Master your craft and master the money. Bringing the money to the deal is where the magic is. You’ve got to master both of those to understand and identify opportunities in the market, not only for yourself but also to understand what your investors are looking forward. However, most people don’t understand how to raise capital to buy real estate. Joel Block from Bullseye Capital, LLC says that’s what they teach people. They’ve put together more funds and syndications than anybody in the country. Joel is a seasoned real estate investor with over 25 years of experience in the industry of buying and investing in distressed assets. He is an expert on crowd funding, syndications, and doing some big projects. Joel says if you’re good at what you do and you can demonstrate that you’re good, it increases the number of opportunities and ways that you can work with people.
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Syndications with Joel Block
I’m extremely excited to have a very special guest. He’s new to the show, but we’ve known each other for a couple of years dating back to an original crowdfunding university. We’re honored to have Joel Block join us from Bullseye Capital. Joel is a seasoned real estate investor with over 25 years of experience in the industry of buying and investing in distressed assets. He is an expert on crowd funding, syndications and doing some big project. Thanks for joining us. For those that don’t know who you are, tell us who you are, what your specialty is and what you focus on over Bullseye Capital.
I’ve been in the venture capital in the hedge fund business. I’ve been in the money business for my whole career. I’ve been buying companies. I started the CPA business as a youngster and then went into venture capital. I fell into Price Waterhouse when I was a youngster. I was assigned with an army of other guys to do the tax returns for 500 partnerships that were buying real estate or some assets. I hated doing the tax work, but I loved reading the partnership agreements. I thought, “This is exactly the business that I want to be in. This is perfect for me.” I quit the firm and started a little real estate syndication firm. We tied up our first deal and cold-call a bunch of doctors.
We broke every rule there was, we did everything you’re not supposed to do. We were just kids. We didn’t know any better. We’ve got our first deal up and running and then we bought a shopping center. We bought this and we did a total of about eight deals, which worked out well. By about 1990 when the market started to change, I fell out of that and fell into a venture capital transaction. Once you learn how to raise money, raising money for real estate, raising money for venture, if you want to buy a yacht, you want to build a bridge, you want to buy a hotel, it doesn’t matter what. Once you learn how to raise money, the skills are all the same, it doesn’t make any difference. I raised $10 million for this venture transaction and went to Wall Street.
Syndications: Raising money is all about success.
The guy that I had become partners with invented this concept of delivering stock quotes to investors by fax in 1990, not even everybody had a fax machine. I succeeded in getting a large brokerage firm on Wall Street, so excited about this, that they bought subscriptions for us and they wrote a check that was so big that our investor got all our cash back in six months. It was a king-size sale. Raising money is all about success. You raised some, you do good, you raised some more, you do good, you raised some more and after a while you can get all you want.
That’s the reason why I tell people that you have to deliver some success in order to be able to raise some money. It’s the nature of the beast. I built that company and ended up selling that company to a Fortune 500 company in 1995. I started buying and selling other companies. I sit in the venture business probably for fifteen or eighteen years. In 2010 started my Bullseye Capital Fund, which buys distressed assets. We bought a note fund. We we’ve done a lot of different things. I’m in the deal business, I buy and sell companies. I’ve done what a lot of guys wish they could do and I make it happen.
Let’s talk about where the market is going at right now. What are you focused on?
I go back and forth with real estate. I have a love hate relationship with real estate. On the one hand, it’s a real stable asset, a boring asset. I go back and forth as much venture frustrates me, I find venture more exciting. Real estate is more predictable, it’s easier to understand, and there are less moving parts. I go back and forth between those things. The money is made in real estate whether you do it with the physical asset heavy or you do with the paper. There are a lot of different ways to make that happen. Real estate is a very dependable asset class and exciting or not, that’s where the money is.
The market’s changed quite a bit in the last eight, nine years on the real estate side. You’re big into following economic trends to see what’s going on. Are you starting to see a change in the markets and things that are affecting real estate? In California, it’s crazy out there, the price is going through the roof. We see that here in Austin quite a bit as well, not as extreme. What always concerns me is when I start seeing especially on the MLS with property being sold where appraised value will not dictate sales price. Where do you think things are going to get?
I do a lot of media, I do a lot of commentary on the media, terrestrial radio and mainstream stuff. Real estate is largely dictated by jobs. If people have jobs, then people can buy homes and if people can buy homes then they can make their mortgage payments. Everything is healthy. Other parts of the economy are a little different than that, but the real estate sector is all about jobs. California is a unique case and we don’t buy in California because it is very unpredictable. First there’s a bubble, then there’s a crash, and there’s a bubble. It goes back and forth. We build housing units in Austin and that’s a very predictable environment.
For example, you’ve got I-35 that runs down the middle of your city. It’s terribly narrow, it’s a terrible freeway, it’s old, it needs to be reorganized, but it’s not. Anybody who works in that area live within a couple miles of there. It’s a guaranteed deal that if you buy real estate within a couple of miles of the university in that downtown area, that is worthwhile because that’s where the jobs are. You go further north, there are lots of choices, that makes the price a little softer because there are a lot more supply with less demand. In downtown, you have huge demand for limited supply. Supply and demand always work.
That’s a big part of how you have to think about real estate. You have to look at every city and you have to know the city. You can’t just drop in from an airplane on a parachute and say, “We’re going to buy some real estate here.” You have to know what you’re doing. Real estate is like anything. It’s a knowledge-based business and if you think you can jump in and not know what you’re doing, then you’re a beginner. Professionals make more money in five days than other people make in five years. There are all these reasons we can see things other people can’t see. We have knowledge that people don’t have. I’m not talking about inside information. I’m just talking about that we have the inside track, we understand what’s going on. Having been in the money business for a long time, I pride myself in knowing what’s going on.
What are some of the biggest mistakes you see people making out there while they’re raising capital?
I’ll tell you the first one. Just because somebody has money in their checkbook has nothing to do with them giving it to you. That may sound so obvious, although maybe some people are saying, “Why would it be obvious?” I run a fund and we buy certain kinds of assets. People will call and say, “Joel, I have this thing. Why don’t you give me some money?” “My friend doesn’t do that.” “I don’t understand what you’re talking about. You have money and I have a deal. Why don’t you just give me money for that?” “No, because we have an agreement with our investors that we’re going to do certain deals. We have expertise in a certain background in certain things.”
The first thing you have to do is you have to line up what it is that you’re doing with what it is that the person who you’re talking to wants to do. If you’re talking to very sophisticated people who are harder to deal with, then those people are going to be much more specific. They’re going to be much more concerned with the yield or the risk profiles, they’re going to be much more concerned with very complicated things that you may or may not be able to answer, which is why there’s frequently not a love connection with these professional investors.
Everybody thinks that they’re going to get a billion dollars. “I know this billionaire and he really likes me.” Billionaires don’t really like you. They don’t care about you, they don’t need you. There isn’t anything that little guys like us bring to the table that billionaires need. Billionaires have an entourage. Once a guy gets to a net worth of $20 billion, $30 billion, $50 billion, an entourage starts to build. That entourage is a stockbroker, lawyers, accountants, those people that’s their gravy train. They are surrounding that person not because the person pays them to, but because that’s their meal ticket. They are going to surround that person, they’re going to suffocate him, and they are not letting you in because anything that we would do a diminishes their ability to make money for themselves outside of that circle.
You’re going to want to deal with people that probably are in the $1 million to $10 million net worth range. Those are people that are still building, those are people that are still taking risk, those are the people that going to do need us because they don’t have an entourage. They don’t have a tremendous amount of alternatives. I’ve got a phone call every single day from somebody saying, “Joel, do you want to put money in my deal?” Dr. Smith, he gets zero phone calls, no one ever calls him, he doesn’t have any access to any deals.
For that reason, Dr. Smith loves getting phone calls from the people that you and I know. The people that we deal with, your students, and the people who were part of your mastermind programs. They love getting phone call that because they’re going, “All I know is that my stock broker puts me in these credit deals. I want to get put into something that’s exciting.” They’re not going to put in all their money, but they certainly they want to take a bite of the apple that is something new and different.
One of the biggest things people say out there as well, “I’ve got a rich friend,” or “I know somebody got some money in LA,” or “I’m going to go talk to them.”
Syndications: Take a step back and put yourself into the shoes of the investor. You have to get them to love you and your deal.
Literally, take a step back and put yourself into the shoes of the investor. What is the fact that they have any money have to deal with them loving you and your deal? You have to get them to love you and your deal. People call me and they want to talk about financing films. I’m getting on the phone in a few minutes with a substantial guy who runs radio station and he’s got networks and connected at the highest level of government politics. They’ve got people in the White House and they want to raise some capital. He wants to know how. I told them is who are people who like your concept, those are the people that are likely to put up the money. They’re the ones because they have an interest.
Crowdfunding didn’t happen the way that we all thought it would. There are things that are accurate. Number one, different people like different things. You have to find the people that like your things. For example, people don’t have to know how to do notes, but they have to understand a little bit about notes in order to say, “I’m interested in moving forward with this.” I’m not talking about the guys that are buying that as I’m talking about the passive investors. You have to understand that when I raised money from passive investors, your guys are all active investors.
Syndicators, the guys that I deal with, all my colleagues, they’re all active investors. We need passive investors to fund our projects, a passive investor to somebody who writes a check and sits back and collects dividends. We just have to be clear about that. You have to look for the right thing, you have to deliver the right message to the right person. All the way around, there’s a rhythm to it once you learn how to do it, you can get good at it. Most people make silly fundamental errors that they never succeed and that’s a bummer because it slows them down.
If you surround yourself with people that are like you, that are going to love you, they love the concept, understand the concept and willing to write a check. Most people don’t want to do the work, they’d rather just sit back. They want to build a car and just ride it.
There are drivers and there are passengers, neither one is better. If you’re good at doing the driving, make a living out of it. If you’re good at buying notes, find real estate deals then get other people to fund it, there’s more money doing that than you could ever dream of. On the other hand, you can’t be a beginner. Investors are not going to give you the money if you’re a beginner. Investors are just funny about letting you practice with their money. A couple of little examples, there’s a reason that doctors practice on cadavers. They practice on these low value targets and make a mistake that doesn’t matter that much, you can’t practice on the real thing. Investors are just not going to say, “How many deals have you ever done?” “I have never done any, but how hard could it be?” Imagine going on an airplane and the pilot comes out of the cockpit and says, “Hello, gentlemen. It’s my first day, I didn’t have a lot of time for training, but how hard could it be?”
Everything in our world is complicated. Everything that we do requires expertise. I don’t care if you’re buying notes, buying real estate, operating on people, doing brain surgery, no matter what you’re doing, it requires expertise to be good at it. All the people around you are good at it and if you’re not at least as good as them, then you’re going to get washed out. That’s why you need to take training, that’s why you need to be surrounded by experts like you to teach people how to do the things that you do. If you don’t have the competency at least as good as everybody else, then you’re going to get washed out. You need to do get better and then the better you get, then the more capital and other things you are able to attract. You have to do it. If you aren’t willing to invest in yourself and go get a job or do something different.
I had great mentors starting off, I know you did the same thing as well. People you learn from, help you, show you the ropes as you got better. We went from low level assets and building up to get where to the point where you’re at, it’s not going to happen overnight. You keep working on it and keep honing your craft, you’ll eventually get good at what you do and be an expert. One of the things that you have done in the last couple of years is putting together an annual event to help out with people. You want to talk about your syndication and hedge funds.
Twice a year, we put on a conference. We’re doing our 21st national event, which is extraordinary. The fact that we’re doing it for the 21st time, I’m freaked out by it. It’s not my business, my business is running the fund and things to do. I’ve got a call from an executive at Marcus & Millichap, which is the largest commercial real estate brokerage in the country. The guy said on the heels of the crash in the late 2008, “Can we bring you out to Florida to do a conference for us and show us how to raise capital to buy real estate?” Because most people don’t understand it. They don’t understand how Wall Street organizes the money, they don’t understand where the money comes from, how it works, what happens.
I go out there and did this conference. It turned into our syndication hedge fund symposium. Twice a year, we pick 50 people. These are people that are sophisticated in real estate, either notes or real estate or it can be they could want to do a film. We show them the inside of how putting deals together works. How the investor gets paid, how you get paid, how you charge fees, how you keep control of the deal, everything about how the deal works, we show you. There isn’t anybody in the country that puts on a program that’s quite like this because I’ve been doing this for 30 years. It’s my life running these deals and I show people how it works.
If you’re buying notes or you’re buying real estate and you’re cobbling together the money from hard money lenders, private lenders, eventually what you find out is after you get better and better at it. “I’m pretty good at this. I should be making more money.” Granted, when your first deal, you’re lucky to make anything, you’re lucky to get an experience. Whatever they charge you, you just take the money and you do it. After you’ve done it five, eight, ten, fifteen times, you understand, “I’m pretty good at this. My risk profile has improved. I’m not a big risk of these letters anymore. They should give me a lower price for the money.” You’re back and you’re saying, “I should get a lower price for the money.” The lender will say, “You are pretty good. We don’t need to control it quite as much. We don’t need to supervise it quite as much, you’ve been paying us back every time. Fine, we’ll give you a lower price.”
There’s a certain limit to what they’re willing to do. They’re not going to take you down to the floor, they’re not going to take you down to nothing. They still need to make their profit, which is going to be 12%, 13%, 14%, whatever the number is. When you get to the point where you have good solid chops and you’re good at this business, it’s not only the price of the money, it’s also the supervision and the control because the people who lend you your money, control your business. It’s well known that that’s how it works. Here’s what happens, you got a deal, you call up your lender, “I’ve got a smoking hot deal I need $100,000. The guy says, “Too bad I’m all tapped out now. My money is all loaned out. Call me next week.” Call you next week? The deal will be gone next week. You just lost an opportunity to take care of your family, which is not good business.
Syndications: You should have your own storehouse of capital where you’re ready to go all the time.
When you’re a beginner, that’s how it is. As you get more seasoned, you shouldn’t have to tolerate that. You should have your own storehouse of capital where you’re ready to go all the time, you don’t need to call anybody. You want to get investors to give you the money where you hold onto it in advance. When you show up at the table with the cash, who’s going to get the better price, you or me? If I show up with the cash and you’ve got to scramble around for it and I’m ready to go in five minutes.
We know how it works, we went around the block enough times, the guy with the money is going to get the deal. That’s the reason that investors, if you’re good at what you do and you can demonstrate that you’re good, then you put out an offer them, “We’re building a fund and here’s what going to happen, you put the money in and I’m going to go out what I’m going to do. You’re going to get paid, I’m going to do all the work. It’s a great relationship.” That’s what we teach people how to do at the symposium, it’s to put together funds. We’ve put together probably more funds and syndication and probably almost than anybody in the country.
We’ve done 50 or 75 funds, we’ve got 120, 150 different syndications. We’ve done an awful lot of volume of stuff. Our guys have raised hundreds of millions of dollars and they’re out there doing tons and tons of deals. A lot of them, Scott, are guys like you. They’re the educators. What they’ll do is you’ll say to an audience, “If you like what we’re doing, go over on the right and I’m going to show you how to work this. If it’s too much work, then go over to the left and just put your money in the fund.” It just increases the number of opportunities and ways that you can work with people. A lot of guys that you’ve heard, our clients, suffice to say that we built funds for a lot of those guys.
I know some of those, definitely a well-worth event.
It’s a three or four-day event. We’re tacking on a special one-day extra thing. It’s using social media to attract investors. We’re adding on a whole other thing because we talk about building the funnel. There’s a particular guy that I’ve become very good friends with it, he’s just great at Twitter and Facebook marketing and using the legality. As much as crowdfunding didn’t blow up the way we all thought, there are laws that make using the social media networks legal. It works, and we can take advantage of that.
One of the big things that was reeled into our head was Scott Purcell at that crowdfunding event. It’s still all about the crowd. It’s all about growing an audience and getting them excited about what you’re doing. You can’t be sitting there be the Unabomber in your house, not doing anything, getting out and being social. You still got to get out and talk to people to raise capital.
That’s what marketing is about, assembling a crowd or a tribe of people who like you, that trust you, that follow you. You make it happen.
There’s a cost in putting a fund together, is there a dollar amount with the funds that you have put and help people create that makes it worthwhile at that point? You’re not going to do to put together a fund for a $50,000 deal or a million deal. I’ve always said there, if you’ve done around $5 million in private transactions, that’s going to what you need to start looking at it.
$5 million in private capital is a lot. It’s a lot harder to get there than you think. I would tell people that the early break even starts in probably between $300,000 and $500,000. You’ve got to raise $300,000 to $500,000 and the thing about a fund is it grows over time. You have a window where the fund is open for investment and you got to raise your early amount. Let’s say it’s a couple hundred thousand, you’ve got to get into the funds for it to open and then once it’s open then you can keep adding 50, 75. People come in and you’ll meet people in your life. You’ll put it in 50, you put in 75, put it in 100. All we’re doing is we’re taking something, were slicing it up like a loaf of bread and they slice it how they want.
Over time, your fund will grow from $300,000, $500,000 to $750,000 to $1 million. Next thing you turn around, you’ve got a couple million bucks and you’re deploying the money all the time. A lot of people, they pull numbers out of the year like $5 million. Forget about the fund, if I gave you $5 million, could you deploy it away? If the answer’s no, then what would you want $5 million for it? Because you have to pay the investors the equivalent of a dividend. The money is not free. It’s less painful than a hard money lender, but it’s not free. You still have a responsibility to deliver some return. Why would you do that? That’s what the question is, long and short is it probably starts $300,000 to $500,000 and it grows from there.
The total size of the fund that at overtime. There’s always stairstep provisions as you get in a quarter of million to deploy that. You don’t want to wait until you have the full $5 million to fund something. There are a lot of people when they start off like, “I’m going to go put a fund together for one property,” that just doesn’t make sense with them.
That wouldn’t be a fund, that would be a syndication project funded as a pool of capital. It’s discretionary, you can go buy assets with. It’s harder to put together a fund than it is a syndication. It’s harder to raise money for a fund than a syndication project because, people say, “We’re buying this apartment building.” People like to go touch it, they liked the look at it, they want to drive by it. I’m not quite sure why, but because they don’t know what they’re looking at it anyway, that’s what they want to do. A fund, they have to trust you more because a fund is unknown, it’s unclear and they’re going to have to trust that you’re going to do a good job.
I haven’t quite a bit of experience in that specific narrow class. You don’t want to be a jack of all trades in your fund.
You want to set up a charter. You say, “We’re buying apartment buildings, B-class in the Western part of the United States,” You want to set up some parameters. You don’t want to say we can buy anything we want anytime we want, whenever we want, wherever we want, just give us the money then we’re going to decide we’re going to do. People are not going to give you that discretion. Even though legally you have that discretion because the fund is able to do pretty much anything that’s legal, you start going outside your expertise and you’re looking for trouble. If you’re going great at buying restaurants then say, “We’re going to be buying restaurants have under $5 million in this part of the United States.” You have to tell the investors what you’re going to do so that they can reasonably say, “We like it and we want to do it.”
Syndications: Every single deal has problems.
You were running a problem within your funds or any issues along the lane that you had to take a left turn or about face to try to figure out to fix it.
It’s the deal business, every single deal has problems. Sometimes we bought some assets that didn’t work out too well and we’re liquidating those assets and that has not been profitable. You have to take some lumps and you’ve got to let your investors know that there are some lumps. It’s real. Every day is not roses and flowers. You do your best, but every day is not perfect.
Communication is key more so when you have issues then when everything’s going well. You have your event coming up. Last time, we had one of them at the Tropicana. Is that where you’re having it again?
Yes.
They’ve done a good job with the renovation out there and it’s nice that the event is going on in Vegas again that time of year versus there used to be one that’s not there anymore. That’s good that you’re there. When is the other one? You said you hold them twice a year.
In April, it moves around different places. Typically, the October event is in Las Vegas and we move different hotels in different places, what I love about this is that we get to know a lot of casinos that are inside these hotels, lately I visit slotsmummy.com every day, so that I can get some practice for this big event. We’ll determine the venue. The one we just had was in New Jersey because we want it to do it in the Northeast and we’ve got a whole bunch of different people than normal. We always save some space for alumni. The networking, it’s such a powerful event because people have to qualify to into our event, anybody just can’t come. You have to meet one of three criteria, either you’re a real estate professional licensed in some state because you have to understand. Number two, you’re a financial or intermediary type person, CPA, attorney, banker, lender, mortgage lender, because you have to understand real estate or you have to understand the money, one of the two, because there’s a lot going on. If you don’t have a background in one of the two, you’re going to going to struggle.
The third alternative is that you have expertise in a certain asset class. You’re an expert in note, you’re an expert in rehab, you’re an expert in student housing. You have to have some background. The reason for this is that if you don’t have one of these three backgrounds, number one, you’re going to struggle with the material. Number two, investors aren’t going to give you any money. If you don’t have the chops, they’re not going to give you any money. Don’t bother taking a seat that would belong to somebody else. It’s a very small event, 50 people, and we do it very much on purpose. People get to know each other. The networking is very powerful. Las Vegas is likely to be a little bigger than that because it’s our 21st national event.
There will be some more alumni that’s going to come and some other guys are going to do some stuff that’s going to be awesome. We do some role playing. We pretend. Let’s say that we have a deal, guys will come up from the room and they’ll pitch their deal to the audience who pretends to be investors at a country club. They practice, and we talk about how to structure transactions. Guys leave understanding how this business works. There’s nothing for sale. It’s not a carnival. People come, they pay, they learn and it’s for the most serious people. If you’re serious then this is something you want to think about.
It’s always a great thing that you can actually role play and work through things. A lot of people just put a fund together and wait for them to start rolling through the door, wait for the phone.
I wish we could do a whole segment on all the funny things that people think on the stupid things people do, but here’s another one, “Joel, listen, I don’t want to learn how to do this. I don’t care about any of this stuff. Just introduce me to a rich guy and I’ll do the rest.” The answer is “No, you won’t. You’re not going to be successful.” I can’t tell you how many guys who come to our symposium that they call me up and they go, “We’ve already got everything organized. The attorney already did all the work and all this stuff.” “How’s it going?” “We haven’t raised any money yet.” “What’s going on?” “I don’t know I just can’t. It seemed like something going on. I can’t get the investors to say yes.” “Why not? What’s the problem?” For some reason or another, what ends up happening is that I look at their docs and I’ll say, “The reason that the investors aren’t coming in is it’s too restrictive as to investor on friendly. You’ve got this problem and that problem,” and they’re going like, “Our attorney told us to do this.”
Attorneys are not in the deal business. Attorneys are on the legal business. Attorneys shouldn’t be giving you business advice. They shouldn’t be the one telling you how to price your deal, how to pay your investors that, that’s not what they do. They aren’t sensitive to what the market is. They aren’t sensitive to a lot of big issues that we’re all dealing with every single day. You want to be very careful who you take your advice from. For all social reasons, people come out, they learn a different skill. You have to come out open minded, you have to come out and understand how it works. Once you do that, then people come in and they go, “I have been making a lot of different mistakes.” There are a lot of mistakes that people make.
Putting people in a room to mastermind together with experience. Things like that are going to help them see the things. Because we’re so close, we often can’t see the mistakes we’re making.
That’s the power of the network is that people that meet each other and six months from now, they put their deal together. They’ll have friends to call and say, “I’m putting together a deal. I’m buying a piece of real estate and buying this and buying that. You have anybody you want to put it in my deal; I might have put your deal.” When you have a self-directed retirement account, let’s say we each have our own. I can’t put my own money into my own deals. I have to put another people’s deal, so people invest in each other people. There’s a lot going on and the value of that network is tremendously powerful.
It’s important about getting out and just talking to people, networking and learning from mistakes, but I’ll see what others are doing because you never know what’s going on. Sharing the knowledge, everybody has come from different arenas too. I have an oddball question for you. You hosted the event, so you make sure and watch the World Series?
That’s exactly the reason that I do it in Las Vegas because I love to watch the World Series in Las Vegas. I’m a longtime Dodgers fan, I’m a season ticket holder. This year if you could believe that for 29 years we haven’t been in the World Series, I had World Series ticket. The World Series tickets that I held were right during the symposium and I couldn’t go. It turned out okay because I got game seven. We went all the way to game seven. I got to go to games, it wasn’t a great game. It was a joke all the way through the whole symposium that I didn’t get to go to see. I was supposed to be in game two. We all sat and watched game two in the lounge altogether.
I was in Vegas at the Caesar’s for a couple of games, a little series out for some fun. I was thinking about that, “Where’s Joel? He’s got to be around here somewhere.” Joel, I want to say thank you for joining us. For those that want to reach out to get more information, either fund or the upcoming event, how do they reach out to you?
They can learn more about the symposium by going to DealMakingSymposium.com. They can go to BullseyeCap.com or they can find me online. I’m very easy to find.
Have a great day. I’d love to help you out if you need some help marketing the event, glad to help you out with that as well.
We’ll do this again if you’ve got more questions. These questions are fun to answer. I’m sure some of your folks, unfortunately, they’re all making these mistakes. Let’s help people not make these mistakes and be more successful. If people had more money and more capital, they could do more deals and they could use more of the stuff you teach them how to do. These things all work together, the capital, the deals, and the skills. First, you’ve got to master the underlying skills, but once you do that then you’ve got to master the money. If you don’t master the money, you never get to the next level.
Go out and make something happen. Like Joel said, master your craft and master the money. That’s where the magic of it is bringing the money to the deal. You’ve got to master both of those to understand and going to identify opportunities in the market, not only for yourself, understand what your investors are looking forward. Have them fall in love with you or what you’re focused on. Have a great day. We’ll see you at the top.
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