In this episode of the Truly Passive Income Podcast, hosts Neil Henderson and Clint Harris are joined by the insightful Chad Ackerman, co-founder of Left Field Investors. Diving into a captivating discussion, they reminisce about their recent encounter at the 'best ever conference' in Salt Lake City and delve deep into the world of passive investing. From market nuances to community building, this episode promises a treasure trove of knowledge for every passive income enthusiast.

Timestamps:

[00:01:25] - Introduction and Chad's initial journey into passive investing

[00:11:37] - Strategic approaches to passive investing

[00:15:07] - The rapid growth of Left Field Investors

[00:17:50] - Incorporating financial education into daily life

[00:20:20] - Chad's decision to leave the corporate world

[00:23:02] - The intricacies of underwriting deals

[00:25:57] - Diverse investment opportunities across locations

[00:28:44] - Chad's affinity for unique investment ventures

[00:31:03] - Balancing investment strategies with personal life stages

[00:34:06] - Realizations and reflections on passive income

Key Takeaways:

• Chad Ackerman's introduction and his role as the co-founder of Left Field Investors.
• The importance of passive investing and the journey to understand its potential.
• The transformative power of self-investment and the role of podcasts in personal growth.
• Different paths in the real estate trajectory and its varied experiences.

Resources and Social Media

Website: LeftFieldInvestors

Email: Chad@leftfieldinvestors.com

YouTube: Left Field Investors

Books Mentioned: Anti-Fragile by Nassim Nicholas Taleb

Follow Us On Social Media

YouTube: Truly Passive Income

TikTok: @trulypassiveincome

Instagram: @truly_passive_income

Facebook: Truly Passive

Twitter: @trulypassive

Download Our FREE Passive Investor Toolkit

Everything you need to get started in passive investing - Download Here

Mentioned in this episode:

Sponsored by Nomad Capital

Looking to invest in self-storage? Nomad Capital converts vacant big-box retail spaces across the Southeast into climate-controlled storage, with a target of 20% annual returns. Our fund combines low leverage and high depreciation for strong growth and valuable tax benefits. By buying properties at deep discounts, we often achieve break-even at just 40% occupancy. Join a proven model in a resilient asset class that continues to deliver, even in today’s market. Learn more at nomadcapital.us/tpi. Accredited investors only.

Neil Henderson: 00:00:00

In this episode of truly passive income.

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: 00:00:02

We sit down with Chad Ackerman

co-founder of left-field investors.

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: 00:00:06

We talk about his journey into passive

real estate investing and building a

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: 00:00:09

thriving community of passive investors.

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: 00:00:12

We discussed.

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: 00:00:13

Chad's transitioned from corporate

HR to becoming a full-time real

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: 00:00:16

estate investor, the importance

of education and networking, and

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: 00:00:20

Chad's advice for new investors.

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: 00:00:25

Welcome to the Truly

Passive Income Podcast.

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: 00:00:28

I'm Neil Henderson.

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: 00:00:28

Clint Harris: And I'm Clint Harris.

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: 00:00:30

Today we have Chad Ackerman with us today.

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: 00:00:32

Chad Ackerman is one of the co

founders of Left Field Investors.

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: 00:00:35

Chad, how are you, sir?

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: 00:00:36

Chad Ackerman: I'm doing great.

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: 00:00:37

Appreciate you guys having me on.

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: 00:00:38

Really excited about this.

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Clint Harris: Yeah, absolutely.

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: 00:00:41

Happy for you to be here.

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: 00:00:42

Um, so I was, Neil and I were

talking earlier, we met at the, the

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best ever conference in Salt Lake

City and of everybody there, it's

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: 00:00:49

my second year at the conference.

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Very pessimistic feel to the whole thing

this year compared to the year before,

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just because of the current market, the

variable rate debt and things like that.

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: 00:00:59

The most exciting thing for me, Coming

out of that conference was meeting

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: 00:01:02

up with you guys with, with what you

guys are doing with left field, the

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: 00:01:06

community that you put together, uh,

you know,: 1300

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: 00:01:11

for me was, I think the coolest thing.

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: 00:01:13

So I'm really excited to have you on.

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: 00:01:14

Chad Ackerman: Well, I'm glad you

didn't just say the happy hour we threw.

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: 00:01:17

So I'm glad it was more

content than entertainment.

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: 00:01:19

Neil Henderson: What happy hour?

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: 00:01:20

I didn't get to see a happy hour.

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: 00:01:22

There was a happy hour?

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: 00:01:23

Clint Harris: Neil got stuck in

the elevator for an hour and missed

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: 00:01:26

the first half of the happy hour.

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: 00:01:27

Chad Ackerman: Oh, that's great.

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: 00:01:28

Neil Henderson: I heard the food

was amazing, but it was all gone.

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: 00:01:31

Chad Ackerman: The food was fantastic.

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: 00:01:32

Yes, but no, we, we really loved hearing

your guys story too and meeting Nomad and,

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: 00:01:36

and understanding your guys strategy and

we look for a lot of diverse asset class

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: 00:01:42

and operators to bring to our community

and you guys are unique by all means.

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So we were excited to meet you

guys too and get you engaged

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with the community as well.

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So.

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: 00:01:51

Clint Harris: Yeah, absolutely.

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Thanks for being here.

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I want to talk a little bit about,

obviously give you a platform to

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talk about what you guys are doing

at left field, but on top of that,

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um, you've got a banking background.

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I know you worked in HR for a long time.

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: 00:02:03

You have a, uh, you're a data analytics

guy, which speaks to my heart.

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I've got a background investing in

short term rental and multi family

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: 00:02:10

conversions, and that certainly

helped me have some success there.

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: 00:02:12

So, but, uh, you know, Your story that

I've, I've been listening to your content

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and things like that, and you kind of,

you sat on the sidelines for quite a

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while, and then you really turned it

on, and you got aggressive, you know,

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I guess maybe five or seven years ago.

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: 00:02:25

So kind of tell us about

your story a little bit.

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Chad Ackerman: No, that's fair.

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I don't, I don't know if I was sitting

on the sidelines or just ignorant

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to what was available out there.

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I think it's probably a better way to

say it, but I was a career corporate guy.

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You know, I, I done the HR thing for,

30 plus years and just thought that

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was the way it's what I was taught,

you know, do the 401k, set up a Roth,

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you know, go through that process.

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And I was following that to

a T and I switched jobs in,

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uh, 2015 and I used to live.

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Two miles from where I worked and

this new job, I had a commute and

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somebody at the new job said something

about getting multiple income

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streams and talked about real estate.

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And I was like, well, that, you know,

real estate's always been something

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that's been intriguing to me.

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I'll go out and start finding some

podcasts and started listening to

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Bigger Pockets and, and then started

reading their books or listening

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to their books on my commute.

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And, uh, yeah, I got bit by the

bug bad that it, it really fired

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me up to want to look into this.

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And I was chasing the shiny object

syndrome bad of not sure what I

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wanted to do was in a full time W 2

didn't really think I could replace

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my income or I, everything I looked

at, I just needed to scale like

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crazy that I was like, I just, I.

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I wasn't comfortable with making it work.

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I didn't know how I'd

be able to get there.

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And I had found a local meetup group

here in Columbus, Ohio, through

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BiggerPockets, that was called Coin,

that I went to four or five of those.

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And the last one that I went

to, uh, Jim Pfeifer got up and

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talked about how he left his.

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corporate job to, um, pursue other

things because of his passive income

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from investing in syndications.

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And I'm like, this, this

sounds like the thing.

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This is what I've been looking for.

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I don't have to worry

about the scale as bad.

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I don't have to worry about tenants.

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I don't have to worry about

construction or rehab or

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whatever, but I can scale still.

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And so I reached out to him after

the meeting, found out we live

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in the same suburb of Columbus.

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So we got together for a drink

and, you know, I'll cut out a

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lot of the middle story, but.

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Yada, yada, yada.

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Here we are, uh, several years later,

we've started a whole community of

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like minded passive investors to

educate, network together and grow.

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And that's allowed me to be able to

leave my corporate job and retire

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from the corporate world, if you will.

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And, uh, doing the left field

thing full time, as well as my own

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passive investing and so forth.

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So I skipped over a lot there, but you

know, you got the, the beginning is,

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uh, kind of interesting, I think and

you don't want to hear about all my

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shiny object chasing probably, uh, so...

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Clint Harris: Neil and I have the

same disease, I can promise you that.

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And, you know, one thing that you

said that I don't want to pontificate

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here, but the same, something as small

as you changing jobs, and having a

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commute, and having windshield time.

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And using that time and investing

in yourself completely changed the

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financial trajectory of the rest of

your life and where you are right now.

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The same thing happened to me.

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Chad Ackerman: And I, I started, well,

I wasn't a big podcast guy before that,

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but once I got into it, I thought,

okay, you're blessed with this time.

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I can listen to the, you know, true

crimes kind of things that entertain

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me, or I could try to better myself.

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And that was really the approach.

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And then I, I kind of even paused after

I'd been doing it for several months

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and I'd read like 12 books in the car

or listened to 12 books and umpteen

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podcasts, I'm like, well, maybe I need

to focus on being a better parent.

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And so I started.

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trading out like business podcasts

and books for self help or

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betterment kind of things too.

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Just to like, again, take advantage

of what time I had available to me

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: 00:05:46

to really turn this into something

profitable personally, spiritually,

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you know, the whole ball of wax for me.

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: 00:05:52

That was really my take on this, uh,

when I had that time available to me.

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Clint Harris: So, Chad, the

exact same thing happened to me

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when my wife and I relocated.

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I had a 16 year career in medical sales,

11 years before we moved to Wilmington.

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I took a promotion.

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We moved to Wilmington,

North Carolina in: 2017

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: 00:06:08

And my wife was in medical sales as well.

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She was going back and

forth a couple times a week.

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Uh, to Columbia, which is

about a three hour drive.

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And she started telling me about

some podcasts, some Pockets podcast.

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And I was like, okay, well, I have no

interest in making pants or anything.

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So I didn't really

understand what it was about.

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And over a period of a couple months,

we always talked about real estate.

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: 00:06:27

We had invested, we had a small

portfolio of nine single family homes.

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We did most of it wrong,

but we didn't know.

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Um.

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Her vocabulary changed and the way

that she was talking about what we

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were doing and forced appreciation and

leverage She started using different

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words and having different conversations

and looking at things with the goal in

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mind And I was like, what is going on?

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And then that's when she turned

me on to the world of podcasts.

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: 00:06:49

And I just want to say that no matter

what it is, um, if you don't know how

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to do something or, you know, you have

questions about your future and the

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answer is, I don't know, that's okay.

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: 00:06:58

Because that just implies ambiguity.

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Ambiguity is a lack of

education and education is free.

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: 00:07:03

We have more available right now than

we ever have in the entire world.

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So whether it's real estate, self help,

raising kids, better marriage, whatever

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it is, having that time and investing that

time in yourself, uh, is, is monumental.

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If you add up the amount of windshield

time that you have, there's a good

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chance that in just a couple years, it's

enough hours for a master's program.

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So anyway, that's my soapbox.

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That's my soapbox on that.

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But good for you, man.

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I'm proud of you.

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: 00:07:26

Neil Henderson: Chad, you had a little

bit different real estate trajectory

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than the average passive investor

is that you never invested in real

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: 00:07:34

estate actively other than perhaps

buying your own personal residence.

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Is that correct?

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: 00:07:38

Chad Ackerman: That's correct.

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Yep.

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Neil Henderson: So what was it

that You, you'd mentioned coin.

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: 00:07:43

What was it that spurred you to

take an interest in investing in

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: 00:07:46

real estate in the first place?

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Chad Ackerman: I actually have a,

um, a minor degree in real estate.

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So I had been in real estate, uh,

during college, I was going to

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school at night, putting myself

through college, working, uh, for a

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civil engineer firm of all things.

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We were the right of way department.

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So we went in and bought

all the real estate.

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or signed all the contracts to be

able to go do road work, utility work,

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whatever, that got me interested in it.

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And I'd gotten my real estate license

in Ohio, never sold a house, but the

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project we were on, we bought 250

homes and relocated people out of it.

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: 00:08:18

So I said, I never, never bought it or

never sold a house, but I bought an awful

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lot of houses with my short year that

are two years that I was doing this.

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So I'd always kind of had that

inkling, but I left it for.

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25 years or so before this person

that I work with kind of dropped the

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hint of about a second income stream.

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I, I'd had buddies that had

done flips and some buying holds

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and stuff, single family work.

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Um, so I, I'd seen it and you

know, what always irked me is

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like, Hey, I'd call them up, but

you want to go golf on Saturday?

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Well, I can't, I got to go to

the rental and what can I got to

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go, you know, move a person out

or get them evicted or whatever.

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And I'm like, Oh, you know,

that just, it never really.

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Rung through with me, especially

while I was in a W 2 to

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dedicate that much time to it.

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And so the only reason I probably

didn't pull a trigger was just, it

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just never seemed to fit to be like,

is this really a path I can take and

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scale and be comfortable doing it.

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: 00:09:09

And in that conversation with Jim,

he's kind of the first one that broke

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it down and said, well, you know,

let's say you had 50 grand to go buy a

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distressed single family home and you

had to put another 25 grand into it.

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and you flip it over and

maybe you make 125 on it.

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He said, what if I told you you could do

that exact same thing in the syndication

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: 00:09:27

world without having to lift a hammer or

vet a tenant or whatever the case was.

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And I was like, I'm intrigued.

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I liked that a lot.

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And so I, I never got comfortable enough

to pull the trigger on a single family

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thing, but once he kind of walked me

through that logic, and then when he told

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: 00:09:42

me about the tax advantages, and I really

started to understand that in my math.

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Uh, I was, I was bit by the bug again.

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: 00:09:48

You know, that's when

I, I got really excited.

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: 00:09:50

And, uh, Clint, as you had said, the

first deal then that I got into, you

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: 00:09:53

know, forget about single family.

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I jumped to a 17 story building

in downtown Cleveland, uh, that

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I got involved with instead.

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And I haven't looked back since I've,

I've loved the space ever since then.

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Clint Harris: Yeah, that was a conversion

on a, an old existing building, I believe.

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: 00:10:08

And I've, I've heard some of

your content on that in the past.

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: 00:10:11

Tell me a little bit about when you

got started, you know, I heard you

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mentioned before that, that maybe you

wouldn't have done that as your first

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deal, I believe you said that somewhere

just from the cashflow standpoint.

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So in terms of when you made the

decision that you're aggressively

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going to pursue a strategy that could

get you out of your W 2 job, that

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clearly comes with defined goals.

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And a timeline and probably

a diversification strategy.

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: 00:10:34

So walk us through kind of where your

head was at as you made that decision

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and how you've honed in on that.

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Chad Ackerman: Yeah, no,

that's, that's very fair.

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I, and I'd like to tell you, I had that

all worked out when I started and the,

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the 17 story building was strategic.

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But it was, it was a shiny object

syndrome it was, it was neat.

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It was, Ooh, this is cool.

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It's a Rockefeller building.

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Rockefeller built it back in the day.

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They're rehabbing it to micro

apartments from office space and

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Sherman Williams bought the office,

the, the surface lot right next door.

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And they're going to build their

corporate global headquarters there.

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And so it was great location.

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So yeah, it was, it was a lot of

luck and a lot of shiny object

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syndrome that made me pick that one.

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The reason why I say I probably shouldn't

have gotten into it is that my goal, once

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I finally got to that point and wrote it

down and defined it was to get out of my

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W 2 and that particular investment, though

it will be a, I think a good investment.

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I'm happy I'm in it.

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It hasn't cashflowed in three

years because it's a major rehab.

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It's tied up in a lot of paperwork still.

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So it's done nothing for my

immediate goals of needing cashflow

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to get out of my W 2, if you will.

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Um, so it, that one,

it's, it wasn't a mistake.

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It's not like some guy ran off with my

money and I went broke on that deal.

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Nobody's going to have

empathy for me over that deal.

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: 00:11:46

I think by the end of the day,

which is okay, it's just, it did

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teach me a lot of, Hey, really

understand what you're getting into.

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: 00:11:53

There are, many different aspects

of these deals that can get very

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: 00:11:58

almost customizable that really

needs to align to your goals.

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: 00:12:02

If you're going to be, you know,

strategically looking at this, uh, and

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it's easy to get lost in some of that.

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It's not rocket science, but you need

to understand it to be sure that you

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aren't buying a whole bunch of Ground

up builds or full rehabs if you need

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: 00:12:16

cashflow, which was really what I

was ultimately trying to look for and

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just didn't realize it at the time.

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So, so it helped me learn a lot

because it was the first deal.

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Once you get in, just taking action

to get into that first deal teaches

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you so much, but it really then let

me regroup and define my goals and

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then I could be better about picking

and choosing what I got into next.

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: 00:12:36

Neil Henderson: Well, you really

discovered that there are,

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you know, two primary types

of investments in syndication.

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There's growth or equity,

equity growth and cashflow.

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And, and then, and then

there's a blend of both.

274

: 00:12:48

And, and that's really what you need

to be clear about going in very clear

275

: 00:12:52

about is what is the short term goal?

276

: 00:12:56

What are the short term distributions

of the syndication and what's the long

277

: 00:13:00

term timeline and how does that fit

in with your, your investing goals?

278

: 00:13:04

Chad Ackerman: Like that's well said.

279

: 00:13:05

Yep.

280

: 00:13:06

Uh, that's what I try to preach in my

podcast as well of like, I don't have,

281

: 00:13:11

thank goodness, you know, that terrible

deal that went sour kind of example

282

: 00:13:15

to give to people, but I can give them

that, Hey, you know, I got excited.

283

: 00:13:18

I jumped in, which isn't the worst

thing to do as long as, you know, you

284

: 00:13:21

did pick a right deal, but I've done

much better since I've known my goals

285

: 00:13:26

better and could really understand what

those asset types are and how they're

286

: 00:13:30

going to help my goals in the long run.

287

: 00:13:32

Um, and then, and then, you

know, go forward from there.

288

: 00:13:35

So it was helpful.

289

: 00:13:36

Luckily, it wasn't a

total bust kind of thing.

290

: 00:13:39

If anything, you know, it'll,

it'll, it may be a home run one

291

: 00:13:41

day, you know, honestly, so, so I

say nobody will feel sorry for me

292

: 00:13:45

for picking the wrong one there.

293

: 00:13:46

Clint Harris: Yeah, I'm

sure that it will be.

294

: 00:13:48

I think that when it comes to the idea of.

295

: 00:13:51

Um, either figuring out writing

and verbalizing your own goals

296

: 00:13:55

or picking operators, picking

asset classes, picking deals.

297

: 00:13:59

I think the, um, that's really

where the value and importance of

298

: 00:14:04

left field investors shines to me.

299

: 00:14:06

Because that community.

300

: 00:14:07

That comes out of that, you know, if I'm

looking at a deal, it's one thing versus

301

: 00:14:12

if you have 500 sets of eyes looking

at that deal and the conversation that

302

: 00:14:16

comes up and hearing other people's goals

and what they're trying to achieve in

303

: 00:14:19

their timeline, it rubs off on me and

that affects me and I'm like, Oh, I want

304

: 00:14:23

to do that the same way that that Jim

had a conversation with you and you're

305

: 00:14:27

like, That's what I want for my future.

306

: 00:14:28

That's what I want that to look like.

307

: 00:14:30

That's where the reality of, um, I

think that real estate investing has

308

: 00:14:34

changed so much just in the last 10,

15, 20 years because of our ability

309

: 00:14:37

to network, uh, ability to network.

310

: 00:14:39

Obviously locally, we all have

a computer in our pocket now.

311

: 00:14:42

Podcast.

312

: 00:14:43

Uh, forums and things of that nature

that the community that you guys

313

: 00:14:46

are building and the scale that you

have, you guys have: 1300

314

: 00:14:51

And so there's so many different goals.

315

: 00:14:53

There's so many different deals out

there that you put all that together.

316

: 00:14:55

It's really powerful and it

helps you sharpen kind of what

317

: 00:14:59

you're, what you're aiming after.

318

: 00:15:00

Chad Ackerman: Yeah.

319

: 00:15:00

And it, I mean, it's a funny story.

320

: 00:15:02

You talk about the luck of the,

of discovering the windshield time

321

: 00:15:06

and starting into the podcast world

and how that changed my trajectory.

322

: 00:15:10

Left field is the exact same kind of.

323

: 00:15:13

I, the idea there that we opened it

up in March of: 2020

324

: 00:15:18

that it was going to be a 10 to 15

person meetup and COVID hit right

325

: 00:15:22

before our first meeting that we

never got to have that first meetup.

326

: 00:15:26

And we got put on zoom like

everybody else in the world got put

327

: 00:15:29

on to collaborate and organically.

328

: 00:15:32

It snowballed on us then to where three

years later, we've got: 1300

329

: 00:15:37

like you say, in the community that we

never would have been here talking to

330

: 00:15:41

you from a left field perspective had

COVID not happened and put us onto Zoom.

331

: 00:15:46

And it, and it took off from there,

uh, which I think is just call it

332

: 00:15:49

fate, call it, you know, divine

intervention, whatever it is.

333

: 00:15:52

It gives me goosebumps half the time

when I think about it of how close we

334

: 00:15:56

could have been to not coming here, being

here at the time, but enough dominoes

335

: 00:16:00

fell at the right order at the right

time that it really put it together.

336

: 00:16:04

And now, to your point, in the economy we

are in right now, I don't think there's

337

: 00:16:09

anything better than to be a part of a

community to kind of make sure you're

338

: 00:16:12

educated before you pull the trigger

on things because it's getting tighter.

339

: 00:16:16

It, it, we're seeing more

and more operators that maybe

340

: 00:16:19

weren't ready for these kinds of

environments being exposed now.

341

: 00:16:23

And so having that community to kind

of bounce off of and feel, you know, a

342

: 00:16:28

little better about getting into this,

I think is, A huge asset at this point

343

: 00:16:32

that I've been, you know, I'm, I'm

10 times a better investor today than

344

: 00:16:36

I was when I got in that first deal.

345

: 00:16:38

Just, you know, what got me excited about

that first deal was the multiplier they

346

: 00:16:41

had on it and the cashflow, you know, the,

the, uh, preferred cash they had on it.

347

: 00:16:45

Well, I didn't pay

attention to capital stack.

348

: 00:16:48

I didn't pay attention to the debt.

349

: 00:16:49

I didn't pay attention

to most of the metrics.

350

: 00:16:52

And, you know, I've gotten so much more

educated through my time developing

351

: 00:16:56

left field and being a part of this.

352

: 00:16:58

As well as all the interactions I've

had with the community members that,

353

: 00:17:02

uh, you know, I, I couldn't have paid

for, um, any better education than what

354

: 00:17:06

I've gotten by doing all this stuff.

355

: 00:17:07

So, uh, it's been a neat journey.

356

: 00:17:09

Neil Henderson: Well, talk to us a

little bit about some of the education

357

: 00:17:12

that you've gotten after that first

deal, some of the lessons learned.

358

: 00:17:15

You talked about, uh, understanding

the capital stack, understanding

359

: 00:17:19

when the distributions are

gonna go out, things like that.

360

: 00:17:22

You've obviously, uh, do you mind telling

us how many deals you're in LPN now?

361

: 00:17:27

Chad Ackerman: Uh, I'm up to, I

think it's 18 deals now that I'm

362

: 00:17:30

in between directly investing them.

363

: 00:17:33

And then, um, we've partnered with a

company called Tribevest that allows

364

: 00:17:36

you to group invest as limited partners.

365

: 00:17:38

I'm in four different

tribes, um, investing in

366

: 00:17:41

different deals with them now.

367

: 00:17:43

One of those tribes, I always like to

share, I've put my two teenage kids

368

: 00:17:47

in with me and we invest together so I

could start teaching them about it and

369

: 00:17:51

getting them, show them tangible stuff.

370

: 00:17:53

They're helping me vet deals.

371

: 00:17:54

They're helping, you know, they're

learning as they go along then.

372

: 00:17:57

Um, so that's been another avenue

that I've tacked on as I've been

373

: 00:18:00

doing this so they can, 40 something

like I did to figure this stuff out.

374

: 00:18:04

They're learning about it as

teenagers that they can make hopefully

375

: 00:18:07

better decisions or good decisions

along the way, better than I did.

376

: 00:18:10

Clint Harris: I love that.

377

: 00:18:12

So I've got a, I've got a three and

a half year old and a seven week old.

378

: 00:18:16

Um, with the three and a half year

old, we, we do chores around the house

379

: 00:18:20

so that he can get his allowance.

380

: 00:18:22

And, uh, his allowance is 5 a week, right?

381

: 00:18:24

Five ones.

382

: 00:18:25

And it's One is for saving, one is

for giving, and three are for him.

383

: 00:18:29

And we're working towards getting to

the point where we can find a long term

384

: 00:18:32

goal that he wants to save money for.

385

: 00:18:34

It's a little bit of a struggle right

now, but uh, we're getting there, yeah.

386

: 00:18:38

And then we've got a

deal starting next year.

387

: 00:18:40

Neil Henderson: It doesn't

get easier at eight.

388

: 00:18:41

Clint Harris: Starting next year, he

has to start a business that we're going

389

: 00:18:45

down to the little local farmer's market.

390

: 00:18:46

I think he's going to like grow

some little basil plants and try to

391

: 00:18:49

sell them for a dollar or something.

392

: 00:18:50

But, um, you can't start that young

enough, especially, you know, you

393

: 00:18:54

got teenagers and you know, the

moment they can sign legal documents,

394

: 00:18:57

you, you're, they're invested in

something like that, that it creates

395

: 00:19:00

that dialogue and that conversation.

396

: 00:19:02

I mean, I don't know how you got started.

397

: 00:19:04

I remember.

398

: 00:19:05

When and where I read Rich Dad, Poor

Dad, that was the first thing that,

399

: 00:19:09

you know, everybody's got that moment,

whether it's Bigger Pockets or Rich

400

: 00:19:11

Dad, Poor Dad, or whatever it is,

everybody's got that light bulb moment.

401

: 00:19:14

And that was for me.

402

: 00:19:15

And, um, at a fairly young age,

and then I kind of took a long time

403

: 00:19:19

to really learn what I was doing,

but, um, man, that's so awesome.

404

: 00:19:22

I'm that I'm excited.

405

: 00:19:23

I'm, I'm stealing that.

406

: 00:19:24

I'm, I'm doing that with my boy.

407

: 00:19:26

Chad Ackerman: No, please do.

408

: 00:19:27

I think it's been great.

409

: 00:19:28

It, it was helpful with the teenagers

that I had been in enough deals and

410

: 00:19:31

I had my track excel spreadsheets

and I could sit them in and I'd

411

: 00:19:35

had enough cashflow coming in.

412

: 00:19:36

I could sit them down

and start to show them.

413

: 00:19:38

And I had my first deal go full cycle.

414

: 00:19:40

So I could walk them all

the way through that.

415

: 00:19:42

And that really helped, um, pull

the whole process together for

416

: 00:19:46

them that it started clicking.

417

: 00:19:48

And then they, the

interest was there then.

418

: 00:19:50

And once they were interested, then

that made it all easier to say, Hey, let

419

: 00:19:53

me put you in a tribe and let's let's

invest in this together and so forth.

420

: 00:19:56

So it, I don't know, it's,

it's one way to go about it.

421

: 00:20:00

That's for sure.

422

: 00:20:00

I don't know if it's the right

way or not, but they're, they're

423

: 00:20:03

getting into it at the very least.

424

: 00:20:04

So.

425

: 00:20:05

Clint Harris: Well, we know, we

all understand if in real estate

426

: 00:20:07

investing, we all understand the

value of time, especially with, with

427

: 00:20:10

equity growth and cashflow over time.

428

: 00:20:13

We all, you know, everybody at some point

wishes, man, I wish I got in five years

429

: 00:20:16

earlier or 10 years earlier or whatever.

430

: 00:20:19

Like these are the first real estate

investors people are ever going to meet.

431

: 00:20:21

They can't say that.

432

: 00:20:22

They're going to have been in it for so

long and you've got the benefit of time.

433

: 00:20:26

So I'll be honest with you, Chad, I

think you might need to update your bio

434

: 00:20:29

on left field investors because it still

says that you have a full time job and

435

: 00:20:33

I know you to be a full time investor.

436

: 00:20:35

You left your job.

437

: 00:20:36

I left my job, um, November of 2022,

and, uh, I think that you were not, you

438

: 00:20:41

were around the same time that you were

full time, uh, real estate investor.

439

: 00:20:45

Chad Ackerman: March of

23 is when I left, yeah.

440

: 00:20:47

So, not very far off from that.

441

: 00:20:49

Clint Harris: Fantastic.

442

: 00:20:50

Well, it's, uh, welcome

to the, the other side.

443

: 00:20:52

So, um, tell me about the goals that

you guys have for Left Field, for

444

: 00:20:55

what you're accomplishing, um, the,

the growth rate, what you guys are

445

: 00:20:59

looking at, and what you guys are

doing to educate your, your community.

446

: 00:21:02

Chad Ackerman: Yeah.

447

: 00:21:02

So I think where our emphasis

is, it's great timing.

448

: 00:21:06

We were just in Minnesota, our

operations team in person last week,

449

: 00:21:10

kind of having a strategy meeting.

450

: 00:21:11

We sat together in a conference room for

12 hours one day and six hours another

451

: 00:21:16

day, hashing out kind of what direction

we, we just did a website update.

452

: 00:21:20

So we've been really bunkered in on

that lately and we wanted to kind of.

453

: 00:21:23

build out our direction going forward now.

454

: 00:21:25

And I feel like we're really trying

to peel back and put an emphasis on

455

: 00:21:28

education and build out a lot more

material for that, for the community.

456

: 00:21:32

Um, one of the main things we want

to do is get a bunch of masterclass.

457

: 00:21:36

Videos put together and build out a

library from, I think we've run into, um,

458

: 00:21:42

kind of just running with kind of where

we are in the, in the industry that gets

459

: 00:21:47

pretty thick into some heavy material

that we need to peel back and, and hit

460

: 00:21:52

material for the newbie a lot too, to help

educate them and get them started as well.

461

: 00:21:58

that we want to put an emphasis on that.

462

: 00:22:00

Also, um, we've got so many things

that we want to build some new tools.

463

: 00:22:05

Um, we want to get more

feedback from the community.

464

: 00:22:07

That's how we've done a lot of the

change that we've done is relying

465

: 00:22:10

on what the community feels like

they're missing and trying to

466

: 00:22:13

find a way to build that for them.

467

: 00:22:15

Um, so it's, we want to kind of get

back to that nitty gritty that we

468

: 00:22:19

started left field out with that made

the culture, what it is, which is the

469

: 00:22:23

biggest thing we're trying to protect

in everything we do with left field.

470

: 00:22:26

You know, we.

471

: 00:22:26

We went about.

472

: 00:22:27

building left field as a hobby,

which allowed us to build a culture

473

: 00:22:31

because that's all we thought it was.

474

: 00:22:33

And then a year and a half into it,

we realized, you know, Hey, wait,

475

: 00:22:36

there's a business in here too.

476

: 00:22:38

Let's build a business around this now,

but let's not upset the apple cart.

477

: 00:22:42

That is the culture that we built because

we think it's a pretty good thing.

478

: 00:22:45

And that's, Ultimately, our

biggest asset, I think, is the, the

479

: 00:22:48

community really seems to thrive

because the way the interactions

480

: 00:22:51

that we keep having and so forth.

481

: 00:22:53

So, so we've got some ideas in mind,

we've got, you know, some plans to

482

: 00:22:57

move forward and we're just trying not

to, you know, disrupt anything that

483

: 00:23:01

we've built so far, because that's

what's made it work so well so far.

484

: 00:23:06

Clint Harris: Well, I know that you won't,

you, you guys have, you said the same

485

: 00:23:09

thing and Jim said the same thing as well.

486

: 00:23:11

Like you just want to stick true to

your roots and be education first

487

: 00:23:15

and education at the end of the

day is, uh, it's, you know, within

488

: 00:23:18

the foundation of who you are.

489

: 00:23:20

Creating some really powerful investors

that together are going to be able

490

: 00:23:23

to accomplish some really, really

big things and keep each other from

491

: 00:23:26

stepping on landmines too, right?

492

: 00:23:27

Like we've all had those deals when

you're underwriting yourself early

493

: 00:23:30

on, they never turn out the way

that you hope that they're going to.

494

: 00:23:33

And a lot of times you just need somebody

smarter or more experienced than you

495

: 00:23:36

to keep you from blowing your foot off.

496

: 00:23:38

And that's kind of.

497

: 00:23:39

That's, that's one of the things

that you guys have the ability

498

: 00:23:41

to do for your community.

499

: 00:23:42

Chad Ackerman: Yeah.

500

: 00:23:43

Well, and I, I say we, we have that

group think or we can lean on one

501

: 00:23:47

another and help educate each other.

502

: 00:23:49

I said, we may all be wrong on certain

deals sometimes, and we may all go

503

: 00:23:53

down together, but at least we have a

group to go down with kind of thing.

504

: 00:23:57

Cause you know, there's risk,

there's inevitable risk that we

505

: 00:23:59

can't see a lot of times too, that

something may just go sideways on us.

506

: 00:24:03

But...

507

: 00:24:03

You've at least educated yourself as

good as you could by being part of a

508

: 00:24:07

community and asking the questions and

having other eyes on it that, uh, it gives

509

: 00:24:10

me some comfort anyway, put it that way.

510

: 00:24:12

Neil Henderson: Chad, can you tell

me a situation where the community

511

: 00:24:16

has maybe discovered that either

discovered a really good operator or

512

: 00:24:21

discovered an operator that they want

to stay away with and stay away from?

513

: 00:24:24

And you don't need to maybe, we don't need

to trash any operators here, but maybe,

514

: 00:24:28

you know, stalking general, generalities.

515

: 00:24:29

Chad Ackerman: Yeah, no, I definitely

we've, um, we'll, I'll give props to

516

: 00:24:33

the one we had, we had not met, uh,

Rise48 and Zach Happenstall prior

517

: 00:24:38

to being involved in the community.

518

: 00:24:40

And we had, after we had done a few

deal webinars, had a few operators come

519

: 00:24:44

in and talk, we had several community

members come to us and say, Hey, We've

520

: 00:24:48

been investing with this guy in Phoenix

and he's been doing really great.

521

: 00:24:51

We think you ought to meet him and

he's one of our preferred partners now.

522

: 00:24:55

Uh, we've had a great

relationship with him.

523

: 00:24:57

He's brought a lot of deals

that the people in the community

524

: 00:24:59

have been very excited about.

525

: 00:25:01

That's been a great connection that was

brought to us by the community members.

526

: 00:25:05

Um, I think maybe one of the bigger

stories of what's come out of the

527

: 00:25:08

community that has turned into something.

528

: 00:25:11

We're now starting to see clubs pop

up, subgroups pop up in our community.

529

: 00:25:16

That it started the first thing that

really splintered off from left field.

530

: 00:25:20

was a crypto focus group that the

community came to us and said,

531

: 00:25:23

Hey, we'd like to, we see chatter

in the forums about crypto.

532

: 00:25:26

We'd like to learn more.

533

: 00:25:27

Is there any experts in the group?

534

: 00:25:29

And we had a guy raise his hand that

had been doing it for several years.

535

: 00:25:31

And he started off a subgroup still

under the left field umbrella.

536

: 00:25:35

but crypto focused and we call it the

crypto bullpen and that is spiraled.

537

: 00:25:39

Now we see we have a women's group that

started up that we think is fantastic.

538

: 00:25:44

We've got a group called NextGen

that's kind of the 35 and younger.

539

: 00:25:48

So people that are starting out, uh,

gives them an avenue to get started in it.

540

: 00:25:52

Um, and now we're

starting to see regional.

541

: 00:25:54

left field meetups occur locally

where people can get face to face.

542

: 00:25:58

So we, we, when we open our new site, we

put a club section up and allow people to

543

: 00:26:03

open their clubs up and boom, boom, boom.

544

: 00:26:05

We're starting to see these regional

ones pop up that I think is awesome.

545

: 00:26:08

And then we were like, well, shame on us

that we haven't done one here in Columbus,

546

: 00:26:11

Ohio yet that, uh, we got to lead by

example a little better sometimes, but.

547

: 00:26:14

Uh, we've got five or

six that are up already.

548

: 00:26:16

And you know, the website's only been

up for two weeks that I have a feeling

549

: 00:26:20

it's going to keep revolving around that.

550

: 00:26:22

Charlotte's the closest one I've

seen to you guys so far, FYI.

551

: 00:26:25

So, but, but that's, that's

all been community based.

552

: 00:26:28

Clint Harris: That's amazing.

553

: 00:26:29

We've got four real estate

meetups here in town.

554

: 00:26:31

I host a commercial real estate meetup,

but there's always room for one more.

555

: 00:26:34

And this is the kind of

thing that I could see.

556

: 00:26:37

It's obviously organic, right?

557

: 00:26:38

You guys tapped into something

you didn't even know was there.

558

: 00:26:41

Now, I think that the

hunger was always there.

559

: 00:26:44

That hunger for education and alternative

investment strategies was always there.

560

: 00:26:47

The thing that you got lucky with

a little bit is that you timed it

561

: 00:26:51

right with COVID when everybody...

562

: 00:26:52

Like me that's not tech savvy was

forced to learn how to use zoom and

563

: 00:26:56

forced to get online because that's

just where the world shifted to.

564

: 00:26:59

But that hunger was always there.

565

: 00:27:01

And so you guys have just tapped into

something that's organic and it's

566

: 00:27:04

growing like wildfire on your, your site.

567

: 00:27:07

There's no reason it shouldn't grow

organically in physical locations as well.

568

: 00:27:10

So.

569

: 00:27:10

Neil Henderson: Chad, so it's

called left field investors.

570

: 00:27:12

It's not called passive

real estate investors.

571

: 00:27:15

And I want to make that clear.

572

: 00:27:16

We, you know, we talk about

real estate all the time.

573

: 00:27:18

As you said, it's crypto, it's, uh, it's

ATMs, it's multifamily, it's storage.

574

: 00:27:25

Is there anything in the

community that you were like,

575

: 00:27:27

wow, that's way out in left field.

576

: 00:27:29

I never like, I never thought of that.

577

: 00:27:31

Chad Ackerman: Uh, um, I think the

one I heard hit BEC that I'd never

578

: 00:27:34

thought of was, um, there was a guy

there that is syndicating laundromats.

579

: 00:27:38

That I thought

580

: 00:27:39

Neil Henderson: Sam Wilson,

581

: 00:27:40

Chad Ackerman: Sam Wilson.

582

: 00:27:40

Yes.

583

: 00:27:41

Uh, then I'm like, well,

that's interesting.

584

: 00:27:43

I'd never thought about the

cashflow going through that thing.

585

: 00:27:45

I'm like, well, it's no

different than a car wash.

586

: 00:27:47

If car washes work, why

wouldn't laundromats work?

587

: 00:27:49

So, um, but you know, honestly, we've

seen some odd things that, um, what we

588

: 00:27:54

flagged them as we, we kind of, you know,

we're in this whole syndication world,

589

: 00:27:58

we call the alternative investing world.

590

: 00:28:00

Well, when you get into the,

these, outside of the, you know,

591

: 00:28:03

the multifamily, the self storage,

the mobile home park, we call that

592

: 00:28:07

other, the alternative alternative

investments that you could get into.

593

: 00:28:11

Um, honestly, we love finding this

stuff because the fact that the

594

: 00:28:15

community has grown to the size it

has, we feel like we potentially

595

: 00:28:18

have people looking for anything.

596

: 00:28:20

They want to diversify their portfolios.

597

: 00:28:22

They're looking for that.

598

: 00:28:23

odd thing or something different

to put in just to hedge or

599

: 00:28:27

diversify a little further.

600

: 00:28:28

So I almost feel like that's our job

is to go find operators that are doing

601

: 00:28:32

something slightly different, which

honestly is what got me so excited about

602

: 00:28:35

Nomad and your guys strategy, because

I'm like, that's, that's in something

603

: 00:28:39

that they feel comfortable with from

a self stare storage standpoint, but

604

: 00:28:43

it's a different take on it that I, we

hadn't seen in the community yet that

605

: 00:28:46

I think they'll get very excited about.

606

: 00:28:48

Um, what you guys are offering, the

deals you structure and so forth.

607

: 00:28:51

And that's what I view like we need to do.

608

: 00:28:54

We get plenty of multifamily

operators, you know, we don't

609

: 00:28:56

have to look for that as much.

610

: 00:28:58

I like looking for something

that's a little different to give

611

: 00:29:01

that option to our community.

612

: 00:29:03

It may only be a small population of it,

but we're at least offering them an avenue

613

: 00:29:08

that maybe they haven't thought of before.

614

: 00:29:09

So I love finding stuff

that's just off the wall.

615

: 00:29:12

Uh, I don't, I don't know if

we have any like super strange,

616

: 00:29:16

um, you know, we've gotten into

the death benefits a little bit.

617

: 00:29:19

We've seen some of that stuff.

618

: 00:29:21

Um, I'm trying to think of some

other ones that are just kind of out

619

: 00:29:25

of the norm, but I don't know it.

620

: 00:29:26

We're on the hunt for them.

621

: 00:29:27

So if there are any out there,

feel free to reach out to

622

: 00:29:29

left field and let us know.

623

: 00:29:31

Clint Harris: I know you guys have

done, uh, it was a coffee farm.

624

: 00:29:34

I think a chocolate farm or something.

625

: 00:29:36

Uh, there's a, there's a

little bit of agricultural.

626

: 00:29:38

There's crypto, obviously real estate.

627

: 00:29:40

Um, the ones to me that are interesting,

like you said, laundromats and car

628

: 00:29:44

washes, that it is the real estate,

but then it's the operation on top.

629

: 00:29:47

So you got to make sure

and vet the operators.

630

: 00:29:50

But, um, yeah, it's, uh, it's, uh, it's

very entertaining getting in that group.

631

: 00:29:53

Your forum has got a lot of

interesting content in a good way.

632

: 00:29:56

Chad Ackerman: Well, in the entertainment

business, we've got Broadway plays

633

: 00:29:59

that have popped up as well, just to

give you another curveball one, too.

634

: 00:30:03

So, uh, yeah, it's, you name it, if

they need to raise money for it and

635

: 00:30:06

syndicate it, you know, it shows up

at some point in time, it seems like.

636

: 00:30:09

Neil Henderson: Well, I'm a big, I'm

a big follower of, uh, Author by the

637

: 00:30:12

name of Nicholas Nassim Tlaib, who

wrote a book called Anti Fragile.

638

: 00:30:16

And he has a strategy, his

investing strategy, he has what's

639

: 00:30:20

called the Barbell Strategy.

640

: 00:30:22

Which is that 90 percent of your

investments should be in things that

641

: 00:30:27

are nicely risk adjusted, stuff that

you really understand that you're

642

: 00:30:31

probably pretty sure is going to pay out.

643

: 00:30:34

And, you know, index funds.

644

: 00:30:35

So, you know, pretty normal average

syndications, things like that.

645

: 00:30:39

And then you should reserve

10 percent for that pie in the

646

: 00:30:43

sky, like possible home run.

647

: 00:30:45

Um, you know, death benefits,

crypto, uh, whatever it is.

648

: 00:30:50

Have you, have you followed that strategy

at all or are you mostly in real estate?

649

: 00:30:54

Chad Ackerman: Uh, well, so,

um, I followed that strategy

650

: 00:30:58

in the real estate side.

651

: 00:30:59

How about that?

652

: 00:31:00

Um, so, I, uh, I haven't shared

this with you yet, but I,

653

: 00:31:04

because I got bit by the bug.

654

: 00:31:06

Shortly after I did the 17 story building,

I'd done a couple more deals by then.

655

: 00:31:10

I, I took a look around, knowing my

goal was to get out of my W 2, um,

656

: 00:31:14

I took a look around at where I had

capital sitting, which was my 401k.

657

: 00:31:18

So I actually liquidated my 401k, took

everything out, paid the taxes, paid

658

: 00:31:23

the penalty, and moved it all into real

estate or into syndication business

659

: 00:31:27

then, uh, because I had bought into it.

660

: 00:31:29

And it, it, It was based

on where I was in my life.

661

: 00:31:31

My kids were getting grown.

662

: 00:31:33

I'd had college figured out for

them that I was going to do.

663

: 00:31:36

I was comfortable in my W 2 for a while

that I knew that, you know, worst case

664

: 00:31:40

scenario, I was 50 years old at the time.

665

: 00:31:42

I thought, well, I could always start

saving again if I, something went totally

666

: 00:31:46

wrong, but I knew I'd diversify in real

estate as well that I never felt truly

667

: 00:31:51

like I was going to lose everything.

668

: 00:31:52

So I, I, Pulled the trigger on, on

moving it all out of right field as

669

: 00:31:56

we call it and put it into left field

instead and then try to diversify

670

: 00:32:01

in the left field side of things.

671

: 00:32:03

So went with multifamily as the majority

of my portfolio, but then got into mobile

672

: 00:32:08

home parks, self storage, some, crypto.

673

: 00:32:10

Um, just kind of did that smaller mad

money and, uh, some other things I've

674

: 00:32:16

turned away from a lot of things.

675

: 00:32:17

I think one of the other big

lessons I've learned is to be

676

: 00:32:20

disciplined and stay in my lanes.

677

: 00:32:22

Uh, because we see so many different

asset classes come through.

678

: 00:32:26

There's a big shiny object syndrome

in this business too of, wow, you

679

: 00:32:29

know, this car washes do sound neat.

680

: 00:32:31

Let me go try that.

681

: 00:32:31

But I've, I've pulled back on investing

in them personally, just because.

682

: 00:32:35

I've tried to discipline myself to

stick with my four or five asset classes

683

: 00:32:40

that I want to get to know even better

and feel really comfortable with.

684

: 00:32:43

Then if I've got, you know, an extra

25 laying around or something, I

685

: 00:32:47

can maybe go put that in a tribe

and take some riskier investments

686

: 00:32:50

with it possibly as one strategy.

687

: 00:32:52

Um, but I've really tried to

stay focused in, like I said,

688

: 00:32:55

mobile home or a multifamily.

689

: 00:32:57

Mobile Home Park, Self Storage,

and then Triple Net Lease.

690

: 00:33:00

I like a lot of Triple Net Lease.

691

: 00:33:01

I've got some industrial and

some commercial Triple Net

692

: 00:33:04

Lease that I've done too.

693

: 00:33:05

So, um, I've tried to just, you

know, for the, for a little while,

694

: 00:33:08

I want to just stick in those asset

classes and learn them better.

695

: 00:33:11

And then as I get more comfortable

with them, start looking for

696

: 00:33:15

maybe the next two or three asset

classes that I'm interested in.

697

: 00:33:18

That's been my approach.

698

: 00:33:19

Clint Harris: So, that's a,

that's a big action step.

699

: 00:33:21

Big time.

700

: 00:33:22

Like at that point in your career

to, to realize that you're betting

701

: 00:33:25

on, you're betting on you, right?

702

: 00:33:26

You're betting on your ability, obviously

you're betting on operators, but

703

: 00:33:30

you're betting on your ability to pick

deals, to pick operators, to diversify.

704

: 00:33:34

across the board.

705

: 00:33:34

I know you to be a banking

and a data analytics guy.

706

: 00:33:37

So obviously there was a, there was a

conversation there about opportunity

707

: 00:33:41

costs, about what your 401k was doing

and leaving it in there for another 15

708

: 00:33:45

years versus pulling it out, paying the

penalties, paying the taxes, converting it

709

: 00:33:50

and what that difference was going to be.

710

: 00:33:52

So what did that look like when

you sat down with pen and paper and

711

: 00:33:55

you're, you're making that decision?

712

: 00:33:57

Of like, what do I do?

713

: 00:33:58

Do I play it safe or do I bet on

everything that I believe in here?

714

: 00:34:02

So what did that analysis

look like for you?

715

: 00:34:04

Chad Ackerman: Uh, it was, it was payable.

716

: 00:34:06

I am a, I'm a data collector, so I

will sit and analyze and analyze and

717

: 00:34:10

analyze and analyze, and then I'll

analyze it again, just to be sure.

718

: 00:34:14

Um, but then once I've, once I've.

719

: 00:34:16

Kind of felt like I've ran my course

and I feel comfortable with it.

720

: 00:34:19

Then I'm a buyer and I'm an

action guy at that point in time.

721

: 00:34:22

And I made it to that point.

722

: 00:34:24

Um, it was easy.

723

: 00:34:26

One of the things that helped

as I was talking to Jim, Jim

724

: 00:34:29

mentored me through a lot of that.

725

: 00:34:30

He used to be a financial advisor.

726

: 00:34:31

He boiled it down to a little bit of a

realization of like, well, you're going

727

: 00:34:34

to pay the tax on it no matter when you

do it, so you almost have to take the tax.

728

: 00:34:39

situation out of it.

729

: 00:34:40

Other than the fact, had I waited and

spreaded that out longer, I probably

730

: 00:34:44

could have lowered my tax burden

on that as opposed to taking it all

731

: 00:34:48

at once and paying a huge chunk.

732

: 00:34:49

But I also knew, you know, I looked

at the self directed IRAs and I

733

: 00:34:54

was like, well, I still can't use

that to get out of my W 2 though.

734

: 00:34:57

So that was like the biggest hiccup of all

of it was If I want to get out of my W 2,

735

: 00:35:02

there's only one option then that's left.

736

: 00:35:04

If the taxes aren't going to be as

big of a concern because I'm going

737

: 00:35:07

to pay them either way, then it

boiled down to my analysis was, well,

738

: 00:35:10

you're really only worried about 10%.

739

: 00:35:12

And if I was 50, I thought, well, in

15 years, when I could actually touch

740

: 00:35:16

that 401k money for the first time.

741

: 00:35:18

I can make a lot more up, up on that,

you know, what I lose in that 10 percent

742

: 00:35:22

doing what I'm doing in real estate.

743

: 00:35:24

I felt then it would be if I

left it in and I watched it go

744

: 00:35:27

up and down for another 15 years.

745

: 00:35:29

And hopefully it's on the upcycle when

I'm ready to take it out kind of thing

746

: 00:35:33

that it just, I, I, what I did and I,

I set a goal, a number and I'm like,

747

: 00:35:37

well, if my 401k gets to this number,

then I'm going to take it out and I'm

748

: 00:35:39

not going to have buyer's remorse on it.

749

: 00:35:41

You know, it's like, be

happy that you got this.

750

: 00:35:44

Uh, don't think back about, you

know, gosh, if I would have waited

751

: 00:35:46

another two months, would have gone

up more, you know, in another day,

752

: 00:35:49

it could have gone down quite a bit.

753

: 00:35:51

So I was, I was happy to just draw

the line in the sand, take what I got.

754

: 00:35:55

And, uh, you know, I jokingly I said, ask

me, you know, in, in another three years,

755

: 00:35:59

if it worked out all right, but so far

I, you know, I was able to leave my W2.

756

: 00:36:03

So it's worked out so far, uh,

that I, I don't have any regrets

757

: 00:36:07

over doing it at this point.

758

: 00:36:08

So hopefully that stays that way.

759

: 00:36:10

Clint Harris: So I hadn't

thought about it that way.

760

: 00:36:12

You know, essentially it

just boils down to 10%.

761

: 00:36:14

Like you said, you're paying the

taxes at some point either way.

762

: 00:36:18

It's very interesting because

I'm, I'm 40 years old.

763

: 00:36:20

I'm sitting on an IRA and a 401k and

trying to figure out what to do with them.

764

: 00:36:23

The IRA, I'm turning self directed

and that's going into syndication.

765

: 00:36:26

I'm trying to decide

what to do with the 401k.

766

: 00:36:29

And, uh, I thought I had my mind

made up until you and I talked today.

767

: 00:36:32

So maybe I'm trying to

go back to the drawing

768

: 00:36:35

board.

769

: 00:36:35

If that's a more,

770

: 00:36:36

Chad Ackerman: sorry, you're welcome.

771

: 00:36:37

I don't know what,

772

: 00:36:37

Clint Harris: yeah, I think so.

773

: 00:36:39

I think so.

774

: 00:36:40

That's a, it's a really interesting

way of, of framing that.

775

: 00:36:43

Neil Henderson: All right,

Chad, here's my last question.

776

: 00:36:45

We try to ask every one of our

guests this with the caveat that

777

: 00:36:48

this is not investing advice.

778

: 00:36:50

This is for informational purposes

and entertainment purposes only.

779

: 00:36:53

It's.

780

: 00:36:54

May of 2023, you have 100, 000 that you

have to invest within the next 90 days.

781

: 00:37:01

What is your thought process

on where you would invest that?

782

: 00:37:05

Chad Ackerman: In this economy?

783

: 00:37:06

Or in an ideal economy?

784

: 00:37:08

Neil Henderson: In this economy,

I said it's May of: 2023

785

: 00:37:11

Chad Ackerman: Yup.

786

: 00:37:12

So in, in my situation where I

am, I'm actually dealing, I have

787

: 00:37:15

a, I have a deal that's going

full cycle next week, actually.

788

: 00:37:18

So I'm, I'm living what you're asking

right now, to be honest with you.

789

: 00:37:22

Um, where I am today, because I'm out

of the W2, I'm looking at cashflow.

790

: 00:37:26

So I've got a, a CRE

fund that I'm looking at.

791

: 00:37:29

The cashflow is really well

that I'm excited about.

792

: 00:37:31

I'm in his third fund.

793

: 00:37:33

I'm looking to get in his fourth

fund, um, that I'm probably going

794

: 00:37:35

to put a lot of it in there.

795

: 00:37:37

I'm actually, this sounds like a

total plug, I want to put a chunk

796

: 00:37:41

of that in with Nomad, because I'm

really excited about the situations

797

: 00:37:44

you guys are developing too.

798

: 00:37:46

So I'm earmarking some of that money for

it, uh, because you guys cashflow as well.

799

: 00:37:50

So it kind of fits that same model for me

that I'm looking for at this current time.

800

: 00:37:54

But, but that cashflow is the biggest

thing I'm looking at right now.

801

: 00:37:57

I, because I got into that 17

story building, that's going

802

: 00:38:00

to be a big equity thing.

803

: 00:38:01

I'm in some multifamilies that are

going to have some good equity.

804

: 00:38:04

I'm leaning more to the cashflow side of

things just to help with not having that

805

: 00:38:08

steady paycheck that I used to have, uh,

just to balance it out a little bit more.

806

: 00:38:11

So that's where my head

is personally these days.

807

: 00:38:14

Clint Harris: Great answer, Chad.

808

: 00:38:14

Especially, like I said, I'm, I'm out

of the W2 steady income world as well.

809

: 00:38:19

So full time investors.

810

: 00:38:20

So I think there's a lot of

importance there of looking at

811

: 00:38:24

like a lot of the deals that we

do are those conversion deals.

812

: 00:38:26

And even though they have a

preferred return, they may not

813

: 00:38:28

pay out for sometimes two years.

814

: 00:38:30

If we buy an old Kmart, we're

converting it for a year.

815

: 00:38:32

It takes a year to fill it up.

816

: 00:38:34

There's other deals you can buy

that are cash flowing day one.

817

: 00:38:37

Multifamily, where it's a

performance improvement plan, their

818

: 00:38:40

cash flowing right off the bat.

819

: 00:38:41

So the importance of making sure that

you clearly define those goals, whether

820

: 00:38:44

they're cash flow, equity growth in

the back end, or whatever they may be.

821

: 00:38:48

Uh, and make sure and plug that in.

822

: 00:38:49

That's something that, that

resonates with me right now

823

: 00:38:52

too, cause I'm in the same boat.

824

: 00:38:53

So completely understand that.

825

: 00:38:55

Neil Henderson: Chad Ackerman,

thank you so much for sharing

826

: 00:38:57

with our audience today.

827

: 00:38:58

We've so enjoyed talking to you.

828

: 00:38:59

If any of our audience wants to

reach out to you and find out more

829

: 00:39:02

of what you're about and what Left

Field Investors is about, where would

830

: 00:39:06

be the best place for them to go?

831

: 00:39:08

Chad Ackerman: Yeah.

832

: 00:39:08

Easiest places to our website

at, uh, leftfieldinvestors.com.

833

: 00:39:12

Uh, or you can reach out to me directly

at Chad@leftfieldinvestors.Com as well.

834

: 00:39:16

Always happy to meet some new people.

835

: 00:39:18

So, but I appreciate the time today.

836

: 00:39:19

This was great.

837

: 00:39:20

Really enjoyed talking to you guys.

838

: 00:39:21

Neil Henderson: You too, Chad.

839

: 00:39:22

Thank you very much.

840

: 00:39:23

Clint Harris: Sounds great.

841

: 00:39:24

Thanks, Chad.

842

: 00:39:24

Appreciate your time.

843

: 00:39:25

Neil Henderson: Thank you so much

for listening and watching the

844

: 00:39:27

truly passive income podcast.

845

: 00:39:29

If you liked the show, if you think

it would be useful for someone else,

846

: 00:39:33

the greatest compliment that you

could give us would be to share the

847

: 00:39:36

episode, leave a comment down below.

848

: 00:39:39

Or leave us an honest review.

849

: 00:39:41

If you have any questions, don't

hesitate to let us know down below

850

: 00:39:44

and remember with truly passive income

comes freedom of time, place and the

851

: 00:39:50

freedom to pursue your higher purpose.