theo, I thought you were gonna say "And the other best part is he's a got a co-host, Theo, on Fridays...", because you really perked up on the last part. But thank you for spending some time and doing that review, sincerely grateful for that. That helps us generate quality content, because we bring in quality guests.
A real quick question, Theo - dead or alive, who would you pick to mentor you?
Theo Hicks: Jesus.
Joe Fairless: Okay. Why?
Theo Hicks: Well, he seems like he's a pretty good guy; he seems like he knows how to live a pretty good life, I guess, even though he lived until 30 years old. I'd prefer to live further than that, but it'd be nice to figure out how to learn a life where I wasn't sinning or giving in to my impulses as much, because I think I could get a lot more done. I think he's probably the best example of someone who did that, because technically he never did sin.
Joe Fairless: I'd say Tony Robbins. [laughter]
Theo Hicks: Why?
Joe Fairless: Because I have a man crush, and he takes complex things and makes them really simple, and he's a lot bigger than me, so he would physically intimidate me if I wasn't doing what he was saying I should be doing.
Theo Hicks: How tall is he?
Joe Fairless: I don't know, he's a big guy though. He's taller than me. I'm like five ten and a half, five eleven, and he's taller than me. I made a mistake, I gave the wrong URL for the Midwest Summit. It's MidwestRESummit.com. Sorry about that. And that is it, my friends. Have a wonderful day, have a best ever day, and we'll talk to you tomorrow.