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A Firefighter's Massive Side Hussle with Timothy Lyons
Episode 34128th April 2022 • Real Estate Investing with the REI Mastermind Network • REI Mastermind Network | Real Estate Investing
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Tim Lyons is the founder & managing partner of Cityside Capital LLC, a real estate syndication and investment company that focuses on multifamily real estate assets that yield strong returns for investors.

Tim is also a lieutenant in the New York City Fire Department (FDNY) where he has served for 16 years. Until recently, he also worked part-time as an emergency room nurse (RN) at a level 1 trauma center.

Tim’s initial goal with real estate was to create passive income and in turn, be able to spend more time with his wife and three girls. After partnering on a small multifamily property, he saw first-hand the power of real estate investing as an opportunity to create passive income and build wealth for his family.

He started Cityside Capital with the goal of not only growing his own portfolio but also to help others realize the power that real estate investing can have on creating wealth.

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"You can invest 10,000 hours and become an expert or learn from those who have already made that investment." - Jack

Transcripts

::

Welcome to the REI Mastermind network where host Jack Haas gathers amazing stories from leaders in real estate investing.

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In each episode, our guests will tell you what they're doing that works what they've tried that failed, and best of all, you'll learn actionable steps to take your real estate investing.

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To the next level now, here's Jack with another value packed episode.

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Well, we got Timothy Lyons on the call Tim, I really appreciate your time and if you'd like to follow along or learn a little bit more, head over to City side Capcom where he specializes in with some syndication and a few other things.

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But what's really crazy here is that.

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Tim is a firefighter, is it New York?

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Yeah, yes Sir.

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In New York City.

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So, you're full-time fireman?

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Or is that kind of a?

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Part time thing now.

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No, no, still full time. Been doing it about 16 1/2 years.

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But what's even crazier is that in a matter of how, how long it has been now you've gone from 3 units to 721. Unless this sheet I have in front of me is out of date.

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that's probably just north of:

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That is absolutely insane.

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So, this has been done in a couple years.

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Just under two years, yeah.

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Yeah, wow, that's insane.

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So, I gotta ask.

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You know, being a firefighter, you are in a situation.

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It's probably a decent job, risky job, but there's gotta be pension, 401K and some benefits there. What made you decide to get?

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Into real estate investing.

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Whoa, well, yes, you are 100% right. Growing up a lot of my, you know, mentors and family members.

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You know I grew up right outside of.

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New York City in.

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A town called Mineola, which is online.

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And a lot of my one of my mentors and family members always urged my brothers and I to take as many civil service exams as possible.

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Whether it was the police, the fire department, you know, sanitation, it doesn't matter what it was.

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People just always said, you know, you can never go wrong because there's a pension which is guaranteed.

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For life, it's health benefits. There's major medical and dental 401K's, whatever it might be, and in the back of my mind I always thought they were a little bit crazy because I had aspirations to be a doctor, a lawyer, I wanted to be something you know along those lines.

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And went to college, got good grades, uhm, you know it ended up just really.

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I wasn't able to shake.

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Wanted to be a fireman, you know, 'cause that's what I want to do since I was a little kid.

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In fact, when Santa Claus bought a police scanner for me when I was eight years old, I attached it to my bike, and I used to ride around town following the fire engines.

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You know, wherever they make.

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No, and I wasn't able to shake it. And especially during 911 haven't been from the New York City area.

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A ton of my friends, fathers or uncles or my neighbors, including my own uncle, you know, was involved in in the World Trade Center.

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You know terror attacks.

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So he was, my uncle was a firefighter, was a captain.

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He was crushed under tower two, but he was actually pulled out alive and it was deemed one of the last people pulled out alive.

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He's still with us today, but he suffered.

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You know, horrific injuries.

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But that really turned me on to, well, I just I made that decision in college. I said I wouldn't be a New York City firefighter just watching those guys do that on 9/11.

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So that's what I did, you know and graduated college 2 weeks later.

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I'm in the Academy, I'm living the dream on New York City firemen I'm you know I'm having so much fun and.

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What I found when I got to the Firehouse as a young firefighter was that.

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A lot of guys and girls had a side job or a side hustle or you know a second career, or you know or even small business owners.

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And I was blown away.

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I mean, you know there was some, you know, really kind of wealthy firefighters out there and dumb.

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You know, my first Firehouse when I got there was a couple of guys who were nurses.

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And they had the nice cars in the.

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In the Firehouse driveway, and their wives didn't work, and they always had steady.

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Side work, so that's what I did.

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But you know, I like to joke around that I was pre-Med for about 15 minutes in college until I joined a paternity and then you know became a nurse and life was good.

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But I really.

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Got after like you know 8-9 years of nursing on the side and having a couple of little kids. I felt very trapped by that W2 grind.

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It started to dawn on me that wait a minute.

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Yes, the pension down the road is going to be nice.

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Yes, the benefits are nice.

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I love what I do but I felt very stuck and.

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I started to go down a path of financial education and personal growth and development and really trying to, you know, get clear on what it was that I was looking for and what you know what box wasn't being checked and you know that's kind of how I found my way into real estate.

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Yeah, well Dad talking about a story there so.

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So now you.

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You're partnering with your brother.

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Is that that who you've partnered with here?

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Yeah, so I have two older brothers and I'm partnering with my middle brother Greg.

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Sure, how's that?

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Working out, working and side by side with your brother like that?

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Well, I think it's good.

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There's some distance in between us.

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He's down in Virginia obviously up here in New York.

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So now I'm like it, it's been great. It's been awesome. You know, being able to, you know, start a business you know not knowing, you know where it's going to lead us. Not having the blueprint, not having the certainty that say a W2 job.

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Rides and going through that process with your brother, who you know it's just been.

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It's been a phenomenal journey.

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Sure, well, are you mentioned before?

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We hit record that you're going to be starting a podcast of your own.

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Is your brother going to be part of that?

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Or is it just you?

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Yeah, now he sure is.

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It's going to be called the passive Income Brothers Podcast and.

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That's actually going live this week, and it's been one of those things that we've been, you know, talking about doing for a long time and just never, you know, got off the ground.

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But we finally got our act together and we're super excited to launch this thing and it's really just, you know, we're trying to bring on people with inspiring stories, you know, kind of like just like us, right?

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They're just regular two like two regular Joes, right?

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But we're making it happen, and so far, we've had some phenomenal people come on and I can't wait to.

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Get started.

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Yeah, so let's, uh, take a moment there and and his broadcast is probably live right now, so why don't you go and take a hit pause on this episode and go into your podcast?

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Sing app and subscribe to.

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His show quick, but let's.

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Throw some attention his way and like and subscribe and and not only that but leave a quick review and so that him and his team can get a little traction on this podcast because I'm sure there's going to be a lot of great content.

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Thank you, Sir, much appreciated, thank you.

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So, with that you know one of the things that I find really interesting is how quickly you've went from just a handful of units.

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Two, you said over:

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Oh boy, I mean look.

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I mean I grew up in a pretty modest household, right?

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And and I really kind of think that you know, my money mindset was very rooted in a scarcity.

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What I now know is the scarcity versus abundance mindset.

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But I think there's no.

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It's no shock that I chose to do 2 W 2 jobs, two very safe, secure pay me every two weeks, trade my time for money, standard jobs that I didn't go down the entrepreneurial.

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You know route you know out of.

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The gate because.

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I really didn't know; you know that that was even available to me.

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I just I that that was something that some you know other people did not.

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Something that you know me or my brother.

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To do so really kind of, I had to, you know, kind of.

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Just go on this little personal journey and say you know well you know if other people can do it, you know.

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So, can I.

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There's absolutely no reason why I can't do it, and as I was going through that journey listening to different podcasts.

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And reading different.

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Books I kept on, you know, hearing basically.

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The same story over and over again with different characters attached to the stories and they were everyday people, and they were making it happen and I was super inspired by that so.

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Uh, you know, once, I think I became defiantly committed to doing something along these lines.

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You know everything started to kind of fall into place.

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Yeah no, that makes a lot of sense.

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And it's kind of interesting that you say it's the same story but with different characters.

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That's really the truth, isn't it?

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It's amazing how many people have had to go through their that personal journey as you mentioned and make these determinations on your own you.

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You can't convince people of anything.

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They almost have to find.

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Discover it on their own.

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No, that's 100% the truth and.

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You know it's not easy, right?

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Because I think when you come from a place like where I was coming from you needed that certainty and you really didn't want to have that.

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You know, take that risk and strike out and then you know you'll be beating yourself up for it.

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But if you don't take that risk and you don't try to strike out, you know, then you'll never know.

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It's on the other side of that.

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You know that that action step, and I think it took a lot for me to kind of get up to that point and then cross over the line.

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But then you know, once I crossed the line, you know my brother Greg saw what I was doing, and he got inspired.

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So, he joined.

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Me and then we haven't looked back, you know?

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And it sounds crazy.

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You know you're probably sitting there saying you know this.

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ltifamily assets and north of:

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It was, you know, not only making that choice, it was building out that mindset it.

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Then it was really building a team and getting educated and finding a mentor and surrounding yourself with a mastermind.

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You know of like-minded folks who were doing the thing.

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That I wanted to do that I wanted to model myself after and they were all too willing to support me on that journey.

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Yeah, so you mentioned finding a mentor.

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Once you decided you were going to go down this path.

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How did you?

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Find your mentor and and how to talk about that process and and what it.

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Did for you.

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Yeah, so uhm, you know, just for to make a Long story short, I you know after reading Rich Dad poor Dad, the summer of 19 on a family vacation on the beach, I decided to become a real estate investor.

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That right then and there.

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I had no idea how I was going to do it, but I was going to do it four months later.

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I'm closing on a three-family rental property, and I really wanted that experience.

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I wanted to be a landlord.

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I wanted to be the guy and I'm not very handy, but I wanted to do the renovations I wanted to.

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You know figural?

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All that you know out because I wanted to be a real estate investor.

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What I found after maybe about three to six months that the cash flow was coming in.

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We put into roof siding renovated one of the units with help of course, is that it wasn't moving the needle.

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As far as I was looking for the needle to be moved and I know it was a very short timeframe, but I had a big idea about what I wanted to do, and I wanted to find a process that was going to be scalable and repeatable and rinse and.

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Pete and I had a limited budget, you know, and all of a sudden, I said to myself, you know, I keep on hearing these people on podcasts, talking about multifamily, but it seemed very confusing to me.

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It seemed like something that other people did.

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You know.

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CAP rates net operating income above the line below the line economic vacancy.

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Physical big, you know.

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It was all these things and I'm saying, well.

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You know what are these guys talking?

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About right underwriting and spreadsheets.

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And I'm like wow, Mike.

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That's for private equity guys on Wall Street.

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That's not for guys like me until.

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I just started hearing story after story and I said, you know, there's something to this and the common denominator was that people had a coach where people had a mentor or people you know worked for free for.

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A year or.

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Two for, you know, a successful multifamily operator and at the time you know working for free wasn't.

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Probably wasn't gonna be the way I was going to.

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Do it because.

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I wasn't moving to, you know Texas or Florida, or the Carolinas or Georgia.

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I had three little.

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Girls under the age of like 8 you know?

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So that was going to be a hard conversation with my wife to move.

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Uhm, so it was really came down to coaching and mentorship.

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And when I first scratched the surface of mentorship, I had some big time.

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Big time limiting beliefs. I mean, I always joke that I have a healthy dose of skepticism baked into my DNA. I'm like you know, how am I going to pay 20 thirty, $50,000?

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To a coach.

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When I could take that money and go buy another three family, a four-family, a 6 unit, whatever.

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It just didn't make sense until all of a sudden it made sense.

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I just I finally just started calling these coaches and seeing what they were all about.

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And then I would kind of stalk some of their students on social media and reach out to them.

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Say, hey, can I grab a call, you know, hey, what's your experience like in that coaching program?

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What is it like?

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What do you know?

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What's the return-on-investment kind of thing?

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I was probably asking all the wrong questions, but I needed some.

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Some clarity you.

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Know what was what was?

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What was the process going to.

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Be like and you know.

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I have to say that I would be nowhere near where I am today had I not joined the coaching program that I joined, I think it collapsed my time frames by a decade or more.

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They introduced me to some outstanding people in this space, and, you know, because of all that I was able to build out City side capital to what it is today.

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Well, you know one of the things that I think you just said.

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I don't know if I was asking the right questions.

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I think you were asking the questions that nobody else is willing to ask.

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You asked what my return on investment was, what that and that's actually what people should be considering.

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The I know that when it comes to mentorship, some of those dollar amounts are almost overwhelming.

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But if you if you take into.

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That's the one question that I.

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Think a lot of people miss.

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That you naturally went to is what is your asking these previous two.

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What has been your ROI I?

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And that's huge.

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If anybody gets anything out of this episode, I think that is probably the big key one right there.

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Well, you know, I think we've all been guilty.

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Or maybe I shouldn't generalize like that, but I I've certainly been guilty of, you know, shiny object syndrome, right?

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You get an email. Hey $47.97 dollars 495. Three easy payments of whatever. And I'm like. Yeah, yeah you know why don't I do that right? And for 97 bucks if I never get.

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To that course.

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Man, I lost 100 bucks and that is terrible because I hate losing.

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Money, you know, but I'm not really like my feet weren't really held to the fire. You write a $20,000 check or it's a $50,000 check or whatever.

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Believe me, you're going to be on those calls.

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You're going to be rifling through that material.

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You're going to be not only on the calls you're going to be scheduling, you know 10s of.

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Or hundreds of more calls.

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Uh, because now you're kind of you're invested dude, right?

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You have to make that happen or else you just made a big financial mistake and and so that that was kind of my mindset going into it.

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If I'm going to do this, I'm going to do it 110% and I'm going to maximize my knowledge and everything and.

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You know I have a little bit of an interesting story.

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When I got started with the mentorship, he was March, basically, March 1st of 20.

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20 and as we know, we were kind of watching COVID over overseas right in Italy.

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They were kind of showing on the nightly news that people were hanging out of their balconies singing songs in the streets, and they're all quarantined.

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And we're like, what's going on in Italy, right?

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What's going on in China and three weeks later, you know it was on our shores and we're all locked down.

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I work in a very poor neighborhood in in Queens, in New York City and with a lot of immigrants, and it spread like wild cobras for like wildfire and all we did was CPR for 24 hours.

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At a time.

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And nobody was making it.

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You know, usually we get one person back.

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You know, every once in a while, nobody was making it, everybody dying.

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There are refrigerated trucks outside the house.

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Hospitals and I had a brand-new baby at home and my wife, and I decided that I should move out of the house and move into my mother-in-law's house and my mother will moved into my house, take care of my, you know, kids with my wife and for eight weeks I had no physical contact with my kids or my family. And because we didn't know we didn't know what was going on, you know. And at the time I was still.

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A nurse in the ER.

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That was my side job.

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You know, and I could have I, you know, I could have been in a really tough spot, but what I did was because I had written that check because I was a part of this brand-new program.

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I rifled through the material; I mean I became obsessed with multifamily I.

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I became obsessed with underwriting.

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I started calling brokers in the middle of COVID I mean the.

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Countries locked down. You can't even go to the local 711 for a cup of coffee, right? Or else the cops are gonna stop. You and.

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I'm calling brokers talking about multifamily and introducing myself.

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I'm calling, you know, local lenders in the Southeast, you know introducing myself and I was probably.

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I wish I had.

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I honestly, I wish I had those calls recorded 'cause I probably sounded terrible, but I had to get to work, and I had to get the reps in, and I had to get that like that confidence in that clarity and within a matter of.

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Days I was getting brokers to email me properties.

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They were probably the duds of the group, but it didn't matter to me.

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I was getting my reps in.

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I was, you know, bringing my coaches some material to work on, and you know that I really credit those.

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Those eight weeks, almost nine weeks, which is really kind of giving me the jet fuel to get started.

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And I really kind of credit that time in my life as.

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You know the reason why we are where we are today.

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You know one of I was going to ask you about this massive action that you took.

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You know, you read, you read Rich Dad, poor Dad on vacation, you immediately decided that you're going to be a real estate investor.

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You during COVID, you're seeing a lot of these COVID infected people.

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You take action right away in order to protect your family.

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You seem to be wired to just you make up your mind and you take immediate action.

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Is this something that has just been natural for you or is this something that you've forced yourself to do?

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And if and if the reason I ask is because, I'm sure.

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With your masterminds and a few other places that you've been networking.

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It seems like there's a lot of people in analysis paralysis.

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They're just kind of stuck, whereas you seem to be going the opposite direction.

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You've just you make your decisions.

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And you go.

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Well, you know there's a lot in that.

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There's a lot in that, so you know what I what I realized.

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And when I was, you know, feeling stuck in the W2. And when I say stuck, I love being a New York City firefighter.

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People ask me all the time, how come you haven't?

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Retired, yet you're.

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Killing it in real estate.

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I'm not nearly ready.

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I love going to work, you know?

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And I retired from the hospital two years ago, but when I felt stuck, it was because yes, my bills were getting paid.

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Yes, I was putting money into my 401K. Well, what you know what we call 457?

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Yes, I took my family on one or two vacations a year.

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You know we were comfortable but at the same time there was just no feeling of like building wealth.

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You know there was no feeling of you know if I stopped trading my time for money then this show stops.

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You know, so when I felt like that, and my kids are starting to get a little older right now.

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I mean, now they're ten, eight and two.

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eighty:

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And I missed them terribly, but they didn't really notice.

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I guess you know.

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But then when they got to be a little older and they're crying as I'm coming home and leaving.

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Home, you know away for three or four days at a time, you know that wears on you and it wears on you quickly and and what I realized was that nobody was coming to save me.

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You know nobody was coming to you know, help me figure something out and.

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And you know, as I started the financial education, you know, journey through podcasting and reading books and audiobooks.

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You know there's a saying out there that you know savers are losers and debtors are winners and that you can't save your way to wealth.

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And you know, that's just led me to become, you know.

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Really interested in macroeconomics and you know, taxes.

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And real estate.

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And you know, financial management tools and you know, it just became almost like an almost like an obsession.

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And because of that I was never a morning person yet. Now I'm up at 4:35 in the morning.

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You know, getting a couple of hours of work in.

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Before the kids wake.

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Up, you know if you would have told me.

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Couple years ago, this would have happened I would.

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Have thought you were crazy, you know.

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Uhm, but it was.

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You know, having that pain point of no one coming to save me, you know?

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You know, savers are losers.

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Debtors are winners have to figure out how to make that happen for me.

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Uhm, you know, how do I use good debt?

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How do I get into real estate?

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How do I?

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Get cash flow.

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You know the.

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The difference between cash flow and appreciation and having.

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Maybe both at the same time.

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Like you know, saving more in your tax, it's keeping more of what you earn.

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Like everything was kind of coming together.

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To me, at one time and it was really exciting, so I was I was moving away from a pain point.

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I was moving towards something that was really exciting and then as you know you know real estate and commercial real estate especially.

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Really is a team sport, you know, and that's probably the next chapter of maybe even this talk is I had to find my spot on the team.

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You know I had to find out, you know where I am sitting on the bench because you can't do it by yourself.

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And that was another growing point, uh, you know, a point of growth.

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I should say in my journey was that I wanted to do everything.

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By myself, you know, I'm just kind of built like that, I guess.

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And when I got around these people who were doing the thing that I wanted to do with my mentors and the coaches, you know it's very clear that you need to build out a great.

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Team to be successful.

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Right, well, you know multifamily is.

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I've mentioned this time and time again when we get into real estate investing.

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It seems like multifamily is aspirational.

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You know it's something that it's like we're playing a real-world version of Monopoly.

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Everybody starts to collect the single-family homes, and then they move to the duplexes and triplexes.

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And then we can trade up to the multifamily eventually, but you jumped in like almost immediately, but with your experience with the triplex and and a few other deals before this.

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What how has that transition been and and would you suggest people just jump into multifamily right away?

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And is it possible?

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Is this just another mindset thing?

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Yeah, I mean I think it's some everyone journey is gonna be a little different and it's all about what you kind of want.

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And you know what you're good at and what kind of value you could bring to a team.

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And you know where you are geographically, you know.

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Are you in a high growth?

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You know MSA that people want to invest in or are you like me in the Northeast and people don't generally.

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Want to, you know?

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Invest in.

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You know non landlord friendly states.

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You know what I would say is that it's easier for me to say now.

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Having been on the, you know one-to-four-unit space and then you know kind of graduating if you will, to the multifamily space.

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That if I had it, if I had it to do all over again, I would start in the multifamily space, because if you can do a two or a four unit, you can do a 20 or a 40 unit or 100 units.

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It's really kind of just.

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It's the same game on a bigger scale, and if you could figure out.

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Not what the rules of the game are from one to four units.

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You can certainly figure out what the rules of.

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The game are for five and above.

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Sure, so when you were talking about, let's go back to the masterminds.

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Are you a part of a lot of masterminds and what?

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Are the benefits have you found?

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So, I'm a part of a. You know, I would say 3 mastermind type groups. When again if you told Me 2 1/2 years ago before I started this then I'd be doing that.

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I would have told you that you were probably crazy, but here I am, and you know, it's no secret that once I started joining.

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These groups and aligning myself with these people that I started getting opportunities to invest in multifamily and.

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To join, you know other partnerships and you know, really learn.

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You know organic fashion.

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How to do this business.

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You know how do you get a property in the contract?

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How do you underwrite it?

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What is what is the due diligence process like?

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You know?

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How do you work with a preferred equity group?

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You know?

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I mean, all these things.

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Kind of came rapid fire because I was a part of these.

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Groups and and then just networking?

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I mean, there's it sounds so cliched.

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You know your network is your net worth, but it's.

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It's honestly the IT it's the truth.

::

You know being around people that are like minded and who are trying to make it happen and and having those organic relationships.

::

I mean I just got back from a.

::

Conference in October from Orlando, which I actually I spoke in front of 800 people.

::

So, I mean that was a phenomenal conference.

::

It was the first conference I've ever gone.

::

To for real.

::

Estate and and I knew so many people there from the zoom calls, right?

::

And people from all over the world came into this conference and I'm able to shake hands and give hugs.

::

And, you know, go to dinner and.

::

You know, it's just it's so satisfying being a part of like a mastermind and and being supported by these people and in turn supporting others.

::

And then you know through that process, that's when these deals get done and that's.

::

How you just?

::

Grow and grow your unit count and grow your ad.

::

Sets and really kind of work towards your goals, but you know, in a large part together.

::

Right?

::

No that that's great to hear.

::

I mean it.

::

It's amazing then I was I was in the exact same boat, the concepts.

::

Some of this I thought a lot of this stuff was just a bunch of hokum.

::

You know, this whole mindset thing was just crazy talk.

::

You know, the how did?

::

How could that think yourself.

::

Thinking grows rich type mentality just didn't make any sense.

::

To me, then now I'm all in.

::

I mean, there's there is a lot of power there, especially when you have the opportunity to surround yourself with likeminded individuals.

::

Well done.

::

It really is a boost.

::

You know it's powerful like so.

::

For example, you know how much I love the fire department and we always talk about the Firehouse in a very fond manner.

::

But you know around the Firehouse kitchen table.

::

You might hear guys talk about the pension system.

::

Or you know how to work?

::

You know more overtime so that your pension can you know, grow or you know if you stay in extra five years you can get X amount more in your pension and like that's really the conversation that's going on, although it is changing, I must say.

::

With some of the you know, the millennials that have kind of come out to the job, and they just have a different mindset altogether and are more technology based and willing to take those risks where you know the old timers are built.

::

You know, a little.

::

Really, you know very kind of old school.

::

Uhm, but you know, there's really not a lot of talk about tax strategy or, you know, LLC's. Or, you know, bonus depreciation.

::

Or, you know, underwriting.

::

You know at the at that table, and I'm not taking anything away from those guys at the best.

::

And I love them, but when you kind of grow into a different group

::

And you surround yourself with that.

::

You know people who are talking about those things.

::

And here's how I did it, and here's how my business is set up.

::

And here's how I got my start, and you start to learn from these people.

::

I mean, it's incredible the growth that can occur and that's really where you know my success has come from.

::

No, that's just so good to hear.

::

And and I can't iterate.

::

Reiterate that enough that the being around like-minded individuals and being part of these type of groups is it.

::

I really, I really struggle with the fact that a lot of people just frankly don't see this type of thing, you know, because a lot of the better mastermind networks are going to charge you money again and getting a mentor or some of those mentors are going to charge you money.

::

But to take a moment and realize that.

::

This is an investment as much as buying a multifamily home.

::

There's a return on investment that needs to be calculated and and you'd be surprised.

::

That's probably I'm sure you could put some KP's around this, but there's it's probably going to be the biggest return on that capital than anything else that you can invest in.

::

With that question, with that question, people ask me all the time if I lost everything you know today, what would be the first thing I would start doing tomorrow and I kind of answer that question with.

::

I would find you know money and I would go join one of these groups again.

::

You know, just to get myself back in the door, you know.

::

Uhm, that would.

::

I wouldn't buy an asset first or anything I would get myself back into the group because that's where the.

::

That's where the magic happens.

::

Sure, so you know earlier you talked about when you first started real estate investing you wanted to pretty much do and experience everything.

::

So, whether it was doing the rehabs, you're not a handyman, but you were going to do it anyway and a few other.

::

Things now that you are going into the multifamily you've already talked about building a team.

::

What was it like to start letting some of those reins go and trusting your team?

::

Well, what you find out very quickly is you.

::

Have to ask.

::

Who, and not how?

::

Right, there's so many people out there with expertise above and beyond what you're capable of doing.

::

And when you put the right, you know players in the right spot at the right price.

::

You know you can get so much more done in a.

::

Smaller amount of time which can lead to you know, outsized return.

::

Right, so you know once I learned that formula it made so much more sense and you know, to be quite honest.

::

It's like I'm so happy that I had the know landlord experience. I actually just sold that property at the 24-month Mark, decided to test the market. Not it wasn't in the cash flow, it wasn't in any appreciation.

::

Market it was in a cash flow market, and I tested the water, and I was able to get in insane price for the House, so I like I you know I sold it.

::

So that was that was a great lesson.

::

That was a great educational experience but being a landlord can be very tough.

::

Uh, you know?

::

It was a.

::

You know 2-Hour round trip, you know, by the time I got there did what I had to do.

::

Went to the store, went back to the house, you know, did whatever back home battling traffic, whatever you know it wasn't that far away, but it seemed like it was it was a hassle, right?

::

Big snowstorm.

::

Big snowstorm coming.

::

Making sure you know.

::

Originally, I was doing the shoveling, but then I you know I got smart, right?

::

And I started paying somebody to do.

::

It was all that stuff that I needed to learn.

::

I needed to learn all that stuff I want to do that stuff.

::

I want to.

::

Know what it felt like but now with multifamily with professional property management in place, you know the professionals who know how to do all the things that the property needs to run efficiently and effectively and to.

::

To maximize your net operating income, you know that's who I trust, right?

::

So that that's now the new teammate is the property managers and the asset.

::

Managers, so that's the beauty of death.

::

The beauty of multifamily.

::

And when I got started in this you know it's 2 short years ago, I didn't even really know what syndication meant.

::

I didn't know what passive investing meant really and how it worked 'cause they're.

::

Not to be.

::

Totally honest and transparent.

::

It almost sounded too good to be true.

::

Right, how could you?

::

Possibly, you know, write a check to some.

::

Buddy and then buy yourself some cash flow and they know and then all of a sudden it appreciates, or refinance and you know it just sounded like you know almost like pie.

::

In the.

::

Sky to me.

::

But then being on the other side, and you know my first deal was a 43 unit with my coach, you know. And that was a syndication. It opened up my eyes to the power of, you know.

::

Using investors, you know and providing them with a deal and providing them with a solid return on their investment and how powerful you know grouping you know.

::

You know investors together to buy these properties was, and that's really where I took off. You know, the first deal turns into deals 2 and three, and before you knew it, I had over 300 units in.

::

Like a few months.

::

And Greg and I had, you know, really come to a crossroads and say to say, like you know what?

::

What is our strong point?

::

It's her superpower, you know.

::

Where are we going to add value to the team?

::

And because of where we are in New York?

::

Uhm, you know, and our networks and Greg played college basketball and now he lives down in Virginia.

::

He has a whole different network down.

::

There he's lived all across the country.

::

You know, raising capital came kind of natural to us.

::

We kind of fell in love with the process of raising capital with investor relations.

::

Uhm, with really kind of networking with people and you know, but we wanted to do it in a in a legal squared away way, so Greg and I decided to take our series 82 in our Series 63.

::

Exams and we aligned ourselves with a broker dealer that's specifically focused on multifamily and self-storage.

::

You know syndicated syndications and you know that was like the IT was like almost like it was too good to be true for us.

::

Like that's exactly what we are looking for, and because of that, that's it.

::

You know precisely the reason we've been able to scale up so.

::

Quickly is because you know we're part of the team and we take care of the asset matter.

::

I mean, excuse me, the investor Relations and the capital raise on the equity side.

::

And that's how we've been.

::

Able to grow.

::

Yeah, that's another exercise that I think a lot of people should do is what you just suggested there is.

::

Is taking an assessment of your own skill set what you're actually good at and focus on that and and find those pieces to kind of fill in the puzzle.

::

Yeah, absolutely.

::

I mean, you know we were not going to be the boots on the ground.

::

We weren't going to be the asset managers having no experience and we weren't going to be the under writers.

::

And you know, we weren't gonna be underwriting $20 million deals out of the gate. Although we could, you know, I'm not sure how great that underwriting would have.

::

In in but you know what we just and and and and again Greg might have moved to a different.

::

You know location, but I really don't have the luxury of.

::

Doing that so it really kind of fit our needs to do the capital side of the equation you know.

::

And it wasn't easy taking those exams and studying everything.

::

But it was so worth it because.

::

It fit into our model; you know.

::

You know now, because I think you said it before.

::

You know there's a lot of analysis paralysis out there, right?

::

When you have to do something by yourself, it could be overwhelming and you could say you know what that was a really good idea, but I'm just too scared.

::

I don't know what I don't know, so therefore a confused mind is going to say no, and I'm going to take my ball.

::

And go home and.

::

And saying, you know I'm gonna go back to the stock market like everybody else.

::

You know?

::

So, no one can tell me at a party that what I'm doing is risky and and.

::

And so, I think what we've kind of done at City side capital is to.

::

Is that going to take all that feeling like I just talked about and try to just erase it for the investor?

::

You know, by doing the due diligence on the on the operator by vetting the operators, betting the deals as they come through.

::

You know using third party legal and due diligence firms to you know.

::

That some of these processes, and you know, by the time we deliver an email to the investor saying, hey, we have a deal.

::

You know, they know now that you know this has gone through.

::

You know several due diligence cycles before it ever hit their inbox.

::

And I think on some level you know when you do a group investment like that with other people and you have somebody like Greg and I to the call like it just makes people feel better, right?

::

Like you took the hard work off our plate.

::

Uhm, we know we should be in real estate, but our financial advisor only recommended a real estate investment.

::

Trust, you know, because that's what they get compensated on.

::

They never said anything about a private placement.

::

They never said anything about getting our own single family or duplex triplex because.

::

That's too risky.

::

So, it's really an exciting time to kind of be sitting in sitting.

::

In our seats.

::

Yeah, no, that's really. That's really interesting. So again, City side camp.com. Make sure to check out their new podcast.

::

It should be available now and.

::

You know, I.

::

Looks like we're probably kind of coming to the end of our time together here, but this was a great conversation.

::

I'd love to have you back on again because I'd love to understand like some of your due diligence and and even to the point of how you're picking your property managers and and a few other things that could be a show in itself. But again, city, sidecap.com, and but before I let you go, is there a question?

::

You wished I would have asked you here today.

::

I had to put you on the spot.

::

That's, uh, that's a really hard question.

::

That's like the hardest question.

::

I thought you were gonna ask me.

::

My favorite book or something.

::

No, I.

::

Mean look I talk about.

::

Well, we can change it up on you if.

::

You want what's your favorite book?

::

No, I can talk about real estate all day long and that's the beauty of it.

::

Like because once you understand it and once you know the rules of the game, it's very easy to talk about.

::

It's very easy to.

::

You know, have these conversations so you know.

::

I just want to thank you for your time and obviously the favorite book was just like everybody else.

::

The rich dad, poor dad, but that's really the idea book.

::

The tactic and the had had to implement.

::

Book is called the Cashflow Quadrant and that's his next book after that.

::

Robert Kiyosaki so those are my two favorites, but no thanks for having me on.

::

It's been a great conversation.

::

I'd love to come back and and chat about whatever you want to get into next.

::

Yeah, I appreciate it.

::

And you're welcome back anytime.

::

So again, it is City side Capcom.

::

Thanks again, this was great.

::

Awesome, thank you.

::

If you learned at least one actionable step to incorporate into your real estate investing.

::

If so, please consider returning some of that value by leaving a positive review, subscribing to our YouTube channel, or joining our growing network on Facebook and Twitter.

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You can find links to all of our social media accounts in the show notes. See you next time.