Ep #525 – MFRS – 1000 Doors, baby on the way, and a full time job
Multifamily Warrior Powell Chee has a full time W2 job, a new baby on the way, and has built his multifamily business to 1000 doors. To say he is busy is an understatement but his positive approach to living an extraordinary life is infectious. Here’s some of what we talked about.
- Miracle Morning for 5 years
- The sacrifice of time Defining success
- Building your team
- Finding your partners
- The power of Networking
- Management companies
To find out more about our guest:
Full Transcript Below:
Rod: Welcome back to “Multifamily Rockstars”. Now, this is where we interview people that are freaking crushing it in this business and we show you guys the inside scoop into how multifamily investors create massive success in their businesses and then their lives. As always I’ve got my co-host, the director of our massive action team for our warrior mentorship group, Mark Nagy on the call. What’s going on brother?
Mark: Hey Rod, not too much. Just excited for another fresh face here on a Friday and fresh new information and nuggets.
Rod: That’s it. That’s it. Well listen, this is a real treat for me today. I’m interviewing a friend who has kind of been in our ecosystem almost since the beginning and his name is Powell Chee. He’s a multifamily investor. He’s also just gotten into self storage, just closed on a self storage facility. And we go way back, in fact, I remember meeting Powell at a hotel before my first LA boot camp and he brought a couple of his friends. It was a lot of fun. We had a couple drinks. We started talking about how he could create reach and I suggested a meetup group. Well, Powell takes freaking action and now Powell, I think probably got the largest multifamily meetup organization there is. It’s called “Multifamily Masters”. They’re like 15,000 people in the group. Now, Powell lives in LA but, you know, when he came into the warrior program, he’s a warrior. When he came to the program, he had 40 doors. Now, he’s got over a thousand. And so, I’m really excited to get into this. Pal, welcome brother.
Powell: Hey, I appreciate it. That was like my best intro right there. I should have recorded that and then you use that all the time.
Rod: We’ll give you that recording my friend, I promise. But it’s great to see you my friend and before we say anything else, freaking congratulations! I know you’re pregnant. No you’re not but someone important to you is, like your wife.
Rod: That’s so freaking exciting buddy. I can’t–
Powell: I appreciate that. Thank you. Thank you. It’s been a long time coming.
Powell: We’re definitely very excited to–
Rod: That’s awesome.
Powell: To have our first firstborn, really.
Rod: Oh yeah, of course. And, you know, with the first one, you know, you worry about every little hiccup, and burp, and everything else. And by the second one you’re like, “Oh, don’t worry about it. They’ll stop bleeding in a minute. It’s no big deal.” But anyway–
Powell: My brothers told me–
Rod: Super excited for you my friend. I mean, my daughter just turned 30, so you know, this has been a long time since I first experienced diapers. But anyway, welcome to the show buddy and so let’s get into it. You know, I think the first question I want to ask you which and, you know, my questions I didn’t prepare you for so just do the best you can. But, you know, what is the why that caused you to go from, you know, I mean you still have a full-time job too, don’t you?
Powell: Yeah. I still have my full-time job.
Rod: Yeah. It’s still a full-time job. Now you got a baby coming but you’re up to a thousand doors already. What’s the why that’s gotten you to take massive freaking action, you know, in our program?
Powell: Yeah. You know, truthfully like, the idea of living the extraordinary life is just super exciting to me. You know, like I really look for, you know, just try to drive towards that and I’m a person that drives more towards positive than away from negative, right? So it’s not so much I’m running from something, it’s more that I just think it’s gonna, you know, it’s exciting to think of like, all there is to experience sort of in the world and what you want to do and maybe sometimes you aren’t able to do because money, or time, or things like that. And I just want to be free of sort of those shackles and be able to say, Yeah, you know, if I wanna– my friends are going skiing tomorrow, I want to be able to say, Let’s go! Like, Hey, you know, like we let’s take the family. Let’s go. Let’s meet you there.
Rod: Love it.
Powell: So, that’s really what my why.
Rod: Yeah. So, I’ll ask one more question then we’ll let Mark have a couple here, so.
Rod: You know, as you were building this, what were some sacrifices that you had to endure, you know, or deal with to have the success and how did you deal with them? Talk about sacrifice because, you know, some people think, Oh it’s just easy. You know, it just happens but, you know, it takes work. Was there any sacrifices in this journey so far, last few years?
Powell: Yeah. You know, I would say the biggest sacrifice that I could think of off-hand was time, right? Because like you have to, you know, if you have a full-time job, if you have family, if you have other things like other responsibilities, and you’re trying to now fit in real estate investing, and multifamily investing, and that kind of thing, it does take time so you have to carve out different areas of your life to say, you know, either the mornings, or the nights, or whatever, your lunch breaks, and you have to dedicate those particular times consistently to do that. And so, you know, before getting into multifamily, I was like, you know, I started waking up early but I wasn’t doing anything waking up early. I would just wake up and check my phone and things like that, right? And 45 minutes go by, I’m checking my phone I’m like, why am I even waking up early? Just to look at my phone? That doesn’t make any sense. But, you know, just like quickly–
Rod: Wait a minute. Wait a minute. Wait a minute. I’m sorry to interrupt. I forgot who you were for a minute, okay? Tell– I don’t know if your record still holds. But you know I’ve had Hal Elrod on the show and I used to talk about you as a poster child for his, you know, miracle morning.
Powell: Yeah. Miracle morning.
Rod: Yeah. Please, are you still doing that?
Powell: Yes, I’m still doing it. So still, I’ve never missed one day of it so–
Rod: And how long?
Powell: Let’s see. It will be five years in March.
Powell: Five years in March.
Rod: Wow! Could you describe for my listeners what it is and I’ve had hell on the show but if you if they hadn’t heard that episode, could you talk about what the miracle warning is and then I’ll quit monopolizing the conversation, Mark.
Powell: Yeah. No, sure sure. So it, I mean, I think it’s a great structure for you for when you’re waking up early and what to do, right?
Powell: So it’s the idea of it has an acronym called “SAVERS”, right. Silence, Affirmations, Visualizations, Exercise, Reading and Scribing or Journaling, right? And so, you just take a five-ten minute block of each of those and do each of those exercises because, you know, if you study the people that are very successful throughout, you know, throughout our whole time, you’ll find that they’ve either done one or multiple of those consistently, right? Whether it’s writing, or describing, or visualizing so the idea is to do them all because you might not know which one you’re good at and which one that sort of resonates with you, which one you’re, you know, is gonna help you. So I know, for me, I don’t do them all like exactly how the book says anymore. It’s kind of like now I’ve tailored them to what I do but, yeah. I mean, I still do consistently every day.
Rod: That’s fantastic.
Powell: And even on days where you miss because the early flight or, you know, take red eyes and things like that. It’s like, I still do them sometime in the day. So, I’ll do part of it on the flight and part of when I get to the hotel and part of it, you know, at lunch time or something I’ll figure out a way to get them all done.
Rod: Now that’s freaking dedication, okay? That is freaking dedication. Five years of that. That’s fantastic, buddy. I’d forgotten until you started talking about the morning I’m like, wait a minute! No, that’s awesome. Mark, please fire away brother.
Mark: Yeah. Well let’s talk about your vision. Obviously going from 40 to a thousand plus doors, that’s a big jump. Getting into this, how did you define success when you were first getting started and how do you define success right now, currently?
Powell: Yeah. You know, I think that it’s been pretty much the same in terms of what you think of success. It’s to me, it’s the idea of formulating your goals, getting clear on your goals, and then working towards achieving them, right? So those goals can change but the idea is to consistently grow or consistently improve. And I kind of liken it to sports because my previous world was all in athletics. And so, it’s really like to be a good athlete and get a good player, is you need to improve every day. You need to try to get better every single practice. So, it’s very similar. You need to get better every day. You need to take steps towards your goals every single day and your goals might change. And so, success the idea of what is success may change, but to me it’s really like just being on that path of, okay, there is a goal ahead of me and I want to move towards it every day. And I’m not gonna get there right away, right? That goal is pretty lofty or it’s gonna take a year or longer or whatever it is to get to your particular goals but you just want to take those small incremental steps and eventually you start to feel like they’re coming to fruition.
Rod: Nice. Let me interject a question here. Just because you’ve been so good at this, talk for a minute about putting together a team. Because, you know, you put together a Rockstar team for your meetup, for your acquisitions, talk about team for a little bit.
Powell: Sure. And to me like, especially in multifamily, and a lot of what, you know, we talk about Rod, you know, when you’re, you know, in discussions with you and all through your program you talk about really, in multifamily, it is a team sport, right? It is something that is not like single-family where you can do it on your own or small multifamily, you can do it on your own the whole time. In multifamily and larger multifamily, you start to get into 100 unit plus properties, you’re having to do so many different types of activities. And rarely is somebody good at all of them, right? I mean, me included. I’m not good at all of them, right?
Powell: And so, you figure out from doing them what you are good at and what value you can bring to that particular team. And then, and that’s what in terms of like the value you can bring to the team, right? And so, I think that helps a lot of people just figuring out what it is specifically they can bring to the team and what they’re weak at, right? So understand your strengths and weaknesses. But also, when it comes to building a team, truthfully, I think you have to really– you have to really form that relationship with them previously. And then like, you know, always like finding out from them if they’re on the same path as you are, right? And that can be, you know, it’s not always the easiest to do but you have to figure out like, ask some hard questions with people and figure out, “Hey, if this happens, how would you handle it?” Right? So, you have to ask those questions of like, how would you handle this particular situation that has no win or lose. I mean, there’s it’s or it’s just bad-bad all around. How do you– you know, like for example, the property goes, you know, something goes bad with the property, how do you handle this with your investors? You know, ask somebody how would they handle it. And you want to figure out if you’re on the same path of what they would do and because if you’re not on the same path, in general, you know, you could see that relationship started to deteriorate pretty quickly after that, right? So that’s a really important thing is that doing the upfront sort of almost due diligence on figuring out who your partners will be, right?
Rod: Yeah. Now, that’s so important. In fact, I’ve got a book on the topic and for the life of me can’t think of the text to text right now so I’m not going to say it. But, I’ll try to interject it in the intro for this episode if I remember. If not, you can DM me for it but I’ve got a list of those important questions that you should ask a partner and you just gave us another good one. It’s, you know, to talk about particularly– I don’t have that in there to talk about specific scenarios and how they might handle it and see if you’re aligned that way but it’s got about 50 questions because, you know, like a marriage, a partnership’s easy to get into and not always are easy to get out of. And so, you need to ask the hard questions up front. It’s critical. And so, again, DM me on Facebook and I’ll get it to you or Instagram or whatever and I’ll get it to you because I just can’t think of how I can send it off the top of my head. But anyway, go ahead Mark.
Mark: Yeah. Well, I was gonna say Rod, you always talk about stress testing a deal to make sure it’s gonna be a good deal. Sounds like Powell is talking about stress testing your partners in your team.
Rod: Yeah. Oh, that’s a great analogy.
Rod: That’s a great analogy. That’s exactly right. I like that a lot dude. Yeah.
Powell: Yeah. I mean, truthfully, I told that there are certain questions that you can get specific questions but like you want to ask them whether you’re a General Partner going into another General Partner relationship with somebody in a syndication, you know. You’re talking to the sponsorship team. There’s certain questions that you want to ask that are, you know, they’re not the easy questions but you want to ask them up front. I mean, it’s the time to ask is when you’re starting to put together those particular teams.
Rod: Right. I’m texting somebody on my team to see if I can get that so I can share it with you guys. Anyway, yeah go ahead Mark. Ask your next question.
Mark: Yeah. Well, let’s go a little bit deeper on that because I actually wanted to ask you about that. What do you think are the best sorts of people that you should align yourself with in this business to be successful? Whether it’s a skill set, a trait, a personality type that you’re looking for, how would you describe those people that you want to align with?
Powell: Yeah. I would say that, you know, initially– I guess it’s kind of hard. For me, it’s initially, it starts off as maybe a friendship for me. So, like an acquaintance type of friendship, right? This is how it’s worked for me. I’m not saying this is how it should work for everybody. But for me, it’s like an acquaintance relationship, and then it turns into a friendship, and then it starts to turn into in a way a little bit of a working partnership. So not necessarily like, “Hey, we’re gonna partner, and we’re gonna form a company, and we’re gonna do all this, and we’re gonna figure out the splits yet.” More I need to find out how quickly do you respond to me or how quickly do you take action when I ask you to do something? That’s not maybe not the easiest for you to do, right? So I say, you know, I want you to call that broker and make sure you get an appointment to see that property and go visit it or whatever. Something like that where it takes a little effort to do that, right? And you want to find out how fast and how eager is that person gonna get that accomplished. And how well, are they gonna do with that and how good are they at maybe coaching or giving you some insight that you might not have known, right? And as the better that you I guess align with that person, you will find that you like the speed that they do it at, you like that they’re giving you insight that, you know, that you would not have known. They’re helping you grow. You’re helping them grow that you just kind of vibe together really well and the more that you do that, and the faster that you do that, the more that you can finally think this is probably gonna be a relationship that we can sort of take as and formalize, right? And so, that’s the way it’s worked for me. In my business partners and my teams is that, we start off with sort of smaller tasks of doing to making sure we do something and how does that work with– how are we working with each other because there are times where there are people that I like that I think are great people, and we’ve done this a little back and forth, and we’re not on the same pace, and we’re not aligning, right? And I’ve known that even though I have gone into more of a formalized relationship with them, it’s not really the best. I mean, they’re good people, you know, it’s not a bad relationship but it’s just not, you know, you’re just not vibing.
Rod: It’s not long term, you know, it’s not gonna work long term. No, I get it. Okay, she texted me back and, you know, here’s the book by the way it’s called “Questions To Ask When Forming A Partnership”. And it’s got– I don’t know, probably, over 50. But you text the word “PARTNERSHIP” duh? Text the word “PARTNERSHIP” to “72345” and we’ll get that to you guys, okay? and it’s so critical because I’ve had partnerships have been great and partnerships that have failed because I didn’t ask those hard questions up front. And you just added some great advice there buddy where you kind of see how responsive they are. That’s huge. And you’ve given me some ideas to add to this thing so thank you for that. So, you know, I mean, you joined the warrior program, what like, has it been three years? Two and a half years?
Powell: I think it was around the middle of 2017.
Rod: So, yeah. So almost four years, holy cow. So three and a half years.
Powell: It was very different back then, you know.
Powell: It’s all smaller but we didn’t have everything that you’ve grown it into now.
Rod: Oh, yeah.
Powell: You’ve grown it into significantly bigger than–
Rod: Right. Well, bigger and a whole lot better too. I mean, we do so much more now. I mean, literally it’s almost monthly we’re adding new stuff. It’s been a lot of fun. But now, did we meet via the podcast or did we first meet at that LA boot camp? I don’t recall.
Powell: So, we met on just a phone call. I think it was just like, hey, you know, text me if you’re interested in, you know, like a small group coaching kind of program, right?
Rod: That’s right.
Powell: And so–
Rod: It was just group …
Powell: Yeah. It was just like that and then I think your– Yeah. Just grew from there. It was all just online. Virtual, you know, just meeting people virtually and just talking there and then eventually you started having your live events and that’s when we started actually meeting in person–
Powell: From the library.
Rod: And you came to a bunch of them. I know and you know–
Powell: I’ve been to everyone, you know that?
Rod: Have you really? Holy cow!
Powell: I’m one of the people that’s been to every single one.
Rod: No kidding, wow!
Powell: The power of networking, right? You know.
Rod: That’s it guys. Guys, that’s a clue. Okay? You know, because he knows the power of networking and he’s done it. Yeah. I hope we can go live this year. I think we can towards the end of the year. You know, I’m trying to push to have our mastermind here in April but I don’t know if you got a text for that. I’ve got to make a decision on that pretty soon because with the hotel but I don’t know if they’re gonna have the vaccine out quick enough. But anyway, Mark go ahead and fire away with some more questions.
Mark: Yeah. I’d love to hear about, you know, one of your favorite failures.
Rod: Go negative.
Mark: Here’s how you set up for your future success?
Powell: Yeah. No, that’s good. That’s good. That’s a good question. And truthfully, so my biggest failure it probably still happened on my very first one that I bought. So, I bought a 40 unit apartment building, January 2017. So it was maybe six months or so before I joined the warrior program, right? And that was part of the reason why I joined the warrior program was there were certain things that I, Okay, I have a property but like now I need to know how to run it, and I need to know from other people, and I need to like, you know, form some relationships with other people doing it. I can’t just list the podcast all day and then expect to know how to run a property, right? So that was my impetus of starting getting into the warrior program but, that property, the biggest mistake that I did and it’s kind of still kind of haunted me is, is that I didn’t fire the property manager fast enough. I just really kind of held on to them on a long time, way too long. I mean, I still own the property and it’s still having these issues that I need to clean up and–
Rod: You still have the same property manager?
Rod: Oh, okay.
Powell: I do not.
Powell: I went through in 2020, I went through four property managers at that time. So, and I’m on my fourth right now and hopefully it’s, you know, more permanent but it’s hard to go through all of that during Covid, right? Like you’re going through basically four different property managers older and Covid, right?
Rod: Why do you think that happened? Why do you think that happened because that is unusual to have that many over a period of time. Is it the asset? The asset needs too much work? It’s overwhelming? It’s too rough? What is it? What do you think it is?
Powell: Sure. It’s part of that. So, part of it was– Okay, so part of it, first of all, that I just felt like right at the start of Covid, I basically terminated my property manager. That I said, I should have terminated them a long time ago.
Rod: Oh, okay. That was the one you held on to. You’re a nice guy so I know that that’s not an easy thing for you to do is let somebody go.
Powell: Let them go. Yeah. So that took way too long so that was the big mistake. The second property manager, truthfully what happened is, it is a rough property and it does take– it does require a lot of attention. And being that it’s a 40 unit, I don’t really have a space to have on-site person, right? So then, now it’s like, how are you gonna be on, you know, be president but not have somebody on site, you know, that all of that and being a sort of a rough property, you know, lens to like. Just a hard property to manage, right? But the second property manager just, they weren’t able to– I had my own maintenance manager and they said at first, “Yes, you can use your own maintenance person,” But two months into it they said, “Pal, we can’t make any money off of what’s going on here.” So, we’re gonna have to end this relationship because I wasn’t gonna fire my maintenance guy. And so, they ended up leaving. And then the third one was, I think it just became– it was a little bit bigger of a property than they were used to so they were, you know, they were more single-family.
Powell: We’re really ready.
Rod: Yeah. You know, in my head I was thinking on site and I didn’t realize you’re talking about property management companies. And guys, this is why, you know, unless you live in the area, I don’t suggest you buy assets that size out of state, okay? Because of the problems especially if they’re C or C minus properties because of the problems Powell’s outlining. Because to have, you know, if you have a property that’s got 70 units or more, you can have an on-site manager, you can have an on-site maintenance staff. But, you know, if you’re dealing with a management company to manage an asset that’s less than that, first of all, you’re gonna pay a much higher management fee because you can’t– you know, they have to do the leasing from their office. They have to coordinate the maintenance from their office. They have to line all that out and I will tell you, as an aside, you want to be very, very careful on the maintenance because like Powell discovered, he’s got his own maintenance staff there now because, you know, maintenance is a real profit center for a management company. You know, they’ll hire some kid at $20 an hour and build them out at 100. So you want to be really careful about that piece. And so, yeah, and now I’m sure you don’t buy anything that small and the rest of your assets were larger than that for the most part I think, right?
Powell: Yeah. All the rest of them are over 100 so.
Rod: Yeah, right. So, you know, that was the memo is that smaller asset because and it’s a hassle because, you know, it’s one of many for a property management company. And the other hurdle is, you know, management companies can only handle one specific type of asset. If it’s a, for example, if they’re used to doing houses and duplexes, they’re going to fail on a 40 unit. If they’re used to doing 100 unit properties, they’re going to fail on a 40 unit. If they’re used to doing A and B assets, they’re gonna fail on a C or D asset. So, you know, all of that’s really important guys. Anyway, I’ll get off my soapbox but that’s– I’m really glad you brought that up because that’s really educational for the listeners here.
Rod: Sorry to have that pain for you man.
Powell: And I’m still going through it. And truthfully like, I don’t necessarily recommend or don’t recommend that people do it. Do what I’m doing. It’s more like– but, you know, it is tough. It is certainly a learning experience that you’re learning a ton of at the time so. But, yeah.
Powell: I mean–
Rod: What city is that one in again? For I refresh my memory.
Rod: Indianapolis. Now, do you have other assets there now? Is that how you were able to have a maintenance person or is that you’re borrowing somebody else’s?
Powell: I kind of, I just got a recommendation from this maintenance guy and he’s been, you know, he’s been really good to the property.
Rod: Got you.
Powell: Pretty lucky. Got scale, really.
Rod: Yeah. That’s huge.
Powell: I’m just lucky, right?
Rod: That’s huge especially in a tougher asset like that. Okay.
Mark: Well, knowing what you know now, if another hot 40 unit came across your desk tomorrow, you think you’re going to pursue it and take it or are you going more for the 100 plus bigger ones because of what you learned from that?
Powell: Yeah. So, I’m probably not going to do that. It’s one of these ones that I would probably work with a team member to, you know, I might partner with somebody who really wanted to do that but I would not myself do that one anymore.
Rod: My suggestion would be, don’t do it unless it’s in your backyard. So you can keep eyes on it but even with a 40 unit, you’ve got to give somebody in the complex some money off rent so they can be the eyes on the property. Maybe even show units and stuff like that. And, you know, I like– one of the things I teach in my courses is, if you can find an old retired couple and give them free rent. And where the old guy’s a handyman, he’s come from the trades of some sort and he can fix anything, you know, as long as not too big. And the woman is that woman that’s in everybody’s business that’s always looking out the window with her binoculars, you know. When you find that situation, you’re golden. Because they can handle, you know, I’ve had that on smaller assets that I’ve owned here in Florida and in Denver. But, anyway.
Powell: I would tell you Mark, just really quickly.
Powell: Just to answer your question too is like, I would treat this way as a stepping stone for people. Like it’s, in my head I thought I was gonna own this maybe forever, right? Hey, I’m gonna own this 40 unit forever and that. But truthfully, I think when you go into it, you got to think like, I’m going to probably try to sell this property in five years or something. I’m gonna get in it, I’m going to learn a lot, I might make, you know, not as much as you’re projecting to make because you’re gonna learn a bunch of things but it’s gonna be a good stepping stone to say like, now I can get into something that maybe a hundred units, right? Now I understand. Taking the jump from zero to 100 is pretty tough.
Rod: I’m really glad you said that, pal. I’m really glad you said that because I was kind of alluding to that and I’m glad you clarified that because everybody does these stepping stones. They start with a duplex, then they do a 10 unit, then they do a 40, and then they, you know, whatever and they go larger. And so, I’m glad you clarified that. I appreciate that. So, what– let me ask you this, what words of wisdom would you share with listeners that haven’t taken action yet, maybe they’ve done some single-family, they have not done multifamily, they’re a little afraid of it, you know, what advice would you give them towards taking action?
Powell: Yeah. I mean, besides go do it, you know, give a kick in the butt. You got to go do it. You know what I mean? That’s the simple answer is, you’ve got to do it, right? You know, you can’t sit on the sidelines the whole time. You sit on the sidelines the whole time you’re never going to get any. It’s like reading a book on how to swim or something, right? You can’t read a book, and forums, and podcasts on how to swim. It’s like, you got to get in the pool, right? You got to get in the pool sometimes. So, you know, there’s taking action. Obviously, no one take stupid action but you do got to take some action. I think partnering can be a really good way of taking that action, right? You can partner with somebody who’s a little bit more experienced with you than you or you could partner with people who are experienced probably the same as you and, you know, consolidate your skills, your cash, you know, your learning, and your responsibilities, and kind of move in that direction with partnering. I think that’s probably a great way to go because it’s also scalable in terms of like, if you decide to get larger properties or more properties because at a certain point you do this all by yourself. You buy your 20 unit, 40 unit, whatever it is, eventually you run out of money no matter how much money you have, right? So, you know, it’s not scalable at a certain point, right?
Rod: Yep, no. And I mean– Sorry, sorry Mark. Let me interject something.
Rod: I mean, you subscribed to that and we actually partnered with you on an asset in Dallas. And I remember and a really nice asset. Yeah. And so, you know, I know that–
Powell: It was fun. We did a due diligence. We went out there together.
Powell: You know, we went around the different properties and looked at other properties.
Rod: And we had a lot of fun with it. It’s one of my favorite things in the world to do. By the way guys, you know, if you have an interest in the warrior program text the word “crush” to “72345” and you can apply for it. You know, that’s how you apply and, you know, we– you know, you check us out and we check you out, you know, to see if it’s a fit both ways. But again, that’s “crush” to “72345”. That’s a new number. We’ve gotten a new number for that. But anyway, we’d like to chat with you.
Powell: I’ll tell, just really a quick story about that property Rod, too.
Powell: I don’t know if you remember this but we’re out there doing due diligence on the actual property, right? Remember we’re like, we got to clean this up a little bit. This residents aren’t taking, you know, that good care of it. And then, there’s four of us, right? And when we’re walking around, we realize that we’re like, Man, there is a lot of dog crap all over the place and I was the only one that didn’t step in dog crap that day. It’s like you–
Rod: Really? I do not remember that.
Powell: Yeah. You guys all stepped in dog crap that day, each one of you, one day at one point that day. It’s like, Oh man, look at ah, scraping–
Rod: That’s funny. That’s funny. Well, I don’t remember what I had for breakfast so it’s not surprising that I forgot that but that’s funny. Yeah. I know that’s a beautiful asset and we’ve just bought two more within five minutes of it. We just raised $13 million on a 270 unit asset that we love here a week and a half ago. So, we definitely love that market and that asset area has been 100 occupied since day one. I mean, it’s just killing it. So we’re really blessed we’ve got a great team there so that’s why we’re excited to get more assets over there. Yeah. So, go ahead Mark.
Mark: Just to summarize really quickly before we end this out and Powell you tell me if I’m wrong, but from what I’ve gathered from everything that you’ve said today, this business really starts and ends with people, networking, and partnerships, right? Whether you’re raising $13 million and you’re doing a 270 unit like Rod just mentioned or like what you just said you’re brand new into the business and you want to partner with somebody else to get into your first deal, you know, if there’s something to take away from this podcast it’s people, people, people, people, people, right? And Powell, you tell me if I’m wrong but that was my big takeaway from today here.
Powell: Absolutely. I mean, honestly, you know, it’s really why one of the main reasons why I joined the warrior program, right? Is like I said, I had already bought a property, right? I already got to the point where I could buy a property but now I need to know from people who also, other people who have properties like, how are they handling this situation? Because it’s, you know, it’s not always something that you can read in a book, right? And so, you asking other people how would they handle this and then asking other people. So, I was asking Rod, “Hey Rod, specifically on this, on my property, what would you do if you were in my situation, right? So those– that was a major reason why I joined the program was other, you know, my network and just the people there that I thought could help me out and hopefully I could help out other people as well.
Rod: And you have, buddy. You’ve inspired other people. You’ve, you know, you’ve helped lots of people so.
Powell: I appreciate that.
Rod: I’m grateful to have you in my ecosystem brother. And yeah, you’ve done some amazing things. Well listen, I really appreciate you being on the show Powell and if you guys want to connect with him, he’s on LinkedIn, “Powell Chee” and he just done some amazing stuff and we’re grateful for you. And yeah, so exciting to see what this year brings. I know you’re gonna rock knock it out of the park. I know you’ve shifted and you’re doing some self storage as well so it’ll be fun to hear how that goes. I know you just closed on that but and the baby of course. So, do you know what it is yet?
Powell: Yeah. I do.
Rod: Oh, it is–
Powell: A little boy.
Rod: Little boy. Oh, congratulations man. That’s so freaking cool. That’s so cool. Well, please give her my regards as well and thanks for being on the show and Mark, good to see you buddy. All right, we’ll see you guys.
Powell: I appreciate it. Thanks, Rod. Thanks, Mark.
Rod: Thank you buddy. Thanks. Take care.