Jordan, co-founder of Axis Capital Investments, is a passionate real estate investor with a degree in Construction Science from Texas A&M University. As a General Partner invested in over 60 doors in Texas, he leverages his extensive background as a Superintendent on $250 million+ commercial projects for effective due diligence and asset management in multifamily real estate. Beyond his commitment to real estate, Jordan consults in home remodeling, providing valuable solutions for homeowners. Based in New Braunfels, TX, Jordan enjoys family outings, travel, and the occasional round of golf. Currently overseeing 63 units at Casa San Luis in Dallas, TX, he has a notable professional history, including projects like the Kinder Museum of Fine Arts and M.D. Anderson Pavilion in Houston.
Here’s some of the topics we covered:
- Jordan’s Out Of The Box Business Idea
- The First Deal and How Many Doors
- Finding Your Multifamily Superpower
- Aligning With A Team For Massive Success
- Managing Family Time With Business Time
- What To Do If You’re Waiting For The “Crash”
- You Control How Successful You Are
- Being Conservative And Avoiding The Aggressive
- Doing The First Deal With 0 Experience
If you’d like to apply to the warrior program and do deals with other rockstars in this business: Text crush to 72345 and we’ll be speaking soon.
Full Transcript Below
00:00:00:01 – 00:00:19:12
Rod
Welcome back to multifamily rock star. So as you guys know, this is where we interview people that are just flat out crushing it in this business. And we show the inside scoop as to how multifamily investors are creating massive success in their businesses and in their lives. And as always, I’ve got my co-host who’s also the director of our massive action team for the Warrior Group, Mark Nagy On a mark.
00:00:19:14 – 00:00:28:24
Mark
Aaron and I just got back from our massive private networking event this past weekend in Phenix. How did it go? I’m sure tons of relationship tastic.
00:00:29:01 – 00:00:53:10
Rod
It was fantastic. Yeah. No, it was the is a you know, we do a private event once or twice a year for our warriors, and that’s what it was. And there were hundreds of them there and we had a great time and lots of networking. It’s just an extraordinary group. I tell you I, I get attorneys and insurance agents and lenders that just talk about the difference between our group versus, you know, other competitors that we have in the business that there’s just no comparison.
00:00:53:12 – 00:01:05:14
Rod
So anyway, well, we’ve got a great interview today with a gentleman named Jordan Hollis. Jordan is a real estate investor. He’s in 63 doors, lives in San Antonio, and I guess I’ll leave it at that. Welcome to the show, brother.
00:01:05:16 – 00:01:11:14
Jordan
Hey, Rod. Hey, Mark. Good to see you guys. Excited to be here today. Provides value to the listeners out there.
00:01:11:16 – 00:01:21:07
Rod
I love it. Why don’t you give us a little background on who you are, man, where you came from and and kind of bring us bring us to the present day.
00:01:21:09 – 00:01:54:16
Jordan
Yeah, absolutely. So. Born and raised in Texas, I went to Texas A&M University, got a degree and construction management. My passion was kind of always building. So the construction industry felt like a great a great fit. And when I graduated, I went to work for General Contractor, working on some great projects down in Houston, Texas. And my plan was to work for them, climb the corporate ladder, have a41k, and retire at 55, 58 or whatever the age is, and then move on with my life.
00:01:54:18 – 00:02:11:05
Jordan
But the construction industry is pretty taxing on your home life, the amount of hours and stuff you work. So, you know, I always kind of had this itch for something more to do either build a business, grow something, start something on my own, but just never had the time to do it. And then, you know, things really kind of changed.
00:02:11:05 – 00:02:32:19
Jordan
And in 2019, my wife worked for the same company. She was just promoted, I worked for the same company, and I was about to be promoted. We were building a house. And then a good friend of mine offered me an opportunity to move across the state to San Antonio to become a sales salesman doing for a home remodeling company.
00:02:32:21 – 00:02:49:00
Jordan
Never sold a thing in my life. Probably the only thing I’d ever sold was was for my wife to marry me. And that’s probably still the best seller I’ll ever make. So you had no experience doing that? And we we sat down and talked about it and realized it was a good opportunity. It would help with more time at home.
00:02:49:00 – 00:03:09:17
Jordan
And that was kind of our first big leap of faith that we took. So moved across the state to where we live now. We live in New Braunfels, but I work in San Antonio and got the sales thing going and kind of got that figured out, leveled off and, you know, successful at it. And then we decided to open a trash can cleaning business here in town.
00:03:09:19 – 00:03:32:00
Jordan
That was kind of the first hey, you know, we finally created something to kind of serve that itch. I had and then got it off the ground and going. And then after that I was introduced to Kiyosaki, Rich Dad, poor Dad book. And after that it really kind of opened my eyes and my mind to financial literacy, the importance of having your money work for you and things like that.
00:03:32:00 – 00:03:48:14
Jordan
And so we talked about real estate and I’d always heard about residential real estate, didn’t even know multifamily real estate was a thing for for regular guys like me. So, you know, the Facebook algorithm started doing their thing and then this guy named Rod pops up on my Facebook.
00:03:48:20 – 00:03:51:20
Rod
Oh, good God, no.
00:03:51:22 – 00:03:52:18
Mark
That guy.
00:03:52:20 – 00:04:07:00
Jordan
Yeah. Yeah, yeah. So he popped up and he’s talking about multifamily investing and it piqued my interest. And so that’s, that’s how I kind of found you. And found the multifamily multifamily aspect.
00:04:07:02 – 00:04:17:09
Rod
Wow. Trashcan cleaning. I mean, how the hell do you come up with that one? That’s kind I mean, what do you clean it like commercial trash cans or what? What is that?
00:04:17:11 – 00:04:34:07
Jordan
Residential homes, basically. We have a specialized truck. People leave their bins on the curb. We come by, we clean them, sanitize them, deodorize them, and we place them back on the curb. The reason that actually started was we had had a crawfish boil here and the trash harmless smelt terrible on the bags.
00:04:34:11 – 00:04:37:16
Rod
I got it, I got it, I got it. Oh, good God. Because the other guys.
00:04:37:16 – 00:04:47:00
Jordan
Will come out and do it and they never showed. So we looked into it, did some research, realize there was a demand for it. And so we’re like, Well, nobody else is going to do it. We’ll do it because we can do it better. So.
00:04:47:02 – 00:05:07:17
Rod
Wow. Okay. I never thought of that one. I mean, there’s there’s a there’s a lid for every pot. I love it. So. So I know that you’ve got a 63 unit to talk about that deal. How did you find it? Where’d it come from? Where is it? And. And just give us some detail on that deal. Where’s it located?
00:05:07:17 – 00:05:08:14
Rod
Start there.
00:05:08:16 – 00:05:29:16
Jordan
Yeah. Yeah. So it’s a 63 unit asset. It’s in Dallas, Texas. It was a value add buy. We went in, we. We took over it in September of this year, go in and turn in units. The rents were about $400 below market. So going in, yeah, it was definitely a steal. We’re going and turning units and we’re bumping rents.
00:05:29:16 – 00:05:51:18
Jordan
We’re, we’re getting our really, really good turns on the rents and things are on the units I should say, and we’re able to bump the rents pretty quickly there. So it’s going well. I got into that deal by first by networking, right, reaching out to them in the Warrior program. And I reached out to other warriors and things like that and it just was happened by chance.
00:05:51:20 – 00:06:11:04
Jordan
I was talking to a warrior in Pennsylvania and he goes, Hey, do you know this warrior in Dallas? I was like, No, we had never met. So I reached out to him and he was like, hey, we’re we’re we’re needing to close out our capital, raise our project. Can you raise some capital? I was like, Sure. So that was my opportunity to get in and provide value to the team.
00:06:11:06 – 00:06:18:01
Jordan
And I’m also at this point, you can’t just raise capital for a deal. So I’m also helping with the asset management portion as well. And so, Well.
00:06:18:01 – 00:06:31:05
Rod
That’s your background from your construction experience. Good God, I mean, that lends itself perfectly to asset management. You know, anybody that’s got construction experience is, you know, asset management is probably the best thing for them to be doing on a deal. Love it.
00:06:31:11 – 00:06:52:02
Mark
I have a question around that further because I get asked all the time like, can your can you can you guys this community help raise money, bring funds? That’s a big need that I get asked all the time. You mentioned networking. When you did your networking. Did you mention that up front that, hey, I could potentially raise money, maybe that’s potentially my skill set?
00:06:52:02 – 00:06:58:00
Mark
Or did you just focus on building a relationship and then people just came to you and say, hey, this is what we needed? How did that work?
00:06:58:00 – 00:07:14:04
Jordan
It honestly just started with trying to build a relationship, you know, reaching out to other people and starting with how can I help them? And then in turn, we had a conversation with this with this gentleman in Pennsylvania. And I told them, hey, you know, we ended up talking about what our strengths are and what we’re working on.
00:07:14:05 – 00:07:28:22
Jordan
I told him I’m trying to raise capital, and he goes, Well, you know, that’s when he’s like, Well, I’ve got this, you know, warrior I met with. He’s in Dallas, and I believe there needs some help. Capital raising. I should put you in touch with them. And, you know, we set up a call and, you know, the rest is history.
00:07:29:00 – 00:07:42:04
Jordan
And I talked to him. He talked to me and we got comfortable with each other and made sure we were in alignment with what’s what our goals and stuff were and felt comfortable with the deal. And it made sense for us and our investors. And we decided ultimately to join their team.
00:07:42:06 – 00:07:48:04
Mark
So it was an indirect relationship. Then it wasn’t even directly with the person who was running the deal. That’s interesting.
00:07:48:06 – 00:08:03:12
Jordan
Yeah, I know exactly the gentleman that introduced this. He’s not even a part of that deal. He had just networked with them previously and he reached out to me because I and just just to chat and catch up and get to know each other and then, you know, put two and two together.
00:08:03:16 – 00:08:18:18
Rod
You know, that is such an incredible example of the power of that group, of the warrior group, because, you know, there’s a guy that has there’s nothing in it for him, but he refers you to somebody because he knows what you’re looking for. And and that’s that’s I think one of the things that makes the group so extraordinary.
00:08:18:18 – 00:08:25:13
Rod
Now, you’ve met you’ve only been a warrior less than a year, right? So, yeah, like December of last year, I think is when you joined, is that correct?
00:08:25:15 – 00:08:32:11
Jordan
Yes, sir. John. Yeah, Yeah. Remember last year and then you officially got in this first deal end of August.
00:08:32:13 – 00:08:34:02
Rod
Fantastic. Fantastic.
00:08:34:05 – 00:08:52:21
Mark
So one thing you mentioned, Jordan, is that you had never really thought about multifamily. That’s something I hear all the time, right, is people think that they can buy these big apartment buildings for millionaires, billionaires, right. What are some of those mindset shifts that you had to make to get into this and get into your first deal and jump into the business?
00:08:52:23 – 00:09:20:17
Jordan
One of the big thing was overcoming self-limiting beliefs, just like you said, thinking it’s only the millionaires and billionaires and big funds and things like that. They can buy it. But also I didn’t have the education. I didn’t know how it worked. And so once I started saying, okay, so there’s these things called syndications and teams that work together and people that partner and work to their strengths and things like that that come together and then take down these deals, I was like, I can do that.
00:09:20:17 – 00:09:36:04
Jordan
I work on teams all the time. It’s just working with people. I mean, you got to have an understanding of what you’re working with, but at the end of the day, it’s all people. And construction is the same way. You know, when I started there, I didn’t know how to build a building, but I knew how to interact with people and ask certain questions.
00:09:36:04 – 00:09:58:05
Jordan
And, you know, everybody pulled their resources together that were good at certain things. And we built a building and in this case, where we’re taking down deals. So, you know, it’s planes here, strengths, figure out what you’re good at, what you’re interested in, and then finding other people who have that are like minded that they have the same end goal but they can they can bring their strengths where you may have weaknesses.
00:09:58:07 – 00:10:16:00
Rod
That’s it in a nutshell right there. You could do my job for me with that statement, because that’s really it, man. That’s what I’m shouting from the rooftops. You don’t have to know it all. You have to do it all. Your partner hire a line or partner for the things you’re your weekend. Love it. So what’s what’s been your favorite part of all of this business so far?
00:10:16:06 – 00:10:38:06
Jordan
I think my favorite part is, you know, meeting people, seeing how we can help them. And then also just, you know, the opportunities that are there, the opportunities with growth, you know, being able to have your hand in something bigger and building a building a business. You know, I mentioned earlier that building a business and growing something was was always kind of a passion I had.
00:10:38:06 – 00:10:56:07
Jordan
So that’s definitely something that has intrigued me about it and it’s something I can do with still having a full time job. You I am able to my full time job is my main focus, but I’m still able to do this and be successful at it as well. So and if I can do it, anybody can do it.
00:10:56:09 – 00:11:06:22
Rod
Nice, nice, nice. You’re absolutely right. Well, let me ask you this. On the flip side, what’s the least favorite part of of work in what you’ve been doing? So far? I mean, let’s let’s hear the good and the bad.
00:11:06:24 – 00:11:22:19
Jordan
You know, I think the least favorite part would have to be, you know, you just got to get your feet wet, you know, And just like anything new, it takes time and it can be overwhelming in the beginning, to be quite frank. You don’t necessarily know where to start if you’re trying to do it on your own. Right.
00:11:22:19 – 00:11:41:15
Jordan
You know, if you’re I tried that. I tried to, you know, reach out to people and connections that I thought, oh, well, my uncle’s a banker. He may know some people who do this or my my other cousin is an appraiser. He may know people and, you know, I wasn’t making any traction. And so that was kind of frustrating and, you know, not making any progress.
00:11:41:15 – 00:11:55:22
Jordan
So then I decided to, you know, I need to change something changed my approach and, you know, ended up getting a mentor and a coach and and join in the Warrior program so that, you know, again, it’s a fire hose, but still it’s you have some guidance.
00:11:55:22 – 00:11:57:24
Rod
So yeah. Yeah.
00:11:58:01 – 00:12:16:23
Mark
Now that you’ve done that well what are some maybe practical tips that you use Because I know you have two kids. You have you’re married, have that job. What are some things that you’ve done over the period of the last year that have helped you get into this without making excuses that, hey, I have all these other things, I’ve got to put it on the back burner.
00:12:17:02 – 00:12:26:16
Rod
And and still have in time for your bride and your kids and your full time job and talk about how you managed all of that.
00:12:26:18 – 00:12:44:19
Jordan
Yeah, I mean, it’s definitely not easy. It wasn’t easy in the beginning, but I didn’t have a process for it. So, you know, when I first started, we my wife had a conversation of, Hey, this is what I’m looking to do. You know, I got her thoughts on it. Well, she bought it. And that was a very important to have her support.
00:12:44:21 – 00:13:03:16
Jordan
So I’ve got that box checked right then it was time blocking, figuring out, okay, these are the tests I have to do every day, and then this is the time I have to do it. And then what’s left over? What can I achieve in that time frame? So time blocking was, was very, very important. And so that was that was the kind of the biggest thing.
00:13:03:18 – 00:13:27:19
Jordan
And then again, playing to my strengths to where I could knock out tasks quicker versus trying to do something that I’m not very good at right now, at least when I don’t have all the extra time, I can leave that up to my partners and people who can knock it out more efficiently. And so that was that was the biggest the biggest thing was the time blocking and then making sure that her goals and my goals were aligned when when we started this.
00:13:27:21 – 00:13:36:15
Mark
And what were those, by the way? What were those strengths? Where was it networking that you mentioned or was it something else that you initially started with and then you kind of switched?
00:13:36:17 – 00:14:06:04
Jordan
Yeah. Originally I thought I wanted to do underwriting because I like math, but I quickly realized that that’s not my that’s not my best. Best strength is networking because I’m in sales. I talk to people for a living. So it’s just about it’s the same thing. It’s just talking about something different instead of talking about remodeling, I’m talking about real estate and just building a connection, building relationship, telling that showing them what we’re doing and seeing if that’s something that I can help them with or if it’s something they’re interested and go on from there.
00:14:06:06 – 00:14:29:02
Jordan
And then of course, the construction aspect that I have background in construction, I can go tour properties for my partner who does a lot of the underwriting. I can go tour. I’m giving feedback on, Hey, we need a plan for this for CapEx. We need to we need to look at the mechanical equipment, the electrical, and see where that’s at and put in numbers and things for that to plan for.
00:14:29:04 – 00:14:46:12
Jordan
And, you know, kind of feedback and, you know, being in boots on the ground, I love to be in boots on the ground, in construction. I go like these properties and I enjoy walking home and seeing, you know, the state that they’re in and, you know, that sort of thing so that we can plan and really fine tune our underwriting.
00:14:46:14 – 00:15:03:15
Rod
Now that’s good. I want to circle back to something you said. You know, you had to go to your wife and get her buy in and guys, those are you listening. That is a critical piece of this. And in fact, we spent time on it at my bootcamps. I literally spend time. I have people talk about how they overcame that hurdle with their spouse.
00:15:03:17 – 00:15:25:05
Rod
You know, that wasn’t as excited about as about this business as they are, because you’ve got to have that house in order, if at all possible. So that’s number one. The second thing you said was time blocking, and that’s how you’re able to manage the kids, the spouse, the the job, the main job. And then this and if this is something you struggle with, go to Rod’s links dot com.
00:15:25:05 – 00:15:43:02
Rod
And at the bottom is my goal setting workshop. At the end of that goal setting workshop, I do my weekly planning process. It’s very powerful way to really organize yourself. And one of the one of the components of that is time blocking. And so it’s how I managed to very large companies the same time focusing on what’s most important.
00:15:43:08 – 00:16:01:07
Rod
So again, if you go to Rod’s links dot com, then do that goal setting. You should do that anyway because how to help you get anything if you don’t know what it is. So that’s critically important. But then stay and do that just as 10 minutes or so where I describe this planning process. Very simplistic but incredibly powerful.
00:16:01:07 – 00:16:27:07
Rod
So I want to throw that out there. So let me ask you this. You know, obviously, you know, we’ve got a lot of people listening that that that know, they want to do something. They know they need to do something other than their W-2. It’s just not going to give them the life of freedom they’re looking for. What words of wisdom would you share with someone that that in that situation where you were prior to taking action on this, joining our program or whatever, doesn’t matter if you joined our program.
00:16:27:07 – 00:16:34:22
Rod
But but but actually taking action on this, what what would you share with someone that hasn’t done that yet? Maybe give them some words of encouragement.
00:16:34:22 – 00:16:51:18
Jordan
So you kind of touched on it. If you’re looking for something new and different, you have to change our approach and do something different. So you have to set up your mind and figure out what you want to do. I did that by setting my goals and by setting my goals. I wrote them down and put them on the background of my phone.
00:16:51:19 – 00:16:57:09
Rod
He’s holding up his phone right now. They’re on his screensaver. I love that, brother. I frickin love that. Good for you.
00:16:57:09 – 00:17:18:05
Jordan
Okay, so once I figured out what I wanted to do, I made a plan. I wrote down my goals to help keep me in check. And I look at them every day, you know, And I started studying people that are successful and the things that I want to do. And you’ve got to have the right mindset. If you don’t have the right mindset, you’re not going to It’s not easy because there’s things that hit you in life.
00:17:18:06 – 00:17:46:15
Jordan
You get busy, obstacles come up and discipline and mindset are what’s going to keep you moving forward. And so I really took into furthering my education as far as emotional intelligence, discipline, motivation and then financial literacy, as I mentioned. And those were kind of the key things that I focused on to really kind of set the base, the foundation for building from there.
00:17:46:17 – 00:18:03:06
Jordan
Because there’s days I wake up, I don’t want to do my my day job, my secondary job, and then real estate and then be a good dad and a good husband all the same day. There’s no there’s hardly any days where all of those boxes are fully filled. And I have the energy for all of it until I sit down and remind myself the reason why I’m doing all this.
00:18:03:06 – 00:18:22:21
Jordan
And and, you know, working hard now to achieve something so that way you grind for a few years. So that way later on, you can you can have the things you want to be able to help others give back and be successful. So you’ve got to make a decision to move forward, figure out what you want, make a decision, set goals, and then just keep plugging away.
00:18:22:23 – 00:18:26:04
Jordan
And you have to keep making progress no matter how small each day.
00:18:26:10 – 00:18:41:19
Rod
Man, I need to have you just come start doing my job for me, brother, because you just said it all beautifully. Holy cow, That was perfect. And I love some of the things you said. The why is so frickin critical. I mean, this is why at my boot camps, it was my warriors. I spent so much time on this because.
00:18:41:21 – 00:19:06:18
Rod
And that’s why they’re successful, because they focus on the why and that’s the driver to push through fear, to push through limiting beliefs, to get a little uncomfortable, to create that life that they want and deserve. And I love the fact that you talked about emotional IQ. You know, if you have not taken a look at that or understand what that means, dig into that a little bit, because I will tell you, when you’re when you enhance your emotional IQ, you’re able to communicate better.
00:19:06:21 – 00:19:28:11
Rod
You’re able to influence people better. And it’s an incredibly powerful way to ramp your success. And, you know, by the way, if you are interested in our Warrior program, how you apply is you text the word crush to seven two, three, four or five. And and we’ll check you out. You check us out. And if it’s a fit, you’re going to would they love it if it’s a fit?
00:19:28:11 – 00:19:34:12
Jordan
Jordan Oh, definitely. Definitely. Okay. I have no regrets for for joining that program.
00:19:34:14 – 00:19:48:23
Rod
Right? Right. And so so again, text crush 272, three, four, five. And we set up that call and and you’ll likely you’ll likely have me at some point on a call and but anyway so.
00:19:48:23 – 00:20:11:01
Mark
Let’s talk about timing regardless of the program let’s just talk about real estate timing, right. We’ve been talking about opportunities of income in for a long time, you know, and it’s already been happening, right. Cap rates have gone up one and a half points in multifamily, which I think from what I’ve seen, don’t quote me on this as a way to do about a 20% discount in multifamily.
00:20:11:01 – 00:20:36:12
Mark
That’s already happening. And just based on experts, 6 to 12 months from now, they’re saying, hey, they’re guessing that may be kind of the the bottom area of multifamily. And if people are looking at single family, they’re obviously they’re not seeing that in the single family space. They’re looking in the wrong spot. It’s happening in multifamily. But for people that are saying, Hey, I want to wait until it crashes hit the bottom before they get started, What sorts of advice would you give to them?
00:20:36:12 – 00:20:40:00
Mark
Jordan For people that are thinking that way about multifamily specifically.
00:20:40:05 – 00:21:02:03
Jordan
So let me let me give you a real life example. It’s not necessarily multifamily, but two years ago, coming up on three years ago, we decided we were going to build a house after we moved. And this is 2021 construction prices are jumping up tremendously. I mean, lumber was up to 300%. Yeah. And people are telling me, no, no, no, wait, wait, wait, wait till it comes down.
00:21:02:05 – 00:21:23:12
Jordan
Well, if I were to kept waiting, I would have probably doubled the cost of the build price of my home. And so there’s never a perfect time. It’s the perfect time. Is when you decide you’re going to commit to it and move forward and do what it takes to be successful. So right now the rates are up. It’s harder to find deals and things like that.
00:21:23:12 – 00:21:42:08
Jordan
But if you go in and you’ve got the right education, you’ve got the right mentorship, you know, people guiding you and you’re you’re being conservative with what you’re looking for and you don’t you don’t bend on your criteria that you can find deals and be successful. It’s it it doesn’t matter what the outside factors are. You control how successful you are.
00:21:42:12 – 00:21:54:06
Jordan
You just have to you got to set your criteria, get the knowledge, get the education and the guidance, and then go from there. So I would say if you’re if you’re looking to do this now, now’s as good a time as any. It’s better than tomorrow.
00:21:54:08 – 00:22:11:12
Rod
So it’s probably I’m going to I’m going to even push back on that. I think it’s an incredible time because, I mean, we’re seeing deals right now. I was just telling Marc before we started recording, we’ve got a deal that was listed at, I believe, 28 million and we have a real good shot of getting it at 20.
00:22:11:18 – 00:22:29:02
Rod
And yeah, we’re real close on it. And so, you know, but here’s the thing, you know, it takes a while to get up to speed. You joined our program back in December of last year. You put this deal on a contract in August. So it happened overnight. It took a few months and relationship building and knowledge building and so on and so forth.
00:22:29:06 – 00:22:49:17
Rod
And that’s that that’s going to happen regardless of when you come in. And you’ve got to build the relationships, you’ve got to start building your knowledge and start sniffing deals and start getting a feeling for this business. And that takes a little time. And so, you know, just because you may be looking at a lot of deals right now, if you don’t buy one, it’s okay, because every deal you look at, you’re getting better.
00:22:49:17 – 00:23:08:04
Rod
You’re learning. So so, you know, this whole mindset around waiting till it hits bottom is ludicrous because, you know, if you wait till it’ll be too late because when it hits bottom, it’s going to come back up and you’ll be still be trying to get up to speed. So I want to throw that on. The other thing that I really like that you said, you said some really good stuff.
00:23:08:04 – 00:23:27:17
Rod
Jordan is not bending on your criteria. And I tell my students this, my warriors, I told them that you heard me talk about this this weekend. I said, do not be aggressive right now. Be conservative, Stick, stay, stick to your guns and make sure you’ve got plenty of operating reserves. Don’t get stupid debt. All these things, you know, it’s not a time to to to be flexible.
00:23:27:17 – 00:23:43:14
Rod
It’s a time to be firm because there are deals and it’s a tenuous you know, the economic economy’s in a little bit of a shitstorm right now, and it’s likely to continue for a while. And so, you know, you don’t want to be crazy, but I love the fact you said don’t bend on your criteria because that is absolutely critical.
00:23:43:14 – 00:23:48:06
Rod
It’s not a time to go out there and push the envelope, but there are definitely deals already.
00:23:48:06 – 00:24:01:00
Jordan
So we’re seeing that. I mean, we looked at deals earlier this year and they didn’t pencil then. And, you know, brokers are coming back to us with the same deal that couldn’t close earlier in the year. It’s back on the market now. Oh, yeah.
00:24:01:00 – 00:24:07:01
Rod
So yeah, a discount at a discount or at a price even below where you were at before, right? Right.
00:24:07:04 – 00:24:07:22
Jordan
Yeah, exactly.
00:24:07:23 – 00:24:29:20
Mark
I saw that with another broker recently actually two, two brokers that I happened to know. I saw one deal that was with one broker earlier this year. They got fired and then it came back to me with another broker that they hired, which I thought was hilarious. And if people think, by the way, that when the market hits bottom, that you just kind of pick up the phone, call a broker and get a deal on that first phone, call your sadly mistaken.
00:24:29:22 – 00:24:46:11
Mark
Now, you mentioned Jordan, $400 rent bombs. I don’t know if you know the numbers off the top of your head. Could you share where you ended up getting that deal at with those rent bumps, projecting what you think the value is going to be when that happens? Just so people understand the value of multifamily.
00:24:46:14 – 00:25:07:23
Rod
I can do it. I’ve got my calculator right here. Let’s say it’s five cap divided by .05. That’s a $6 million frickin increase in value on 63 units at a five cap. Okay. And you know, Dallas could very well be at a four and a four and a half cap here before too long. And again, again. So the ice job.
00:25:08:00 – 00:25:08:11
Jordan
About this.
00:25:08:11 – 00:25:09:14
Rod
Deal, I job.
00:25:09:14 – 00:25:11:10
Jordan
Or we’re very excited about it.
00:25:11:10 – 00:25:21:06
Rod
How would you find it by the way, how did you how did how did the guy that that that you went and how’d he find it was just a broker relationship broker didn’t have a clue what he had. Is that what it was or what happened?
00:25:21:11 – 00:25:41:00
Jordan
Broker Relationships. Exactly. Well, I mean, and you kind of mentioned you can’t wait until the market hits the bottom to start looking, because know, if I whenever I started, I didn’t know anything about this industry. I was calling brokers. They weren’t getting back to me because they didn’t know who I was anyhow. And so I probably sounded green behind the ears and everything when I was talking to them.
00:25:41:00 – 00:25:55:11
Jordan
But I’ve done it over and over and over again. And you start now. They say, Oh, this guy’s coming back again. He’s back again. He must be. He must be serious. And so you got to build those relationships ahead of time. And you’ve got to have you’ve got to get a coach, you’ve got to get some sort of guidance.
00:25:55:11 – 00:26:13:07
Jordan
Mentor doesn’t matter who or where someone obviously experienced and knows what they’re doing, but you have to get that or else you’re just going to be spinning your wheels. And you know, I join the Warrior program because I was looking to expedite my my progress because I’ve done it on my own. Sure. But how long would that have taken me?
00:26:13:07 – 00:26:32:10
Jordan
And I’ve realized how important time is. I don’t have the time to waste and trying to do things where I can find a more efficient way to do it. And so that’s that’s why I joined the program. And that’s why within eight months of not having a single bit of experience in this industry, I’m now in 63 doors.
00:26:32:10 – 00:26:36:13
Jordan
I’m sure others have done it faster. But, you know, that’s that’s why I am where I am now.
00:26:36:13 – 00:27:01:13
Rod
That’s well said. I will said. And the other thing is and I don’t care if you could join us, but get some help because it also mitigates mistakes. And there’s more zeros on these deals and mistakes can be debilitating. They can be career threatening. So, you know, you want to have people looking over your shoulder. And that’s one of the big advantages of being in a group like this, whether it’s ours or somebody else’s, is that you have so many people, so many eyes looking at the deal for you.
00:27:01:13 – 00:27:20:02
Rod
You bounce ideas off each other. It’s just an incredible environment. And, you know, 180,000 doors I talk about, almost all of them were done between warriors together because this is a group initiative. Well, listen, brother, I appreciate you coming on the show. It’s great to see you again. Literally, it’s been two days, but I’m a little wiped out.
00:27:20:04 – 00:27:21:13
Jordan
Yeah, yeah, yeah.
00:27:21:15 – 00:27:34:05
Rod
Right, right. Yeah. Well, I should have waited a couple of days because I’m still at about 60%, so hopefully the questions weren’t too stupid. But. But anyways, great to see you, my friend. And. And I appreciate you coming on, man.
00:27:34:07 – 00:27:42:13
Jordan
Yeah, No, thank you, guys. Thank you for the opportunity to be on here. And like I said, hopefully provide some value to somebody else out there who’s looking to make a move. So and.
00:27:42:13 – 00:27:43:10
Rod
A quick note before we.
00:27:43:10 – 00:28:02:01
Mark
Ended on that topic. That’s a good point. That’s why I love these multifamily rock Stars episodes, because people sometimes don’t believe that this can be done. And Jordan, you just mentioned that you’ve got and you’ve done your first deal without any experience. So for the listeners, if you like these episodes of hearing the people that are starting from scratch any episode, go back.
00:28:02:01 – 00:28:09:14
Mark
This is MF Rest. Those are the people that we’re interviewing. And so go back and listen to all of those, if you like, that aspect of what we’re doing here.
