Ep #277 – Darin Garman – From Prison Guard to $800Mil in Apartment Acquisitions
Here is some of what you will learn:
How to be the Go-To expert in your area
The value of specializing geographically
How to evaluate a deal
Keys to reducing expenses
The value of walking the site
How to evaluate lease agreements
What type of markets you should avoid
The key to success in multifamily real estate
The importance of mentors
To learn more about our guest, please visit: click here
Join us at a Multifamily Bootcamp, visit: MultifamilyBootcamp.com
Full Transcript Below:
Darin Garman – From Prison Guard to $800Mil in Apartment Acquisitions (Ep #277)
Rod : Welcome to another edition of “How to Build Lifetime Cash Flow through Real Estate Investing”. I’m Rod Khleif and I’m absolutely thrilled you’re here. And I know you’re gonna get incredible value from the gentleman we’re interviewing today. His name is Darin Garmin and Darin has done over eight hundred million dollars worth of apartment and investment property acquisitions in his career. But what’s very interesting is he started out as a prison guard of all things. Now he’s raised over seventy million dollars for deals, he’s been a founding member of a bank he’s written numerous books and I could go on and on and I will do him injustice. So I’m gonna stop there but we’re gonna really dig in. Darin, how are you my friend?
Darin : Rod, I’m doing great thanks a lot I’m really looking forward to talking with you today
Rod : Yeah this is gonna be a lot of fun. So prison guard holy cow what a fascinating start you know what so you started there you know talk about how you got into this business and you’ve done so much. So please enlighten us.
Darin : Well yeah you know probably the number one thing on most people’s list to start out something is not well it’s be a prison guard number one right. And then go from there so I graduated from college with a degree in criminology and I thought I was gonna tackle the law enforcement field just like those CIA, FBI shows you see on TV that’s what I thought I was gonna be and after I graduated the first job I could really land was working in a bit of prison and worked as the prison guard there for a couple of years and found out that you know what maybe this criminology, Department of Corrections thing isn’t really for me like I thought it would be and so I had an instance where while I was working there and having these thoughts of maybe I need to do something else. Real estate was on my mind is one of those things but I had no training no background in it at all. So what finally happened Rod was I was summoned to the warden’s office regarding an incident in the prison and there on the bookshelf while I’m waiting to the warden was this book that most people are probably familiar with called, “Think and Grow Rich” and so I picked up the book I started reading it I actually took the book home from the prison and after reading that book and having those thoughts of doing something else with my life I decided to jump out of the prison guard, Department of Corrections job and jump into the real estate business
Rod : Love it. I love it. Now I will tell you about that book, I’ve given away now I’m not exaggerating fifteen hundred copies at least of that book and it’s one of those books that you don’t just read once you frankly should read it yearly. And I instruct my coaching students to read it yearly so what year was that that you that you had that epiphany
Darin : That would have been nineteen I’d say 1992
Rod : Okay okay fantastic. So talk about how you know what was you know how’d you get started? what did you do first? and then I mean I’ve already talked about the end game here which is 800 million holy cow that’s a lot of property, so what was the first thing you did?
Darin : Well when I jumped into the real estate business, I decided to get into real estate sales first to at least get understanding what’s going on out there and that would be that would basically be step one. When I got my real estate license, and got into sales Rod, I noticed that there were not very many people working on multifamily properties. Most real estate agents out there are working on residential but none I guess I shouldn’t say none but not very many really focus on multifamily. So honestly it wasn’t some kind of strategy I had or some epiphany I had, I just started working on multifamily properties because I thought that would be an opportunity. Well fast forward to today and so basically any apartment or multifamily property for units on up I’d say at least in the eastern half of Iowa which is where I live, I will usually get at least a phone call an email or something from an owner saying, hey we’re interested in buying or interested in selling and of course that’s where I step in and either entertain, putting something together whether we purchased the property or we still have our brokerage out and we saw the property form too
Rod : Okay so you’re still a broker as well. Wow okay so Darren how did you create that kind of an infrastructure where you are the go-to guy for anything on the eastern half of Iowa?
Darin : Well part of it has to do with and I think this can be information that’s just great for your listeners because anybody can do this. Part of it has to do with keeping in front of those multifamily owners, especially those owners of properties that you think you would want to own at some point in time. So we would my team and I would spend considerable amounts of time, effort, and energy especially on a monthly basis staying in front of these owners, letting them know that hey if and when the time comes up and you have an interest in selling this property, please let us be at least your first contact so you can lease
Rod : So you would actually have meetings with them? It wasn’t just mailing campaigns, phone calls, you know it was or was it all the above?
Darin : It was all the above and of course the goal at some point time is to get to that meeting with you know with the multifamily owners. But it really came down to having a strategy where we consistently communicated with these multifamily owners, letting them know we’re interested. We would love to own your property if and when that time were to come up.
Rod : Right now you’re also a broker, you still have a brokerage. So if they if you don’t buy it you can at least list it and it’s still a you know it’s so you’ve got both options correct
Darin : Right that’s exactly right
Rod : Awesome now I know you also syndicate you bring in investors and you syndicate your deals and is there a particular size range that you like?
Darin : Yeah my minimum size there is 72 units on up
Rod : Okay
Darin : And you know depending on where listeners are at they may think 72 units is gigantic or they may think well is that it? that’s as small as you go? but what I found is in terms of being able to have a project that gives the kind of benefits that you’re really looking for. The economies of scale for us in our estimation really has to be in that 70 unit range.
Rod : I couldn’t agree more. So when you have 70 units you can have a complete on-site infrastructure, you can have a full-time maintenance man, full-time property manager slash leasing agents and you can you can effectively bring in third-party management. Now do you manage your own properties or to utilize third-party managers?
Darin : We do manage your own properties
Rod : You manage yourself okay. Now is your, territories wrong word, you know, are you just in Iowa? is that is that totally your total focus or you know there’s markets?
Darin : It is our total focus Rod and a lot of people will tell I have, the critics say well you know deer and you kind of paint yourself in a corner having all of your holdings but yeah I tend to want to be really familiar with the market and especially what we get into
Rod : No question. Guys those of you listening, you must become an expert in your market and Darren you’re an extreme example of that which is a good thing you know if you don’t understand the market you know you don’t know what’s going on there, you haven’t built the connections there you know you’re bound to make mistakes and mistakes in this business can be fatal if they’re large enough. So I completely agree with your mindset. Some of the most successful operators I’ve had on the show are in one city where they’re in one you know one sub market you know as an aside my stepdads from Des Moines.
Darin : Oh yes
Rod : So yeah I’m vaguely familiar with it. I’ve been there a few times with him to see his family but you know. So talk about you know when you know you have all these deals come across your desk because you’ve built up this incredible funnel you know you’ve got these deals coming in the top of the funnel and then you just what to do with them. You know what sorts of you know criteria do you look for? talk about maybe you can give us the first blush look that you give on a property. When you get an offering memorandum and you get that you get some financials and the you know the rent roll and the trailing 12, what you know can you walk us through you know cuz you’ve probably looked at hundreds of deals, walk us through what you look at first before you decide to dig deeper if that’s possible
Darin : No that’s a great question and the answer may or may not be surprising to you Rod, it is resale. So the first thing that I look at is this the kind of property based on at least the information I have at this point. Is this the kind of property where we would have a realistic opportunity to do very well from an investment standpoint on resale. So the first thing
Rod : Okay so you look at the exit strategy. That’s the first thing you look at?
Darin : Yeah that’s right
Rod : Wow okay all right so is it just the numbers are you looking at other factors as well?
Darin : Well part of it is the numbers that’s actually the second thing that we really focus on is then the numbers but the exit strategy and it isn’t so much Rod where we put down a detail exit strategy for a particular property but based on the information that we get at least on the surface, is this the kind of property based on initial location, based on initial numbers, based on what we know about the market, is this the kind of property that can provide us a successful resale. And in many times the answer is no.
Rod : Usually in this market it’s a lot. We’re kissing lots of frogs today
Darin : Oh yeah and so that is a great that’s really kind of our first litmus test is, do we have a an opportunity to do well on a resale of this property just based on the surface information.
Rod : So when you’re, I’m sorry when you’re an expert in a market you know what the market rents are. So you can instantly see if there’s something there?
Darin : Exactly and then that’s actually number two. Then once the first answer is yeah we really think this could have good realistic resale, five, ten years down the road then it’s okay. What do the numbers look like and realistically emphasize that word realistically, where can we manipulate those numbers in the future? by manipulation I simply mean, do we have the ability to realistically raise the rents on these apartments? and do we realistically have the ability to work on reducing the expenses?
Rod : Right
Darin : And that might be a little oversimplification
Rod : It is but well let’s dig in a little bit okay. Now on the rents that’s kind of obvious you’re gonna know the market number one but then you’re gonna mystery shop the competition you know and make sure it’s apples to apples that you’re you know that you’re competing with for this particular property and then you back into the returns that you need I assume yes?
Darin : Yes exactly
Rod : Okay now as far as reducing expenses, give some examples of some of the things that you’ve done there have you ever instituted rubs? or done any you know big big dramatic things?
Darin : Well yeah I’ll give you a real example of what we’ve done and this was a recent project so this was a 100 unit property that went through our litmus test and one of the things that we noticed was and we find this with long-term owners especially long-term out-of-state owners we find this to be the case. The property taxes on this particular property Rod were over a $140,000 a year okay
Rod : Wow a one hundred units good Lord
Darin : Yeah and so I noticed right away that is obviously much much too high. We went through a process of talking to the assessor’s office and going through a process of getting that lowered. We were successful in doing that and we got that post property taxes lower – just a little bit over $80,000 a year
Rod : That’s huge and that’s direct to the NOI.
Darin : That’s right and so now you know that’s kind of an extreme example and it’s a little bit more extreme because of the size of the property but we’ll first look at the expenses that you will look at the largest expense which is usually taxes, then we’ll take insurance, and we’ll go line by line and see if we can make any improvements. Hopefully Rod, we don’t have to institute a rubs program, hopefully we don’t have to do some of those things to get the project where we think it will it could be, but in some cases we will if we think it’s if we think that merits the cost in the time
Rod : Well that that one line item at a six cap was a million dollar increase in value just that one move. So that’s very impressive
Darin : I can tell you that we ended up having to have that property appraised a year later for a refinance and it did a praise for a little bit over a million dollars
Rod : There you go there you go yeah fantastic. So you go line by line, you look for anomalies, you look for unusual things and then so then that’s at that point yeah you know you start to dig deeper and it starts to you know how long does it take you to do an initial review of an offering memorandum to make a decision if you’re going to go deeper?
Darin : It depends on how interesting it is
Rod : How much information you have
Darin : That’s right. It could literally be maybe two or three hours up to two or three weeks
Rod : Right okay all right fair enough
Darin : And one thing I want to mention that I think is super important for investors is make sure when you’re looking at these memorandums you don’t just look on the surface and base your decisions based on what you see on the surface because just like the example I gave, if we just looked on the surface, the property was pretty average right? but if you look under the surface and do spend the necessary time on that due diligence, you can find some gem sometimes
Rod : You really can no kidding yeah that’s a great example great example. So let’s talk about due diligence okay. So you know you make a decision, you’re gonna throw in an LOI or go straight to contract and you’re under contract. Talk about your due diligence process and the things that investors need to know as they’re as they’re doing you know the financial due diligence, the paperwork on-site, and even the inspections. Can you speak to some of those things a little bit?
Darin : Sure in terms of the inspections, I might be a little bit old-school but I do all of the inspections myself. Now what I mean by that is I don’t get my inspection clothes on and my flashlight out and start look at things but I accompany our maintenance team which could be one or two people to go through these properties myself.
Rod : It’s critical yeah I wouldn’t do it any other way either. That’s good
Darin : I just think you have to and so that’s number one. Number two is if we find something during the physical inspection that we think is an issue, if it’s going to be unsurmountable in terms of cost or something that we think it just isn’t we’re just not gonna be able to get around, then we just move on but if it’s something that we think we can deal with and work with and you know the current owner with wolf course you’ll bring that up and negotiate
Rod : Try to retrade if you have to. If you want to avoid that I guess probably as much as you can but sometimes you have to and
Darin : Yeah sometimes you’re right we do try to avoid that as much as we can but part of the reason I like to do the inspections myself and go with the maintenance folks is you know there’ll be a surprise you’ll uncover once in a while
Rod : Sure and you go through every unit and you know in my training I tell people you know bring a camera, bring a video, take a picture of the unit number, and then you know video the entire process because who knows when you’ll be in that unit again and for that reason and you really have to take your time with it and it’s exhausting but it’s critical. Would you agree?
Darin : Oh no doubt about it and sometimes it’s easy to maybe pass that responsibility on to somebody else whether maybe it is an inspector but I really believe you’ve got look at the property yourself
Rod : Agreed agreed. Now let’s talk about the financial due diligence you know what you might do on site and anything else you can add you know that that comes to top of mind that there might add value to my listeners
Darin : Sure I guess the word it’s kind of the C word and the C word is Confirmation right. So I want to confirm the expenses that I’m looking at, that I’ve been provided, are really what the expenses are. So that confirmation process actually takes longer sometimes than the inspection process does. We confirm all of those expenses and not surprisingly when investors are selling a property, sometimes those figures are a little optimistic
Rod : Some expenses get missed. It’s just a craziest thing I have some expenses don’t end up on the P&L it’s just
Darin : Yeah yeah so there’s a little bit of optimism and maybe some forgetfulness there once in a while so we really spend a lot of time on confirming those numbers especially those expense items and making sure that what we’ve been presented is pretty much what’s going on. And then also of course like I said at the same time in the back of our minds we’re wondering can we make any improvements to these expenses as well?
Rod : Okay
Darin : And then in addition to that I’d be remiss not to mention this we look over all of the lease agreements as well
Rod : Right and what are you looking for?
Darin : We’re mainly looking for just confirmation on really two things, rental amount, really three actually, rental amount, rental deposit, okay and then also any information on longevity with residents okay. So not surprisingly the longer residents are at a specific apartment complex, usually they lower their rent is compared to where the market should be. And so we want to take a look at longitivity too as well as confirming what those rents are and what those deposit amounts are
Rod : Sure and one thing I might add guys take a look at lease expiration dates and you want to see if you’ve got a bunch of them expiring at the same time because that can be really dangerous and you know one of the strategies you can utilize to minimize that is as you lease new units, you make sure that they don’t fall on that same timeframe and you know we’ve been known to do fourteen month leases, sixteen month leases, eighteen month lease, just a stagger those lease expirations and you know one another thing I’m sure you look for as well Darin is concessions, if they’ve made concessions and things like that you know to be able to fill those units and the other last piece is, I always like to see every version of the lease as well. I mean you look at generally should look at every lease but you know people as the owners as they experience speed bumps in their management cycle or management process, well sometimes add clauses, change clauses, based on experiences that they’ve had and you you’re gonna make sure that you’re aware of all those different pieces. So let me ask you this, in your career I mean obviously you’ve had some great ups but you’ve also gotten your nose bloody. Talk about a time when you really got your butt kicked on a deal and what happened?
Darin : Oh I mean great question it really was because of an ego situation. So you know after you do enough, involved enough of these deals you tend to think especially if they’re successful, you tend to think you’re pretty smart, you tend to think you’re pretty good at this thing, and so myself and actually another partner of mine just the two of us we’re feeling pretty good about each about what we’d accomplished and we decided to purchase a sixty unit property in the worst area of town with a tenant mix that was let’s just say a little scary okay. And so but look we’re really smart guy
Rod : You’re so good you can do anything oh my god this is like deja vu for me I just, just so you know
Darin : We can we can change but it doesn’t matter where it’s located, the price we’re paying for this property this is a great deal for us. We’re gonna make we’re just gonna make a ton of money. Well after two large insurance claims in one year, the only company we could find to insure us was Lloyd’s of London.
Rod : Wow
Darin : And so our insurance ended up costing more than our property taxes. It was the biggest line-item expensive we didn’t even know this property a year and that’s really where we found out that even if you’re 100 percent occupied, that doesn’t mean a hundred percent of your tenants or paying rent Rodso
Rod : A big difference between actual occupancy and economic occupancy
Darin : Oh man
Rod : You discovered that little met you got the memo on that. Listen I gotta tell you I same thing happened to me. I thought I was a real estate god and I bought in a market I won’t dug the market because I do it publicly too often but I got into this market I should have never gotten into and same thing same same. I mean just I thought I could handle any tough market because I’m you know I’m great at this
Darin : Right right
Rod : Well thank you for being open and honest about that. That’s awesome so you know what do you think is the, well first of all what’s your favorite part of this business? What do you love about what it is you do?
Darin : I love the challenge of getting up every day and working on increasing our property’s value and income and just making it better, just working on and I guess I would call it the business you know making the business better and the challenges that go along with that because I mean you know this and all the listeners know this. This is the ultimate people business right and
Rod : It’s a team sport
Darin : There’s so many challenges that go along with that and you get up every morning and have that challenge to make it better every day is really what I look forward to
Rod : I love it and I love the fact that you reference working on the business because we get so caught up working in the business we forget that we need to focus on the systems. We need to improve what it is we do in every business is nothing but people and systems and you know I’m in the midst of that right now with my thought leadership business that’s just grown into this incredible thing and you know courses and coaching and live events, sold-out live events and it’s just I’ve been working in it now hired help and I brought on a C-level team and we got to work on the business and so let me ask you this what’s the most challenging part of what it is you do?
Darin : Well it really, it’s really the flip side of what I just mentioned right. Making it as good as you possibly can because let’s face it, we all have those days where you’re scratching your head and you’re wondering, what the heck did I get myself into here? This isn’t supposed to go this way today and it’s not supposed to go this direction today. And then especially if you have multiple days like that in a row you start thinking oh my goodness. And so it it’s oddly enough it’s really the exact opposite of what we just talked about. Yeah dealing those daily challenges and meet them head-on even in the face of adversity because you know that adversity is always going to be there
Rod : No question. It doesn’t go away. The only time it’s gone is when you’re gone. So what words of wisdom would you share with you know I have a lot of listeners that want to get into this business, they they’re aspiring real estate investors maybe they’ve done some single-family homes, may be a duplex, they know they want to go bigger they see you know they hear people that I interview on this show and get inspired by that. What words of wisdom would you share with someone like that?
Darin : First is probably going to sound a little over simplistic but I think it’s very powerful and that is make sure you take action and do it okay because I think you know you can listen to as many podcast as you want, read as many books, attend as many seminars, and feel that you’ve got to do all these things to get ready but none of that does you any good until you actually take action. Stick your neck out there a little bit and go for it. That’s the only way you can really start seeing the results that you’re looking for
Rod : You got to do it yeah you’ve got to do it and you know I have a event that’s almost sold out in Atlanta coming up here in a couple of weeks and you know and one of the things I focus on at my events is mindset because you know the sad reality is, a lot of people will come to those and they’ll never do anything with it so I focus a lot on pushing through the fear, getting uncomfortable, taking action, deciding what it is you really want and why you want it, and you know and it really resonates with people and they actually do take action I’ve got you know I’ve got a wall behind me here with hundreds of thank you cars from people that have bought you know properties and that they were inspired or pushed and motivated and pushed themselves to be uncomfortable because the life you want is on the other side of that comfort. And so I do spend a lot of time on that because I think it’s 80 to 90 percent of your success in anything it’s mindset it’s actually taking action and doing it would you agree?
Darin : Yeah I totally agree and you know we get a lot of investors that contact us and they say things like you know I’ve been thinking about doing this now for two years or I’ve been getting this information for three years or and you know and I say well let’s go you know get going here
Rod : Just do it like Nike says just do it. What’s the best advice you’ve ever received around this business and I know I didn’t prepare you for any of these questions so sorry to dump them on you here but what what’s the best advice you think you’ve ever gotten?
Darin : You know a lot of times when you get advice from it probably doesn’t even really matter even maybe a mentor. Sometimes in the back of your mind you think oh yeah sure or you probably said yeah you really kind of discount some of that because you don’t really think it applies to you. A long time ago a gentleman that I really think thought highly of was what was kind of helping me through some things with some real estate projects that we were working on at the time and he said you know just remember that things always take longer, the time always takes longer, the effort and the energy takes longer in getting the success that you want then you think it should okay. It always does more than you think it should so hang in there and what you’re looking for, you’ll ultimately get and of course at the time I’m thinking okay sure you know whatever. But man, he was right he was right. So if there’s one thing I would say is that it’s just a lot of times these things especially, and the great thing about investment real estate is anybody can be successful at it you know, anybody can. And so you don’t have to have any kind of background
Rod : You can even be a prison guard be success
Darin : Yeah so though I wouldn’t recommend going now.
Rod : I couldn’t agree more. There is no archetype for this business you know and you know I talked about different archetypes and different and different personality types you know how there’s the introvert there’s the extrovert, there’s a super analytical, there’s the more outgoing, and you know and this business does require both they requires you to look at the numbers it’s an empirical business but back to your point about your mentor telling you that you know I tell my coaching students to get frustrated God’s delays are not God’s denials. You just keep plugging forward and it’ll happen and you know the more you study this business, the more you evaluate deals, the more relationships you make you know repetition really is the mother of skill, you’ve got a sense, I mean you can smell a deal at this point now Darin I mean you’ve done so much you know and that’s the point you want to get to. Now let me ask you this, what do you think is the number one reason people fail in this business? because there are failures I mean you know they’re not as prevalent because the banks you know to spend a lot of time really analyzing a deal before they’ll loan on it but what do you think the number one reason is?
Darin : Well I think it’s maybe a combination of really two things. The one is unrealistic expectations on again what it will take to reach those goals that they’ve set for themselves okay and I think that’s part of and then once because we all like to make new year’s resolutions I guess
Rod : Sure
Darin : So when we sit down and decide we want to be multifamily investors or single-family investors, we have an idea in a map laid out and for many people if it doesn’t go according to plan, that’s where the discouragement comes, that’s where you know maybe the mind starts to wander a little bit and pretty soon they’re off to something else
Rod : Right they give up. There’s like a book called three feet from the gold you know they give up. They’ve spent all that time on it and they give up before you know they don’t realize that the setbacks and the failures are part of the process you know you fail your way to success. You know if people listen to my podcast know I call them seminars but because they all are learning experience. The only time they’re a failure is if you if you don’t learn and you fail to grow and they stop you. So is there a quote that you have on your wall or something that inspires you and if not what does inspire you? I mean you’re a huge success, what’s pushed you to continue driving?
Darin : I won’t say the quote is as it reads but I’ll just kind of paraphrase it, make epic things happen. Make epic things happen and so by seeing that every day it’s a really good motivator for me you know especially when it comes to not only doing the best we can for our business but also I mean you know we deal with tenants every day and we want to make the best situation for them, we want them to have the best place to live and have the best living experience they can too. So you know I really make epic you know things happen and that’s really a quote that I look at every day
Rod : Now this isn’t a question that I’ve asked very often but it can you you know we’ve all have funny experiences from this business that have happened to us I’ve got hilarious ones that’s just mind-blowing sometimes. Tell me about something funny that happened maybe a tenant experience or just a wow I can’t believe that actually happened that you know that should have been on a TV show it was so crazy
Darin : I’ll give you an experience where we owned an apartment property next door, there was a single-family home that was in foreclosure. So we decided since it was right next door to our apartment property that we would go ahead and look at buying that we may be doing something with it building another building, especially since it was in foreclosure. So I contacted the owner, met with the owner, a nice lady and we agreed on a price for the property, she signed the offer, but there’s one caveat and it was her husband who was a truck driver. So she said well my husband’s coming back home tonight he knows everything that’s going on as soon as he gets home I’ll have him sign this and you can come back and get the purchase agreement the next day. So I go back the next morning I’ve got the purchase agreement it looks like we’re going to be ready to close. Now all we have to do is the title work in order to get this done. Well between that day in the date of closing Rod, this lady and her husband disappeared. We would call we would stop by personally we would we would do everything and they basically disappeared. So now we’re at a point if we want the property, we have to go to a sheriff sale and buy it at auction there if we want it or buy it was on the bank. So we chose to attend the sheriff sale. We bought the property at sheriff sale and so after right after the sheriff sale was done on the courthouse steps we had one of our maintenance and repair people there and his name was Dave. And I said Dave go over to the property walk around it inside out start making your list of things that you think we may need to do
Rod : Sure sure do you make any list right
Darin : So about 25-30 minutes later I get a phone call from Dave and he says you got to get over here right away. What’s going on I can’t talk to you on the phone? You’ve got to get over here right now. I’m like what in the world. So I get there and I zip over there, I pull up to the place and he’s standing in the yard he comes to the car and here’s the story he tells me he says, I was walking around the outside checking things out I then decided to go inside and looked in the window and I noticed all the furniture was in the house. Then as I looked in the window I noticed that there was a man laying on the couch. I knocked on the window he said thank goodness he was alive I thought maybe he might he actually might not have been alive, so he comes to and I tell him who I am and he says what are you talking about and he said I told the man that we bought this property sheriff sale and we were here to look at the property. He said this is my house no one bought this at sheriff sale, no one’s coming into my house. Well what happened the punchline here is, this gentleman did live in the house, he was a truck driver, I did speak with his wife, but he never knew his house was in foreclosure, didn’t know any of it until we bought it at sheriff sale and approached him at his home that day.
Rod : Wow you know I had the exact same thing happened because I used to knock on doors back in the day when I bought you know I’ve purchased 2,000 houses that I rented out and that was one of the ways I bought 500 in Denver knocking on doors with people in foreclosure and the exact same thing happened where one spouse didn’t know that they were in foreclosure that’s a riot. Well listen thank you for sharing your wisdom today buddy. This has been a lot of fun. How do people get ahold of you what’s the best website that they can go to to check you out? I know you’ve got a lot of books online, The Paranoid Banker, you’ve got nine month investment, what’s a good website that they can check you out?
Darin : Yeah the most convenient place for them to go would be Garmanblog.com and it’s not spelled like the GPS system it’s GARMANblog.com
Rod : We’ll put that in the show notes as well. Darin thanks so much for being on the show buddy it’s been a lot of fun
Darin : It’s been a pleasure. Thanks for having me.
Rod : All right you bet
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Thank you for listening to the Lifetime Cash Flow Through Real Estate Investing Podcast.
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