Building Profitable Teams, Empowering Others, and Scaling Real Estate Ventures with Jason Yarusi

Jason Yarusi: 00:00:00

So instead of buying single family homes, we started buying

Jason Yarusi: 00:00:02

two families and three families.

Jason Yarusi: 00:00:03

And that really worked.

Jason Yarusi: 00:00:05

However it worked, except the point, it wasn't largely scalable, right?

Jason Yarusi: 00:00:10

You having a, a bunch 50 duplexes around town, it just seemed

Jason Yarusi: 00:00:13

like a logistical nightmare.

Jason Yarusi: 00:00:15

So we were buying a couple of them.

Jason Yarusi: 00:00:16

We just kept asking that question, what else is there?

Tim Winders: 00:00:35

Hello everyone.

Tim Winders: 00:00:36

Welcome to Seek Go Create Tim Winders your host here.

Tim Winders: 00:00:40

This is gonna be a great day.

Tim Winders: 00:00:41

I get to talk real estate and business and some fun things, related to that.

Tim Winders: 00:00:45

This is the place where we challenge conventional definitions of success

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and explore stories of transformation related leadership, business and

Tim Winders: 00:00:54

ministry and think we're gonna be heavy in business and real estate today.

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So we have the pleasure of interviewing Jason Yarusi, their

Tim Winders: 00:01:03

real estate syndicator and investor.

Tim Winders: 00:01:05

He works with his wife, Pili, and they're the founder of Yarusi Holdings currently.

Tim Winders: 00:01:11

They're a multi investment firm and they've acquired, I think

Tim Winders: 00:01:13

these are the numbers that I've got over 2000 units since 2016.

Tim Winders: 00:01:18

So a lot going on there.

Tim Winders: 00:01:20

They've got a strategic approach we're gonna talk about.

Tim Winders: 00:01:22

They've got some training that they do.

Tim Winders: 00:01:24

There's a lot of cool things that we're gonna discuss.

Tim Winders: 00:01:26

Jason, welcome to Seek, Go Create.

Jason Yarusi: 00:01:29

Thank you.

Jason Yarusi: 00:01:30

Excited to be here.

Tim Winders: 00:01:31

I'm excited that you're here too, Jason.

Tim Winders: 00:01:33

Let's, let's get started.

Tim Winders: 00:01:35

Pretend we meet and have just met, and I ask you what you do, what do you

Tim Winders: 00:01:39

tell people when they ask what you do?

Jason Yarusi: 00:01:41

for most importantly Father of three and husband.

Jason Yarusi: 00:01:46

And that stands paramount because everything leads to that decision.

Jason Yarusi: 00:01:48

But I'm a private fund manager for over just about 300 million

Jason Yarusi: 00:01:53

of commercial real estate.

Tim Winders: 00:01:55

I love the father and I'm with you.

Tim Winders: 00:01:57

I like to kinda give the, the foundational things, of who I am spiritually, and

Tim Winders: 00:02:02

now I'm a grandfather too, by the way, so that I add that in and that's the

Tim Winders: 00:02:05

coolest job ever, just so you know.

Tim Winders: 00:02:09

tell me a little bit about the family before we get rolling, because

Tim Winders: 00:02:13

I'm going to really dig into the private fund manager and things.

Tim Winders: 00:02:16

And so I want the listener to know that we're gonna do a deep dive into

Tim Winders: 00:02:19

multifamily investing and really do some 1 0 1 and maybe even a little more advanced

Tim Winders: 00:02:24

here because most folks know I've got a little bit of a background in real estate.

Tim Winders: 00:02:28

So I love talking it and seeing how it fits in with the economy

Tim Winders: 00:02:31

and how it fits in with us.

Tim Winders: 00:02:32

Us.

Tim Winders: 00:02:32

But, tell me about the, tell me about the kids and, and

Tim Winders: 00:02:34

Pili and the wife and all that.

Jason Yarusi: 00:02:36

I've had a very non-traditional path

Jason Yarusi: 00:02:38

to where we stand today.

Jason Yarusi: 00:02:39

However, one thing that's been paramount is, is my wife Pili, right?

Jason Yarusi: 00:02:43

We met in 2003.

Jason Yarusi: 00:02:44

It took me about a decade to get her to look my way before we became a

Jason Yarusi: 00:02:47

couple, as so the easiest route forward.

Jason Yarusi: 00:02:49

And on that point, we were each making our own decisions, some good

Jason Yarusi: 00:02:52

and some bad, but we found our way.

Jason Yarusi: 00:02:53

And with that, we started going in a direction that was

Jason Yarusi: 00:02:56

serving to us at that time.

Jason Yarusi: 00:02:58

And we decided a moment that, Pili got pregnant with our first kiddo.

Jason Yarusi: 00:03:01

And, uh, we have three now, eight, six, and four, Luke, Lily and Leo.

Jason Yarusi: 00:03:04

And that started to set the stage of a lot of the genesis, what led

Jason Yarusi: 00:03:08

us into commercial real estate.

Jason Yarusi: 00:03:09

We were looking for a way to really get back and control our day.

Jason Yarusi: 00:03:13

And many go through a day with a day controlling them, and then they

Jason Yarusi: 00:03:17

get to the end of the day and say, oh, I'm never gonna do this again.

Jason Yarusi: 00:03:19

Just to, and they wake up, they find themself in traffic the next day rushing

Jason Yarusi: 00:03:22

out the door, not prepared, right?

Jason Yarusi: 00:03:23

And that's the evolution.

Jason Yarusi: 00:03:25

You look back a decade or two from now and you say, man, what just happened?

Jason Yarusi: 00:03:28

And we had that in our mind that everything we were doing was transactional

Jason Yarusi: 00:03:31

basis, I had open restaurants, I had opened, I had sold a brewery,

Jason Yarusi: 00:03:34

I had an open bars, I had run bars.

Jason Yarusi: 00:03:36

I had done a number of different things.

Jason Yarusi: 00:03:38

And then Hurricane Sandy happened on the East coast, decimated East Coast.

Jason Yarusi: 00:03:42

My dad had just retired, but he had this very unique business

Jason Yarusi: 00:03:47

that lips and move homes, right?

Jason Yarusi: 00:03:49

So you think about that, no, most people don't know it until all of

Jason Yarusi: 00:03:51

a sudden it's flooding everywhere.

Jason Yarusi: 00:03:52

And then they do know it.

Jason Yarusi: 00:03:53

However, he would do 6, 8, 10 projects a year, right?

Jason Yarusi: 00:03:57

Maybe for foundation issues or just moving something for historical

Jason Yarusi: 00:04:01

reasons, or setback issues and flooding.

Jason Yarusi: 00:04:04

So his business goes from, a couple calls a month to a

Jason Yarusi: 00:04:07

thousand calls a day every day.

Jason Yarusi: 00:04:10

Just him, my mom, a couple employees and my brother n Pili working with me and for

Jason Yarusi: 00:04:15

me in the city here and myself, we said, okay, this is a very interesting time.

Jason Yarusi: 00:04:20

Let's go help dad.

Jason Yarusi: 00:04:21

So we basically picked up, moved outta New York City, moved over to New Jersey,

Jason Yarusi: 00:04:25

and spent the next couple years really.

Jason Yarusi: 00:04:26

Helping dad.

Jason Yarusi: 00:04:27

We did about almost 3000 projects.

Jason Yarusi: 00:04:29

it was very crazy and very busy.

Jason Yarusi: 00:04:30

So you're looking at that six to eight to 3000.

Jason Yarusi: 00:04:32

it was quite a jump in, in just what we were doing.

Jason Yarusi: 00:04:36

However, the business itself, why it was very helpful and very solved.

Jason Yarusi: 00:04:41

A lot of problems for people trying to get them back in their homes.

Jason Yarusi: 00:04:43

Here it's, it was very risky, right?

Jason Yarusi: 00:04:45

you're lifting a home, right?

Jason Yarusi: 00:04:47

There's a ton of things that could always go wrong.

Jason Yarusi: 00:04:49

So there wasn't something you could scale and put other people in and

Jason Yarusi: 00:04:52

say, Hey, go try this outcome.

Jason Yarusi: 00:04:53

Do this right?

Jason Yarusi: 00:04:54

Because you're really, they say in the industry, you're about a

Jason Yarusi: 00:04:56

25 cent fitting from destruction.

Jason Yarusi: 00:04:58

And that's just the truth.

Jason Yarusi: 00:04:59

So it was highly involved to the point that everybody had to be active.

Jason Yarusi: 00:05:03

And with this, bringing a family in, I'd seen my dad work very hard

Jason Yarusi: 00:05:08

his whole life and really, if you have something at a point, the

Jason Yarusi: 00:05:11

job needs to take till midnight.

Jason Yarusi: 00:05:12

from a safety reason, you gotta take till midnight, right?

Jason Yarusi: 00:05:14

So the day was driving you and so we had just come off.

Jason Yarusi: 00:05:17

Really a restaurant where you're working for tips, you're always wor,

Jason Yarusi: 00:05:20

you're always a point of transactions.

Jason Yarusi: 00:05:21

The point of what can we do to chart start really with the journey

Jason Yarusi: 00:05:26

to get back some of our time.

Jason Yarusi: 00:05:27

So we thought we did what was logical.

Jason Yarusi: 00:05:29

Pili pregnant, went and got a real estate license.

Jason Yarusi: 00:05:32

We started flipping homes and new these old big projects and we found we're still

Jason Yarusi: 00:05:35

helping dad in the construction business.

Jason Yarusi: 00:05:37

Lo and behold, we start having less time, right?

Jason Yarusi: 00:05:39

We're so busy, we're doing all these things.

Jason Yarusi: 00:05:41

We're gonna run Home Depot.

Jason Yarusi: 00:05:42

You're just doing thing after thing to get to that next stage.

Jason Yarusi: 00:05:45

And we said, okay, this is doing good, but it's not really

Jason Yarusi: 00:05:48

meeting all the needs right now.

Jason Yarusi: 00:05:49

We're into that format two years down the road, Pili now having our second child.

Jason Yarusi: 00:05:53

She meets someone at a real estate event who's doing rentals out of state.

Jason Yarusi: 00:05:57

And that was that kind of light bulb, oh that's interesting, right?

Jason Yarusi: 00:06:00

Because we have had a big managerial background.

Jason Yarusi: 00:06:03

We've done a lot of things putting together teams and.

Jason Yarusi: 00:06:05

We could keep ourself involved.

Jason Yarusi: 00:06:06

It's like a thousand miles away.

Jason Yarusi: 00:06:07

I couldn't drive out there.

Jason Yarusi: 00:06:08

If I needed something from Home Depot, I had to solve the problem.

Jason Yarusi: 00:06:11

So instead of buying single family homes, we started buying

Jason Yarusi: 00:06:13

two families and three families.

Jason Yarusi: 00:06:15

And that really worked.

Jason Yarusi: 00:06:17

However it worked, except the point, it wasn't largely scalable, right?

Jason Yarusi: 00:06:22

You having a, a bunch 50 duplexes around town, it just seemed

Jason Yarusi: 00:06:25

like a logistical nightmare.

Jason Yarusi: 00:06:27

So we were buying a couple of them.

Jason Yarusi: 00:06:28

We just kept asking that question, what else is there?

Jason Yarusi: 00:06:30

And I was listening to a great podcast, just like this came upon someone buying

Jason Yarusi: 00:06:33

large multifamily, and that was that light bulb where I was like, man, I

Jason Yarusi: 00:06:37

didn't even know that was an option.

Jason Yarusi: 00:06:38

I didn't even just understand it.

Jason Yarusi: 00:06:39

So we started really unpacking that.

Jason Yarusi: 00:06:42

That was the full circle of everything we were looking for all together.

Jason Yarusi: 00:06:45

But it was just that question of, seek what you want, go after what you

Jason Yarusi: 00:06:48

need, and then create the outcome.

Jason Yarusi: 00:06:51

Found people doing it.

Jason Yarusi: 00:06:52

How are you doing this?

Jason Yarusi: 00:06:54

Followed their model, used something called syndication where we basically

Jason Yarusi: 00:06:56

pulled resources from investors and brought our first building a 94 unit, just

Jason Yarusi: 00:07:01

right at through 2016, right into 2017.

Jason Yarusi: 00:07:04

And that was the evolution to we're coming on the upside, actually,

Jason Yarusi: 00:07:07

again, ourselves almost to about 3000 units that we've purchased today.

Tim Winders: 00:07:11

Wow.

Tim Winders: 00:07:12

That's good.

Tim Winders: 00:07:12

and you, that's a great job of giving a synopsis of the timeline and the story.

Tim Winders: 00:07:16

So really the, the multifamily aspect of your career started in 16 ish.

Tim Winders: 00:07:22

Is that about right?

Jason Yarusi: 00:07:24

Yeah.

Jason Yarusi: 00:07:24

If you include the small ones, 2000 late 14 into 15, however, that was us

Jason Yarusi: 00:07:30

understanding that and then saying this really works and trying to say, okay,

Jason Yarusi: 00:07:33

like how do you, can you do this bigger?

Tim Winders: 00:07:35

And I know you mentioned, you were in Jersey,

Tim Winders: 00:07:37

but aren't you Nashville now?

Tim Winders: 00:07:39

Did you go to another market?

Jason Yarusi: 00:07:40

So we first started out, we actually didn't buy our

Jason Yarusi: 00:07:43

rentals even around New Jersey, right?

Jason Yarusi: 00:07:45

It was all the flips and all the other activity, wholesales, Airbnbs, all there.

Jason Yarusi: 00:07:49

We ended up, our first rentals were in Indiana.

Jason Yarusi: 00:07:52

Then we sold those off and we started picturing.

Jason Yarusi: 00:07:55

Just learning how to really dive in the markets.

Jason Yarusi: 00:07:58

And so we came upon Louisville, Kentucky.

Jason Yarusi: 00:08:00

My sister was the only family member who lived outta state.

Jason Yarusi: 00:08:02

She lived in Louisville, right?

Jason Yarusi: 00:08:03

And she had been there 10 plus years.

Jason Yarusi: 00:08:05

And like we knew the market and we started understanding what were all the drivers

Jason Yarusi: 00:08:09

that bring people to the market, right?

Jason Yarusi: 00:08:11

So from a job side, you have, u p s, ge, Humana, Churchill Downs, the Yum Center.

Jason Yarusi: 00:08:17

you have of course, it's been a minute, Amazon facility.

Jason Yarusi: 00:08:20

All these different reasons why workforce housing and continue to

Jason Yarusi: 00:08:23

resist, continue to consist there.

Jason Yarusi: 00:08:25

we invested just in a certain region, the south side and the south

Jason Yarusi: 00:08:27

central submarkets, a lot of B and C garden style buildings, right?

Jason Yarusi: 00:08:32

That you can't really replace today.

Jason Yarusi: 00:08:33

They had no new inventory coming on, very low vacancy in the area.

Jason Yarusi: 00:08:37

And we really focused on building a team just in that area.

Jason Yarusi: 00:08:40

So we didn't go shotgun approach.

Jason Yarusi: 00:08:42

We just said, okay, we're gonna focus in that area.

Jason Yarusi: 00:08:44

So we stayed there.

Jason Yarusi: 00:08:45

Almost two and a half years.

Jason Yarusi: 00:08:46

Brought a couple, maybe four or 500 units there before we

Jason Yarusi: 00:08:49

started going into other markets.

Jason Yarusi: 00:08:51

So we were still in New Jersey at that time.

Jason Yarusi: 00:08:53

We started now really understanding our model, building out our business

Jason Yarusi: 00:08:56

plan, having proof of concept, and then now replicating that in other markets.

Jason Yarusi: 00:09:00

And then in, right at the end of 2020, we ended up deciding that

Jason Yarusi: 00:09:03

we were gonna leave New Jersey and just try somewhere else out, right?

Jason Yarusi: 00:09:06

there's a ton of the world out there, let's go see what's out.

Jason Yarusi: 00:09:09

Plus with, the kids, they're still young and they're in their schooling, but

Jason Yarusi: 00:09:13

then really with Covid, they're kind of there, kind of not, they didn't,

Jason Yarusi: 00:09:16

they didn't know what we were doing.

Jason Yarusi: 00:09:17

We didn't know what we were doing.

Jason Yarusi: 00:09:18

It was the perfect time.

Jason Yarusi: 00:09:19

So we looked at a bunch of markets.

Jason Yarusi: 00:09:21

We had just brought a 93 unit here in Murfreesboro, Tennessee, where we are

Jason Yarusi: 00:09:25

today, and we're like, let's just go.

Jason Yarusi: 00:09:27

Pili my wife, she'd never even been in Tennessee.

Jason Yarusi: 00:09:30

I of course have been there because of our property.

Jason Yarusi: 00:09:31

So I was like, worst that happens.

Jason Yarusi: 00:09:34

We moved back.

Jason Yarusi: 00:09:35

Just move somewhere else.

Jason Yarusi: 00:09:36

that was our, really our downfall.

Jason Yarusi: 00:09:38

So we moved here.

Jason Yarusi: 00:09:39

It's been tremendous.

Jason Yarusi: 00:09:39

It's been fantastic.

Jason Yarusi: 00:09:41

So we love it, and that's been a carry forward to where we stand today.

Tim Winders: 00:09:44

Yeah, I think there seems like a lot of people that,

Tim Winders: 00:09:46

in that 2020 timeframe made some, it's not even drastic to me.

Tim Winders: 00:09:51

Remember, I'm a guy that's been a nomad for 10 years.

Tim Winders: 00:09:53

So as moving around is not a big deal.

Tim Winders: 00:09:55

But, with the covid thing, it's like, you know what, this seems like

Tim Winders: 00:09:58

a good time to make a shift, pivot, change, whatever word you want to use.

Tim Winders: 00:10:03

And, I, I think sometimes we need a nudge like that.

Tim Winders: 00:10:06

do you think y'all would've moved had it not been for something like Covid?

Jason Yarusi: 00:10:09

we would've, cuz we said we're gonna move.

Jason Yarusi: 00:10:10

However, it accelerated that timeline and it makes, it you, most of us make change.

Jason Yarusi: 00:10:15

We need permission and that's the hardest thing to get.

Jason Yarusi: 00:10:18

And sometimes we have to find ourself up.

Jason Yarusi: 00:10:20

Many times there's something outside of us that garners us the permission

Jason Yarusi: 00:10:24

to do it, whether good or bad.

Jason Yarusi: 00:10:26

And on that part, You use that permission, right?

Jason Yarusi: 00:10:29

But you have to really act in that.

Jason Yarusi: 00:10:31

So we had the plan right where we would be today, cuz we're two years

Jason Yarusi: 00:10:34

from where that plan is, right?

Jason Yarusi: 00:10:36

But many times we forecast these plans out with the point, like, I, I

Jason Yarusi: 00:10:40

was sitting there in the barber the other day and the guy's I'm gonna

Jason Yarusi: 00:10:42

start a business in five years.

Jason Yarusi: 00:10:43

He's talking to the barber, right?

Jason Yarusi: 00:10:45

And he is like in five years, right?

Jason Yarusi: 00:10:46

he's I got, kids are teenager, young kids.

Jason Yarusi: 00:10:48

I just want him to get a little bit older and I'll start it.

Jason Yarusi: 00:10:50

And my mind is thinking like it do, you don't get more time

Jason Yarusi: 00:10:53

back in five years, right?

Jason Yarusi: 00:10:54

And ideally it gets harder and harder.

Jason Yarusi: 00:10:55

Like the guy look to be like close, maybe like in his forties,

Jason Yarusi: 00:10:58

mid forties to fifties like that.

Jason Yarusi: 00:11:00

You're just gonna have less and less energy.

Jason Yarusi: 00:11:01

although you can set up these plans for the future, really,

Jason Yarusi: 00:11:04

they're gonna evolve so much.

Jason Yarusi: 00:11:05

To tell you, a decade ago, I'm doing what I am today.

Jason Yarusi: 00:11:08

I'd be like, I don't even know what you're talking about.

Jason Yarusi: 00:11:10

I'm in the, I'm in the restaurant, I'm in this world, I'm over here.

Jason Yarusi: 00:11:13

I don't even hear you.

Jason Yarusi: 00:11:14

So me setting these future plans, I keep myself on the direction.

Jason Yarusi: 00:11:17

But you're gonna pivot.

Jason Yarusi: 00:11:19

You're gonna pivot accordingly for things that one may just

Jason Yarusi: 00:11:21

happen, or just life events.

Jason Yarusi: 00:11:23

But two, your goals change, right?

Jason Yarusi: 00:11:25

We set goals that are sometimes we think is where our vision goes.

Jason Yarusi: 00:11:28

However, the goal becomes, or at least our, we'll say our light, right?

Jason Yarusi: 00:11:32

Our lighthouse for where we're heading.

Jason Yarusi: 00:11:34

However, we'll be like, okay, I see I'm on that path.

Jason Yarusi: 00:11:37

I, those goals are fine now, but I have new goals, I have bigger goals,

Jason Yarusi: 00:11:40

I have more goals that are gonna benefit now, my kids as they grow.

Jason Yarusi: 00:11:43

And that's really how I continue to look forward at where we're going here,

Jason Yarusi: 00:11:47

is that I can think of where I want to be in the future, but if I was to use

Jason Yarusi: 00:11:50

that mentality five years ago, I, it wouldn't have gotten me to the decisions

Jason Yarusi: 00:11:53

that have made us to where we are today.

Tim Winders: 00:11:56

I've kind of come to this realization and I look back on life.

Tim Winders: 00:11:59

I turned 60 here in a couple months, so maybe I'm considering and looking

Tim Winders: 00:12:03

at things in a different way cuz I've always been hard charger type A I find

Tim Winders: 00:12:06

myself relaxing a little bit more, which I think is a good thing, by the way.

Tim Winders: 00:12:10

I think I've needed that.

Tim Winders: 00:12:11

But I think back to some of the goal setting that I did, I.

Tim Winders: 00:12:15

In, 90 or 88 when I came outta Georgia Tech.

Tim Winders: 00:12:19

and if I were to read it, it was like 21 pages and it's

Tim Winders: 00:12:21

I'm gonna do this, and this.

Tim Winders: 00:12:22

And it was highly controlled, highly, a little bit maniacal, truthfully.

Tim Winders: 00:12:28

And so I've actually loosened a little bit, but I wanna circle

Tim Winders: 00:12:31

back to your barber because I think there's a good learning tip there.

Tim Winders: 00:12:35

I think what you and I are picking up on from the five year thing, cuz some

Tim Winders: 00:12:39

people say what's wrong with having a goal of five years from now is because five

Tim Winders: 00:12:43

years for him and for many people, it's so far in the future, it doesn't cause

Tim Winders: 00:12:48

him to do anything activity-wise today.

Tim Winders: 00:12:52

Would that, is that what you're, is that what you're referring to?

Jason Yarusi: 00:12:54

so spot on.

Jason Yarusi: 00:12:55

I actually saw a Nike advertisement, right?

Jason Yarusi: 00:12:57

Nike doesn't sell shoes.

Jason Yarusi: 00:12:59

They sell the emotion, right?

Jason Yarusi: 00:13:00

and then the Nike advertisements said yesterday.

Jason Yarusi: 00:13:02

You said today.

Jason Yarusi: 00:13:04

And we always will say something about the future of where it is.

Jason Yarusi: 00:13:07

However, when it comes, we say tomorrow, right?

Jason Yarusi: 00:13:10

I'm sure, myself included, we've said, you know what?

Jason Yarusi: 00:13:13

I'll do it tomorrow and then tomorrow never comes.

Jason Yarusi: 00:13:17

And then here we are a decade later, man, being like, I'm just not happy where I am.

Jason Yarusi: 00:13:20

And you've been telling yourself to do something here, and you get

Jason Yarusi: 00:13:23

more stuck in your ways right now.

Jason Yarusi: 00:13:25

It, like you said, it is, it's easy to push off these things

Jason Yarusi: 00:13:29

and say something in the future.

Jason Yarusi: 00:13:30

Cause there's no real downside to it, right?

Jason Yarusi: 00:13:31

I'm saying this thing and sounds good on paper, right?

Jason Yarusi: 00:13:34

But there's no activity.

Jason Yarusi: 00:13:35

However, the lessons come from trying, right?

Jason Yarusi: 00:13:37

failure has to happen.

Jason Yarusi: 00:13:39

Or, we wouldn't be standing here talking, we wouldn't be standing

Jason Yarusi: 00:13:41

here walking like nothing.

Jason Yarusi: 00:13:42

Nothing would've happened in our life without failure.

Jason Yarusi: 00:13:44

But the more ingrained we get, right?

Jason Yarusi: 00:13:46

I think, what is it?

Jason Yarusi: 00:13:47

It's, the kids are, they're born scared of like loud noises, right?

Jason Yarusi: 00:13:51

and like the fear of falling or something like that.

Jason Yarusi: 00:13:53

But that's it.

Jason Yarusi: 00:13:53

Like everything else is learned, right?

Jason Yarusi: 00:13:54

A learned behavior.

Jason Yarusi: 00:13:55

So as you go forward through life, we learned all these reasons

Jason Yarusi: 00:13:58

that we shouldn't do something.

Jason Yarusi: 00:13:59

But most of it is just either the people we surround ourselves with

Jason Yarusi: 00:14:03

or just the energy we take in.

Jason Yarusi: 00:14:04

And that starts setting a stage for where we are.

Jason Yarusi: 00:14:06

It just hard to break those habits.

Jason Yarusi: 00:14:09

Compared to the condition of the time.

Jason Yarusi: 00:14:11

I look at my grandma and she just wants to stay where she, but she

Jason Yarusi: 00:14:14

went through the Great Depression.

Jason Yarusi: 00:14:15

She went through all these things, right?

Jason Yarusi: 00:14:16

Like for her to say, grandma, let's go try.

Jason Yarusi: 00:14:18

she has been in survival mode for a long time, right?

Jason Yarusi: 00:14:22

And that was just how she grew through apart, nothing, six kids.

Jason Yarusi: 00:14:25

just and then she had a rage, five daughters including my mom, right?

Jason Yarusi: 00:14:29

Who without a husband who was killed in war, right?

Jason Yarusi: 00:14:32

She's been in that mode for the whole time.

Jason Yarusi: 00:14:34

So if I say, my grandma tell you, I got a great idea, she could go try

Jason Yarusi: 00:14:36

this real big of she can comprehend two different sides of the story, right?

Jason Yarusi: 00:14:40

So we have to say, the harder and the longer we go into this part, the

Jason Yarusi: 00:14:43

harder it is to break our habits.

Jason Yarusi: 00:14:45

But that's really the first part.

Jason Yarusi: 00:14:47

If you don't like where you're going, doing the same thing is not gonna

Jason Yarusi: 00:14:49

curate some different result tomorrow.

Jason Yarusi: 00:14:51

And so you have to say, okay, I can break something today and

Jason Yarusi: 00:14:54

what's the worst thing happens?

Jason Yarusi: 00:14:55

You just.

Jason Yarusi: 00:14:55

Stop it and go back to do what you're doing.

Jason Yarusi: 00:14:57

Like usually the downfall is, we assume the downfall is us stepping out of a 10

Jason Yarusi: 00:15:02

story building, but most of the time it's just stepping off the curb Like we're

Jason Yarusi: 00:15:04

trying something, we're not, there's not some big jump here and everybody's

Jason Yarusi: 00:15:07

gonna, our family's gonna disown us.

Jason Yarusi: 00:15:08

It's I'm gonna step off the curb right oh, I'm gonna, I'm gonna go do my own thing

Jason Yarusi: 00:15:13

In business, you quit your job, what's the worst happens You go get another job.

Jason Yarusi: 00:15:17

like it, there's a lot of that out there that you can look at the future

Jason Yarusi: 00:15:20

and set the stage where you want to go, but you have to bet on yourself first.

Tim Winders: 00:15:24

Yeah.

Tim Winders: 00:15:24

I love that term bet on yourself.

Tim Winders: 00:15:26

I want people to remember that bet on yourself.

Tim Winders: 00:15:29

But I wanna tie a couple things together that I heard while you were just,

Tim Winders: 00:15:32

talking about that, and I love when we could bring grandma stories into,

Tim Winders: 00:15:36

seek go create, because those are the lessons that we all should learn from.

Tim Winders: 00:15:40

But I, here's what I heard when you were saying that we all have our own journey.

Tim Winders: 00:15:44

Everybody's going through this journey.

Tim Winders: 00:15:46

And Jason, one of the things we do here is we don't shy away.

Tim Winders: 00:15:49

In fact, we even lean into our tagline, which is redefining success.

Tim Winders: 00:15:53

Because my guess is if I did a interview with you 10 years ago and we discussed

Tim Winders: 00:15:58

success, we would've had a, I'm sure your personality and some things would

Tim Winders: 00:16:02

be similar, but there would be some.

Tim Winders: 00:16:03

Different results type things related to success.

Tim Winders: 00:16:06

And then if we went back to 2003 before you even met Pili, it would've

Tim Winders: 00:16:10

been even different then because you wouldn't probably me mentioning kids

Tim Winders: 00:16:13

or wife or any of that kind of stuff.

Tim Winders: 00:16:14

So I do think that we have to kinda redefine success as we go.

Tim Winders: 00:16:20

And I've got this theory, so I'm just gonna kinda mention

Tim Winders: 00:16:22

it and then you could respond.

Tim Winders: 00:16:24

I think that some people sit down and they literally can define what

Tim Winders: 00:16:30

that success is gonna look like.

Tim Winders: 00:16:32

I'm going to, in 2016, start a real estate company and then, five years

Tim Winders: 00:16:37

later we're gonna have 3000 units, we're gonna be moving to Nashville, et cetera.

Tim Winders: 00:16:41

I'm being a little bit snarky with that.

Tim Winders: 00:16:42

You could probably tell, but then I also think that there are times that

Tim Winders: 00:16:46

external events, sometimes catalytic events, sometimes they really

Tim Winders: 00:16:51

force us to make course corrections or redefine what success means.

Tim Winders: 00:16:56

Now when I bring that up, I really love some stories.

Tim Winders: 00:17:00

Are there any of any times you could think back on, and you've worked

Tim Winders: 00:17:04

with family, you've gone through things that you've had to go through.

Tim Winders: 00:17:07

A Ooh, I'm being read.

Tim Winders: 00:17:09

My success is being redefined right now.

Tim Winders: 00:17:12

Now sometimes we don't know it till later.

Tim Winders: 00:17:14

I'm that way.

Tim Winders: 00:17:15

I didn't recognize it till five years later I say, Ooh, this is where, from my

Tim Winders: 00:17:19

spiritual standpoint, God was moving me into direction, but I was fighting it.

Tim Winders: 00:17:23

But now, man, I'm excited about it.

Tim Winders: 00:17:25

So anything come to mind when I bring that up?

Jason Yarusi: 00:17:27

Y a lot because what builds you today really is

Jason Yarusi: 00:17:30

the challenges you face, right?

Jason Yarusi: 00:17:32

If you've gotten to the point you've had no challenges, you're probably

Jason Yarusi: 00:17:34

not going to where you want to be.

Jason Yarusi: 00:17:36

Or there's more that you're meant to accomplish, right?

Jason Yarusi: 00:17:39

So I can speak to anything like a family business is not for a faint of heart.

Jason Yarusi: 00:17:41

You put a bunch of Italians in the same room, right?

Jason Yarusi: 00:17:44

It's even less.

Jason Yarusi: 00:17:44

And my dad had been a solo shop for many years to come in there and say, Hey,

Jason Yarusi: 00:17:49

we could just do this easier, right?

Jason Yarusi: 00:17:52

Had do this easier in this way.

Jason Yarusi: 00:17:53

Way.

Jason Yarusi: 00:17:54

It's hey, you just keep trying to walk through the wall.

Jason Yarusi: 00:17:56

We just use the door.

Jason Yarusi: 00:17:57

But we're still, because we've done it so long, we're still

Jason Yarusi: 00:17:59

walking through the wall.

Jason Yarusi: 00:18:00

And so we had, a very tur part.

Jason Yarusi: 00:18:02

And there's probably, when I was in high school to college, probably

Jason Yarusi: 00:18:04

a decade, my dad like didn't see him and he didn't talk to me.

Jason Yarusi: 00:18:07

And it was just his point.

Jason Yarusi: 00:18:08

And what evolved is, it's hard to see that lesson to see where he didn't, it wasn't

Jason Yarusi: 00:18:12

like he hated him or any, it was just, He was trying to do something that was

Jason Yarusi: 00:18:16

very difficult and he, that's his moment.

Jason Yarusi: 00:18:18

He was trying to figure it out because I'm at that same age now where I'm that

Jason Yarusi: 00:18:21

same side the side with kids and just, it helps teach me a lesson that like

Jason Yarusi: 00:18:24

the kids are there, they're evolved, they're around, they understand that,

Jason Yarusi: 00:18:27

They understand, they feel it too.

Jason Yarusi: 00:18:29

So fast forward, we had a very tough time working together.

Jason Yarusi: 00:18:32

We were all there for the common goal and everybody meant for the same thing.

Jason Yarusi: 00:18:35

And it was just continued to be very difficult.

Jason Yarusi: 00:18:37

And we actually helped my dad to get to retire, which we thought would never

Jason Yarusi: 00:18:40

come based on what he was doing there.

Jason Yarusi: 00:18:42

And now, over the course of last year, it was just like, yeah, my dad, not

Jason Yarusi: 00:18:45

emotional, he gave a hug the other day when he came to visit the kids.

Jason Yarusi: 00:18:47

And just it was like, very.

Jason Yarusi: 00:18:49

Very shocking moment, right?

Jason Yarusi: 00:18:51

It was just something that like, just never been part of it, right?

Jason Yarusi: 00:18:53

I come from the other side, purely huge family, hundreds of family members.

Jason Yarusi: 00:18:58

I just, you go to a wide there's and very like the family gets together

Jason Yarusi: 00:19:01

and I wasn't really in that, right?

Jason Yarusi: 00:19:03

So having that come full circle has been a great surprise.

Jason Yarusi: 00:19:07

But it was a lesson learned about the path we were both on, right?

Jason Yarusi: 00:19:10

Because you can be on side by side path, heading in the right

Jason Yarusi: 00:19:12

direction, but sometimes you're all flying until you connect, right?

Jason Yarusi: 00:19:15

And it serves a lot to even where I was in, in New York City, right?

Jason Yarusi: 00:19:19

I was working at a very popular busy bar, right?

Jason Yarusi: 00:19:21

I was running the bars, doing a lot of things and I'm just not happy.

Jason Yarusi: 00:19:23

So I was very angry in this part here and just my place cuz it, but it's sometimes

Jason Yarusi: 00:19:28

when you're in a difficult moment.

Jason Yarusi: 00:19:30

You get more and more angry cuz you don't know how exactly how to get out.

Jason Yarusi: 00:19:32

But the get out is really just stop doing.

Jason Yarusi: 00:19:34

And so that point here was, yeah, I was at three, four in the

Jason Yarusi: 00:19:37

morning riding home on my bike.

Jason Yarusi: 00:19:39

I didn't go the way with the friends cause I was just like, whatever.

Jason Yarusi: 00:19:41

I was like just angry at the moment, right?

Jason Yarusi: 00:19:43

You find out why, who knows, right?

Jason Yarusi: 00:19:45

Don't remember why.

Jason Yarusi: 00:19:46

But at that moment, riding across New York City, over hit right on Second Avenue.

Jason Yarusi: 00:19:52

I'm all the way on the West Side highway if anybody knows there.

Jason Yarusi: 00:19:54

So about 10 avenues that I've driven over, hit it hard, it's in the dark.

Jason Yarusi: 00:19:57

All lo and behold, these lights come on, carves out, takes me, I flip on

Jason Yarusi: 00:20:01

the hood of the car, I go flying.

Jason Yarusi: 00:20:02

Next thing you know it's dark and I just wake up.

Jason Yarusi: 00:20:05

Some kids are yelling and I think French pull me outta the road.

Jason Yarusi: 00:20:08

I, my, my arms outta my socket, all these different things.

Jason Yarusi: 00:20:10

And that car ends up driving off and, save me from that traffic.

Jason Yarusi: 00:20:13

But it was that moment, it was like in, I gotta do something right?

Jason Yarusi: 00:20:16

And it was that moment because as quick as it comes, as quick as it

Jason Yarusi: 00:20:19

goes, And not to say it, my biggest driver was that I need to get back to

Jason Yarusi: 00:20:24

work because that's how I make money.

Jason Yarusi: 00:20:25

I had rent coming up.

Jason Yarusi: 00:20:26

And so you look at that point, I find myself with a cast and these other things,

Jason Yarusi: 00:20:28

I'm back in this crazy bar, working in this crazy bar two days later, right?

Jason Yarusi: 00:20:33

All cast up after this like cat equipment event.

Jason Yarusi: 00:20:36

However, it gave me that first thing, like pause.

Jason Yarusi: 00:20:41

And sometimes, and I'm not to say you have to go through that event to get

Jason Yarusi: 00:20:44

to a pause, but we get so stuck in our day managing from a restaurant, like

Jason Yarusi: 00:20:49

you're carrying all these plates, right?

Jason Yarusi: 00:20:51

But you find out you're carrying all these plates and and only three

Jason Yarusi: 00:20:53

of 'em have food on it, right?

Jason Yarusi: 00:20:55

and that's where you need to part and what's the worst that happens?

Jason Yarusi: 00:20:58

okay, you have to think about these plates I'm carrying, right?

Jason Yarusi: 00:21:01

what happens if I just drop 'em all?

Jason Yarusi: 00:21:02

you're gonna find out what's most important, so today to talk to

Jason Yarusi: 00:21:05

today, like we're in summer now, but say the kids are at school, right?

Jason Yarusi: 00:21:09

I gotta pick 'em up from school.

Jason Yarusi: 00:21:10

So if I had all these plates and I just drop not picking up the

Jason Yarusi: 00:21:13

kids from school, there's gonna be something of a consequence, right?

Jason Yarusi: 00:21:16

But on the other side, right?

Jason Yarusi: 00:21:18

If things get delayed and I can't call and say hi to my buddy, I can drop that

Jason Yarusi: 00:21:22

for today cuz it was more important I get to, I have to get to the kids, right?

Jason Yarusi: 00:21:25

Because that's paramount.

Jason Yarusi: 00:21:26

And when we look at our decisions, we think every decision is on

Jason Yarusi: 00:21:29

that same plane of importance.

Jason Yarusi: 00:21:31

But most of the time there's really two or three that have

Jason Yarusi: 00:21:34

to happen and the rest can fall.

Jason Yarusi: 00:21:37

And if you can make sure those two or three decisions are helping you, whether

Jason Yarusi: 00:21:40

it's, something driving you forward.

Jason Yarusi: 00:21:41

So think of any level, right?

Jason Yarusi: 00:21:43

Family, finances, fitness, faith, you can put it wherever you want to be

Jason Yarusi: 00:21:47

that is gonna help you understand how to be your better version of yourself.

Tim Winders: 00:21:52

the neat thing about that is that we don't wish for events like,

Tim Winders: 00:21:58

being on a bike, getting hit by a car, but yet, 20 years later or however many

Tim Winders: 00:22:04

years later, you're on a podcast, some guy in an RV's asking you questions.

Tim Winders: 00:22:09

That's one of the things you draw from

Jason Yarusi: 00:22:11

Sure.

Tim Winders: 00:22:12

that has given you the catalyst or decision making skill,

Tim Winders: 00:22:16

whatever, to be where you are today.

Tim Winders: 00:22:19

And I think that's the cool.

Tim Winders: 00:22:21

Serendipities of life.

Tim Winders: 00:22:22

I don't even know if that's the right term, but, and when you brought up,

Tim Winders: 00:22:25

when you mentioned growing up in an Italian family and being in business

Tim Winders: 00:22:29

together, being in a construction business together, the first thought that I had,

Tim Winders: 00:22:34

the thought, and you mentioned y'all were, not probably peaceful and quiet.

Tim Winders: 00:22:37

My dad was a very quiet man.

Tim Winders: 00:22:39

We grew up in the south and we would like just sit around very quiet.

Tim Winders: 00:22:42

I envisioned the scene from Saturday Night Fever where Tony, I think is

Tim Winders: 00:22:46

sitting at the dinner table with a cloth around him and he's got his hair fixed

Tim Winders: 00:22:49

up to go to the disco, and it is just like an all out war at the dinner table.

Tim Winders: 00:22:54

So that wasn't your family, was it?

Tim Winders: 00:22:56

That wasn't the way y'all worked.

Jason Yarusi: 00:22:58

family businesses and if you are thinking about working with

Jason Yarusi: 00:23:00

friends and family, is that, especially if you say you've worked in maybe a nine

Jason Yarusi: 00:23:04

to five or some kind of W two chop, I.

Jason Yarusi: 00:23:08

There's, it's a very difficult thing to not bring work home, esp.

Jason Yarusi: 00:23:11

And if you work from home, it's another thing.

Jason Yarusi: 00:23:12

But in, and in other part, if your partner is your wife or your

Jason Yarusi: 00:23:16

friend, it's hard to have that break cuz it's not a clean divide.

Jason Yarusi: 00:23:20

I don't like clock out at five and go home.

Jason Yarusi: 00:23:22

So it, it's never easy.

Jason Yarusi: 00:23:25

And I would see it, most of why I didn't help and go into the business when I

Jason Yarusi: 00:23:29

was young was just for that reason.

Jason Yarusi: 00:23:31

it just came back and just the feeling, the experience wasn't welcoming

Jason Yarusi: 00:23:34

or something to be involved with.

Jason Yarusi: 00:23:36

And however we made the choice, my brother was working for me, he's a

Jason Yarusi: 00:23:38

decade younger than me in the city.

Jason Yarusi: 00:23:40

We were doing kinds of like really busy cool things and fun things at the time.

Jason Yarusi: 00:23:44

And we were like, We gotta go help dad.

Jason Yarusi: 00:23:46

And that was just a choice we made.

Jason Yarusi: 00:23:48

And we just dropped.

Jason Yarusi: 00:23:49

Just said, Hey, listen, thank you everyone, we're here to support.

Jason Yarusi: 00:23:52

Just moved out there.

Jason Yarusi: 00:23:53

Not to say that I, my brother's very knowledgeable in the construction space.

Jason Yarusi: 00:23:57

he can do all kinds.

Jason Yarusi: 00:23:57

He's moved 500 ton buildings like he is out there.

Jason Yarusi: 00:24:00

I would do really the office, the sales side to say that I knew anything,

Jason Yarusi: 00:24:03

what I was coming into, right?

Jason Yarusi: 00:24:05

And I, I didn't, but I knew we're gonna go help.

Jason Yarusi: 00:24:08

And then that kind of gave us the empowerment to say, okay, we'll figure

Jason Yarusi: 00:24:12

this out and everything will be okay.

Jason Yarusi: 00:24:14

And it was tough for the time, but when you look back, those tough times are

Jason Yarusi: 00:24:18

what you need for when you need them.

Jason Yarusi: 00:24:20

It just, you have to find your way out of them that can get

Jason Yarusi: 00:24:23

you to where you want to be.

Tim Winders: 00:24:25

And sometimes those tough times help us appreciate

Tim Winders: 00:24:27

where we're at right now.

Tim Winders: 00:24:29

Also, I wanna ask, I wanna transition and start, discussing some

Tim Winders: 00:24:32

multifamily, some real estate things.

Tim Winders: 00:24:34

But I wanna transition with this question because I, someone might

Tim Winders: 00:24:39

be listening in here going, oh, restaurant business, the family

Tim Winders: 00:24:43

business that had some construction.

Tim Winders: 00:24:45

Now we're doing multifamily, we're doing fund management, things like that.

Tim Winders: 00:24:48

Those seem to not mesh well, however, Because I work with leadership

Tim Winders: 00:24:54

teams, executives, and all that.

Tim Winders: 00:24:55

What I found is that things fit together for reasons.

Tim Winders: 00:24:59

And so what I'd love to ask as we move into the real estate discussion is what

Tim Winders: 00:25:04

are some of the skills, lessons learned, tips, things you bring, we brought forward

Tim Winders: 00:25:09

from the restaurant indu industry, which is very unique and odd industry in itself.

Tim Winders: 00:25:16

That was a very niche specific industry that your dad and your

Tim Winders: 00:25:19

family was in and then bringing it in.

Tim Winders: 00:25:21

Now to, you're dealing with investors, you're teaching training people,

Tim Winders: 00:25:24

you're working with multifamily.

Tim Winders: 00:25:26

What are some skill sets that you brought forward or that was

Tim Winders: 00:25:29

healthy for you to bring forward?

Jason Yarusi: 00:25:31

and that, that's a fantastic question, Because, and

Jason Yarusi: 00:25:33

when you frame it like that, right?

Jason Yarusi: 00:25:35

it was over the evolution of over two decades to get to that stage, right?

Jason Yarusi: 00:25:38

I had a finance degree, funny enough, outta school.

Jason Yarusi: 00:25:40

I chose to go into the arts from there into restaurants and bars, right?

Jason Yarusi: 00:25:44

However, you'll learn how to optimize businesses, right?

Jason Yarusi: 00:25:47

I learned very quickly.

Jason Yarusi: 00:25:48

I had a 12 seat restaurant, and the outside bar you get have

Jason Yarusi: 00:25:51

5,000 people on a Saturday, right?

Jason Yarusi: 00:25:53

However, it's the same model.

Jason Yarusi: 00:25:55

Same thing, people are gonna show up.

Jason Yarusi: 00:25:56

You have to give 'em good service.

Jason Yarusi: 00:25:57

You have to meet supply and demand, right?

Jason Yarusi: 00:25:59

You have to have balance of what's going to be something of

Jason Yarusi: 00:26:01

a driver to keep people there.

Jason Yarusi: 00:26:02

So you have to market accordingly, right?

Jason Yarusi: 00:26:03

However, on the small restaurant dinner's only five to eight, five

Jason Yarusi: 00:26:06

to seven, six to eight, right?

Jason Yarusi: 00:26:07

So there's only so many times I'm gonna turn 12 seats with the

Jason Yarusi: 00:26:10

other side of it right there.

Jason Yarusi: 00:26:11

Potentially there's more risk by still have the same building and the

Jason Yarusi: 00:26:14

same fixed assets, the same cost, and I can have the opportunity to grow

Jason Yarusi: 00:26:18

into the space or really maximize the value and it can turn a lot more

Jason Yarusi: 00:26:21

tickets and do a lot more revenue.

Jason Yarusi: 00:26:23

So that led us a lot into what we look for construction.

Jason Yarusi: 00:26:26

We really we're setting, set the stage is that to get to the volume

Jason Yarusi: 00:26:30

of doing six to eight deals a year and where my dad was doing the

Jason Yarusi: 00:26:33

start to doing hundreds in a year.

Jason Yarusi: 00:26:36

From that part, we had to get very, even with the battles, internal

Jason Yarusi: 00:26:39

battles, we had to get very efficient with the model and really optimize

Jason Yarusi: 00:26:44

teams to be able to do that.

Jason Yarusi: 00:26:46

And as we transition into the real estate spaces, that same thing, right?

Jason Yarusi: 00:26:50

You have to have a way that you can work in a systematic way where

Jason Yarusi: 00:26:54

it can be clean and clear based on what you're going after, right?

Jason Yarusi: 00:26:57

our Louisville, right?

Jason Yarusi: 00:26:59

We did this apartment buildings, so 75 to 150 units BC assets, right?

Jason Yarusi: 00:27:06

Garden style apartment buildings built between 1970 and 2010, anywhere between

Jason Yarusi: 00:27:11

about three and $7 million on a purchase price in the south side of Louisville.

Jason Yarusi: 00:27:15

That's all we did for the first couple years.

Jason Yarusi: 00:27:18

That was it.

Jason Yarusi: 00:27:18

That was our business model.

Jason Yarusi: 00:27:19

We're still in similar business models, just really in a different spaces now,

Jason Yarusi: 00:27:23

but we got very clear on our approach.

Jason Yarusi: 00:27:24

So we could be systematic with how we could evolve, where we had to

Jason Yarusi: 00:27:27

look at that and say, okay, if that's our approach, is there two of these

Jason Yarusi: 00:27:30

buildings or is thousands of these?

Jason Yarusi: 00:27:31

There was dozens, hundreds of these buildings there in those areas.

Jason Yarusi: 00:27:35

So we were able to grow into that space, and then we were able to

Jason Yarusi: 00:27:39

build teams both internally, right?

Jason Yarusi: 00:27:41

Who knew our message, and from the external property managers,

Jason Yarusi: 00:27:44

brokers, bankers, right?

Jason Yarusi: 00:27:46

That we knew fit that model.

Jason Yarusi: 00:27:48

So we were under able to understand that.

Jason Yarusi: 00:27:50

But on the other part is say, what can you take away from a beneficial stage is

Jason Yarusi: 00:27:54

that sometimes if you're in one spot, you just talk to like kind people to yourself.

Jason Yarusi: 00:27:59

And I have worked with, worked for and owned restaurants and had employees.

Jason Yarusi: 00:28:06

Of every different landscape, every different nationality in

Jason Yarusi: 00:28:09

the restaurant, every different language, every different skill set,

Jason Yarusi: 00:28:12

every different education level.

Jason Yarusi: 00:28:14

So you start to understand just really the people's ability of how

Jason Yarusi: 00:28:18

to empower them in the right way.

Jason Yarusi: 00:28:20

And then also understand how to talk to people efficiently where

Jason Yarusi: 00:28:22

it can benefit on both parties.

Jason Yarusi: 00:28:24

And if you're on with common goal, right?

Jason Yarusi: 00:28:27

Lots of times you're just making sure we're all in the right seat, right?

Jason Yarusi: 00:28:30

As we hear a lot out there to get to that goal and putting people around you.

Jason Yarusi: 00:28:34

So that's really helped me understand people where I would be making

Jason Yarusi: 00:28:37

decisions that in the past, as I was growing to this, that I knew

Jason Yarusi: 00:28:41

was right, but for me, right?

Jason Yarusi: 00:28:44

So I knew this was restaurant, but I know how to do this right?

Jason Yarusi: 00:28:46

And have to learn how to make decisions for the team where the team can be

Jason Yarusi: 00:28:51

empowered to help the path forward.

Jason Yarusi: 00:28:54

And if I'm out there doing a hundred percent of the things, And

Jason Yarusi: 00:28:58

because I know I can do 'em best, and you hear this a lot, is that

Jason Yarusi: 00:29:01

there's a hundred things to do.

Jason Yarusi: 00:29:02

I get six done, there's 94 that are at zero.

Jason Yarusi: 00:29:06

But if I can empower a team together, even if they get 'em done at a seven

Jason Yarusi: 00:29:08

or eight or nine, as long as they're not crucial tasks here, but there's

Jason Yarusi: 00:29:11

something that will push the business plan forward that is beneficial overall

Jason Yarusi: 00:29:14

to you and other success around you.

Tim Winders: 00:29:17

I love, there's a theme I've been picking up on you, you talk

Tim Winders: 00:29:20

team quite a bit and as you were just saying that, I was sitting here thinking,

Tim Winders: 00:29:25

number one, in a restaurant business, you are never gonna be a solo person.

Tim Winders: 00:29:30

maybe, but it's very rare.

Tim Winders: 00:29:34

where we're at here up in South Dakota now, there'll be

Tim Winders: 00:29:36

a few food trucks that show up.

Tim Winders: 00:29:38

It's rare that there's just one person in a food truck.

Tim Winders: 00:29:41

There's usually a couple of people even in food trucks,

Tim Winders: 00:29:43

cuz you just need extra people.

Tim Winders: 00:29:46

So you're forced to it.

Tim Winders: 00:29:47

And then I had this thought, I'll bring this up and then

Tim Winders: 00:29:50

we're gonna keep moving along.

Tim Winders: 00:29:52

Is that there was never gonna be a time when you were working with your

Tim Winders: 00:29:57

dad that you were the guy in charge.

Tim Winders: 00:30:01

Am I correct?

Jason Yarusi: 00:30:02

You know what it is?

Jason Yarusi: 00:30:04

Is that.

Jason Yarusi: 00:30:04

Definitely correct.

Jason Yarusi: 00:30:06

I ran and made all decisions.

Jason Yarusi: 00:30:08

They did the work.

Jason Yarusi: 00:30:09

However, it was just gonna drive down that my dad had his

Jason Yarusi: 00:30:12

vision of where he was going.

Jason Yarusi: 00:30:14

Just like I said, back to my grandma, is that he would do it, either

Jason Yarusi: 00:30:17

it was in part, but he knew best.

Jason Yarusi: 00:30:19

And sometimes it worked and sometimes it didn't.

Jason Yarusi: 00:30:21

However, this is how he had done it.

Jason Yarusi: 00:30:23

And for us to come in there and say, don't do it that way.

Jason Yarusi: 00:30:26

It could be an, you could take it as anyway, an insult or other,

Jason Yarusi: 00:30:29

but it was a hard envisionment.

Jason Yarusi: 00:30:30

But on the other side of it, he, a very unique business.

Jason Yarusi: 00:30:34

And here's where we had to be careful on our analysis, is that he had over

Jason Yarusi: 00:30:40

almost five decades of experience dealing with very unique things.

Jason Yarusi: 00:30:44

These were not, we would deal with brick homes, concrete homes, stucco

Jason Yarusi: 00:30:49

homes, wood frame homes built in the 17 hundreds, homes built in, yesterday.

Jason Yarusi: 00:30:55

All different building styles, all depart.

Jason Yarusi: 00:30:56

And no one would know it better.

Jason Yarusi: 00:30:58

The engineers would have issues.

Jason Yarusi: 00:30:59

They'd be calling my dad because of just unique space.

Jason Yarusi: 00:31:02

And one day to the next we could be on such a unique product.

Jason Yarusi: 00:31:05

And one day we're moving a house, say we're moving, we were

Jason Yarusi: 00:31:08

moving a missal at one point.

Jason Yarusi: 00:31:09

It was like just like very things outside the box that if I was just looking

Jason Yarusi: 00:31:13

the outside, like it's impossible.

Jason Yarusi: 00:31:14

And my dad would notice solution even if it didn't make logical sense.

Jason Yarusi: 00:31:18

And where we would win is that, no, I was never gonna lead the pack.

Jason Yarusi: 00:31:21

Cuz that knowledge, it's very hard to take in, especially

Jason Yarusi: 00:31:25

in today with the where it is.

Jason Yarusi: 00:31:26

And there's nothing you could Google to know these little inherent traits

Jason Yarusi: 00:31:28

here and breaking that mold, even when sometimes more efficient.

Jason Yarusi: 00:31:32

It was say, we have to look at the risk side.

Jason Yarusi: 00:31:34

But no, I was never gonna lead that charge.

Jason Yarusi: 00:31:36

Which at this point, right?

Jason Yarusi: 00:31:38

we were all leading in our same path and where you had to come

Jason Yarusi: 00:31:41

together is understandable.

Jason Yarusi: 00:31:42

we all won the same thing.

Jason Yarusi: 00:31:43

And that's where sometimes you fall in conflict and you forget to realize that.

Tim Winders: 00:31:48

the thing that I'm observing just in our talk and in the things I

Tim Winders: 00:31:52

did with research is that many times when people go into real estate, they're

Tim Winders: 00:31:57

usually single family home minded, and the reason they're single family home minded,

Tim Winders: 00:32:03

there is a lot of single family homes.

Tim Winders: 00:32:05

They may live in one, so they're familiar with it, but I think they're single family

Tim Winders: 00:32:09

home minded, primarily because they think they could do it all by themselves and

Tim Winders: 00:32:14

they don't need to count on other people.

Tim Winders: 00:32:16

And many times you can.

Tim Winders: 00:32:18

We actually were able to scale, we were doing three to five single family

Tim Winders: 00:32:21

homes a month when we were at our heyday, cuz we put a team together.

Tim Winders: 00:32:24

But I think the skill that I love hearing from you, and I'm hope the listeners

Tim Winders: 00:32:29

picking up on, is it's you, while you are super bright, talented, hard

Tim Winders: 00:32:35

worker, all that kinda stuff, I don't pick up on anything that you're saying.

Tim Winders: 00:32:40

I'm the boss in the hot sauce.

Tim Winders: 00:32:41

I'm the man with the plan or anything like that.

Tim Winders: 00:32:44

Everything is about team, which is important with.

Tim Winders: 00:32:48

The way you ended up going with multifamily syndications

Tim Winders: 00:32:51

and things like that.

Tim Winders: 00:32:53

Because I know with single family homes, a lot of people, they just try to, use

Tim Winders: 00:32:56

the financing funding all on their own.

Tim Winders: 00:32:59

They never wanna reach out and allow other people to participate.

Tim Winders: 00:33:02

And so is that one thing, if I'm wrong, you could tell me, is that

Tim Winders: 00:33:06

one thing that kinda helps you?

Tim Winders: 00:33:07

Cuz I think y'all started doing a few single family homes, right?

Tim Winders: 00:33:10

And then moved quickly into multi and then now multi.

Tim Winders: 00:33:14

Tell me if my observation might be good or bad there.

Jason Yarusi: 00:33:17

No, it's spot on.

Jason Yarusi: 00:33:18

It's great to do single family homes and I have a lot of friends that

Jason Yarusi: 00:33:22

do fantastic with it and some do it all themself and and God west,

Jason Yarusi: 00:33:26

like that's their choice, right?

Jason Yarusi: 00:33:28

And their reason.

Jason Yarusi: 00:33:28

However, if your anticipation is to break free of this and have that

Jason Yarusi: 00:33:33

business accomplish, it's the similar goals without you, it's gonna be a hard

Jason Yarusi: 00:33:37

lesson learned somewhere around there.

Jason Yarusi: 00:33:39

But if that's what you wanna do, you like it, you don't see yourself ever stopping

Jason Yarusi: 00:33:42

from doing your own fine, fantastic.

Jason Yarusi: 00:33:45

That's a win for you.

Jason Yarusi: 00:33:46

However, if you're looking to be able to maybe grow the business or do other

Jason Yarusi: 00:33:49

points, if you are gonna be the sticking point on every little thing here, I

Jason Yarusi: 00:33:53

have a friend that says it very well.

Jason Yarusi: 00:33:54

He's like, he's you can't see the label cause you're stuck inside the jar, right?

Jason Yarusi: 00:33:57

And so it's hard for you to see what's missing here because

Jason Yarusi: 00:33:59

if you just step away, right?

Jason Yarusi: 00:34:01

So like a good thing here if if you're like, man, that's me.

Jason Yarusi: 00:34:04

Write out to 10 your friends, 10 of your other people and say, listen, I'm

Jason Yarusi: 00:34:08

doing a little experiment right now.

Jason Yarusi: 00:34:10

And I would love and just be candid with me.

Jason Yarusi: 00:34:14

Tell me three things I do well and tell me three things I don't do well.

Jason Yarusi: 00:34:18

And you will see very quickly, the responses, maybe get two or

Jason Yarusi: 00:34:20

three, but I still have one, I did this over maybe a decade ago.

Jason Yarusi: 00:34:24

And a friend, to me she was like, you are magnificent.

Jason Yarusi: 00:34:28

I'm pushing forward, but sometimes you're trying to move all the

Jason Yarusi: 00:34:30

mountains at the same time.

Jason Yarusi: 00:34:33

And on that part it meant I was doing all the work and it was like everybody

Jason Yarusi: 00:34:36

else is sitting there watching, I'm doing all the work, right?

Jason Yarusi: 00:34:38

Cause I can get it done.

Jason Yarusi: 00:34:38

But at some part, like it's gonna level off.

Jason Yarusi: 00:34:41

I'm gonna fall and when things break I can't, be, put my finger in all the

Jason Yarusi: 00:34:45

holes in the wall where the leaks are here because I've now set my stage

Jason Yarusi: 00:34:48

where everything just falls upon me and I'm not helping other people.

Jason Yarusi: 00:34:52

So in, in totality of that question there is that if your goal forward

Jason Yarusi: 00:34:57

is to have a bigger impact, then you have to have an impact on others.

Jason Yarusi: 00:35:01

For you to be able to do that, you need of course to discipline yourself

Jason Yarusi: 00:35:05

here so you are doing what you say.

Jason Yarusi: 00:35:07

But the more you can step back, like for instance, like we, we managed

Jason Yarusi: 00:35:10

a couple hundred units, right?

Jason Yarusi: 00:35:11

We had some in town and, and the office just having a super difficult time.

Jason Yarusi: 00:35:15

I'm trying to find these like silly brackets, like just not a big deal.

Jason Yarusi: 00:35:18

They were really focused on it, really trying to hard, it

Jason Yarusi: 00:35:19

came in can you just help us?

Jason Yarusi: 00:35:20

I was like, sure.

Jason Yarusi: 00:35:21

Just call up to the guy.

Jason Yarusi: 00:35:22

I was like, listen, dude, like this over here.

Jason Yarusi: 00:35:24

I understand you can't find this thing.

Jason Yarusi: 00:35:26

If we order it today, it's gonna be July 15th.

Jason Yarusi: 00:35:28

What can you do today to fix this and make this work today?

Jason Yarusi: 00:35:31

He's oh, I'll just do this.

Jason Yarusi: 00:35:32

I was like, thank you.

Jason Yarusi: 00:35:33

Go do it.

Jason Yarusi: 00:35:34

And it was that point here where he just was trying to do what he thought we

Jason Yarusi: 00:35:37

wanted and we weren't empowering him, the contractor, to just make the decision for

Jason Yarusi: 00:35:42

what he knew how to do, because he was trying to do what was by the book to do.

Jason Yarusi: 00:35:45

Although the other part had no impact to buy the book or not.

Jason Yarusi: 00:35:48

It was the result we needed today.

Jason Yarusi: 00:35:50

And the team.

Jason Yarusi: 00:35:51

Just seeing that, I didn't solve it.

Jason Yarusi: 00:35:53

Anything done apart.

Jason Yarusi: 00:35:53

It's just something I've come up in a part is that if you give people the

Jason Yarusi: 00:35:56

opportunity to give you the result, and you ask them the right question, many

Jason Yarusi: 00:36:01

times, because they don't feel empowered to do so, you empower them, they'll

Jason Yarusi: 00:36:06

find the result and you knew the result.

Jason Yarusi: 00:36:08

Great.

Jason Yarusi: 00:36:08

Thank you.

Jason Yarusi: 00:36:09

I haven't heard about it again.

Jason Yarusi: 00:36:10

So it's solved out there in the universe, right?

Jason Yarusi: 00:36:13

But that's where, as a leader, as someone who manages a team, you can come in there,

Jason Yarusi: 00:36:16

you don't have to drive the decision, but when someone gets stuck, you can help

Jason Yarusi: 00:36:18

them see that next step to the result.

Jason Yarusi: 00:36:21

Cause we usually look at the goal and forget that the goal is not accomplished.

Jason Yarusi: 00:36:25

Leap.

Jason Yarusi: 00:36:26

it's a step.

Jason Yarusi: 00:36:28

And if we think about, okay, how can I help them for this step?

Jason Yarusi: 00:36:32

Get over the speed bump, right?

Jason Yarusi: 00:36:34

Just to that next part.

Jason Yarusi: 00:36:35

Then they're higher up the hill and then they're making bigger

Jason Yarusi: 00:36:37

decisions to get the bigger outcomes.

Tim Winders: 00:36:39

that's the problem solving skills that you got from your dad.

Tim Winders: 00:36:42

It sounds like your dad was a problem solver and sounds like

Tim Winders: 00:36:45

you're now doing that with a team.

Tim Winders: 00:36:47

Jason, I wanna shift a little bit because I'm, I think maybe we need to

Tim Winders: 00:36:52

do some quick definitions before we have the conversations that we're gonna go

Tim Winders: 00:36:56

in, in this direction, because there's some people out there when we use terms

Tim Winders: 00:37:01

like private fund manager or single family, or even, multifamily or, even

Tim Winders: 00:37:07

mobile homes, land, all these things.

Tim Winders: 00:37:09

All these terms in real estate.

Tim Winders: 00:37:11

And so I wanna do it real quick because I know we've got some

Tim Winders: 00:37:14

experienced people listening in.

Tim Winders: 00:37:15

but for the person that might be listening going, what is, what

Tim Winders: 00:37:17

do they mean by multifamily?

Tim Winders: 00:37:19

What do they mean by private fund?

Tim Winders: 00:37:21

Give a few definitions, likes, like you would to one of your kids for some of

Tim Winders: 00:37:26

the terms we've been throwing around here for someone that might be in third

Tim Winders: 00:37:30

grade going, let me explain this to you.

Tim Winders: 00:37:32

So do that quickly and then I wanna get some tips and some ideas on

Tim Winders: 00:37:35

how someone might get started or participate in some of the things

Tim Winders: 00:37:38

you're doing before we finish up here.

Jason Yarusi: 00:37:41

Fantastic.

Jason Yarusi: 00:37:41

So typically a one unit, so a single family house or a house

Jason Yarusi: 00:37:45

that, or a building that has two units or three units or four units.

Jason Yarusi: 00:37:47

it's deemed residential, right?

Jason Yarusi: 00:37:49

So it's residential in nature, and then past five and up, if it's an apartment

Jason Yarusi: 00:37:53

community or just five units and above, even though it's still residence living

Jason Yarusi: 00:37:56

in a building, it's term commercial.

Jason Yarusi: 00:37:57

We found that.

Jason Yarusi: 00:37:59

Buying a single family house, great model, right?

Jason Yarusi: 00:38:01

However, it's one tenant, right?

Jason Yarusi: 00:38:03

It's one person, it's one income streamer, it's one flip, it's one thing, it's

Jason Yarusi: 00:38:06

one roof is now just that one tenant's income to get to that one part here.

Jason Yarusi: 00:38:09

If that tenant doesn't pay right?

Jason Yarusi: 00:38:10

And then on that part, it's your income is now coming back to you.

Jason Yarusi: 00:38:13

So the other people, the banks, other things can be driven by you

Jason Yarusi: 00:38:16

and your ability to afford it.

Jason Yarusi: 00:38:17

The larger, the building that you can actually afford to be able to

Jason Yarusi: 00:38:21

take on more ability to improve it.

Jason Yarusi: 00:38:23

Cuz now I have a hundred units, right?

Jason Yarusi: 00:38:25

And two vacancies.

Jason Yarusi: 00:38:26

I'm 98% occupied.

Jason Yarusi: 00:38:28

One unit, one vacancy, I'm zero.

Jason Yarusi: 00:38:31

Four units, two units now, and two units vacant.

Jason Yarusi: 00:38:33

I'm 50%, right?

Jason Yarusi: 00:38:34

A hundred units, 10 vacants, 90% occupied.

Jason Yarusi: 00:38:38

So my ability to have the rent, afford to pay the expenses and pay the

Jason Yarusi: 00:38:43

mortgage each every month and still provide cashflow goes up exponentially.

Jason Yarusi: 00:38:47

Plus small decisions I make for those buildings can have massive impact, right?

Jason Yarusi: 00:38:51

So I'll give you an example.

Jason Yarusi: 00:38:52

Single family home, right?

Jason Yarusi: 00:38:53

I come in there and I replace the toilet and I say, okay, now the

Jason Yarusi: 00:38:55

house costs 300,000 hours more.

Jason Yarusi: 00:38:59

There's not a buyer.

Jason Yarusi: 00:39:00

There's not a buyer, right?

Jason Yarusi: 00:39:01

You're not.

Jason Yarusi: 00:39:01

So unless you've done something else there, not a buyer.

Jason Yarusi: 00:39:04

However, a hundred units, you replace the toilets, cuts the water bill down by 10%.

Jason Yarusi: 00:39:08

You go in there and fix all the leaks, your water bill now decreases by 20%.

Jason Yarusi: 00:39:12

The overall value because of what you created for the cashflow, for the

Jason Yarusi: 00:39:16

income on the property, may make that building and has made that building

Jason Yarusi: 00:39:19

$300,000 more valuable, right?

Jason Yarusi: 00:39:22

So you can have different impacts on larger properties with more smaller, minor

Jason Yarusi: 00:39:26

things that speak to the service of the building and the income and the expenses.

Jason Yarusi: 00:39:30

What I do, Is that knowing that instead of focusing on maybe a building, we buy in

Jason Yarusi: 00:39:35

house two unit, 10 unit 15 unit 20 unit, where it's just me and my capital and then

Jason Yarusi: 00:39:39

I have to do something and refinance it.

Jason Yarusi: 00:39:41

I open up the opportunity to investors, both credit investors and at points,

Jason Yarusi: 00:39:47

people that are in my network, friends and family that could be sophisticated to be

Jason Yarusi: 00:39:51

able to come in there and invest alongside of us to help with the down payment,

Jason Yarusi: 00:39:56

the closing costs, the fees and the construction budget to buy the buildings.

Jason Yarusi: 00:40:00

That allows us to buy these a hundred unit buildings where, because of the

Jason Yarusi: 00:40:04

size and the scope, it affords us more ability to get more profit and more

Jason Yarusi: 00:40:09

cash flow that can benefit others.

Jason Yarusi: 00:40:11

So we buy this building, it gets more efficient.

Jason Yarusi: 00:40:14

Landscape for us.

Jason Yarusi: 00:40:14

We're able to get more income, drive more help on the expenses,

Jason Yarusi: 00:40:17

improve the building, and then have investors who will invest with us

Jason Yarusi: 00:40:22

that don't have to do anything.

Jason Yarusi: 00:40:23

they can invest with us.

Jason Yarusi: 00:40:24

They'll get their updates, they'll get their K one s at the end of the year.

Jason Yarusi: 00:40:27

They'll have every part answered and they're solely investing with us without

Jason Yarusi: 00:40:32

having to do anything from finding a deal, sourcing a deal, underwriting a

Jason Yarusi: 00:40:35

deal, doing the due diligence, building the team, understanding how to structure

Jason Yarusi: 00:40:39

it, find the bank, closing on the thing, working with the property manager.

Jason Yarusi: 00:40:43

They do not have to do any of those responsibilities, but they get

Jason Yarusi: 00:40:46

all of the benefits that you can find from commercial real estate,

Tim Winders: 00:40:51

And I think what you just did, you.

Tim Winders: 00:40:53

I have defined syndication without a lot of legal ease, which is very good.

Tim Winders: 00:40:57

Thank you, by the way.

Jason Yarusi: 00:40:58

Correct.

Jason Yarusi: 00:40:59

Yeah.

Jason Yarusi: 00:40:59

Syndication that it's a scary word because it just is a very odd word and

Jason Yarusi: 00:41:04

you could syndicate, radio stations, you can syndicate golf course, you

Jason Yarusi: 00:41:07

could syndicate anything out there.

Jason Yarusi: 00:41:09

However, we use the model to buy apartment buildings.

Tim Winders: 00:41:13

right, and when you introduced yourself at the beginning,

Tim Winders: 00:41:15

when I asked you what you do, you meant, you went through the family things and

Tim Winders: 00:41:18

you said you're a private fund manager.

Tim Winders: 00:41:21

And what that basically you, that's another, you actually gave

Tim Winders: 00:41:25

a definition of that just now too.

Tim Winders: 00:41:27

Do you want to tie in anything together with that here?

Jason Yarusi: 00:41:31

sure.

Jason Yarusi: 00:41:31

So what we do is we raise friend, raise family money or money from our network,

Jason Yarusi: 00:41:35

or money from our new friends and family that most of the time are accredited,

Jason Yarusi: 00:41:39

meaning they make a certain amount of money each year for the last two years,

Jason Yarusi: 00:41:42

whether they're single or married, or they have a net worth without their

Jason Yarusi: 00:41:44

home, not including their home of over a million dollars or a few other things

Jason Yarusi: 00:41:48

that could make them accredit in there.

Jason Yarusi: 00:41:50

Those investors are deemed, likely to have the inherent knowledge

Jason Yarusi: 00:41:53

to be able to invest in these.

Jason Yarusi: 00:41:55

So they invest with us because they're able to understand and make

Jason Yarusi: 00:41:58

a good decision on the investment.

Jason Yarusi: 00:42:00

And then we use that to buy these big properties.

Jason Yarusi: 00:42:02

And that thing is we offer a Reg D offering, which, is

Jason Yarusi: 00:42:06

something written in the tax code.

Jason Yarusi: 00:42:08

It's something that the s e c has put forth here to do a security.

Jason Yarusi: 00:42:12

And the security is not a registered security, it's a 5 0 6 B or 5 0 6 C.

Jason Yarusi: 00:42:16

And that offering allows us to offer this to the network so they can get

Jason Yarusi: 00:42:20

the benefits that are sometimes hard to find if they were trying to go to a

Jason Yarusi: 00:42:24

bigger company or do it by themselves.

Tim Winders: 00:42:26

So tell me why.

Tim Winders: 00:42:29

I've been around real estate circles too, and like I mentioned earlier,

Tim Winders: 00:42:32

there are a lot of people that.

Tim Winders: 00:42:34

There are a lot of people that are interested in real estate.

Tim Winders: 00:42:37

I'm sure you've run across this.

Tim Winders: 00:42:38

A lot of people like to talk about real estate.

Tim Winders: 00:42:40

Some people then step in and take some action, whatever that action might mean.

Tim Winders: 00:42:45

Get some training, get some education, or just start.

Tim Winders: 00:42:49

And we've already said a lot of people do that with single family homes.

Tim Winders: 00:42:53

And in a little while we'll talk more about how people

Tim Winders: 00:42:56

can participate passively.

Tim Winders: 00:42:58

But I think what I wanted to ask now is what prevents, what is the either real

Tim Winders: 00:43:05

or perceived barriers that people have that keep them away from multifamily?

Tim Winders: 00:43:11

and I really do want us to speak candidly.

Tim Winders: 00:43:12

listen, I know you're a big proponent of multifamily, but

Tim Winders: 00:43:16

let's talk some real pros and cons.

Tim Winders: 00:43:17

What is it that keeps people away from multifamily?

Tim Winders: 00:43:22

And maybe a couple things to address that

Jason Yarusi: 00:43:25

Sure.

Jason Yarusi: 00:43:25

Bigger and scarier, right?

Jason Yarusi: 00:43:27

so the it that's simply put right there.

Jason Yarusi: 00:43:30

Single family house, you touched on it earlier.

Jason Yarusi: 00:43:32

There's a lot more approachable because people are used to that.

Jason Yarusi: 00:43:34

Most are living in the house, right?

Jason Yarusi: 00:43:35

They understand that, right?

Jason Yarusi: 00:43:36

So they seem and deem that to be safe, right?

Jason Yarusi: 00:43:39

But again, if you're doing a flip, there's no income until it's done.

Jason Yarusi: 00:43:42

And you have to hope the market's in your favor and the buying

Jason Yarusi: 00:43:44

potential is there and right.

Jason Yarusi: 00:43:45

So if you found that a year ago and you were flipping something,

Jason Yarusi: 00:43:47

it takes seven or eight months.

Jason Yarusi: 00:43:49

You may have been on the other side of that investment here with multifamily,

Jason Yarusi: 00:43:52

we have a housing shortage, right?

Jason Yarusi: 00:43:54

We've had this housing shortage for a long time.

Jason Yarusi: 00:43:56

Developers got burned in 2007.

Jason Yarusi: 00:43:57

They haven't been able to keep up with really building.

Jason Yarusi: 00:43:59

And even if they do want to build, because they know we need it today,

Jason Yarusi: 00:44:02

there is not the ability to get product on at an affordable rate.

Jason Yarusi: 00:44:07

There's not the labor pool, there's not the supply chain

Jason Yarusi: 00:44:09

solved in a piece of puzzle.

Jason Yarusi: 00:44:11

And it's very costly.

Jason Yarusi: 00:44:12

So it's prohibitive.

Jason Yarusi: 00:44:12

So we need housing, we're gonna.

Jason Yarusi: 00:44:14

we need 60 million units built this decade.

Jason Yarusi: 00:44:16

We're gonna get about 11 million short, 11 million, right?

Jason Yarusi: 00:44:19

Maybe this year we might hit that threshold.

Jason Yarusi: 00:44:21

We're still gonna fall about 5 million units short, right?

Jason Yarusi: 00:44:24

So that's deemed that we need more affordable housing.

Jason Yarusi: 00:44:26

So what that does is that means that it's gonna put more downward pressure

Jason Yarusi: 00:44:29

on the stock that already exists.

Jason Yarusi: 00:44:31

So those units are going to stay in favor for longer.

Jason Yarusi: 00:44:34

Now, couple that back with a single family space.

Jason Yarusi: 00:44:36

Hey, I've been a renter for a decade.

Jason Yarusi: 00:44:39

I'm gonna go buy a house.

Jason Yarusi: 00:44:40

a year and a half ago you could have a $500, a $1,500 mortgage payment.

Jason Yarusi: 00:44:44

Get a house that's worth $350,000, where today that same mortgage pay

Jason Yarusi: 00:44:48

payment get you a house that's $230,000.

Jason Yarusi: 00:44:51

Now, the difficulty there is that sounds great.

Jason Yarusi: 00:44:54

Okay, I'll just go for a less expensive house.

Jason Yarusi: 00:44:56

However, there was no 350,000 hour house available.

Jason Yarusi: 00:44:59

And if you got it, you were one of 30, so the other 29 didn't get that house.

Jason Yarusi: 00:45:03

Now, all those houses have not come off their mile marks, 35% of value.

Jason Yarusi: 00:45:08

They're still up there because there's not enough housing.

Jason Yarusi: 00:45:10

So that buyer today can't get into the buyer pool.

Jason Yarusi: 00:45:13

So they're gonna stay renters for longer.

Jason Yarusi: 00:45:15

They're not gonna move as much because it's costly to move, right?

Jason Yarusi: 00:45:18

So they're gonna stay on this, on part of a multifamily side to

Jason Yarusi: 00:45:21

stay in their apartment building for long to stay renters for long.

Jason Yarusi: 00:45:24

Now, multifamily versus single family.

Jason Yarusi: 00:45:26

Single family, one renter, or not one flip or not.

Jason Yarusi: 00:45:31

Whereas multifamily, right?

Jason Yarusi: 00:45:32

There's many different reasons.

Jason Yarusi: 00:45:34

You can get cashflow, you can get the appreciation, both basically.

Jason Yarusi: 00:45:37

Hopefully you're in the right market, but also based on the improvements

Jason Yarusi: 00:45:40

you make to the property, you can get depreciation benefits, tax benefits,

Jason Yarusi: 00:45:44

debt pay down, and the diversification with the economy is a scale.

Jason Yarusi: 00:45:48

So it's a hard, asset class to beat and that's why comparatively it's outperformed

Jason Yarusi: 00:45:53

the stock market and the bond market on a rolling 10 year average going back, right?

Jason Yarusi: 00:45:57

It's also outperformed everything.

Jason Yarusi: 00:45:59

Right?

Jason Yarusi: 00:46:00

Office, easy one.

Jason Yarusi: 00:46:01

Now, when it used to be the state grade A asset, right?

Jason Yarusi: 00:46:04

Retail, storage, it's outperformed and it's gonna continue to outperform.

Jason Yarusi: 00:46:07

Cause there's all these drivers that push people to the space.

Tim Winders: 00:46:11

So I want to, in just a little while, I'll ask maybe how

Tim Winders: 00:46:14

somebody can get started and I think actually you have some resources

Tim Winders: 00:46:16

and all that might be good for that.

Tim Winders: 00:46:19

But I think what I'd like to do now, the thing when I first saw your info

Tim Winders: 00:46:23

that I'm like going, I love talking to people that have what I call boots

Tim Winders: 00:46:28

on the ground, that we could learn about what the economy is really doing.

Tim Winders: 00:46:34

And someone who has 3000 plus units, that means you're dealing with 3000

Tim Winders: 00:46:39

plus people, probably multiple markets.

Tim Winders: 00:46:43

What I would love to do at this stage here is do a, let's go,

Tim Winders: 00:46:46

not micro, but let's go macro.

Tim Winders: 00:46:49

With what's happening in the economy.

Tim Winders: 00:46:50

there's a lot of articles, I'm, I get, I've got tags for all these

Tim Winders: 00:46:54

real estate articles, economic articles, things like that.

Tim Winders: 00:46:57

And I just had something recently that showed a foreclosure for a

Tim Winders: 00:47:00

multifamily, which I haven't seen in a while, which just tells me

Tim Winders: 00:47:04

that none of that stuff scares me.

Tim Winders: 00:47:05

But that's okay, we're having some shifts that are going on.

Tim Winders: 00:47:08

Maybe just in general, what are you seeing with the economy?

Tim Winders: 00:47:12

And I may dig a little bit more, but what are you seeing?

Tim Winders: 00:47:16

What's good, what's concerning and what can you share about that?

Jason Yarusi: 00:47:20

So we're always on two sides, right?

Jason Yarusi: 00:47:22

It's either hard to find deals or hard to find money, right?

Jason Yarusi: 00:47:25

It was very hard to find deals about a, two years ago for

Jason Yarusi: 00:47:27

the years proceeding, right?

Jason Yarusi: 00:47:28

Very easy to find money.

Jason Yarusi: 00:47:29

Everybody wanted money in there.

Jason Yarusi: 00:47:31

Now, it's very hard to find money, and that's both on capital, right?

Jason Yarusi: 00:47:33

And on banks, regardless of track record, just based on where they

Jason Yarusi: 00:47:36

feel their risk is associated with.

Jason Yarusi: 00:47:38

But it's easier to find deals.

Jason Yarusi: 00:47:40

However, the deals are still at elevated prices.

Jason Yarusi: 00:47:42

the core thing to look at here is that recession doesn't speak

Jason Yarusi: 00:47:44

to the entire country, right?

Jason Yarusi: 00:47:46

It's not oh, the news says we're in a recession.

Jason Yarusi: 00:47:47

everybody's in recession.

Jason Yarusi: 00:47:48

You're in, Dakota's, you're in a recession.

Jason Yarusi: 00:47:50

Oh, I'm in Tennessee.

Jason Yarusi: 00:47:50

I must be in the recession.

Jason Yarusi: 00:47:51

My grandma's in New Jersey.

Jason Yarusi: 00:47:52

She must be in a recession.

Jason Yarusi: 00:47:54

The markets are exposed at different times.

Jason Yarusi: 00:47:56

You have to look at what's going to.

Jason Yarusi: 00:47:57

Either harden or soften the blow of what a recession can have

Jason Yarusi: 00:48:00

and where potentially they are.

Jason Yarusi: 00:48:01

So if you look at certain markets, like in Nashville, you have to think

Jason Yarusi: 00:48:04

about all the people coming here, the reasons they're coming here, the jobs

Jason Yarusi: 00:48:06

you're coming here, where compared to maybe Illinois, where you're seeing

Jason Yarusi: 00:48:09

a lot of people leave the, the state, or you'll see in housing values to pre

Jason Yarusi: 00:48:12

deteriorate, that's gonna be more exposed to an economic, uh, a recovery, right?

Jason Yarusi: 00:48:17

And some of these mo areas that have really had a high value.

Jason Yarusi: 00:48:20

Now, within that market, you're gonna have different areas that are exposed, right?

Jason Yarusi: 00:48:22

25,000 units coming on in Nashville.

Jason Yarusi: 00:48:25

it's not coming on just.

Jason Yarusi: 00:48:26

Completely spread out evenly.

Jason Yarusi: 00:48:28

It's coming out in certain sectors of Nashville.

Jason Yarusi: 00:48:30

So you have to see, okay, if we're in that area, what's gonna

Jason Yarusi: 00:48:32

be the impact to that area here?

Jason Yarusi: 00:48:34

And then rates on the other side of it.

Jason Yarusi: 00:48:35

No one really could predict that they go up there.

Jason Yarusi: 00:48:38

But if that point that the elevation of what that rise would be for

Jason Yarusi: 00:48:41

how long is something that's, I don't have the crystal ball.

Jason Yarusi: 00:48:44

So I had to say, okay, this is what's in front of me today.

Jason Yarusi: 00:48:46

How do I sustain what's in front of me today with the forecast

Jason Yarusi: 00:48:48

that if it didn't change, what's the right decision for today?

Jason Yarusi: 00:48:51

Now if I can make that decision with a good buying decision for

Jason Yarusi: 00:48:53

today, then if rates go the other way, okay, cool, then they decrease.

Jason Yarusi: 00:48:58

I can take value and get value out of that.

Jason Yarusi: 00:49:01

But if they stay elevated, I'm making choices with long fixed term debt.

Jason Yarusi: 00:49:04

debt that's gonna allow me to weather the storm for the near future.

Tim Winders: 00:49:08

and I agree with you, and some people wanna paint

Tim Winders: 00:49:11

this, especially the media.

Tim Winders: 00:49:13

They want to either say economy, good, economy, bad.

Tim Winders: 00:49:17

they, I think they're looking for headlines, truthfully, is what it appears.

Tim Winders: 00:49:21

and I love that you brought it up, that it is at the local level.

Tim Winders: 00:49:25

Because a place like Nashville, people are flocking there, they're wanting housing,

Tim Winders: 00:49:30

they're wanting to go out to restaurants, and the economy is booming there.

Tim Winders: 00:49:34

I just read an article about Los Angeles and Los Angeles

Tim Winders: 00:49:38

a little bit different story.

Tim Winders: 00:49:39

Housing is horrible there.

Tim Winders: 00:49:42

It's a challenge.

Tim Winders: 00:49:43

But because of what's going on, I don't know if you and I would

Tim Winders: 00:49:46

ever say, Hey, let's go in and let's get some units there.

Tim Winders: 00:49:48

I think if we could, we would, but it's too tough to do so I.

Jason Yarusi: 00:49:52

gotta be your belief in the market, right?

Jason Yarusi: 00:49:54

like New York City, like all New York City's dead.

Jason Yarusi: 00:49:57

It's like really?

Jason Yarusi: 00:49:58

For New York City to die, you really gotta think, you gotta think about it like new

Jason Yarusi: 00:50:02

people are moving outta New York City.

Jason Yarusi: 00:50:03

There's always an evolution of people that want to come to the city.

Jason Yarusi: 00:50:05

You have everything, right?

Jason Yarusi: 00:50:06

So people are getting outta college.

Jason Yarusi: 00:50:07

That's where the best jobs are.

Jason Yarusi: 00:50:08

People from outta the country.

Jason Yarusi: 00:50:09

And they're not saying, Hey, let me go to Topeka, Kansas.

Jason Yarusi: 00:50:11

They're like, I'm gonna go to New York City.

Jason Yarusi: 00:50:13

And so they're gonna always have that part.

Jason Yarusi: 00:50:15

So if you two, three years ago were like, Hey, New York City's fine.

Jason Yarusi: 00:50:20

It needs a break right now.

Jason Yarusi: 00:50:20

But I'm gonna come in and buy some apartment communities.

Jason Yarusi: 00:50:22

I mean, rent's at its highest point there, right?

Jason Yarusi: 00:50:25

For a reason.

Jason Yarusi: 00:50:26

Because people are gonna come back there.

Jason Yarusi: 00:50:27

So if you look at that, you but California other way, maybe they

Jason Yarusi: 00:50:31

don't see their way outta that avenue.

Jason Yarusi: 00:50:32

Who knows?

Jason Yarusi: 00:50:32

It hasn't ever been a market for me, but people win in that market too.

Jason Yarusi: 00:50:35

It's just not the market for me.

Tim Winders: 00:50:38

I mean that people need housing there, but it, there's also

Tim Winders: 00:50:41

other, there's political situations and other things going on there too.

Tim Winders: 00:50:46

Something that almost always comes up and I'm gonna laugh when I

Tim Winders: 00:50:49

even ask this question because.

Tim Winders: 00:50:52

It.

Tim Winders: 00:50:52

It's something that kind of annoys me, but I'm gonna ask it anyway

Tim Winders: 00:50:55

to maybe annoy you a little bit.

Jason Yarusi: 00:50:58

That takes a lot.

Jason Yarusi: 00:50:59

You'll be

Tim Winders: 00:50:59

Yeah.

Tim Winders: 00:51:00

yeah.

Tim Winders: 00:51:00

No, I could tell, but when someone says something like, I don't think

Tim Winders: 00:51:05

it's a good time to get started or invest, or, get some training,

Tim Winders: 00:51:11

get some whatever the thing is.

Tim Winders: 00:51:13

This is going back to your barber, that we talked about earlier.

Tim Winders: 00:51:16

When someone says something like that, what goes through Jason's mind?

Jason Yarusi: 00:51:22

There's always the best time and there's never the best time.

Jason Yarusi: 00:51:25

And that's always the piece of the puzzle.

Jason Yarusi: 00:51:27

Yeah, yesterday would've been the best day.

Jason Yarusi: 00:51:29

But today's better than the next day.

Jason Yarusi: 00:51:31

It comes up.

Jason Yarusi: 00:51:32

And if you're waiting for some event, we are not well-informed enough

Jason Yarusi: 00:51:38

to know when that event occurs.

Jason Yarusi: 00:51:39

So if you're waiting for the market to bottom out, here's the evolution.

Jason Yarusi: 00:51:42

Market rises is too hot, right?

Jason Yarusi: 00:51:44

Oh, now the market's on a decline.

Jason Yarusi: 00:51:45

So I'm not buying cuz it's, it is too hard to buy deals and the prices are too high.

Jason Yarusi: 00:51:49

Now we're on a decline.

Jason Yarusi: 00:51:50

Oh, I'm just gonna wait till it hits the bottom.

Jason Yarusi: 00:51:52

Don't realize it hits the bottom.

Jason Yarusi: 00:51:53

Now we're on the way back up and now it's it's too hard to buy deals.

Jason Yarusi: 00:51:55

It's too hot and they're too high.

Jason Yarusi: 00:51:56

And story continues.

Jason Yarusi: 00:51:58

So that part is, it's better to be involved today to be able to make

Jason Yarusi: 00:52:01

good decision for the future, just so at least you can be informed.

Jason Yarusi: 00:52:04

Because if you are waiting for some event, how are you gonna know and

Jason Yarusi: 00:52:08

what's gonna be that through line?

Jason Yarusi: 00:52:09

So if you're gonna wait for it to bottom out, what is gonna

Jason Yarusi: 00:52:11

tell you now is the time.

Jason Yarusi: 00:52:13

Not your gut, not this other part, not watching Fox News or watching C N B C.

Jason Yarusi: 00:52:17

Like what is gonna tell you today that you're gonna go buy and how are

Jason Yarusi: 00:52:20

you know it's gonna be for you, the timing in the market to what st type,

Jason Yarusi: 00:52:24

type of investing to do Yes, sure.

Jason Yarusi: 00:52:27

You can always wait.

Jason Yarusi: 00:52:27

That's how we've gotten to where we are today.

Jason Yarusi: 00:52:30

However, if you want a different outcome, you have to take action today

Jason Yarusi: 00:52:32

to understand the right questions, to be asking to get the right

Jason Yarusi: 00:52:35

answers when you need those answers.

Tim Winders: 00:52:38

Yeah, I love the analogy.

Tim Winders: 00:52:39

I think when's the best time to plant in a tree 20 years ago, second best time today.

Tim Winders: 00:52:44

that's good.

Tim Winders: 00:52:44

Hey, Jason, if someone is intrigued, they're really interested, or they

Tim Winders: 00:52:51

just want more info about multifamily and what it might mean for them, or

Tim Winders: 00:52:56

how to get started or what next steps to take, what, where can they go?

Tim Winders: 00:53:01

give a few tips or resources if you've got 'em, that people can check out.

Jason Yarusi: 00:53:06

Yeah.

Jason Yarusi: 00:53:06

Yeah, we have a ton.

Jason Yarusi: 00:53:07

And we'd be happy to, whether we can be a jump off or somewhere a point

Jason Yarusi: 00:53:10

of reference, we'd be happy to.

Jason Yarusi: 00:53:11

there's of course a million great podcasts I can offer and talk a lot with

Jason Yarusi: 00:53:15

multifamily, you just want multifamily.

Jason Yarusi: 00:53:17

That's what we do.

Jason Yarusi: 00:53:18

YarusiHoldings.com, YarusiHoldings.com.

Jason Yarusi: 00:53:22

We have the Multifamily Live podcast and we host and run the Multi-family

Jason Yarusi: 00:53:27

mastermind called Seven Figure Multifamily, helping Investors either buy

Jason Yarusi: 00:53:31

their first apartment deal small or large, or by their next bigger deal, right?

Jason Yarusi: 00:53:35

And we've done that for a number of years now, so we'd be happy to talk

Jason Yarusi: 00:53:38

to you, answer any questions that a listener pool can get value from

Jason Yarusi: 00:53:41

to keep pushing them forward there.

Jason Yarusi: 00:53:43

But in that front, we're gonna stay in that multi-family space,

Jason Yarusi: 00:53:46

not too veer, too far off here.

Tim Winders: 00:53:48

Yeah, I actually did, I did some power listening on that Multifamily

Tim Winders: 00:53:51

Live podcast and I think, gosh, a thousand episodes or something like that.

Tim Winders: 00:53:56

Did I read that right?

Tim Winders: 00:53:57

Do y'all have like

Jason Yarusi: 00:53:58

We've done a couple.

Jason Yarusi: 00:53:59

Yeah.

Jason Yarusi: 00:53:59

We call the early ones the dark days, but in that front

Jason Yarusi: 00:54:01

we've done a couple there for

Tim Winders: 00:54:03

But the cool thing is a lot of 'em are bite-sized, 15, 20 minutes

Tim Winders: 00:54:06

and things like that, which, for the guy here that does the one hour interviews,

Tim Winders: 00:54:09

I'm like going, man, I love these short tidbits, man, this is really good.

Tim Winders: 00:54:12

so alright, we'll make sure we include those links and, and I do want to make

Tim Winders: 00:54:17

sure that I ask this question because I do think there are people that are

Tim Winders: 00:54:22

listening in that are thinking, what if I wanted to be a passive investor?

Tim Winders: 00:54:26

What would I need to do?

Tim Winders: 00:54:27

And I think you mentioned Yarusi holdings, but give someone a little

Tim Winders: 00:54:31

bit of, so that we're not wasting people's time and all of that.

Tim Winders: 00:54:35

What do you look for there?

Tim Winders: 00:54:37

You mentioned accredited, and I think most people should know what that means.

Tim Winders: 00:54:40

Can they invest out of a self-directed, a, a self-funded 401k or something like

Tim Winders: 00:54:44

that, IRA, to give a little bit of what you're looking for so that people would

Tim Winders: 00:54:48

understand if they might be a match.

Jason Yarusi: 00:54:51

so we want to be a value to investors.

Jason Yarusi: 00:54:53

So if you're looking to either just get exposure to real estate or really just

Jason Yarusi: 00:54:57

diversify away from stocks and bonds, or you're just very busy making a lot of

Jason Yarusi: 00:55:00

active income, we could be a good spot for you to help you with additional cash

Jason Yarusi: 00:55:04

flow or some tax benefits or depreciation.

Jason Yarusi: 00:55:06

We're looking for investors that are like-minded with us, have the same vision.

Jason Yarusi: 00:55:10

We're typically doing investments that are five to seven years.

Jason Yarusi: 00:55:12

These are not quick flips here.

Jason Yarusi: 00:55:14

They have some form of cashflow and some form of profit D ends, and they're

Jason Yarusi: 00:55:18

looking to be able to get their exposure into the commercial real estate space.

Jason Yarusi: 00:55:22

However, they don't have time.

Jason Yarusi: 00:55:24

Nor do they want the to do the work.

Jason Yarusi: 00:55:26

you can come learn about the space.

Jason Yarusi: 00:55:27

We have a ton of stuff on the platform.

Jason Yarusi: 00:55:29

I just talk about to see potentially if this could be a good fit for you.

Jason Yarusi: 00:55:32

This wouldn't be for someone who's, working paycheck to paycheck or just

Jason Yarusi: 00:55:36

that capital needs to be more available.

Jason Yarusi: 00:55:38

These aren't liquid ev investments here, but you're looking to get

Jason Yarusi: 00:55:41

additional value from the money that you're making or putting aside right

Jason Yarusi: 00:55:44

now that's in your investment bucket.

Jason Yarusi: 00:55:47

But we will work with you to make sure that we align right and that

Jason Yarusi: 00:55:50

the goal is identified, right?

Jason Yarusi: 00:55:52

If we're doing at the multifamily development, it's

Jason Yarusi: 00:55:54

not gonna be a cashflow place.

Jason Yarusi: 00:55:55

So if you're looking to get cashflow to cover your expenses,

Jason Yarusi: 00:55:58

we wanna make sure you know that.

Jason Yarusi: 00:55:59

So you can choose to go with into maybe an apartment community that's

Jason Yarusi: 00:56:02

existing with us that's gonna have underlying cashflow from day one, right?

Jason Yarusi: 00:56:06

So we want to help you partition your investments to meet your goals.

Tim Winders: 00:56:11

All right, so that's good.

Tim Winders: 00:56:12

do they go to Yarusi Holdings If they're interested in

Jason Yarusi: 00:56:15

yeah, they'll go to Yarusi Holdings, your CR Investor portal.

Jason Yarusi: 00:56:17

You'll see the projects that we've worked on the past, the projects we

Jason Yarusi: 00:56:20

have now currently under operation there and they're welcome to email.

Jason Yarusi: 00:56:23

Go to us, it's, I'm easy, Jason at University Holdings info and we'll be

Jason Yarusi: 00:56:27

able to get back to you, either myself or my team to talk to you with more.

Tim Winders: 00:56:30

perfect.

Tim Winders: 00:56:31

We'll make sure we include all the links and everything so that people

Tim Winders: 00:56:34

can click through and find you.

Tim Winders: 00:56:35

Hey Jason.

Tim Winders: 00:56:36

Cool conversation.

Tim Winders: 00:56:37

I love, I love talking this stuff.

Tim Winders: 00:56:39

We are seek, go create those three words.

Tim Winders: 00:56:42

I'm gonna give you one of those that you can choose that

Tim Winders: 00:56:44

resonates more than the other two.

Tim Winders: 00:56:47

and tell me why.

Tim Winders: 00:56:47

That's my final question.

Tim Winders: 00:56:48

Seek, go or create.

Jason Yarusi: 00:56:51

Sure.

Jason Yarusi: 00:56:51

you have to seek to go to create, right?

Jason Yarusi: 00:56:52

You have to understand that you don't, you're not where you are to

Jason Yarusi: 00:56:54

get where you want to go, right?

Jason Yarusi: 00:56:56

So you're gonna seek that next stage outside of where you are.

Jason Yarusi: 00:56:58

Cause you, we go all day and many times we're not where we want.

Jason Yarusi: 00:57:01

And we're creating the outcome based on where we're going here.

Jason Yarusi: 00:57:04

That's not solidified because we haven't sought what we want and

Jason Yarusi: 00:57:07

it's not the outcome we want.

Jason Yarusi: 00:57:08

So you have to seek to get to that new level of where you want to go.

Tim Winders: 00:57:12

Very good Jason.

Tim Winders: 00:57:14

Thank you and I appreciate this conversation.

Tim Winders: 00:57:16

Listen, if you've been listening in, one of the things I encourage you to do is

Tim Winders: 00:57:20

jump over to the Multifamily Live podcast.

Tim Winders: 00:57:22

You're, you're probably on a podcast player.

Tim Winders: 00:57:24

You may be on YouTube or a clip here.

Tim Winders: 00:57:26

Jump over to Multifamily Live, subscribe, listen to, you could listen in the course

Tim Winders: 00:57:31

of an hour or two, probably do about seven episodes is what I was able to do.

Tim Winders: 00:57:37

So go check that out and obviously if you're interested in getting some

Tim Winders: 00:57:39

more resources, some training, just to kinda see if this might be something

Tim Winders: 00:57:43

for you, go to, go to the website that was mentioned and obviously if you're

Tim Winders: 00:57:47

interested in some of the investing that they mentioned, check that out.

Tim Winders: 00:57:51

I appreciate Jason.

Tim Winders: 00:57:52

If you know someone that might be interested in this, share this episode.

Tim Winders: 00:57:56

I believe that sharing episodes is the best way that people

Tim Winders: 00:57:59

get exposed to podcasts.

Tim Winders: 00:58:01

So Jason, thank you.

Tim Winders: 00:58:03

I appreciate the conversation.

Tim Winders: 00:58:05

I remind, I wanna remind everyone, we have new episodes every Monday.

Tim Winders: 00:58:08

We're on YouTube and all the podcast players.

Tim Winders: 00:58:10

Until next time, continue being all that you were created to be.