Ep #427 – Mike Ealy & Nate Barger – What’s Important in a Crisis

Here is some of what you will learn:

  • The more stress you can deal with the more money you can make
  • Taking care of liabilities
  • Managing the fear in a down market
  • When others are fearful be greedy – Warren Buffet
  • Ethical Opportunism 
  • Numbers for stress testing
  • Collection considerations
  • Developing strong partnerships
  • Making the most of what has been given
  • Now is the time to man up, skill up, and show up

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Full Transcript Below:

Ep #427 – Nate Barger and Mike Ealy – What’s Important in a Crisis

Hi, my name is Rod Khleif and I’m the host of “Lifetime Cashflow through Real Estate Investing” Podcast and every week I interview multifamily rockstars. We talk about how they built incredible wealth for themselves and their families through multifamily properties. So hit the like and subscribe button to get notified every Monday when a new episode comes out. Let’s get to it

Rod: Welcome to another edition of How to Build Lifetime Cashflow through Real Estate Investing. I’m Rod Khleif and I’m thrilled that you’re here. And I know you’re going to enjoy and get tremendous value from the two gentlemen that we’re interviewing today. it’s Nate Barger and Mike Ely with Nassau investments. It’s Nassauinvest.com and these guys have been in the business a long time. They’ve owned over three thousand doors. Currently owned somewhere between 1,100-1,200 with doors under contract right now and we’re gonna dig in. We’re gonna talk about what’s happened you know what happened in 2008 and how they survived but welcome to the show guys.

Nate: Hey Thank You Rod. Thank you for your time and thank you all you viewers for viewing in and supporting now Rod

Rod: Thank you. So why don’t you guys you know start at the beginning or start at you know start at the beginning of your real estate career and just talk about how it started, transformed, and to where you are today

Mike: Yeah so for me, I’ve started what, 1999 – early 2000, started off with a two-family. Nowadays, they call it house hacking. I simply called it getting a roommate and I did it on a land contract. They wanted what $700 down and $3,000 down for a down payment. I couldn’t afford that. I was working three jobs and raised enough money worked out a deal where I paid a thousand, paid my down payment over two or three months got the upstairs fixed up. I couldn’t even paint, matter of fact the contractors would send me downstairs because I was that bad and I’ve rented the upstairs for $500, got me a roommate for $700 and that was the beginning of me living rent-free

Rod: Love it love it. Yeah and you know a lot of people are doing that. It’s a fantastic way to get started. And so talk about the transition. Well actually please tell your story as well

Nate: Well rod

Mike: He’s not important

Nate: Mine is kind of Rated-R.

Rod: oh it is okay

Nate: So you know I started off you know at a young age. I started off selling drugs you know

Rod: Very profitable high margin business

Nate: Correct

Rod: But there is a risk component

Nate: Yeah my parents were young alcoholics so I didn’t have a lot of guidance. So you know I naturally navigated to the streets and grew up in a poor neighborhood and you know by the time I was 22, I’ve been in and out of prison twice for trying drugs which now you know the marijuana is almost legal. So I tell people, I was a visionary. By the time I was 29, I had millions of dollars but I was depressed. I was so worried that you know I was bringing in weed from Arizona. It was very profitable. I make $242,000 every trip and I could do a trip every week, profit. So it was very profitable but it came with a big cost which was your freedom. And so I didn’t know what to do. I’ve never had a job in my life I was 29 years old and I cried out to God. That’s all, I mean I ruined my life. I didn’t know what to do and I tell you I had everything that you could humanly think you could want. I had a nightclub. I had cars. I had women. And I was miserable and so I cried out to God and I said, “Show me a way. I’ve ruined my life”. And he showed me real estate and I had a little bit of experience at the time doing construction because I was trying to trying to find something to do, not so much laundering money but I was just trying to find purpose in life.

Rod: So why were you miserable? and forgive me I don’t know which one of you is Mike and which one’s Nate, sorry guys. That’s counterintuitive FYI okay. So Nate, why were you miserable? I’m just curious because we talked about the psychology of success a lot on this show as well. So you had all this money, you had a nightclub, you had women, you know every guy’s dream at the age that you were at. Why were you miserable brother?

Nate: Because the inner desire was to have a family right. And you want to have a family and you want to have kids and you want to be able to sustain that and you know the FBI is watching you and you know if you slip up you’re doing 20 years. So every day the amount of stress that you’re dealing with is and I tell people they say well how could you deal with all the stress managing, I said that’s nothing. Try having the FBI watching you you know you’re doing 20 years if you slip up. So the stress level is different when you come over here. Yes we’re dealing with stress, you deal with, the more stress you can deal with, the more money you can make you know. So that level of stresses is I haven’t seen it multi-family and now you know

Rod: you know let’s pray we never do. But well you know the thing that’s interesting about your story is I mean for you to be, for you to set up the you know obviously was an illicit business. But for you to set that business up to the scale that you did certainly transition into your success today because you’re obviously an entrepreneur. You just went down the wrong path for a little while

Nate: Exactly

Rod: And those skillsets, all those skillset gets carry over. You had employees, you had you know you had business systems you had all of these things that carry over and

Nate: … had right you know it just you know you had accountability you had to know how to manage money. And then so my first year when I cried out to God, he showed me real estate and my mind was so warped. I remember I was probably only drug dealer you knew with a budget I was really good with numbers my budget was $57,000 a month is what it cost me to live. I was reckless and so I did this real estate and I thirty minutes I put a plan together and I googled and I found out you know how much of GDP how much real estate. And I was like, this could work. And then I figured okay I can make thousand dollars a month and I was like who can live off that? I mean that’s how work the devil had my mind. And so I came out of that my first year I did ten single-family houses by fix and rent and you know I was paying cash outs because I was creating value just like we do now. I had ten buildings and I had pulled out about 250-300 thousand dollars more than when I had them because you could do stated back loans back then

Rod: When was this?

Nate: What’d you say Rod?

Rod: When was this?

Nate: This was ’05

Rod: Okay you could fog a mirror, you could fog a mirror you could borrow of 125% of what you

Nate: you know craziest, one of the craziest stories I tell people is the underwriter came back and they said well you know how do we know that it’s your company. He said I want a business card saying that you’re the owner on it. I was like, are you kidding me man?

Rod: You can’t make this stuff up.

Nate: Yes I paid 29 bucks and he got me a business card

Rod: So what happened next? So then what happened was, my first year I did about 10 houses. I you know I made a 250 to 300 thousand but now I had all this debt I had to service. So I took it to a property management company. They couldn’t rent him. I said, hey man give him back to me it was a buddy of mine and I said give him back to me after about two weeks he didn’t have any rent and I was like. So I ran an ad and I rented all of them in one weekend. I was just you know boots on the ground, just guerilla marketing just get out here you didn’t know

Rod: And guys these guys are in Cincinnati, Hamilton County Cincinnati is their home base. I forgot to mention that okay. Please continue

Nate: Yep so you know that was the start of what would become a lucrative from 2005 to 2009 to 2010. I acquired about 250 apartments and some industrial and I was bankrupt. I over leveraged myself. I bought assets that I, that just went to zero industrial-commercial and I called my buddy Mike. I said Mike, I need some help brother. And Mike being a calm person he is he said, you know I’m panicking and Mike’s like, hey it sounds like a great opportunity like what do you mean?

Rod: And so this was, now we’re on ‘08

Nate: We’re in at ’10 were in about the end of ’09-’10, I had about half a million in capital and I burned through my capital trying to sustain everything and it’s just you couldn’t. You were losing tenants left and right and you were renovating units and there was owner houses. Now I’ll say my multi-family did well but your houses is where I had the most problem, multi-stemmed cuz you go to zero percent occupancy you got a three or four thousand dollar turn and there’s nobody to rent to and so

Rod: Let me let me interject let me interject something. You’ve never heard, obviously you’ve never heard my story because what you just said is exactly what happened to me. I had eight hundred houses in some apartment complexes in ‘08 and it was the houses that pulled me down. And so it’s refreshing to hear someone else have the same situation because I’ve actually never heard that before on the show

Nate: I had industrial too and I had big mortgages and I didn’t realize at the time I was personally guaranteeing everything and I had signed what’s called a Cognovit note. So one day I get a call from from my tenants and saying hey the banks down here and says that there’s a new landlord and I hadn’t been to court or anything. So a Cognovit note there’s only a few states that allow it. And so what we immediately did, my company put a plan together. We had investors who believed and I still never missed a payment to him. And so they ended up one of them in particular he ended up saying what do you guys need? We ended up going and buying everything back from the bank, buying mortgage notes and even settling some of the debts that I had for pennies on a dollar

Rod: Yeah I was gonna say I’m sure at a hell of a discount. Good that’s awesome.

Nate: Yeah I remember Mike one of them the property I still have today is probably worth $450,000 and we owed I think it was a hundred and fifty thousand on it was a four family with two four bedrooms two three bedrooms. And Mike’s on the phone and he says uh hold on I got it here and he shuffles some paperwork around and he tells the bank lady I could give you $52,136.28 and she took it for the note and I said Mike where’d you get that / he was like I read it in a book somewhere you know

Rod: Yeah that’s passivity lets them know that’s it me and that’s it that’s as far as it goes love it Mike. I bet you’re a hell of a negotiator. So you made lemonade out of lemons

Nate: We did and it was the thing where you got a lot of pressure right now and you owe investors right. So you could run and or you could take care of your liabilities and so ours was not only once I started taking care of the liabilities, man, that’s when investors said hey man I love the way you’re handling this you’re being transparent what can I do to help you and one of our Vespers gave us another two million dollars and back then that was like 15 million now

Rod: Oh yeah and especially you know because you could buy more of those notes, could be the distressed assets. I mean I gotta tell you guys you know you guys are an anomaly in this regard and that most of the people that I interview on my show that have thousands of doors sort of had thousands of doors started in 9 and 10 and 11 you guys went through it and so you know because of the incredible opportunity back then. Now guys if you don’t think that’s a right around the corner again those are you listening, I’m here to tell you it absolutely freakin is. And so I wanna you know salute you guys for how you handled it back then but also let my listeners know that you know if you’re taking care of the people that matter, your investors, your team, you know and you’re maintaining those relationships and you’re helping them manage the fear because it’s counterintuitive you know I just did an interview with a guy about you know this whole coronavirus dynamic and you know we have a primal fight or flight mechanism that’s being triggered right now. And the same thing happens you know not just of course on the health side but also on the economic side. And so you know people are hiding their head in the sand or trying to run and it’s counterintuitive. You know some of the wealthiest people on the planet are the ones that are contrarians that take advantage of what’s coming and that’s you know what I’m sure you’re telling your investors and we’re telling our investors and that is to you know not to be fearful right now is to start rubbing our hands together. And I love this term I heard it from Jay Abraham and brilliant marketer which is it’s a time for ethical opportunism. Isn’t that an awesome term? I love that man.

Nate: We’ll Rod, one of my greatest you know the greatest quotes I think is Warren Buffett he said, “When others are fearful, be greedy. And when others agree to be fearful”

Rod: I love it. I love it.

Nate: And you know so when everybody’s fearful right now, it’ll bring opportunity but you have to approach cautiously. I think there would be great opportunity for you and your investors and we’re putting together money right now. We’re raising capital even more than we were before because we know the government is going to need people like us to lead back and help give this economy back in order. And so there will be plenty of opportunity for people that are willing to go out here and take educated risk.

Mike: Overall, we had the opportunity whether it was a fun ride or not. We lost and so we know what how it is to be at the bottom. We know how it is to lose money every day. And so we were able because I went through that before the market crash and then helped multiple people during the crash, we were successful. And so we’re prepared today. And right now we’re seeing in the industry right now it’s just the hospitality. I mean everybody’s being expected but the hospitality industry alone is being affected greatly like a lot of the great layoffs right now happen in the hotel industry right now.

Rod: You bet. I just had to cancel a 600 person event in a hotel, the Windham in Orlando. And boy, I want to give them a shout out talk about stepping up, refunded all our money you know we’re rescheduling for next year. And so you know did the right thing and but God what a hit they’re having.

Nate: So yeah and it’s just an example because you know let’s say most of your hotel like a regular limited service court, your comfort suite you know you about 37 employees most of them are you know janitorial housekeeping. They’ll lay all those people off. Well what’s to come because those people are basically your people taking your C properties. They’re gonna take that hit first. So that overpaid for the properties that they you know on these C areas paying at that high six and a half five and a half cap rate. There’s about to be a bleed in here

Mike: Yeah but we still see opportunity because the banks cannot, they’re going to need people like you that can manage

Rod: Oh absolutely. You step in

Nate: Take back everything that you need housing. So we’re looking for not to panic, we are looking for the opportunity. Now with that said we’re approaching cautiously and we’re underwriting you know what’s our breakeven, you know what can we scale back, what is necessary, you know but it’s just managing asset. And that’s why we’re asset managers at the end of the day

Mike: And you know what before we go even further, you know before we get into our ethical opportunities. I also want to say look, if you have the opportunity you have the financial resources, look out

Rod: I’m laughing because Nate just put his fingers above Mike’s head. It was funny as hell. You can’t see it if you’re listening on itunes but

Mike: No, look out for people around you. Look out for some people in the community that’s less fortunate you know donate to a church so that they can look out for people at you know hey, some of you you know some people out here living check to check, some off the month but you’ve got businesses living you know day by day. And they’re gonna need a little help. They’re gonna need a little motivation so you know just reach out to them you know give them some love, send them some motivation and if you can you know give them a couple of dollars to keep moving two feet off all right

Rod: Yeah small acts of kindness

Mike: And you know what quite frankly, it’ll come back to you multi fold

Rod: It always does

Nate: And I think you know it could possibly bring this country together. This country has always come together when we go through trouble sometimes and you know we’re no more by divided today than I think ever before you know with the wealthier getting wealthier and with the poor people struggling

Rod: Well forget the whole political you know I mean you know that the whole political thing and you know and you know I just interviewed a guy about you know this this whole coronavirus thing, a doctor and you know this social distancing is gonna be around a while. And so you know people are going to need to connect virtually like we’re doing on Zoom here right now and companies are going to need to modify their business models to allow people to work at home but still have that personal connection albeit you know digitally because people need it. And so you know it’s going to be interesting you know how quickly people embrace that and in light of current events. So let me let me ask you this, what are you guys doing or have you done to stress test, with some specificity if you don’t mind to stress test your deals prior to closing on them up to this point and moving forward as well. I’d love to get some idea

Nate: Up to this point I mean we always ran 2008 as a stress test. We modeled 2008 and I mean that was the worst thing we could imagine so

Rod: And so what sort of vacancy you know do you plugin

Nate: So multifamily on the last cycle in Cincinnati we went to 89% but realistically we were stayed at 95 because that 89 was skewed by apartment complexes that went to zero. So there were apartment complexes that were shutting down the water was getting cut off. We’d go over there we’d put fliers out and we would bring them tenants right over and they were getting help and they were getting aid and we had move him right in might work with a lot of with the city, with the FreeStore Foodbank, with a lot of programs at that time and actually one of our most, our first big multifamily deal was a 48-unit, wasn’t big but we paid, we pay four thousand a door for it. I mean it was unbelievable

Rod: Wow

Mike: 200-212

Nate: Twenty thousand and we got the Bay view as the servicer. We got them to sign and say that any tax appeal that we won, we would get back. So we argued the taxes. It was valued at a million dollars. We got to reassess the to 220,000 and we got $26,000 checkbacks. We really paid a $194,000 for the building. We had $380,000 in it and we sold it for a million sixty-five

Rod: Nice

Nate: But Mike quickly, I said look we had eight tenants in there and we closed February 27th-28th, we set a, okay you rent them up, you lease them up, and I will turn these things over as quick as you can get them done on a construction side because I do construction management. And Mike brought one person through and they ran in every unit and I was like really dude? So by April 15th we were working two shifts – we were working two ten hour shifts. We were working from 6 o’clock in the morning to 10:00 at night. I’m working like and around the clock and we got all them units ready by April 15th and we were at 100% occupancy

Rod: Wow. That’s a story.

Mike: That’s a great story. That was awesome but you never answered this question. How do you stress test it man?

Rod: Thank you

Mike: Now look, that’s my buddy. He’s always aggressive but one of the things we did, we’re very conservative, I am. Nate on the other hand, he likes to push the numbers and that’s how we balance each other out. So we look at the square footage and like in Cincinnati everything is written for a dollar at least a dollar to a dollar 10 a square foot. So in summary 600-700 square foot unit should typically read for $600 minimum all right. But I will be conservative. Instead of knowing that we could get 750 850 I would write it at 600-650 and then from there you know we’re doing escalations and I’ll throw in all our fees. I’ll include interest carry and payments, construction fee, construction management, any architect marketing fees, and then I’ll running at a ten percent vacancy

Rod: For how long?

Mike: I’ll do the first year and then after that tailor off. Now if there’s renovations, I’ll do a higher vacancy to maybe a 15%-20% vacancy

Rod: So we do, good good yeah

Mike: And so then we begin to escalate with the numbers. And after all said and done if that works then we know we got a deal. Here’s a perfect example of bringing into reality.

Nate: You’re going to talk about Hassles Fruits or

Mike: We want to say a university town. You don’t answer his question first

Rod: You guys must have a lot of fun.

Nate: I’ll tell you, here’s what we’re looking at right now going forward. So right now we’re stress tests and saying okay what if we only have 20%, 30%, 40%, you know collections, what’s that look like? How much cash are we burning? Can we sustain 18 months you know that’s what we’re looking at on this deal that we’re supposed to close today and we’re saying okay we have an extension. We can get we can put it another hundred thousand dollars hard to get a three-week extension right. So you know we’re looking at our options right now

Rod: Okay so you’re reevaluating your deals as we are as well. But we stressed test really heavily. I mean our minimum day one is twenty five. We have to break even at 25% vacant and then we’re also generating big operating reserves, rainy day funds you know sounds like you guys are doing the same. This thing is so critical right now and

Nate: Our typical value add deal, our breakeven is usually 60% occupancy.

Rod: Wow. Day 1? day one or after repositioning?

Nate: You know when the newer rents coming in

Rod: Okay yeah same here. I’m talking about yeah I’m talking about the day we closed yeah but yeah

Nate: The one we’re closing on a day, we’re buying at 20 something a door, their guys getting 395 and 495 rents

Rod: Hard to miss that. I mean that’s good you know that’s gonna be, now are you concerned about that asset class obviously that’s C minus at best.

Mike: I mean like I said, the hotel industry is a perfect example like right now. Those people that would live in this type of this industry, this type of housing, they’re not gonna be working you know, how are they gonna pay their rent? I mean, now they’ll make it out of it but you know you got to be able to maintain during the layoff season. I mean it’s really that simple and you know is it worth it? I don’t think we’ll lose money right I know we’ll capture it. But you know we’re gonna have three months you know you know hopefully less but reality is at least three months here before we even make any movement.

Rod: It’ll come in waves you know like we’ll go through a summer, it’ll die down and then it’ll come back again in the winter and it’s just gonna you know he called it a new normal you know we’re really it things are changing. I mean we’re it’s just gonna beat and you know like my business my event business is pretty much out the window and it may be out the window for a very long time if not you know like like three to five years literally.

Nate: We’re praying for you guys and if there’s anything we could do to help

Rod: No, I appreciate that you know we’re just gonna have to change the business model. We’re gonna have to deliver the material virtually like this the thing. The piece that I’ve got to work out is the networking because a lot of people come to my events to raise equity and network and all that stuff. So I’ve got to create a virtual networking component to the business which is you know that’s just, it is what it is. We’ll make it happen you know we got a duck and weave and get through this and that’s what we do. You have to always, if you dig your head in the sand and think it’s not you know that everything’s rosy and or it’s gonna get better instantly, it’s naive and you’re gonna get your ass handed to you. So yeah but so you guys talked about you know you guys are an incredible team together it looks like you have a lot of fun you have a tremendous respect for each other. Talk about the dynamic of your relationship and I want my listeners to hear you know because a lot of these, some of the most successful people I ever have on the show are teams like yours, like one of you is one of the ones more outgoing the others more analytical ones more you know reserved the other ones and that’s my relationship as well with Robert you know he’s a CPA, done a billion dollars worth of deals me, I’m you know the more outgoing one. Talk about how you guys make it work if you would

Mike: And that’s key, the partnership is key because a lot of people they go out here and I learned on one of my first big developments, a lot of people go after people just for the money. Hey this group, they got a billion dollars, they got 50 million dollars, it doesn’t matter. We actually turned down money. We’ve turned down investors that offer too many dollars because we just felt it wasn’t the right.

Rod: Same here

Mike: And it’s very important because look, you’re working every day, you’re gonna have challenging times like today you know it’s a marriage. So you in a challenging position and you can’t trust that other person, you’re constantly fighting and bickering, and now you’re going through a time like this you know

Rod: Its just gonna exasperate it. Gonna come making it worse yeah

Mike: Yeah so you know no matter what we go through man, we have some of the greatest times, we laugh about it, we get serious, but we move on. And so I’ll let you go ahead

Rod: No let me just say something to that because this is something I talk about a lot, some of the things you just said Mike, and I’ve even got a book here hang on just got to find it. But okay I have a book called questions to ask when forming a partnership because you got to ask all the hard freaking questions up front. You’re gonna have upset, you’re gonna have, I’m sure you guys have had some knockdown drag-outs and that’s what happens but you know

Nate: like we really haven’t,

Rod: No? That’s fantastic man.

Nate: because I tell Mike in just today he said hey is that important to you Nate? Then, I’m with you. And that’s it. I mean it’s great. I don’t see him as a woman but I’m married with him.

Rod: That’s beautiful and what you have is rare. I will tell you because, I shouldn’t say that, what you can find what you have but you can’t jump into it. Yeah it is hard and you’ve got to make sure you’re connected. You’ve got to make sure you have complementary skill sets not the same skill sets and you’ve got to ask those hard questions upfront because a partnership like a marriage is easy to get into and hard as hell to get out of. I mean I’ve got you know I run the multifamily boardroom mastermind got probably close to seven billion in assets represented by the people in that group and a couple of them two of the two of the larger players just went through partnership breakups because you know of work ethic issues of ego of these things and so yes so if you guys want this questions to ask when forming a partnership, hang on. I think you can text partnership questions, oh no I’m sorry text “partnership” to 41411. I’ll get you this list of questions “partnership” to 41411 guys if you’re listening. But please continue with the conversation

Mike: Yeah I’ll let Nate because he’s more detailed. Look, holistically through my partnerships not only did I learn great deals in real estate, I learned how to make my first million by just watching other people and working on other people. But I learned two other things. I learned the importance of going to the daddy-daughter dance you know I never saw that growing up you know my parents love me but nobody ever went to the daddy-daughter day and that’s something me and the daughter loves. Spending more quality time with the family which we stress among each other and you know being a leader in the family and it’s just these small things. This is the simple things in life you know I take those values even more than the returns we made in the deals.

Rod: I mean you’re speaking my language. I mean this is, anybody listening in my show has heard me talk about this numerous times. In fact my sales video for my bootcamps say, I’m running out on stage and my words are you know I’m an expert in making money in real estate. I’m an expert in teaching other people make money in real estate. I’m an expert in setting up the systems to make money in real estate but then I go but anybody can do that and then the focus is family. It’s keeping balance. It’s remembering what’s most important it because frankly that’s more important than the freaking real estate you know I tell the story I had two kids, and I’d come home and I’d be focused on business and I’d play with them but I’d be distracted. It’s my greatest regret in life to this day and so I stress that with my coaching students and at my live events that yes the real estate and the money is important but let’s look at what’s most important. Anyway thank you for that

Nate: And Rod, to add to that, I think that everybody listening you know instead of panicking right now, your kids, our kids don’t hire out of school. They’re not going to go back to school, the rest of this year is probably the perception April 6th at least we got them until and so Mike you know we’re talking I said you know what what do you do right now? What you do what you can do but you use social distance but you enjoy your kids and your family right now. How you find a way to do that?

Rod: And recognize that they’re watching you you know I got this this little saying, this little card from someone that I’ve mentored with, Brendon Burchard and the saying is you can show your family that in times of chaos you retreat into distraction and entertainment or you choose to skill up, man up, learn, deepen relationships, to progress rather than pause, hide, or hunker down you know. You still have goals and dreams and they are watching.

Mike: Amen

Rod: Love that man. Yeah love that. So yeah so again back to your partnership you know that’s give-and-take. It’s complementing skillsets, it’s asking the hard questions up front, what if this happens, what if that happens, who’s gonna handle this, making sure you’re aligned with work ethic, you know that you’re both going to work your asses off otherwise you’re gonna have dissonance, somebody’s going to be unhappy because there were other persons working. It’s clearly defining who does what. I’m sure you guys each have roles in your organization. You’re in charge of the construction Nate, and Mike you do the analysis and the acquisitions or I’m just guessing?

Mike: Yeah you got it.

Rod: Would you say Mike that you’re more analytical in the relationship and Nate’s more outgoing?

Mike: Now those roles kind of switch. Even though I’m more the reserve. I’m not analytical I look at the big picture and I’m round and estimate. This guy wants to down to the penny.

Rod: Wow interesting interesting interesting. Okay

Nate: I’m very analytical and I just know numbers really well you know because when you’re dealing with grams and pounds and you know I used to try to get them ziploc bags at your 12 grams instead of 10.

Rod: Yeah you know I should have guessed that. I forgot your history for a minute there

Mike: You know couldn’t write nothing down.

Nate: You gotta remember it.

Rod: Man, I love your story man.

Nate: Man, craziest thing is that, we don’t have defined roles really like we just know what we got to wake up and handle. And I gotta tell Mike sometimes he’s sending emails at three o’clock and I’m talking to him at 7:00 and I said Mike look man you need to take a break okay. You need to take a break you’re going too hard. Go down in Miami and take your week and might gonna tell you that pretty much a lot because you know we’re gonna get stuff done and that’s not like we are both like work very hard and make sure that we don’t miss deadlines. And like you said that’s rare

Rod: Well it is and that’s a synergy and I mean that’s a beautiful thing to hear. Well listen guys, I really appreciate you being on the show. That’s been a fun interesting conversation and I think I’d like to actually have you back on you know in a you know a certain period of time here you know so we can dig din it really dig into the real estate more this has been more you know kind of reacting into the current climate. But listen, guys stay safe it sounds like you guys got things well in hand and I really appreciate you adding value to my audience today

Nate: We appreciate you too Rod. And we’d be honored to come back on brother and man if you ever need anything let us know. I mean we’re all going through this together. Yeah we’ll see April and May we’ll start to see where the rents trend at and the collections. A lot of the states have already hauled in a you know evictions. So you know we got to see where that’s at and

Rod: Yeah gotta go see the impact we’ve got to see the impact on us yeah for sure so yeah. Well listen I appreciate you guys and I’m certain that that will get to shake hands the next time in Cincinnati. I know you’ve already met Robert but I’ll make sure that we connect when I’m up there next as well. So anyway be safe and we’ll talk soon

Mike: You too Rod

Nate: Fistbump

Rod: Boom yeah elbow bump now right. It’s gotta be elbow bump [Laughter]. Alright well listen guys take care. Its great to meet you. I had to cut just a hair short because I’ve got some things have to deal with. All right take care.