Portland firefighter, Neil Clasen, has been real estate investor selling off rentals for the last fifteen years. However, he wanted to look for cash flow rather than long-term deals so he sold off his business and got into notes. He said he likes helping people and the note business cash flow gives him the opportunity to make some money and also to help people who are willing to work with him. He talks about that that he closed in less than 90 days. He said your first note deal may not be a good deal, but it’s priceless on the education side. You learn more from getting your hands dirty and doing things than from any type of book or coaching. He advises making sure you know what you’re talking about because people are going to be willing to work with you no matter who you are. If you’re willing to take to make the deal happen, so are they.
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Notes On Fire with Neil Clasen
We’re excited to be joined from the Pacific Northwest, one of our newest students who are out doing some amazing things on a part time basis in the note industry. We’re excited to have our Mastermind student, a brother from another mother, the fireman, Mr. Neil Clasen. Neil, how’s it going out there?
Really well. Luckily out of the fire station in time to be here.
We’re glad to have you. Tell a little about yourself. Tell them about your history, your real estate investing history, and what attracted you to notes.
I’m a firefighter. I do that full time, but luckily with the schedule that we have here, it gives me a lot of extra time. 24 hours at the station, 48 hours off. For the last seventeen years, with my wife and myself, we’ve been investing in real estate. We’ve had rental properties here in the Portland, Oregon area, and then we’ve done some rehabs, some flip stuff, earned some hard money doing that. Done some different things, done some lease options on both sides of those, so we’ve done some different things. We sold our business that my wife had been running for the last fourteen to fifteen years. We’re selling off rentals. We wanted to look to do something a little bit different. We’re looking first to go and buy some turnkey rental stuff. We wanted to cash flow basically, we’re looking for the cash flow rather than looking for that long-term.
Our rentals are out through the downturn. We’re lucky that we had bought pretty conservatively and because of that we didn’t lose any of them, but we did put money into them all the time. We regroup that luckily in the long-term, but we wanted to see instead a little bit shorter term in getting our cash out of things. Luckily I ran into a guy, I talked to him about some stuff. He does notes, they’re performing notes, but it got me thinking about notes. I started researching it, found you, chatted with you and Cody Cox, whose a local guy here who’s active. He’s been a huge resource for me. Through you I found something that I enjoy. Also, it runs in my blood to help people. Both my parents were firefighters, my dad professionally, my mom is a volunteer, and then my mom worked as a nurse’s assistant. That’s obviously what I’ve chosen to do, and I like helping people. This gives me the opportunity to have cashflow, make some money, but also still to help people when they’re willing to work with me.
It’s true win-win when you have people that want to help, that are willing to work you. Yes, you’re glad. Definitely help out as best you can, but you don’t run a charity. You’ve got to obviously pay the bills as well too.
I was going to say that when people are willing to work with us, at least from my experience so far from talking to you, when they’re willing to work with us, we can help them out. That’s awesome.
Portland’s got some weird rental laws recently taking place up there. That’s also been a big reason why you’ve gotten out of the landlord and gone to being a lien lord?
It is, there’s a lot of things. There’s a lot of stuff that goes on with being a landlord for the last seventeen years, a lot of things that I didn’t enjoy and a lot of things I enjoyed too. We got a law that came up here, we have to pay people to move out of our house even when the lease is up. I can’t even explain it. The landlords took it up to the Supreme Court of the state and they decided it’s perfectly fine. They then tried to get it passed state-wide. Luckily, that didn’t go through. It’s just within the city of Portland. Unfortunately all the rentals we had were in the city of Portland. We’re going through it right now. We’re actually down with one of our rentals left. We’re looking to sell it here this spring. Unfortunately, we’re going to end up probably paying the guy to move him out of the house.
Is there a percentage amount or amount of rent that you’ve got to pay him? What’s the situation with having to pay him?
It has to do with the number of bedrooms. I believe the numbers are a two-bedroom is $2,500. A three-bedroom is $3,500 and a four-bedroom and above his $4,500 to get them out of the house.
If you have to evict them, you mean, or if they’re just at the end of the lease?
It’s for no cause. It’s only if it’s no cause. If you find a reason to evict them, then you are not paying anything. If I want to sell it, I have to ask them to leave. That’s considered no cause, and since it’s no cause, I got to pay them. You also have to pay them if they choose to move out because you raised the rent too much. I can’t make it up.
That definitely makes notes a little bit more attractive. Let’s talk about some of those things. You’re a guy that is definitely a doer, goes out there and makes things happen and you’re busy. Besides, you and Sarah, I saw Sarah at the Mastermind. You’ve got a couple of kids too.
Just the one, but it seems like more than that.
You’ve got animals as well too, is that correct?
Yes, we’ve got a dog, cat, a rat. We’re down to four chickens because one of them got attacked by a dog. Not my dog. I got all that and then I coach my daughter’s football team. We both do volunteer work. My wife works. I thought when she sold her business it was going to be less, but she’s even working more now. I’m proud of her. She works hard, so it’s great. We do stay busy.
One of the things that you said is once you went through the virtual workshop; you decided you wanted to be part of the Mastermind. You came to Austin, but you’d bought a deal before you showed up here in Austin, am I right?
Yes. I’ll be honest; it’s not the best deal. I’ll made some money on it. Finding out a little bit more, getting some coaching, obviously, making sure I was getting better deals before I purchased, since then have been obviously a lot better deals.
Let’s talk about that first number, let’s go through it and talk why it’s a good deal, why it’s not a deal. It’s an education side for those who are watching on Facebook live or listening to us on iTunes or Stitcher. Where’s that first asset located?
We had Walter Wofford from Jackson, Mississippi on Note Camp recently. Let’s talk about the numbers of it.
I bought it really cheap, it was $7,500. It was cheap. Fixed up decent, even as a rental, it’s probably worth $3,500, but there’s been nobody in it in a year and it’s a little rundown and obviously there’s no chance of a reinstatement with it. The sad part about that one to me is getting the file and looking through it. The homeowners had been requesting up until just under a year ago for a reinstatement of some kind or to work with the lender and they wouldn’t do it. I’m looking at it and there was a ton of room there to do some work on it and obviously if I was able to get a hold of that a year ago, it could have worked something out great for those people. Instead at this point, it looks like we’re going to do a deed in lieu on it and we’ll take it over as REO and sell it off. We are probably going to have to do a little bit of repairs first to get it ready to sell, put a little bit more money into it but also make a little bit of money, it just won’t be the return or the outcome I would have wanted for it.
Did you know it was vacant before you bought the note?
I did. I knew that and I heard you already said that’s not probably the best route. I wanted to do something. I wanted to get out there and buy something. I don’t want to spend my time looking into things too much. I looked at it and I’m like, “If I take it back as REO, I can still make some money.” It was worth it just to get my feet wet.
You learned a lot. As we always say, you learn more by doing than any type of book or coaching you can. You said you wanted your hands dirty and learn it and take things and you learned something. You’ll be fine. You’ll still make your money back plus repairs. It’s not the desired outcome, but it’s not bad at all. I would totally encourage you to reach out to Mr. Walter Wofford, because not only may he be finned by it, you could find a local investor take it off your hands now if you’ve got deed in lieu and make some money. He loves the owner finance game down there and it might be a possible way to stretch it out and still make some money and make it a win-win there for you too as well. Now you bought four other notes since that first one. Were you buying these from banks, hedge funds, where did you buy all these from?
I got those through a hedge fund.
Notes, contract for deeds. What are they?
The first one on Mississippi was a note. The last four were contract for deeds. Then I got some bids out on both right now.
Out of those four, you had one that got reinstated already pretty fast.
I had one, it’s up in Michigan. Just a couple of speeds off from the lake and Benton Harbor. It’s a little area of a smaller town just outside of Kalamazoo. I picked it up. Right-away at the first phone call made right party contact. I knew he’d been paying something. I have seen that he had made two payments already. I didn’t know how much at that point. He said that he actually started three months ago and his payment should be $335 on that one. He’d been making payments of $600 for the last three months. We’re working on with him. His comment was, “Can I keep paying $600?” I was like, “Yes.” He was afraid and had gotten total for it. He needed to catch up, and I told him, “No, you have to keep paying $600. If you keep paying $600, you have to pay us for another nine months, it will be re-performing and I can look to sell that off.” I purchased it at about 38% of the UPB. I turn around and we sell that and get a pretty quick cash out at about nine months.
What’d you pay for it? Do you mind sharing?
I paid for that one $14,000.
Let’s do some quick numbers on that. $14,000. If he’s paying $600 times nine because that’s where it’s at, it’s $5,400. $5,400 divided by $14,000. That’s a pretty good 38.5% return. That’s on the front side. It’s not on the backside. It’s going to be more when you sell it, which is a beautiful thing. You bought that. Did you do the call out yourself on that one? Did you have a servicer do it? How’d you make right party contact?
Originally on those in the last four, but then I went ahead and had them reach out to that. I wanted Mississippi too because they will answer their phone and they won’t answer their phone. That’s the way it is so I decided to go ahead and have them done deal with it for me.
That’s not a bad idea because they had pretty good success there within the first 30 days.
On the four, we just started with the Mississippi one. The other four we made right party contact on two of them quickly. The other two we’re still working on.
Let’s talk about those other two. What’s the status of those? The bars weren’t standard, they tell them to go pound sand. What’s the situation?
Yes, we made right party contact on two. That includes the one that guy’s already paying. The other one they want to stay. I haven’t seen numbers on it yet, what they’re able to do and what they want to do, but they did make a payment. I’m trying to think. That one they may have payment either in December or January. They made a recent payment, they’re working, I just don’t know where this was going to work up with them, what they can afford every month, and we’ll look at it from there.
We have a question, “What is Polaris’ website and phone number?” Polaris doesn’t have a website. What you can do is drop me an email and we’ll make that introduction, but Polaris doesn’t take a lot of new clients. You got to be a Mastermind student. It’s for them to work with because they’re pretty packed out, but drop me an email, we’ll see if we can get you an introduction.
I would say I personally like the Polaris approach. It’s always nice for them to make contact several weeks sooner and I like the approach that they have. They can contact them and say that they are nonprofit working with them. I can see at times, at least in my view, that could have it a little easier for the people to talk to and to want to work with. Obviously, that’s not always going to be the case. There’s times you need a little stronger touch than that.
Polaris, the reason Polaris reached out, two out of five, they’re working through the other three assets. What do you think is going to happen to those other three, based on the numbers? Were they making recent payments? Were they occupied? What did you find out in your due diligence to begin with?
I don’t know why I talked about in Mississippi, the other four were all occupied. Three of them had made payments in the last six months. One was at about eight months. That’s part of the model that I’m working, is to try and find the owner occupied and hopefully making attempts to make payments. A couple of them are a little further behind, they’re a year or more behind a couple of them, but they’ve been making efforts along the way. I know they’re at least interested in trying to stay in the house.
What’s your long-term goal with the note business?
Right now to grow a business, I like to stay busy. I always say I’m the world’s busiest lazy guy because I really am lazy. I could sit around all day in a hammock and that’s my dream job, was a hammock tester. It just doesn’t pay enough. I keep doing it. I love the job I do. I am not looking to get out of it necessarily. You see some guys, even though it’s a great job, eventually they get pretty tired of it because there are some hard things about it and I like being around the house a little more. Every third night I’m gone and that’s not always the easiest thing for a family. We’ll see how soon I make the transition to doing this more full-time. Right now, I’m pretty happy doing it at the level I am. I do still want to grow. I still got more time, even though I don’t know if I want to work doing it, but now my wife’s onboard too. She’s excited and going to help me out. I’ll hold her to that for me since she’s on here, she can hear that.
Let’s talk about that a little bit because Sara is a great person. She admitted that when she came to the Mastermind and like many spouses was nervous and stressful about getting started. You want to talk a little bit about that? That’s not saying anything bad about Sarah. This is normal, you’re a firefighter. What do you know about the mortgage industry?
We’re pretty good about supporting each other. She was like, “Great, you’re going to do notes. That’s great. Now, you can do that.”Right away, I was like, “I’d love some help. I’m not a marketer; you can do a little bit of marketing.” She was like, “I’ll help you a little bit.” I thought that was great. Then I told her I was going to make some bids. She’s like, “Okay.” I came home, I told her I had made a bid on a few assets and wanted to know if we had $171,000 in the checking account. She was like, “What are you talking about? I thought we were just going to do a couple notes,” and I was like, “It’s okay”.
We worked through that together. After a minute it was like, “If that’s what we need to do, we’ll move some money around and get it figured out.”I didn’t win all those bids, so that took some stress out of the family here at home. It was a slow thing for her because she was nervous. She doesn’t understand exactly what I was doing. Since then I’ve picked up some JV investors, and some other things that have helped us to not all coming out of our pocket. We still own some of the notes our self, but she still wasn’t sure, still a little nervous. We got her down there, she came down to the Mastermind, and she was all about the pool. She was there just to be at the pool. I don’t think she made it to the pool until the end of the second day and then went back in the room with as part of the third day. She found it really interesting, started to learn something, got excited. She enjoyed some of the numbers and actually understanding what deals were like and what I was working on. That was awesome, and it’s great to have her now be a part of it.
How many bids did you make an offer on? Do you remember the total amount of bids?
I don’t. That’s was when I learned those four. I could look, but it was a handful. It was maybe ten or twelve originally that I bid on. They were all a lower value CFD’s.
That’s the one thing that we all keep in mind. I have never gone a 100%everything approved on an offer where there’s ten, twenty, or 60. That’s one of the things we talked about at the Mastermind, was doing things bigger and making more offers because you’re not going to have everything accepted initially. It’s going to see some people taking action and doing that stuff right now. That’s always going to be scary.
Steph is used to it by now. Even my staff in here was pretty stressed out when I made $1.5 million offering on assets and Jen’s like, “Holy crap.” We end up leaving the final number at $400,000, which is still a lot. We use other people’s money. Let’s talk about that a little bit because you use your own funds. You’re in the process of getting refinanced out on some of those deals?
Has it been easier to talk with people about raising private capital or closing on private capital?
I haven’t had that much trouble lately because I haven’t really tried to sell anybody on anything. I explain to them what I’m doing. I told them had an idea, obviously about notes already, let them know a little bit about the model I’m using and what I’m trying to do. Show them the property and at that point I had already done all of the rebuilt ins and the vetting of the assets so I get to show a house, I get to show them a BPO, sometimes two, on a couple of those. I have the file already, so you need to see everything before they are ready to move in on it. They have all the information and I had done nothing but share with them and once you look at the numbers and what I’m doing, it makes sense.
You’re talking with local people, people you know already, firefighters, co-workers. Where are these people coming from?
Actually, the first gentleman I did when he was already working with a self-directed IRA, I had never met him before. I was talking about real estate. He is a local member here. I start talking to him about it. He was doing some fix and flips, working on his second one. He has some rentals and he didn’t want to be in the fix and flip game anymore. He went ahead and when he’s funded a couple of them, we’re going to do a couple more together.
What’s been the biggest a-ha moment for you of doing this for the last 90 days? Because you mean you were experienced beforehand with different things in the note game, has there anything has been a big surprise to you?
The big surprise to me is how much people are willing to talk to you. I could go out and talk to them and on both ends of it. Now it’s especially nervous about talking to asset managers. I’m a fireman, if they look into my name or my Facebook or my LinkedIn, they’re going to see that I’m a fireman. Why would they want to deal with me? Make sure that you know what you’re talking about, talk to them a little bit. People are willing to talk to me. They understand the situation. I was going to close on some things and so that helps obviously. If you want to close on things, they’re going to be willing to work with you. It doesn’t matter who you are, what you look like, none of that stuff. If you’re willing to make the deal happen, so are they.
That was definitely the truth of things. If you’re dreaming, you can close; it takes you up a notch versus somebody who is asking questions are not closing on anything. That’s a huge thing. Is the note environment a little friendlier or let or less friendly or different than your traditional fix and flip game or your traditional investors that you’ve seen?
In my limited experience with the other side, I didn’t put myself out there a lot. I was just investing by myself, didn’t go to a lot of REIA meetings, wasn’t active online with the BiggerPockets or anything like that. It was a thing I did myself, my wife and I, don’t want to exclude her. I didn’t have a lot of experience in that but part of it was it’s not that open of an environment. People don’t want to share that much. They have their own little thing and they don’t always want to let what it is. Some of that, even some of the coaches out there and people, if you share too much, those are pretty crowded fields and you run out of opportunities and I found the exact opposite with notes.
Obviously with you and being a part of the Mastermind has been awesome, but even online, people are willing to share and help each other out. There are a few things that you hold pretty close, some sources, maybe a data source that you’re getting some deals from. Even that, people sometimes haven’t even shared those things but everything, how to work deals, how to run numbers. It’s been great. I learned a ton before I even made a move to do anything, whether that was getting coaching of any kind or buy something.
One of the things that I like to ask people is if they’ve found friendliness. that’s one of things that overwhelmingly we have to agree with, is that we’re still at a niche market with the whole note investing side. There’s probably total, maybe 5,000 plus total people out there doing this, so it’s a much smaller niche than your fix and flippers or your landlords and things that. It’s nice seeing people communicate and be willing to share references and vendors and things like that, which was good. Who’s your servicer? Who’s handling the servicing side for you? Is it Madison?
When you got the collateral files, did you find anything interesting inside those collateral files and assets you were working through?
All I have right now is the soft collateral files on the last four CFDs. Nothing surprising in those. They said it wasn’t the first one and I was surprised that these people had requested several times to something, a reinstatement. they’re willing to do almost anything. whoever had him, they were unwilling to work with him.
If somebody’s begging for it, it needs has been responsive. I’ll give an example. We had a situation happen here in the office where we reached out to a borrower to do a trial payment plan. They made one payment and have gone dark and silent since that in the last six months. Suddenly now they’re leaving Jen eighteen messages in a 24-hour period about trying to do something now that we’ve escalated this. The point is now is we’ve given people opportunity, they don’t respond, there’s not much I can do for it. The deal is off the table from six months ago. They’ve got to come back with a new deal. It’s interesting to see how people respond and we’ll either do things or they won’t do things. What was the biggest a-ha moment from you coming into Cape Coral for the Note Mastermind?
That would be a couple of things. I was eliminating too many properties for several reasons. Some of those reasons had to do with stepping up and realizing that if I’m going to get it done, I got to do it? More on that end. The other one was I was missing a couple of notes that had potential because I was eliminating them in my due diligence process, my first round, and that’s great because there’s more assets for me to bid on now, which that obviously is always nice.
That’s one of the great things is learning from other people or other due diligence strategies or things to look at to help you may be clear up on the front end or think a lot of people were over analyzing two main things before they make their offering.
I want us to stop sitting around and talking to some people, not as much as some people were, but I was definitely putting in a lot more time than I needed on the front end. Obviously all that stuff was still getting done, but I would never purchase that, um, but I was doing a lot of, it was prior to my band that I should probably be doing after my bed or get my bid in a little quicker and pick up some more assets.
The thing with big things is if you can make a big offering, at twenty less assets and control those assets. They’ll give you more time to do all the front end stuff that you need to do as they’re either countering or going back and forth. There’s nothing against the thinking back and say, “You’re approved here,” You’ll find there’s the roof to the house. You think that they’d dangle from there. One of the things you talked about earlier, you love being a fireman and we love that.
It probably actually came in handy on some couple of things with things happening. If you and Sarah obviously communicate, you work together on things. She’s got her business, she’s working through is passionate and she loves numbers. If you talked at all about long-term where you want to eventually do? Where you want to eventually be the way, that sitting in the hammock and be the professional hammock tester and then Caribbean or somewhere?
Yes, I liked the idea of being able to move around. Sarah both lived overseas; she’s lived in Spain, Africa and Europe. Down the road at some point we would like the ability. We’ll always keep our house here in Portland. I love the people and my family’s here, but winters are tough, it rains a lot. I could really see us out, going for periods of time, months or a year or two somewhere and be in different places and I want portability at that point in my life and this gives me that portability to be able to do this from wherever I’m at. Obviously I won’t be able to be a firefighter and do that. They don’t allow that. That’s one of the big things that I like about this as well. You can do that as a landlord, but obviously it’s a lot harder.
That’s one of the things that keep me want to this. I started late as a firefighter. Later in my life I had run a small business, got about every job that you can think of along the way. I got to work until I’m 62. They say hit my retirement, my minimum retirement age, a number of years and it’s obviously if you’re going to be an officer you can do that. I don’t want to go the officer route. I enjoy the actual job of doing what I do. I don’t see myself doing it till 62. 62 years old to work. I also don’t necessarily want to be done working. I don’t know that it’s the right career for a guy that age. It’s a young man’s game and I’m still relatively young and I’m still doing all right at it, but sometimes in between them I want to retire and have this and then that gives us that portability to live where we want, when we want. Plans change fast but I don’t know what we’ll be doing for sure, but I’ll have the options and having that option open is what we’re interested in.
Whether it’s coffee cups, marketing or the note business, you can do this from just about anywhere. We’ve had people close deals from Europe, Australia, and Spain. That’s a beautiful thing. We’re getting ready to head overseas here in about a month for a couple of weeks and I’ll be checking in, working from abroad and definitely get a little stuff done, but it’s semi vacation, but you can’t take three weeks off and not be able to touch base but that’s the beautiful thing of being able to do this from anywhere. You don’t have to go and actually touch the asset, you can actually see it through virtually and having people go out and do that for you.
I obviously haven’t seen any of the assets I bought; I don’t have any plans to see them. I’ve had eyes on them and I have photos of all of them, but I don’t need to. That’s great.
What questions do you have for Neil? Any questions for Neil and what he’s done? What are you doing over in Africa and Europe is what I want to know.
In Africa I wasn’t doing a whole lot, it has to do with a girl. I was a young man. I did work one day while I was there. I got a one day job. I was sending faxes for a restaurant for $0.65 an hour. It was awesome. I worked for $1 an hour when I was nine and I always thought I would never make less than that, but then in my twenties I made $0.65 an hour. When I was over in Europe, I got signed to play professional American football over there. I played for a team in Germany, the Dortmund Giants. Just about one season over there playing with them. I had the opportunity to possibly go back, but that’s where in between them when I was home that season and my brother needed a business partner. He and I started our business and he’s still running it to this day, wasn’t something I wanted to do for the rest of my life. I’d moved on from that.
What position you play?
I was a defensive end. I’m not big enough to be a defensive end but I played on the weak side all the time as the speed rusher.
You’re outside linebacker basically.
When we would switch up from a four, three to a three, four, I’d stand up and become stand up defensive end or an outside linebacker depending on.
I did not know that. You didn’t share it with me.
I don’t talk a lot about that.
The time I played, it wasn’t the time I played semi-pro. You’ve moved on?
I enjoy talking about it, but I also don’t want to sit there and sing glory days all the time.
We can figure the transition from professional semi-pro player in Europe to the fireman now to the professional notepreneur.
There you go.
You got a surprise that people aren’t asking questions. You’ve taken action. The things you’ve got one performing, you’re working, probably get another one performing. What’s your goals with those other two or three? That they don’t perform?
Obviously. I still hope they will. If they don’t then it’s a relatively easy process. Kicked us back and lets you take them back and sell them. I don’t have any interest right now in picking up more rentals. Who knows what the future holds. That’s not in the cards for me right now. I’m not going to turn those over, especially because one of those has a joint venture partner on it and that’s his. He and I talked about it and he’d like to be out in that twelve to eighteen months timeframe that began, so I’m not going to do them.
Sarah’s coming here, which is great. She says trust me, we don’t want you to sing glory days. Next we’re going to make a big bid. Let’s talk about the big bid. I guess that you’ve talked with her a little bit about that. Is that correct or no?
Yes. She was at the Mastermind when we talked about it and we were going to make a bigger bid than we have.
I love that you play big. You definitely got some great stuff because you’re not worried about your raising capital part because you have got some of your own capital, but you’ve also already started communicating, raising and interested parties for your private stuff outside of your own funds.
Yes, because you present good deals. There’s money for deals. I heard somebody say, may have been somebody on your show that good deals are going to find money; they’re going to get funded, but just a matter of I do a math. I don’t plan on doing all of them certainly, I’d love to have a group of them, get out there, get them done. If you’re going to find money, I can help those deals find that money. It’s easier than anybody else can. We’re going to go ahead and make that big bid. That’s the idea.
Neil, I want to thank you for staying with up with us a little bit longer because you literally get off your tour for the day.
I got home coming off a 48-hour shift. I worked the double. We got back from the Mastermind and I went straight into a double.
Thanks for joining us. We have a question, “Not wanting to pool funds, how do you plan to split the assets between multiple investors in a large bid?” One of the easiest things that we talked about was going through and ranking the assets. If you buy a big bid, you get a big bid accepted, you can easily go through and rank them from like, let’s say there’s twelve assets, one through twelve. It’s just based off of a quick bid reinstatement. Ranking that aspect of it and then you has people as they come. You’ve got four or five investors that come to the table with $50,000.
You take the one from the top and one from the bottom and those are the two that that first semester does and they’re just joint ventured on those two. Then you take the second from the top, but then the second from the bottom, and that’s what the second investor does. You just do that, just carve up the pool and have them fund those individual deals so you have individual joint venture deals with those investors. That’s your plan, right Neil?
Yes. I’ll have my joint venture on them individually rather than pulling funds.
You don’t want to don’t want to pull funds because we don’t want to go from hammock days to grey bar motel days.
You asked about the future and I said you can never make plans, but some things you can plan and I’m planning to stay out of jail.
We’ll let you get back to getting some shut eye. Give Sarah a big high five for us as well when you see here tonight. I’m sure she’ll be excited to see you. Once again, thank you so much for coming out at Cape Coral. You and Sarah were a pleasure to be around and everybody in Mastermind definitely enjoyed your company as well too.
We had a great time and thanks for having us down.
No problem. We’ll talk to you later.
Definitely, thanks a lot.
We want to thank you for joining us. Thank you for listening and we look forward to seeing you all at the top .
About Neil Clasen
Neil Clasen is a Portland, Oregon real estate investor who is also a full-time firefighter. In the past he has done some fix & flips along with owning a rental portfolio of Portland properties.