Ep #173 – Jason Yarusi – Owns a 94 Unit Complex and Summer Beach Rentals
Here’s Some of What You Will Learn:
- Jason comes from a heavy construction background where they move and lift houses.
- Smaller rental properties are nice but when looking at economies of scale, multi family is the way to go.
- Why you should look at population growth in the area of properties you are looking to invest in.
- How a diversity of jobs in the area you are interested in is important.
- Different team members needed in order to invest in multifamily.
- How building relationships with property managers can find you deals.
- If you roll CapEx repairs into a loan, they will make sure you are actually going to do the repairs.
- IRR – Internal rate of return – Calculates cash flow, appreciation, principal reduction and tax benefits.
- What to do when you want to buy and hold for a long time but your investors want to cash out in 5-7 years
- Once you make your investors’ money, then they will trust you more and tell their friends to also invest in you.
- If you express your investment plans in the beginning with an investor, then that will clear up confusion.
- How to find motivated sellers through your network.
- How opportunities in a gentrifying neighborhoods are exponential.
- Connect with me on Facebook at Rod Khleif.
- Text Rod to 41411 or visit RodKhleif.com for a FREE copy of my book, “How to Create Lifetime Cash Flow Through Multifamily Properties.”
You can learn more about Jason Yarusi at:
Full Transcript Below:
Ep #173 – Jason Yarusi – Owns a 94 Unit Complex and Summer Beach Rentals
Rod Khleif: Welcome to Lifetime CashFlow Through Real Estate Investing. I’m Rod Khleif, and I’m thrilled you’re here. You guys are gonna get a ton of value out of the really cool guy I’m interviewing today. I’ve been on his podcast; he and his wife’s. I really enjoyed that. I’ll give you that information in just a moment.
His name is Jason Yarusi, and they have a 94-unit that you’ve closed. I know you got a couple of deals under contract that we’re gonna talk about, so welcome to the show, my friend.
Jason Yarusi: Thank you, Rod. Thank you so much for having me, and it was a pleasure to have you on our show. The energy, we loved it.
Rod Khleif: Yeah. It was a lot of fun. I really enjoyed it as well. His podcast is REI Foundation, so if you guys wanna take note of that. It was a lot of fun. Of course, you’ll have to listen to me, which is painful. But other than that, it should be really good.
Rod Khleif: So anyway, Jason, give us your history. Give us your bio… That was a horrible introduction. I didn’t give you any justice, so please embellish.
Jason Yarusi: Thank you. Thank you so much. I’ve come from a construction background; five generations of family construction background. We do heavy construction. We move houses and lift houses.
I’m up in the northeast. I’m in New Jersey. A lot of our work for last five-six years has been, of course, Hurricane Sandy, and before that Hurricane Irene related; where we’re basically taking homes, lifting them to higher elevations so to reduce their flood impact in the future, make them FEMA compliant, and cut down, of course, their flood insurance going forward.
Fast forward to today, we’ve really pushed in to more real estate. Although heavy construction has been good to us, it’s a job. It’s a hard job. It is a heavy lifting job. It’s highly involved, takes a lot of overhead, and a lot of effort. We want to grow a portfolio which is been our goal, so we can create generational wealth, and lifetime value for our family for years to come.
And we’ve course, we started with some flipping, started with wholesaling. We still do a little bit of that today. We’re buying small rental properties and it just really dawned on us that it was working with the smaller properties, a two-unit, three-unit, and it was all well and good but the economies of scale when you look at other properties. As long as you can get over that mind-shift of jumping into a bigger property everything was just in your advantage.
If you have a two-unit, you’re paying through the nose for the property management. If you have one unit vacant, you already got 50% vacancy. If a roof has damage to it, you’re basically taking down your whole building; you’re having to replace a roof. You’re paying way too much for every trade because you can’t actually afford a staff.
Or you jump to a 100-unit building where if you had one vacancy, well you still have 99% occupied. You can afford a full-time staff. You can afford a resident manager and a leasing expert. You can have a maintenance staff. You’re getting all these economies of scale to your advantage.
We got our hands on everything we could; started learning, reading, listening to podcasts like yourself. Anything we could find on multi-family and then just started taking steps with putting people together and people around us that would help us, and just kinda watch what we were doing to help us get to this goal of buying multi-family properties. Our first one, a 94-unit in Kentucky, we just closed on in May.
Rod Khleif: Wow. I didn’t realize that was that recent. That’s fantastic. Let’s dissect that deal if don’t. How’d you find it? What did you pay for it? How did you finance it? Do you mind giving us some detail?
Jason Yarusi: Not at all. Yes. It actually was a full story. We were focused on three markets: Greensboro in North Carolina, and San Antonio in Texas, and Louisville, Kentucky. The reason we were focusing on these markets was pretty much we’re looking at the metrics.
We want to have just population growth. A steady population growth, it didn’t have to be crazy, we were looking for peaks and valleys, two, 3%. Just nothing to look at, just here we go, humdrum.
Also have jobs. Jobs coming in the door but the jobs we had to have a diversity of jobs. We didn’t want any one sector to be making up 20% of the market or not. So really we’re pushing hard in North Carolina and Texas. Trying to go through brokers and just realized that although that was a nice approach… well, who am I?
I’m not getting the deals sent to me that are actually making sense because they’re gonna send them to the guy that have closing and track record. So we started going backwards, and looking at all the other team members that we need to fill out, insurance people, cost segregation people, most importantly, the property managers.
We started making those connections because you look at a property manager, well that’s the guy who’s got his boots on the ground. If they’re anything worth their salt, they know the entire area. They’re also the ones who, if they’re managing a property, and maybe their owner hasn’t raised enough of the capital to be able to do the capex, they’re gonna be the first to know when that owner’s gonna have to sell.
Conversely, they’re gonna be the first to know all the other properties in the area that may have an opportunity to get into that property that maybe they’re not managing. It was a win-win for us to find a property management company in the area that were…
Rod Khleif: Which area?
Jason Yarusi: We’re basically building our team down in all three markets, but we were getting the most traction in Kentucky. So the one we…
Rod Khleif: And where are you based? Forgive me, I forgot.
Jason Yarusi: Sure. New Jersey.
Rod Khleif: New Jersey, so you’re still up in New Jersey. Okay. Got it.
Jason Yarusi: Still up in New Jersey. Yeah.
Rod Khleif: Okay.
Jason Yarusi: That was one of our big things, is that… It just didn’t work for what we were looking for here in New Jersey, and that’s why we went out of state. [overlap talk]
Rod Khleif: Okay. So Louisville, Kentucky, 94-unit, aligned with a property management company. Tells us about the how’d you get the deal. How did you find it?
Jason Yarusi: Sure. Well, they were managing 80 units in the area. There’s about 600 units in this part of the sub-markets, the south central sub-market in Louisville. They knew of this opportunity, where the owner, he had about a thousand units in the area and some of the surrounding cities there in Kentucky. And he’s up in his 90s, his kids were all on their 50s and 60s.
We’re calling them kids but they had no interest. I think two of the three weren’t even living in the state. They just want nothing to do with this portfolio.
For some reason, this was the owner’s largest property, but he thought, to him, that it was just the most trouble. Which is completely… He had a lot of single-family homes and he wanted to keep them.
So we went in there and it had been on the market about a year and a half earlier, in the three million range, and someone came in there and offered it and I guess got them under contract and a month later, re-traded at about half of that. And that basically killed the deal.
So it sat there, went off the market and the property management company said, “This property was looking to sell. Fast forward for about a year and a half, which was about a year ago now, and you should take a look at it. It’s got some great bones. It’s very driven. A lot of people in the neighborhood; it’s got a lot of opportunity for some up side.”
We went in there and made an offer in a low two millions. So right at two million when they were expecting them in the threes. They came back and countered it at I think, 3.3 million. We just said, “Thank you very much. There’s just too much up of a gap”, and we just let it sit dormant.
For the next six months, looked at other properties and just continued to go around the circuit to try and find a deal that worked. We just constantly had this one in the back of our mind.
Went back in there six months later, and we said, “Let’s take another look at this, and we offered them, I believe at the time is about at 2.15 million and all of a sudden, their 3.3 million had come down to 2.6 million. So we knew there were some motivation, and that let us down the line to get to our closing price to right around 2.3 million.
Rod Khleif: Wow. Fantastic. Fantastic. Guys, those of you listening, a lot of times these deals come back around full circle. Now, you actually pursued it but sometimes they’ll just come back on their own. That happens a lot. Because people, they’ll get them under contract and people don’t close, and they’ll come back around to the people that were interested before. But you actually took action and that’s awesome. That’s a great story. So how’s that property performing now?
Jason Yarusi: It’s been great. We had a strategy going in and what this came about is that we had so many different opportunities we could do with this property ‘cause of course, there are 600 units in the area and we’re just making up the 94 of them.
However, we were at 8% vacancy and we were also, give or take, between 75 and $100 under market on the rents. So if you walked to the property right across the street, you were paying $100 more and were only at a 3% vacancy. So we know we had a ton of upside here, and what we had to do is gauge that…
We had a bunch of good tenants in here and just because they were paying less rent doesn’t mean they’re bad tenants. They were paying well, the collections were good, so we put it in a rent raise strategy; where if we had a point where there was, of course, some down units. We were renovating them and taking them to market.
Rod Khleif: Let me stop you there. So did you calculate capex for every unit? Tell me what that was, how much it was per unit? And what you were gonna do for that?
Jason Yarusi: Sure. The nice thing here is the owner who was in his 90s had built three of these buildings. Took really good care of them and so the bones were relatively good.
Rod Khleif: Okay.
Jason Yarusi: There’s five buildings and we put in $3500 per unit going in there. ‘Cause we really were at a point where there is nothing day one that was definitely necessary… We had to do this day one where the building was gonna fall down. There’s nothing immediate we needed…
Rod Khleif: But what about to get the higher rents. I mean…
Jason Yarusi: To get the higher… Sure. Yeah. So to get the higher rent, what we’ve done, a couple of things, of course, landscaping, signage, all the marketing aspect in the front would need a full make over. Repaved the parking lots on the heavy and two of the smaller buildings had boilers. They were running about 60-50% efficiency. Put those on the new side just to help on that.
Rod Khleif: So that was all included in your 3500 per unit? So basically, is what? 300-320 grand or something that you had…
Jason Yarusi: They were taken up…
Rod Khleif: Okay. Right.
Jason Yarusi: Yeah, it’s actually, it’s all for that, all in there. We actually have more room to play ‘cause what we’ve been doing, we also had the Rent Readies in there. We’ve been using a lot of the cash for the push over to be able to do our Rent Readies as they come up right now going to market. And this market doesn’t call for granted it’s not that kind of market so we’re not up point here. We just had to make sure that we’re renovating to the neighborhood and that’s been able to get our point.
Another big bonus for us is, there was a lot of other fees that they weren’t charging, late fees, successfully at this point…
Jason Yarusi: It was a big missing component where a lot of this tenant is maybe a month to month in some of the paychecks, so they’re gonna pay every month but they may not pay in the first, they may not pay in the fifth, cause they’re not getting paid till the seventh. They’re happy to pay that late fee just ‘cause… [overlap talk]
Rod Khleif: Right. And that’s a huge, huge boost to the bottom line, to the NOI.
Jason Yarusi: Correct.
Rod Khleif: So that’s fantastic. Okay. What is running for you in a month?
Jason Yarusi: In terms…?
Rod Khleif: Just in late fees.
Jason Yarusi: Late fees right now, at $25 a door, we’re getting about $1500 a month, give or take.
Rod Khleif: Yeah. See that’s fantastic.
Jason Yarusi: That’s a pretty good thing.
Rod Khleif: Yeah. That’s a nice hit. So what type of financing did you put on it?
Jason Yarusi: We were able to get agency debt ‘cause we… Although at this point we were right above the 90% stable [overlap talk]…
Rod Khleif: Yeah, I was gonna say, that’s technically not stabilized but still you were able to get it. Fantastic.
Jason Yarusi: Yeah. We did a…
Rod Khleif: Freddie Mac or Fannie Mae?
Jason Yarusi: Fannie Mae. It was a 7-6 ARM and what that allows us to do was actually we were allowed to roll some of our capex as well into a loan, which actually, we’re learning that process. We have certain repair markers, six months, 12 months, of course, and immediate repairs that we had to go on the list. We’ve been taking them down. We’re pretty much…
We’re barely six months in, and we’re pretty much through off our six months repairs, off immediates, of course, and some of the renovations that were requested on there…
Rod Khleif: Guys, those of you listening, if you roll capex repairs, into a loan, they’re gonna make sure you actually do the repairs. And so they give you markers. In six months, you have to have these done. In a year you have these done and so you’re well on track then.
Jason Yarusi: Yeah, and then it was a learning experience ‘cause we had of course, they’d given us a list of repairs and they had, maybe they were general, and so we took them. We did them. And then all of a sudden there was a, I guess, in our large packet, we never got the one paper that was the most specific that had more specific line item of this section of sidewalk they want to be patched or just very random repairs.
When they come out for their first inspection, they’re saying, “Well, you missed these repairs.” We were like, “Where’s that list from? We never even seen that list.” And it ended up going…
Rod Khleif: Oh, woops.
Jason Yarusi: So on all fronts, they had not sent us the full list of what they were looking for.
Rod Khleif: And they knew they messed up?
Jason Yarusi: They knew, after the fact, ‘cause we were both, everybody was looking at each other saying, “Where did this list come from?”
Rod Khleif: I really glad you said this ‘cause there is a real subjective nature to this.
Jason Yarusi: Right.
Rod Khleif: It’s unfortunate, but if you get the guy on the wrong day, and the wrong attitude. Or in the right day, it can make a big difference to these types of really subjective requirements that they’ll come up with.
Jason Yarusi: Sure. So one, they basically, if it was our mistake, sure, we were happy to do it. It was, but they said they had no problem but we did still get charged for the inspection, which was the one fortunate part there but c’est la vie.
Rod Khleif: Do you still have to make the repairs or no?
Jason Yarusi: We do.
Rod Khleif: Oh, you still have to make them. Okay.
Jason Yarusi: Yeah.
Rod Khleif: [chuckles]
Jason Yarusi: It wasn’t major stuff and it was nothing critical. It was nothing that was putting people in danger. It was just really…
Rod Khleif: Okay, Okay.
Jason Yarusi: Painting railings, and some other things that were so nominal.
Rod Khleif: Let me ask you this, you went Fannie Mae, how did you overcome the experience piece of the requirements to get to the agency debt? Did you have a sponsor? Did you bring in a KP that owns other units? How’d you handle that?
Jason Yarusi: No. It was actually, my partner, Kevin and I. Kevin’s a friend from high school. He’s got a commercial real estate background and we had done enough projects in some format that we were able to qualify ourselves.
Rod Khleif: No kidding. Fantastic. Good job. Did you syndicate or did you just do it as a partnership?
Jason Yarusi: We did syndicated, and it’s a learning process in all side, ‘cause of course, there’s two different scopes to everything. While the syndication model was just the model we learned from day one, and allowed us to getting this property, allowed us to bring in some great investors. We’re really excited about the project.
A lot of friends and family in, and it’s been great for everyone but with the syndication model, it’s hard to really preach for people that, you know, “Hey, let’s do an investment, albeit we’ll hold forever in this model and our goal is to create generational wealth.”
Rod Khleif: Right.
Jason Yarusi: 5%… [overlap talk]
Rod Khleif: So how did you overcome that because that’s a common issue. Investors wanna get in and out in five to seven years and typically you’re gonna do an offering memorandum to your investors that shows a five or seven year horizon with an internal rate of return that’s gonna reflect all of the benefits to the investor for that period of time.
Those of you listening, there’s cash-on-cash returns, which is how much money you get on your money every year. But then there’s the IRR, the internal rate return, which calculates not just your cash flow but it also calculates your appreciation; what you can ultimately sell it for, your principal reduction and your tax benefits.
All that’s rolled in to the IRR. How did you overcome that? Because I’m the same, I’m of the same mind. I’m about building legacy wealth. I had Albert Berriz in one of my first interviews. I think my first or second interview. The guy’s like a billionaire, 40,000 units. And he’s made a quote that I love. He said, “I’m a real estate buyer not a seller.” I just thought that… I stole that from him. I think that’s the best quote ever.
Back to my question, how do you get around that with your investors?
Jason Yarusi: Well it was a catch 22 was that, so we didn’t have the large track record to be able to push on that. So we had to be able to provide a track record and for this. We made the choice that we’re gonna syndicate in this first deal. We underwrote the deal up to 10 years within point, and then at some point through out, we’re gonna hit some market correction but we have a five to seven years sell point; a sell plan in there.
We did that for our first one and that’s not gonna be our goal for the future but what it did was allow us to get into the deal, really get our feet wet, really get this right and get this right for our investors, so we can have investors coming in the next one for a longer play.
Rod Khleif: Sure. If you make them money, you got them forever.
Jason Yarusi: Correct.
Rod Khleif: And that’s the key. Once they see that you know what you’re doing, and you make money, you have them for life. And then they’ll tell all their friends and it just builds.
Jason Yarusi: One point on that is that separate from that going forward we’ve also re-thought our way that we’re finding investors. ‘Cause before, we’re talking about the investment and the life in the investment, now, we’re talking to investors who have more of a common mind frame of wanting to have this hold forever. They’re more of the belief of this pattern.
Rod Khleif: If you pre-frame the conversation that way, if you say, “This is how we do it. We’re interested in lifetime cash flow”, which just happens to be the title of this podcast…
Rod Khleif: But no, I couldn’t resist… that’s the truth though. You’re interested in legacy wealth. You’re interested in your grandkids, their grandkids, having money coming in from these assets. If you have that frame of mind going in, if you express that, that investment philosophy, people can resonate with that. And you can still have a liquidation event where you refinance in five to seven years, and they get most of their money back. Maybe sometimes all of it, a big chunk of it, and they stay in the deal and have cash flow forever, to me that make sense.
Jason Yarusi: Yeah.
Rod Khleif: Right?
Jason Yarusi: It sure does.
Rod Khleif: Okay.
Jason Yarusi: I think one of the biggest things especially being it be a new person into multi-family or growing into multi-family, is that I’ve had other businesses, I have a restaurant, a brewery, and of course, construction, so all of a sudden now, I’m doing multi-family and it’s almost making people understand it and just understand what you’re doing and they have to get that hurdle first. And then now you’re going into the deal, and that’s the second hurdle.
One of the big things that I tell people today is you have to be raising money from the start, and showing people the deal, even if you don’t have a deal. You have to show them the deal you’re looking for because you don’t have that.
Rod Khleif: Sure.
Jason Yarusi: By the time you get the deal, the clock’s running so quick, and now, you have to get people to understand that, now you know, “John is buying multi-family.” “Well I’ve never seen John buy multi-family before.” And now, they have to understand the deal, and by that point, you’re already through your due diligence and you’re stuck. Now, you’re due to have money in and you’re just on such a crunch.
Rod Khleif: Sure. Sure. Sure. So you’ve got a 47-unit under contract.
Jason Yarusi: Right.
Rod Khleif: I understand that it’s in an area that’s gentrifying which is exciting.
Jason Yarusi: Correct.
Rod Khleif: Talk about that deal. How’d you find it? And give us specifics.
Jason Yarusi: Sure. Of course, networking is key. So the property that we bought, the 94-unit, that was actually the seller’s broker. We had reached out for them after and just saying, “Hey, listen we’re definitely into the market to buy more. We really love the team we have here. We love everything happening.”
A couple of months later, he called us up and said, “I have a 47-unit. Similar kinda dynamics on what you have on your last property.” However, this one was more two-bedrooms, which definitely plays in our favor.
The owner was mom-and-pop owner. He’s had it for about 25 years. He does everything himself. We went out there and saw the property, and the guy’s taking the money, at the same time holding a paintbrush, the phone’s ringing a hundred times and he’s just tired.
This was a good opportunity for him to be able to go off into the sunset. He’s moving down to Florida, where his wife is all the time. I’m sure she’s sick of him coming up here. It was the right moves. It gives us a ton of upsides so the one big thing with us was that; of course, we wanna have a third-party management company be as effective as they possibly can be. With that we wanna have larger unit size.
The big draw here is that we want to stay around 100 units. Right across the parking lot is a 57 units same kinda context where it’s also an owner, he’s owned it about15 years. Owns it with his sister and they’re just not really taking care of it. Same kind of operation as the 47-unit, they’re doing everything themselves, and doing really nothing well.
We’re currently in negotiations still. Hopefully, we’d be able to get that one under contract as well. And now we could partner it with having the one management company run both properties, and almost run it as one property itself.
Rod Khleif: Sure you could. You absolutely could. You could even rebrand it that way if you really wanted to. Now, same management company that’s managing your 94 I assume?
Jason Yarusi: Correct. Yeah. It’s actually a little over one mile away from other property.
Rod Khleif: Perfect.
Jason Yarusi: Yeah, and the management company is south side office is right down the block from this 47-unit and hopefully the 57-unit. Right in line where we wanna be and we love the area.
Rod Khleif: Give me an idea what the numbers are in the 47-unit. What kind of a cash-on-cash are you projecting? What to sort of cap rate? If you have that already.
Jason Yarusi: I don’t have the cash-on-cash in front of me… Right now, we’re gonna be buying it right shy of an eight cap.
Rod Khleif: Okay.
Jason Yarusi: Based on what we have right there. The thing that’s been a big issue with our due diligence is, being mom-and-pop, he has no financials, and he takes a lot of cash. So we’re…
Rod Khleif: You got to back end everything then.
Jason Yarusi: Correct.
Rod Khleif: You’re gonna back end all the expenses and do… You know the property management company should be able to help you with that for sure and your experience already with the 94-unit.
Now, you mentioned that this one has more two bedrooms, does the 94 have a lot of ones or something?
Jason Yarusi: It is.
Rod Khleif: Okay.
Jason Yarusi: A lot of one-bedrooms there which for that area, being just, we’ll say, as heavy driven traffic of an area it is, bodes well for the client base there.
Rod Khleif: Okay.
Jason Yarusi: A lot of factory workers, a lot of people who are working in GE, which is right down the street. There’s a lot of car dealerships there so it’s been very well for that area for the one-bedrooms.
Rod Khleif: Okay. Okay. This area that this 47 units in, it’s tough, right now, but you see like it’s gonna turn? Are you feeling like it’s gonna turn?
Jason Yarusi: It’s actually to the point that the 47-unit and the 57-unit are really the two rougher properties left in the area. You have a lot of other properties…
Rod Khleif: Oh, that’s perfect.
Jason Yarusi: It’s great.
Rod Khleif: That’s perfect. If you could write the script, that would be the script. Okay… Wow.
Jason Yarusi: Correct. And we actually, the one thing that makes us wanna have the 57-unit and not have one without the other is that the 57 seems to be the worst of the two properties. Then of course, the 47’s the second but if we just got the 47 unit we’d be constantly brought down by the operations of the other owner right across the parking lot, even though everything else is getting better around us.
Rod Khleif: Okay. Okay. Well, you guys have heard me say on the show, the opportunities you can get in a gentrify neighborhood, are just exponential. I gave an example, I did some horror stories, I’m doing a live event in January, here in Tampa.
By the way, those of you listening, I’d love to see you there. I’d love to meet you; spend three days with me. It’s gonna be awesome; January 19th, 20th, 21st here in Tampa.
I did a little landlord-tenant horror story example, and one of my examples was this fourplex that I had in an area that was gentrifying in Denver. I bought it for 80 grand and now, each one of those units is probably in the four to 500, 000 range. So it’s a $2 million property now.
Jason Yarusi: Wow.
Rod Khleif: Now, that’s an extreme example but gentrifying neighborhoods are fantastic. By the way, to those of you listening, go to my Facebook page, I’m having a contest for two free tickets to that event. And all you do is give us your best landlord-tenant story and you’re automatically registered to win.
I’m gonna, of course, give it away on… Since it’s horror stories, I’m gonna give the tickets on Halloween. [chuckles]
Jason Yarusi: Oh, that’s great. I love it.
Rod Khleif: Anyway, so sticking you’re sticking with Louisville, which is awesome. How do people get a hold of you?
Jason Yarusi: You can check us out at YarusiHoldings.com.
Rod Khleif: That’s right. Y-A-R-U-S-I-holdings.com. Okay. Awesome.
Jason Yarusi: And you can email me at Jason@YarusiHoldings.com.
Rod Khleif: Okay. Perfect and check out his podcast, guys, he and his wife are just a real treat. I really enjoyed being on their show and it is REI Foundation.com. You just got that going, didn’t you? It hasn’t been going that long.
Jason Yarusi: Yeah, we’re only about six, seven months right now.
Rod Khleif: Okay. Okay. Awesome.
Jason Yarusi: Yeah, it’s the REIFoundationPodcast.com.
Rod Khleif: REI Foundation Podcast. Got it. Let me ask you a couple of more questions.
Jason Yarusi: Sure.
Rod Khleif: What books do you gift to other people the most?
Jason Yarusi: Think and Grow Rich by Napoleon Hill.
Rod Khleif: Oh, love it.
Jason Yarusi: Think that’s one of the starters. If that is… You have to have your mind right for anything ‘cause everything is gonna seem hard to do, but if you set your mind on it’s already done, you’re already there.
Rod Khleif: Tony Robbins asked some guy in the audience once, “Have you read Think and Grow Rich?” And then he said, “How many times?” ‘cause you really should read that book once a year.
Jason Yarusi: Yup.
Rod Khleif: I thought that was awesome.
Jason Yarusi: That’s great.
Rod Khleif: You absolutely should. I’ve given away hundreds of copies of that one. That’s a good one… What drives you brother?
Jason Yarusi: Family. I love…
Rod Khleif: You’ve got two little ones?
Jason Yarusi: Two little ones, a three year old and a one year old.
Rod Khleif: Awesome.
Jason Yarusi: A beautiful wife, and I wanna have more time, and I wanna be able to do everything with my time when I wanna do it with my time. And it doesn’t get… I’m not gonna still work hard… I wanna still work hard but I wanna be able to choose that time.
Rod Khleif: Every person I talked to wants that same thing. They want the freedom. All my coaching clients, they want to develop the cash flow so they can have the freedom to spend time with their families.
Well, listen brother, I really appreciate you being on the show and dissecting those deals with us. We are definitely gonna stay in touch. Say, “Hi” to that beautiful bride of yours.
Jason Yarusi: Thank you, Rod.
Rod Khleif: We’ll talk to you soon my friend.
Jason Yarusi: Thank you so much. Have a great day.
Rod Khleif: Alright, take care, buddy. See you.
Thank you for listening to the Lifetime CashFlow Through Real Estate Investing Podcast. If you’ve enjoyed the show, please subscribe, and then take a moment to visit iTunes and leave a five star rating and review. For more resources to connect with us further, please visit our website at lifetimecashflowpodcast.com. Tune in next week for our next show.