Ep #246 – Bryan Chavis – Buy It, Rent It, Profit

Here is some of what you will learn:

Keys to being a successful asset manager
The importance of understanding your target demographic
How to leverage lower CAP properties
Understanding IRR (Internal Rate of Return)
WHat value add amenities are easy to add to a property
The difference between being rich and being wealthy
Understanding hard systems and soft systems
Discover the ‘Uber’ of property maintenance apps
The value of defining moments
How to weather the storms
Getting back 10x
How to set proper expectations
Roadblocks to avoid
Why the demographics should be your main focus
One characteristic every leader should embody

To learn more about our guest, please click here 

Join us at a Multifamily Bootcamp, visit: MultifamilyBootcamp.com

Full Transcript Below:

Bryan Chavis – Buy It, Rent It, Profit (Ep #246)

Rod: Welcome to another edition of “How to Build Lifetime Cash Flow through Real Estate Investing”. I’m Rod Khleif and I’m thrilled you’re here. Today we’re gonna interview an author and a small time family syndicator that lives just up the road from me here in the hills broken alleys county area which is chump the St. Pete, his name is Bryan Chavis and Bryan is the co-finder of Chavis Realty Group and he wrote a book called “Buy it, Rent it, Profit” and is got a unique distinction of being in the US library Congress which is kind a cool very unusual, Bryan welcome to the show, brother.

Bryan: Thank you, thanks for having me, pretty sure

Rod: Absolutely, so, you know let’s do what we usually do which is kind of have you talk about, I’m sure you can do much better job of introducing yourself than I did, but, more importantly talk about how you got in to this business and why you love real state. You know how you started maybe how you got to where you are now.

Bryan: Yeah, I got into this business, really, my first job was playing basketball so, and again this business after back career ended I got leasing apartments was probably one of the easiest jobs and it considering my vehicle wasn’t workin’ and Volkswagen genre I use to have jump started to get it going so, was not the most reliable vehicle so someone I don’t know high can cross this leasing apartment but you know in the ads I believe back nowadays and raise up the ads and then the newspaper they had say “hey, you know live where you work, its obnoxiously we haven’t meet a car little where you work make sense so that kind I got the real estate business and a we’re gonna way out from leasing into men’s rent the acquisition specialist and just we kind fell in love with, look the process we really have real motivations to one day you know have the kind of money and a lifestyle that the owners have work for cause it’s unfortunate to work for private owners in the beginning and now it’s unfortunate to work for often his teach to minor investor like your cambeged, post properties etc. you know as I stayed in the industry so I got to see the best of both worlds but ideally I got to see you know really can understand the real state and how wealth is really being generated to this family, properties and how important it roll property measure place, so, that’s really why I long got started to have you know so.

Rod: Was it all, was it same area that you’re in now.

Bryan: Yeah I was in there, yeah I was in the Bay Area absolutely.

Rod: Okay, and, so you started this leasing, you moved in to management and you said that you were in-charge, you were involve in acquisition talk about the role that you played in the acquisition you know departments for either the private or the more institutional investors, what starts to think that what are you doing?

Bryan: More like asset management

Rod: Oh okay

Bryan: So strategically Daniel got out the actual day to day property management but was, you know, strategically setting market MES in it pairing future values and being out of anticipate future values but of course base on how about you understand as an operator. Monday to Friday you take that same knowledge as an asset manager. I like the proper measures really focus on the overall pros of the asset looking at values based on cash flows and you know so it’s up its a different process your setting budgets and you also make sure that everyone’s hitting their boles are construction, but back then its more about , we called value add place and if I am low income neighborhoods and increasing the bad news and you maybe taking the C, C plus asset and try to B plus asset. The asset measure at that time was a lot than you juggle a lot of balls so one day your proper manager, next day you’re financial analyst next day your construction form so I really doing it all.

Rod: Wow that is quite a bit. What an incredible experience though, you know,

Bryan: Yeah it was, I didn’t think about the time,

Rod: Right yeah, it’s a bit overwhelming at the time

Bryan: yeah, I said that was give rock, you know, like I’d be paid more. I knew I wouldn’t go to school and get this education to get me this position that I mess up.

Rod: That’s great, you know we’re met, you know, asset management component, you know people thinking you can just hire a third party property manager and you know there’s said done and know absolutely not the case you get to manage the managers and certainly if you do a reposition of any sort which you know most people try to do something to add some value you know and, you know, you have to manage that process you have to manage that renovation process just to make sure that you know that things were sequenced properly, for example, you know if your like doing kitchens one of my properties right now you know you have to make sure that the cabinets keep painted before the counter top goes on and the floor goes in last and all this things that you don’t think about and manage process and so were doing all that backend. Ok, and of course an asset manager like you said had pay attention to the market rents and study the competition make sure that you know that you got a competitive product and you’re not overprice or underprice so it’s a continual process of evaluating the market place and then of course you manage and of course your reviewing like you said budgets and I just wanna draw down a little bit asset manager cause we really haven’t talk much about the show some given a little more energy than I might normallybut at this topic is important you know when you guys buy a property your gonna manage the asset if you got a third party property manager or describing him, so, you’re gonna get a reports from management company that needed to be studied you’re gonna get of course PNL’s and budgets and rent roll, they can see reports and lease expiration reports and all this things that need to be reviewed and studied for anomalies and issues before they become big issues. What else I might forgetting anything for asset management Bryan? I mean you managing the manager you’re studying the financials, you’re staying at top of the market and you’re managing any renovations repositions let me guess probably bout that’s probably about it, that’s a lot.

Bryan: Yeah, but to say that, that sounds extra mile for me.

Rod: Right

Bryan: Also making it sure that your, you know I think of both of one of the main factors is understanding the demographic, the idea is understanding who your prospect tender is, never lost sight, because you can, you know, you could begin to get a little crazy when it comes over rehabbing or over, you know, you want to start as far as amenities are concern and what amenities are adding in, people get carried away so specially when we have group of owners and there’s no, you have a few managing members where individuals have lots to say so, someone has to be involve really know, you know, both the asset management and property management really understand who that prospect demographic is. IRE that prospective it is because you could also over improve

Rod: Sure

Bryan: like you want to make sure you’re not often proving, and, we can’t, I cannot put a, I whether, we have a kitchen and if I didn’t think that I can raise rents to be able to pay full the cost to those kitchens, and new lower price to sold, and the end of the day in a, if I’m rehabbing the unit and let just say there we have cost to two thousand dollars and we have to figured out what to payback period is on that. And it happen realistic idea who your targeted demographic or you targeted prospect team is and go LQ in understanding out quickly and how efficiently am going to receive that payback so,

Rod: Yeah, you know that’s really glad you said that, it’s funny I just had a call with the, my partners on this on idea were doing up on Dayton today this morning, and that was one the conversation, how far do we go with this kitchen remodel, you know, with, it’s an A asset were gonna putting countertops but you know were debating painting the cabineture but its oak now or painting it white so it’s not dated looking in and you know and it is important, its critical to know what that demographic wants on that market place. Do they want stainless appliance package or do they prefer black, you know do they like plank form or do they like carpet living room you know because again then you can go to foreign. So these units happen at fire places and were debating what to do with that walls those kind of things as a relates to the demographic are critical because like you said it’s so easy to over spend and not had a return on investment. That’s a very common mistake that owners make, is managing process, this is good since we have don’t talk about before the show so definitely adding value. So talk about, you know, I know that you just said syndication in Saint Pete which is an area I’ve absolutely love. Downtown Saint Petersburg, guys if you ever come visit he’s got an energy, he’s got restaurants, shops and its right on the base it’s just a fantastic environment now in fact, Tiffy and I almost moved there before we bought our compound here in Sarasota and it’s a really happenin town right now and so, you know, obviously that correlates to more expensive properties but you found a twenty-two unit and you closed that last year can you talk about that property.

Bryan: Yeah, in the last year Park Blaset twenty-two units. I’d like think of it as workforce project, and, add a work for start product in that downtown St. Pete as you know your thing that’s coming out the ground right now that’s class A.

Rod: Right

Bryan: There’s not a lot of real class B property in the area, so, you know, for me I’d take it was a value add play that people, you know, really did understand were had met they’d think that we can get value add pay at St. Pete. If you look that rent schedule when I got the knock turbo where at about the average about 820, you know we are more ready to pushin its thirty-nine, fifty-nine, seventy-five right now. So there still value add there you know, so, you know but the thing is most people scared getting those marks right, you know bit people scared on those lower caps.

Rod: Right

Bryan: Or for me I was so that if I get my investors you know a steady return and the efficient return you looking considering the IRR, you’d more so talking about the efficiency for what its best for getting their return, so you can always

Rod: What you mean by efficiency, what just I’m clearing what just mean to you?

Bryan: Well it is, so let’s, so if you get half two returns let’s just put in a hundred thousand dollars and you get two properties and both properties will turned to X

Rod: Right

Bryan: Than Your usual Investment, you would take both properties are comparable what do you say all the others properties if I told you about property A gets your money back in one year and property B gets your money back in twenty years they’re no longer comparable.

Rod: So efficiency means this speed of the return got it.

Bryan: Right, that’s with the IRR, Internal Rate of Return is going to calculate the efficiency towards one investment back, so you know when you look at the efficiency when you looking at a bigger picture you know you have to look out bigger picture then just cap rates or caps been lower, I don’t mind lower cap rate cause I know there’s value there, absolutely the higher the cap rate more risk to invest, so that’s why you’ll find people said well I’m fine with fifty unit with a lot of cap of course you did as long you can lower the hood.

Rod: Right

Bryan: Or you should give a 13 cause will have a lot more risk because you see all paper there is not being the proper manager is going to receive. You’re gonna have a lot more turnover so I can change the rent yours are gonna come back to you.

Rod: Trash

Bryan: Trash, so at the end of the day yeah you shouldn’t be in the thirteen causes a lot more risk. All downtown in St. Pete for all the various reasons you just explained, so of course I in fact during that I’m gonna get much lower Cap rate

Rod: Cap rate

Bryan: Cap rate, I don’t mind then, because the efficiency from which I get my money from the a lot better than much more…

Rod: Did you have to do some renovations, did you do different work to talk about that?

Bryan: I, yeah, I did some minor stuff more so lipstick on the pig just increasing her bill cause I’m one to give that units for pretty much rehabs. So I’m doing it some touch up and maybe change some of the fixtures or things like that but nothing major.

Rod: Okay, okay

Bryan: Most of them came on the current bill adding value and adding amenities for this tenants to kind of keep up the amending caps, can’t save caps of course I can’t pulls in and things that nature how I can put the, the a barbecue pits, upgrade all the padio furniture maybe put in decking all new landscaping and things of that nature. So those are a lot of things that I’m adding to our property contact trying to get this class A amenities,

Rod: Nice

Bryan: So I, Yeah, wide fire things like that in common areas in our current areas, so you know those with nice that you know for obscene up.

Rod: Okay, okay. Let me ask you this one, you were, when you were going I think when you were starting out and you were you know progressing in this business, property management business are there any aha moments or experiences that come to mind?

Bryan: Aha moments?

Rod: It’s just like you know I mean, I think you kind of eluded one were you were making all this money for other people why not make to yourself.

Bryan: I thought I had an aha moment every week Rod,

Rod: (laughing)

Bryan: I make the real aha moment I guess one that you know that your viewers probably would initiate for me is a really the difference between being rich and being wealthy. The difference between people flipping houses cause I see now on TV everything’s about flipping houses and I think people have the wrong idea thinking what I do as an investor is flipping houses and I don’t really fix, I don’t mean to this is not to be critical of that industry but I considered flipping houses imposing.

Rod: It’s a job it’s a job

Bryan: It’s a job with everybody it’s all anything that you clock in is a job but, it is not real estate investment. I think people get the wrong idea because know there not coming to the table understanding the IRR or understanding terminal yields, understanding that some things up looking me like you know, what are you talking about IRR, what are you talking ‘bout terminal rates and cap rates and things of that nature. So they really not understand and I only have a highschool degree, fairly got that

Rod: Me too Brother, me too same thing you know

Bryan: you know to be articulate and become a master of your craft is very important so and the reason why I mention that it’s because if I can do it, then anyone I can do so there’s no excuse for you not to learn these things, however, no makes slipping property you won’t to see in TV up to what I’m doing in this syndication and by multi-family cause they’re two different things.

Rod: they’re completely different things

Bryan: One is playing checkers and other’s playing chess

Rod: Okay, I like it

Bryan: its same whole, but totally different games and I think the flipping his checkers and the multi-family what we’re doing that’s chess

Rod: I like it, I love that, that’s a great analogy. I’m gonna steal that one

Bryan: That’s aha moment.

Rod: No, it’s great, it’s great answer actually. You know so many people out there flipping houses and making good money and it’s a great way to make, I made money to it.

Bryan: Right

Rod: I mean I’ve been whole selling but it’s a job and you know you get enough multi-family property on the your bout and you could spend in heathy here in Europe okay and had the freedom to do whatever you want to do and all you have to do is to make it to the first of the month and you checks come and so you know you’re not to beat the bulls to find deals your whole life but it you building a new idea, what can you buy that’s somebody pays off right, I mean nothing, I mean that’s why this business is so exciting so you know what do you think is the most challenging part of your role right now? what’s your challenge?

Bryan: Finding the deal

Rod: Finding the deal, yeah

Bryan: Finding the deal, cause I’m sure you can

Rod: Oh yeah, no question.

Bryan: But for me, you know, but again you know just keeping your mind who your viewers are you know their challenge is might be slightly different than my challenge.

Rod: Oh, I don’t think so, everybody struggle with deals.

Bryan: Everybody struggle with finding deals but I had a faithful moment like you know what your viewers maybe expressing about

Rod: You keep calling them viewers more people are probably listening there.

Bryan: I’m looking myself in the screen.

Rod: Yeah, I know

Bryan: Listeners, viewers of Youtube, but the listeners maybe struggle what, you know perhaps could be the systems that are used to operate this properties cause if you’re gonna being, one is obviously is under the impression that you have the properly riding this stuff and there’s a lot of people invested on multi-family than are really not that sophisticated and they really are not furnishing what they doing just because they, just because your knowing that doesn’t mean you know what you doing.

Rod: No question

Bryan: You kind of understand that the system that we haven’t place and temperate them and when I talk about systems, I mean two types of systems we have hard system and soft system. Hard systems are procedures manuals that are in place and those procedures manuals are gonna have identified the work that needs to be done by the property manager and tell the property manager how to go back to form a network consistently. The only too consistently or consistency can really achieve proper ability. Then you have this soft systems which is the technology that you used to run the property and you have the bdellium they have folium. I wonder, I really like right now than are really big on is this new homeemaintenance application that is really, organizing the maker’s sign which is bigger struggle for months operating.

Rod: What’s that domain?

Bryan: Homee, H-O-M-E-E, homee property maintenance really has is like Uberproperty maintenance is really changing the game and help me.

Rod: Now, talk about the features.

Bryan: The features are, so five my tense go in to its platform like lower grounds into this platform and work owner take a picture in come either me or my maintenance guy, and say hey tenant once this done like I said yes or no and if I say yes, then automatically the system will find a vendor in the area that’s close by and grab that vendor and put that vendor on maintenance mark order and all kind just systemize then the vendor and the tenant can talk to each other. While I’m not to sit there and put a lot of time in the organizing and playing armchair water back and this soft maker according to Billy and the reporting of the work quarter and maintenance that I have.

Rod: Is this your software, where it is

Bryan: No, I wish it was

Rod: Okay, you sounded pretty passionate about that I thought this is a plug.

Bryan: Oh no, I’m passionate about it because and then again I’m an operator so,

Rod: You know I love it, you know that’s it.

Bryan: I’m trying to get to you if I were saying, I can’t get to your, from your word, from your bug down and maintenance work and its passionate it’s because

Rod: I love it

Bryan: in the end of the day it’s you know that’s if you make my job easier then I’m absolutely bash it from it.

Rod: Love it, love it, now let me ask you this is like one of those and I’m not familiar with it shame on me. Is this one of those software’s were you know liken guide used an i-pod, and sign off on it all that’s stuff, love that, I mean that’s right.

Bryan: your phone, you use your phone, you use it. Platform is really bit up for smart phones so you can run everything from your smart phone.

Rod: Love it, okay, so let me ask you this you know, knowing what you know now you been around quite a while in this business quite a while and seen a lot, you know, seen a lot of stuff, when they effect, when they just start, when did you actually started?

Bryan: Near early two thousands

Rod: Okay, alright, so before the crash you went through the crash, okay.

Bryan: Went to the crash with some property was a masses, so yeah.

Rod: Did you have seminar like I did?

Bryan: No, but I probably should have wanna like the old stuff, yeah, I’m went through the crash, it was a mass.

Rod: I had inner houses in multiple apartment complexes in, I had hundred and sixty Helthburgh Pornalis to another hundred up in Pasków these are counties for those listening in Florida and a dump batch down by me and I exploded, its ugly

Bryan: Wow

Rod: This got put on the walls, yeah any but, so knowing what you know Bryan, What would you tell to your twenty year old self, I mean what made you too differently, knowing what you know now about this business.

Bryan: Would I fight, wow, well I don’t know if you know had a brain tumor, and in twenty twelve and so you know just a say would I tell why I made it, it’s me you know, it’s just brain tumor cause I’m like any you knowa lot cause it was on my motor cortex, I lost my speech I lost my ability to walk, talk you know so I want to deal with it for two years before they actuallypulled it out in my head so, there is a lot there I would tell the twenty you know my twenty year stuff .

Rod: Yeah, well probably more of a spiritual nature in making lighter that.

Bryan: Oh man, I use up my full there so I absolutely think you know for the most for, yeah I lot of its spiritual and you know, I don’t know Rod I mean you know going through and through two thousand and five to eight there, that terms sorry two thousand, they, I mean this are you know these are life full traits stands to that you know for I just if I could tell anybody who listen you know who are were scorn to something right now whether be sickness whether be a down term or markdown or losing properties, trying to figure out how to replace your light bills, just understand that most of its moment are really extremely defining moments to have built more secured and that you know that, I know it’s tough to say to appreciate a moment right now appreciate their develop character cause give me a try to paid the light bills to each family, it’s tough you know there’s a light at the end of the tunnel and then again that you know when you do come out there’s a season for everything that will last forever and when do you come out the next season were just so much more in tune in yourself there so much bloke, there so much character and it’s just, and it will help you, it’s a process to level up and how would you, tell my twenty year old self with no doubt despite of humble beginnings and stay consistent there a, there at least still one that you gonna have, cause there’s gonna come and you just much take consistent you know you really have to understand you know that there’s seem for everything and this storms outlast forever so just keep your stretch on any bush yourself and for me that’s the biggest thing that I have done is to make sure that focus on keeping stretch out versus it’s all about making money.Back before the downtown it’s all about how the doors I get to Europe you know, it’s all about the money. It was have to be a balance because there’s no, any too much any one thing its really now that good for you.

Rod: I’m impressed, I didn’t expect that to come out in your mouth, I expect you say oh, I about my properties faster you know that’s usually answer I get when I ask that question, I got to tell you I’m blown away and you so right because this experiences they define in us, they help us grow, they help us make stronger, they help us deal with our fear in much better way and you know they, and you know you’re right and if you remain consistent and not conparalyzed by fear and push forward despite and realize that this too shall pass when you’re in a thick covet which is easy for me to say I got to tell you I was hiding under the rock I lost 50 million bucks in real money and it was painful rough painful and am back now and you know life is beautiful and for you as well and you know come out the other side of better person and when you were think of it its hard to see the force beneath the trees but when you look back gone it you know they talk about the silver liningthere’s always a silver lining and I know and I don’t care what it is and you agree.

Bryan: Absolutely want to earn. Yeah, I really treated the moment when I tell you the brain tumor so,

Rod: No no, wow, that’s, wow, that’s really profound, so let me ask you this, what inspires you who inspires you? What pushes you, you know, is there a person or a thing or a, you know that moving you.

Bryan: Yeah of course the family, yeah, they goes check marks well your family your love one’s and calls your partners and friends but really when it comes to people I really tried not to get too inspire to people because people you know they’re human they let you down I really focus my inspiration to my spiritual ally something I feel it doesn’t let me down and I questioned don’t get me wrong yeah I questioned things that I’ve gone through from the spiritual why you put me to all those things, however as you said there’s a secret for everything and for me, my spiritual ally my God makes me consistent to do all that so I kind of replace my focus on my inspiration. What do I try to see is to seed and get back the others when you were saying hey and begin about pockets what can I do for you, I really had think about they really wasn’t here to gain something for me it’s all aboutsomeone seeds and give and I think one of the biggest…

Rod: Love it

Bryan: I got to stop thinking a minute what I can to benefit myself cause now, I reward myself thinking to be more how do I solicit, I know were limit and our time here is very limited and so for me I can do what I come to, it’s more so how many seed can I plant and then my default I gets return.

Rod: It comes back tenfold.

Bryan: It comes back, exactly.

Rod: It’s so easy, you know never someone less depressed or really struggling emotionally they are focus inwardly, okay, and when they take their energy and give love, give happiness, give education, empower lift other people up it calls up out of their own stuff and you know when it so easy like a caught up in fear and am really glad that you are reference my asking you how could I help you in this podcast cause you didn’t struggle with it and I was kind surprise by that actually now that you define why and again I get more impressed with you brother I got to tell you I really am.

Bryan: I appreciate it

Rod: No, because most people, you know when I was there too you know I lived in this eight million dollar mansion on a beach here and I have the cars and beautiful farmland and I was so focus on me that you know and I had the big head cause when my net worth went up seventeen million on 2006 while it slept you know when you get the big head and you think I thought I was a real estate god and the universe packs you down that was 2008 and so I had same memo I didn’t have the brain tumor like you did but the same result you know it was like a humbling and it was like a realization that there’s more to life than Rod or Bryan, right, I mean, its yeah, love it, love it , cause let me ask you this back real estate talk about the other topic cause I’m passionate about it but giving back for example of big part of my life in fact were doing out a backpack for gate here in August we’ve give ten thousands of backpacks to social humanity

Bryan: So you make sure to let me know so I could give couple of backpacks.

Rod: Absolutely well and we’ve done thousands of them and it’s really cool and then we do thousands of teddy bear to local police department and it was really cool recently because I was watching the news and you know we give them to the officers to have them in cars and counting the trial as watching the news this kid got to lost it was a little Todd then who is parents weren’t and they found the parents like two or three hours but it hold one of our bears which is really validating and it was really cool to see that but anyway back to real estate cause that’s why people are listening so what we have this, we’ll get to know each other cause I’m gonna come up a lunch with you brother and enjoyed what I’m hearing but let’s try why do you think people fail in this business cause you’re an expert in acquisitions and management, why do you think people to fail in a multi-family real estate game?

Bryan: I think the biggest part is they fail because the expectations and again the expectation is what you see maybe flipping properly and this things you thought you bring salients alley into a multi-family you sure to get the but cake this is again, this is checkers are checks not checkers so if you play the same game you bring your checkers game into a game of chess you could play a chess master and there go keep but he the average person that plays chess can get your but and it’s the mentality of the individual to stepping up maybe like you know my partner Jok step in flipping into multi-family and he understands and has understood skills quickly that mentality in the word ethics is the same you know in mentality and understanding

Rod: It’s an education right, would you say it’s an education it’s not deboucheand you can’t jump and I say debouche get crash you can’t doubled this business it’s still a learn, I mean guys, I given away from free my two hundred page books per year and a half and if you haven’t read that you reach into this business shame on you because like a textbook for this business were Bryans book and I’m sure it’s awesome and so and you have to take the time to learn it and there’s a lot of guys there, there cocky and flip houses andkeep butt in mybusiness cause it’s not quite this complex I mean you know, I mean yes you could make mistake there as well but I will tell you, you know, one you’d done it, once you’ve twice you got it I mean, but I will say this the same thing applies to multi-family if you studied it first and guys if you haven’t heard I’ve got my you know three day boot camp in Chicago in august and I take it ridiculously reasonable you know just got a multi-familybookcamp.com and check it out its kind of new brainer just me teach you three days and I know outside speaker try to tell you something so its kind of a no brainer but the education is critical where you agree Bryan,

Bryan: Yes

Rod: That’s what we’re saying here, so let me ask you this what would your say some specific road blocks to watch out for this business specially its hot market that we’re in right now. Talking about you know are you seen mistake and made right now or picks the fancy news.

Bryan: Absolutely, people have, you have to sharpen your pencils, right, and you have a lobe of decentration or we to face the inflation and keep an eye on right now and able defends and keep another inflation normal loaded because you know what we talk about the podcast earlier, 2005, 2008 sorry no that was disaster for us so I believe lie a little bit inflation even though it’s not hyper inflation yet. But you know I think you know that’s why I miss OSOTG cause there’s been the whole talk a lot more hikes and hikes, yeah,

Rod: Right

Bryan: yeah four schedule for twenty nineteen but all to made all nully wasn’t as aggressive as anyone once forecast.

Rod: Yeah we we’re sweating up to the time closing here on this last one because I’m open up for five just barely some.

Bryan: Also keep that in mind in realistic cause you know in 2005 being under five was still historically great.

Rod: Stagger, I remember when I do back flap and forgot seventh.

Bryan: Right, exactly, so and that’s the thing you were saying you got pay attention to that in listed people you know forgiving another five, forgiving another seven. Historically you’re still doing well you just have to pencil how to make sure that thisasking prices that again the demographicnot my house as you buy demographic you’re not my build record board forsake because record boarders never paid me mit people pay the mit so more focus on my prospect.

Rod: So they have job, all those job secure, as the industry secure, and the industry’s recessional, all this things they want to look at.

Bryan: Exactly.

Rod: Okay, okay,

Bryan: I called out a strategy own, strategic evaluating on the target area just to stay in the permit activity and average household size, income, mortgages rate, demographic, psychographics, list of things that I always keeping my finger on it and this is the indicators that you have to tell to your listeners .

Rod: It’s so easy and it’s in your line.

Bryan: Yeah,

Rod: You have to go on look and you can’t just be lazy bottomline I mean there’s so many websites now, I mean back started and tried to read it, or had to go visited.

Bryan: You have to pay money to this of course

Rod: Right, you had to pay money for heavy duty research, you know it’s now off free line it’s kind of a no brainer, alright so let me ask you this what’s, let’s talk about leadership for a minute. What do you think is one characteristics that every leadership possess cause you have been leading a team nowand manage teams in your asset management I mean your managing the managers all that what do you think sir a characteristic that every leadership emobody.

Bryan: Well, it’s funny you said that, I am have a good friend, family friend that I broke Rey Lilies and I was youtube, inspiration stuff I came cross with his videos in the locker room and the he was talking about leadership and I you know pick more file less you suffer people won’t follow unless you suffer, people are not gonna follow you unless you actually been there. Your story that you shared were your listeners there behind you, you know, you up there and you fell, you know, I don’t want to follow anyone that has not suffer, actually suffer and I’m not saying the best here, however, I know what’s suffering is all about and I won’t follow anyone to folk so, that I know hasn’t experience you know that kind of experience that’s come out on the other hand. So for me leaders have to have to have fail, I think most people thinking that leader has never fail, how can you call someone who hasn’t failed, I’m not a person who hasn’t fail. No matter when your lucky isnot around that platoon. I wanna be Bryan the guider or can be someone that can take a paper clip, you know to create something out when they get themselves trouble because theybeen there cause they’re not gonna panic so I believe to put together syndication you don’t think that’s major. Mark Willows, one of the successful C.E.O. ‘s in real estate industry Cobe Williams C.E.O. until you retire is my partner on this subject, you know in get I have mentioned above barely high school diploma why would individual like that wanna partner with me and reason is because the experience.

Rod: You know what, you can tell him what I tell him, I got a PHd results.

Bryan: Exactly, like that there you going

Rod: You could steal that for me

Bryan: I got that exactly, so I give one for me, and I agree with that I think that at the end of the day we’re talking leadership not only experience but I want to know stuff, failure, I think leaders look at failure differently from most people.

Rod: When they do, they look at it as a learning experience. Cause that what it is.

Bryan: Prestige

Rod: Never a failure unless you fail to grow and learn serious, you basically failure wait to success, I built and started to I started and built twenty four businesses. Several was been working for ten millions of dollars. Most had bee spectacular seminars, failures. Flaming explosive seminars and failures but that’s how you do itbut I’m not a billionaire Spank, Ceroblakely the astromide that I belong too. And her dad asked her afterschool what have you failed that today, is that freak, is that the most awesome question, I love that question.

Bryan: It still that somebody gives that right there, knows me exactly when he’s asking that question is the same question I want to ask when I ask myself earlier but that someone who clearly understand itversus someone who read something in book. When the church on the sun they got something you know of all those bringing the book had church in Sunday, however, then you can always still lose actually literally and has let it beyou know so for me leadership is about understanding how embrace bout your.

Rod: Love it, I love it, great answer, try the best answer I had on the show and that is a great answer. Oh listen, Bryan you had a tremendous value today my friend, I really enjoyed it and we had some A B C and stuff but we gotta work out and really appreciate being on the show bro.

Bryan: I really appreciate; I’ve looking forward seeing you soon.

Rod: Alright Take care.