Franklin, currently holding a W-2 position, has been active in real estate since 2009, specializing in single-family rentals and house flipping. In 2019, he and his wife Grace expanded into multi-family investments, participating in 1,125 units, with 101 as General Partners (GPs) and 1,024 as Limited Partners (LPs). His expertise spans Project and Operational Management, Business Plan Development, and Real Estate Underwriting, with strengths in asset management, construction oversight, and investor relations. Franklin also co-founded the nonprofit Hope for All Paws, supporting animal welfare, and holds a B.S. in Engineering and an MBA.
Here’s some of the topics we covered:
- Franklin’s Game Changing First Deal
- What To Look For During Multifamily Due Diligence
- How To Build Your Multifamily Team & Make Connections
- Transitioning From A Limited Partner to a General Partner
- Working Together In Multifamily With Your Spouse
- Advice For People With Analysis Paralysis
- The Secret Weapon of Top Investors
- Smashing Through Self Doubt
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.
For more about Rod and his real estate investing journey go to www.rodkhleif.com
Full Transcript Below
00:00:04:06 – 00:00:28:24
Intro
So you know that apartment building or complex you drive by every day? Someone owns it, and it’s probably someone on this podcast. Multifamily rock stars join the growing numbers of real estate entrepreneurs who have made the jump to buying multifamily properties for a lifetime. Cash flow multifamily rock stars using OPM for an OMG ROI. Now here are your hosts, Ron Cleve and Mark Nate.
00:00:29:01 – 00:00:46:05
Rod
Welcome back to multifamily Rock stars. So as you guys know, this is the episodes where we dive deep into our guest deals and really give you some practical and actionable items to get started and do your first deal, especially if you’re brand new to multifamily. And I’ve got my co-host Marc Nagy with me here, as usual going on.
00:00:46:05 – 00:00:51:21
Mark
Right. Good to see you. I know it’s, we haven’t been seeing each other very much. You’ve been so busy with all these deals you’re working on.
00:00:51:23 – 00:01:14:08
Rod
Yeah, yeah, I’ve had to take over some assets, so I’ve been very, very busy. But, now we’ve got a good interview for you guys today. We’ve got Franklin Gonzalez and, Franklin, and, has, is, is in about 1125 units. Some of those is an LP. And he did his first deal as a general partner.
00:01:14:10 – 00:01:17:20
Rod
I don’t know when, but we’re going to dig in to a. Welcome to the show, Franklin.
00:01:17:22 – 00:01:27:02
Franklin
Thank you very much. Rod and Mark. Nice talking to you guys. And I appreciate you letting me be a participant on this podcast. Thank you very much, love.
00:01:27:04 – 00:01:36:04
Rod
Of course. Well, let’s let’s get right into that first deal. So. So where was it? How’d you find it? How did you get involved? Why don’t you give us some history?
00:01:36:06 – 00:01:57:05
Franklin
Okay, so the first deal, that we landed as, general partners, we have a group called, we Equity partners. The we stands for West Coast. East coast, team members. So, we ended up, joining forces with another key principle. And, in a 101 deal in Corpus.
00:01:57:05 – 00:01:59:14
Rod
Christi, 101 units. Okay.
00:01:59:16 – 00:02:21:04
Franklin
So this was actually, you know, something new to us. So, they told us, if you want to actually learn the process and, you know, dive deep into it, you know, get involved. So, we found out of this deal, like, about two weeks before they were going to execute on signing the paperwork.
00:02:21:06 – 00:02:40:14
Franklin
So they told us, you know, if you want to actually, perform some due diligence, go ahead and fly down to, Corpus Christi. So, you know, Grace and myself. Grace, my wife, you know, she’s part of this, you know, we equity partners, we ended up, flying to Corpus Christi to perform the due diligence. This was in December.
00:02:40:14 – 00:03:01:24
Franklin
So, we ended up, you know, talking with the key principals and, some of the operators, and we learned quite a bit, you know, performing a due diligence. So this was actually step by step, and, we ended up doing the work. This was actually something that was, very valuable to us just to, get to know the process.
00:03:02:01 – 00:03:27:09
Franklin
So this, deal was, structured as a, you know, 101, unit value add to we were actually getting, perform some, you know, lipstick, type of makeover on this and add a couple, units, you know, to, make the deal just a little bit better. And, you know, that’s essentially yet, this deal, I don’t know if you.
00:03:27:11 – 00:03:33:01
Rod
So there wasn’t a lot of CapEx. There wasn’t a lot of CapEx on this deal was just some lipstick.
00:03:33:03 – 00:04:07:12
Franklin
Yeah. The CapEx was, roughly about $700,000. You know, renovation of a few units, converting the units, from three 1 to 3 two. There was a few units that we needed to convert painting the outside. The property, adding a laundry mat facility and, you know, just, enhancing, you know, some of the other units, you know, for example, just providing, you know, air conditioning units, you know, on those particular, units.
00:04:07:14 – 00:04:12:04
Franklin
So basically it really wasn’t, you know, a heavy lift on that. You might,
00:04:12:06 – 00:04:34:06
Rod
Oh, okay. And so, you partnered with this other team that found the deal. And I see in the notes here that they had another complex a few miles away, which is great. So you’ve got some some scale there. And, and they knew the area. And so, so as you were doing that, tell me the sorts of things that you looked at when you were doing the due diligence.
00:04:34:06 – 00:04:38:12
Rod
Talk about the due diligence process a little bit. I think that would be valuable for the listeners.
00:04:38:14 – 00:05:06:12
Franklin
Well, on the due diligence, we actually walk with the, you know, appraisers and the, people that are actually looking at, you know, all the details. So we’re we’re looking at, you know, everything and anything within the unit. So, you know, we were kind of like the the silent people just, performing the walkthrough. Those were the individuals that were looking for, you know, broken windows, air conditioners, working, you know, things like that.
00:05:06:12 – 00:05:41:18
Franklin
So, you know, the aces, you know, we got, you know, a better understanding the, you know, the flooring, the piping, the electrical, you know, things like that. The that’s the type of, knowledge that we gained. Also, what we actually did was actually, you know, looked at the rent rules. So we actually ended up going through the specific, individuals, profiles and taking a look at the rents, just making sure you know, who is, you know, cut up, who’s delinquent, that sort of, sort of thing.
00:05:41:18 – 00:05:42:06
Franklin
So.
00:05:42:06 – 00:05:45:10
Rod
So you played a role in that. You played a role in that due diligence as well?
00:05:45:15 – 00:05:47:05
Franklin
Yeah, yeah, we did well.
00:05:47:07 – 00:05:53:13
Rod
So they did. They didn’t bring in a property management company to do this. They did it all in-house. You did it all in-house.
00:05:53:15 – 00:06:03:10
Franklin
Initially they did everything on in-house. This was all the due diligence. So this is what we actually perform with the team. So eventually they got a property management company.
00:06:03:10 – 00:06:16:00
Rod
So okay okay. And talk about the the numbers on the deal about what did you pay for it. How much was the financing. How much did you raise? Talk about the acquisition numbers.
00:06:16:02 – 00:06:50:00
Franklin
The acquisition numbers. Okay. So, the, the price for this, property was $6 million, so it was actually, 67% loan to value. There’s no bridge date on this. So we had to raise, like, about, $2.8 million on it. And, when we actually, started raising, we did, think that we had some people that were ready to actually invest, and these were individuals that, were planning to invest, like about up to $2 million onto this deal.
00:06:50:02 – 00:07:05:18
Franklin
But, you know, that, didn’t turn, you know, so well, so we had to, you know, just scramble around and actually start investing on this, you know, particular deal, just talking to people and making sure that, individuals, would invest on this particular deal.
00:07:05:22 – 00:07:25:06
Rod
So you paid 6 million for 101 units, a 60,000 a door. That’s really good pricing. So it sounds like an interesting deal. Talk about the unit mix there. How many different sizes of units that you had there? Talk about that a little bit. I’m just curious, trying to get a picture of this, this asset. And what year was it built?
00:07:25:08 – 00:07:51:02
Franklin
It was built in 1948. It was renovated in 2021, 22. Not so much of a renovation, but we we do need to actually renovate just a little bit more. Okay. So, unit so, the, the unit structure is actually they have, like about 85 one ones, but 15, two ones and the rest are three ones.
00:07:51:04 – 00:07:56:11
Franklin
And that’s currently, what, what we’re doing on that, you know.
00:07:56:13 – 00:07:57:09
Rod
Okay, okay.
00:07:57:13 – 00:08:13:06
Mark
Earlier you said you’re converting the three ones into three twos. Is that part of the value add? Because you mentioned if the whole place was renovated in 21, 22, where did you guys really see the value add on this sort of property? You’d think it would be almost topped out if that was the case.
00:08:13:08 – 00:08:32:15
Franklin
Well, I mean, that area is, you know, classy market. And, we’re actually seeing that, you know, units going into a three to are very much more, more a lot of people like the three twos versus the three ones. So that’s why we’re actually converting the three ones.
00:08:32:17 – 00:08:52:24
Mark
So. Got it, got it. I want to take a step back here as well. There’s something we skipped over because I think most people listening probably haven’t done their first multifamily deal. And so I always love diving into people’s first multifamily deal. And you talked about team, you talked about We equity, which is your guys’s group, and that you partnered with another group to come together.
00:08:53:01 – 00:09:03:21
Mark
First of all, how did you go about building your own team? We equity. And then second of all, how did you even go about connecting with this other group to get involved in this deal? How did those relationships come about?
00:09:03:23 – 00:09:25:06
Franklin
So the we equity as part of the warrior Group, and we actually got involved in, you know, just, throughout conversations, the meetings that the Warriors have or the, you know, or, you know, the groups that, are part of the Warriors. So we ended up actually, you know, talking to a few warriors and, we ended up, just joining.
00:09:25:08 – 00:09:52:22
Franklin
We collaborate on a lot of things. Started looking at a lot of, properties and started, underwriting the properties to see if we can, you know, actually make a deal on those, particular properties with that, we actually, you know, if some of those properties we couldn’t, you know, I guess get on our own, we would actually talk to other warriors to see if they could actually, you know, help us, gain those particular properties.
00:09:52:24 – 00:10:24:13
Franklin
With that, you know, we were just, you know, continuously looking, but with this other group, this, you know, one of our partners within the we equity partners, they, she found, this other group, they somehow collaborated, and they told us about this one particular deal. So we went into that deal just, knowing, you know, about this one particular deal, and, we ended up, you know, signing with them and just saying, okay, this deal is actually going to be working with us.
00:10:24:15 – 00:10:29:12
Rod
What? What’s your background? Franklin? What, what, what’s your job history. Background?
00:10:29:14 – 00:10:55:01
Franklin
Well, I’m, technology manager. That’s my background. So I did a lot of that knowledge. I, you know, mainly a numbers guy, so I like I like to do that, you know? But. Okay, I’m actually transitioning in into the business side, so, and do you know a lot more about the business side? Because on this, you know, my W-2 is actually strictly working on the business aspect, so I handle a lot of millions of dollars, you know, through the budgeting.
00:10:55:01 – 00:11:09:12
Franklin
So, you know, do a lot of project management, a lot of operation management in, my W2. And that actually falls into the, how to actually, you know, work on these, properties.
00:11:09:18 – 00:11:29:01
Rod
We’re going to take a break from this great episode for word from our sponsor, which is the multifamily bootcamp. Now, financial success is what you’re after. We are rapidly approaching one of the greatest opportunities I think we’re going to see in our lifetimes to capitalize financially. So if you know real estate is the vehicle for you, you’re crazy not to spend a couple days with me and one of my bootcamps.
00:11:29:01 – 00:11:44:10
Rod
I’ve always got one right around the corner. Thousands and thousands of people have taken action on their journeys to creating generational cash flow for themselves and their families. From attending my events, I don’t sell anything at this event, so it’s basically 16 to 18 hours of training with nothing being sold. Kind of a no brainer if you’re serious about this.
00:11:44:10 – 00:12:07:00
Rod
To check it out, text the word links to 72345 or go to Rod’s links.com. Again. Text links to 72345 or go to Rod’s links.com. I promise you’ll be glad you came. Let’s get back to it. Okay I see so so that skill set translates over. Certainly the analytical underwriting piece does. Now, did you raise some money for this deal?
00:12:07:02 – 00:12:30:21
Franklin
Yes, we raised some money on this deal. We didn’t actually, think that we’re going to be raising much, but we ended up, you know, as a group raising money. So we had a commitment to actually raise at least 500 K. You know, as part, you know, to actually, inject into the deal. So we ended up, fulfilling that obligation, but it’s just, you know, just working and just talking to the individuals.
00:12:30:21 – 00:12:39:08
Franklin
You know, I myself, we weren’t really prepared to actually, raise money, but we ended up, you know, performing this task.
00:12:39:10 – 00:12:46:23
Mark
So what did this other group really need from you guys? Then why did they decide to bring your group into this? What was the value?
00:12:47:00 – 00:13:05:20
Franklin
There was no value. Per se. They actually wanted to actually just show us how a deal is process and how it’s actually working. So they brought us in to actually collaborate, and that’s what they wanted to actually do is just work with us. It just make sure that, you know, how this actually deal is actually going to be performing.
00:13:05:22 – 00:13:13:02
Franklin
So that’s how they, I guess that’s how they work. And that’s what, what they did with us.
00:13:13:04 – 00:13:33:20
Rod
So, obviously you’re very analytical. And so you’ve been involved in the underwriting. If you have been playing around with that, obviously. But I noticed, you know, we sent you a couple of questions before we started and we asked you what your superpower was, because, you know, this business is a team sport and there’s lots of different hats and you said building relationships.
00:13:33:22 – 00:13:53:02
Rod
So, as you move forward, you know, where do you see yourself falling into this? Are you going to be more involved in the asset management, or are you going to be more involved as as you find more deals, raising money, doing, you know, more operational stuff there or doing more investor relations stuff or more underwriting an analysis?
00:13:53:04 – 00:13:55:16
Rod
Where do you feel like you’re going to fall in?
00:13:55:18 – 00:14:26:03
Franklin
Well, I think I’m going to be following in and to the investor relationship, just making sure that, you know, we, are, you know, getting the investors into this particular, you know, any project that we are involved, you know, the investors can actually, join in our syndications. So the relationship piece is basically, you know, talking to, any and all individuals and just working, discussing with them and just making sure that, you know, that, you know, hey, you know, we got a deal.
00:14:26:05 – 00:14:53:06
Franklin
If you want to actually participate on this deal, you know, let me show you the numbers. Let me show you how it is. That’s basically what I’m going to be, working on. You know, there, every time we actually start looking at deals or working with other teams, you know, there’s always an underwriter. So, you know, for me, I’m always, you know, kind of like the second guys to actually take a look at the underwriting just to make sure that things are, are good too as well.
00:14:53:08 – 00:15:17:16
Franklin
Asset management is pretty easy. My background is actually, you know, in the, single family. So, you know, I know this, I understand this, I know how that actually works in regards to the asset management, paying particular attention to detail. You know, when I did, actually, and I’m still doing this single family, you know, flipping their houses, you know, it’s just I would rather process to me basically.
00:15:17:16 – 00:15:30:17
Franklin
Yeah. So once, once we have this, it’s for me it’ll be kind of like a cookie cutter in the multifamily space. Just making sure that, you know, that we get to our end goal objective right now.
00:15:30:18 – 00:15:50:08
Mark
I know you also, had mentioned that you had invested in over 900 units as a limited partner as well. What what was the push that kind of made you decide that you wanted to jump in to being more active and even being a general partner in multifamily to begin with, instead of just continuing on with the passive investing.
00:15:50:10 – 00:16:22:07
Franklin
So back in 2019, you know, Grace and myself, we made a couple people that we’re actually, you know, seeking out investors, you know, to invest into a, multifamily deal. We didn’t know what was, that about. We didn’t understand that very, very much. But, you know, lo and behold, after talking to them and they were basically our friends, you know, back then and just, you know, we ended up investing with them because it’s like we kind of trusted, you know, them.
00:16:22:07 – 00:16:44:00
Franklin
And we wanted to make sure that, okay. So, you know, there are, for instance, like, let’s go ahead and invest with them. So, you know, and we also I thought that this was going to be, diversified because I was actually mainly investing in the stock market. I didn’t think that the stock market was going to be, doing so well, so ended up going into a different direction.
00:16:44:02 – 00:17:09:21
Franklin
Lo and behold, you know, 27 months later, we got our return back. It was actually like about 2.3, you know, return on our investment. So, you know, we thought, hey, this is actually pretty good. We didn’t think that it was actually going to, you know, take this, you know, short of a trip. So, we reinvested with those individuals and it turned out to be, you know what?
00:17:09:23 – 00:17:28:12
Franklin
18 months later, we got our return back, 1.8 and was like, okay, so now this is actually like an moment for me. I just wanted to understand, multifamily just a little bit more. I mean, there’s has to be something more than just, investing into a passive deal. Yeah.
00:17:28:14 – 00:17:39:22
Mark
Wait. So to clarify for listeners, so in 27 months, you 2.3 x your return and on another deal in 18 months under two years you 1.8 x your initial.
00:17:40:01 – 00:17:56:02
Rod
And for and for and for and for mathematical dummies like myself. That means you put 100 grand in, you put 100 grand on, you got 200 and 230 grand back. Okay. So that’s pretty darn good returns. And on the second one you got, you got 180 on 100,000. And so that’s fantastic. Better.
00:17:56:04 – 00:17:57:20
Mark
So stock market I’d say. Yeah.
00:17:58:00 – 00:18:01:09
Rod
Yeah well yeah safer too. But yeah okay.
00:18:01:11 – 00:18:15:12
Franklin
It is. And then of course you know you get the benefits of the, you know, the tax benefits. So that’s what we liked about it. So that’s what we wanted to actually get a better understanding on this, real estate investment, especially in the multifamily side.
00:18:15:14 – 00:18:23:11
Rod
When did you come across, you know, suffer, suffer through some of my stuff and come across me and look into the warrior program. When did that happen?
00:18:23:13 – 00:18:44:03
Franklin
After that, that’s when we’re thinking it’s like there has to be something more to that. So Grace actually started researching and she started looking at, you know, all these individuals started talking about, you know, you know, who’s a, I guess the better, you know, a real estate investor, you know, having programs. So she ended up, finding your program.
00:18:44:03 – 00:19:07:23
Franklin
Right. And she told me that, like, you need to listen to them. You need to understand, you know, what he does. And after that, we join your program. We did, actually, a virtual bootcamp with you. And, you know, just right after that, we ended up, you know, joining your program, you know, got a coach, started talking, with everybody, started going to your, your meetups, and warrior events.
00:19:07:23 – 00:19:08:22
Rod
You mean the warrior events?
00:19:08:22 – 00:19:18:14
Franklin
Warrior? Yeah, your warrior meetups. We went to the Denver one. We went to the Phoenix one. We’re planning to going on to the next one that’s actually up and coming and, in Orlando.
00:19:18:15 – 00:19:31:17
Rod
Yeah, that’s in Orlando in November. Yeah. So, so just so you guys know, the the boot camp in Denver was an actual boot camp with, I don’t know, nine, 8 or 900 people. And then the one in there was that the one my mom was at or after?
00:19:31:17 – 00:19:35:24
Franklin
Yes, the one in Denver. The with my mom at them. Think your mom was there?
00:19:36:00 – 00:19:58:24
Rod
No, no, Phoenix was a warrior event. It was just warriors. But the boot camp, you know, is is is a three day training program for anybody. And warriors get free access to that. And but the warrior only event, we just had one in Sarasota this last weekend. And there were a few hundred warriors here for, you know, deep dives and analysis and networking and everything else but the one in Orlando coming up in November.
00:19:58:24 – 00:20:16:20
Rod
That’s a that’s an actual boot camp. Again, three day training of every aspect of this business. And there should be about a thousand people there. There will be a few hundred warriors there as well. So, just to give some clarity, by the way, guys, if you are interested in applying to the warrior program, text the word crush to seven, two, three, 4 or 5.
00:20:16:22 – 00:20:25:06
Rod
And let us help you crush it in this business. Again, text the word crush to seven, two, three, four, or five. How is your experience been in the program, Franklin experience.
00:20:25:06 – 00:20:42:08
Franklin
It been great. I mean, you get to meet a lot of people. People are talking to you. You get to understand their knowledge. And then, of course, you know, we pass off our knowledge. So, you know, for me, it’s it’s a big, big learning curve. And, just to understand the multifamily. But, the great thing is people like to share information.
00:20:42:10 – 00:21:03:10
Franklin
And that’s what I like about this program. So. Yeah. Yeah, I mean, it’s good it’s a good program. You are an educator, right? Appreciate you. Like the, wanting to educate while you’re actually, you know, presenting. So this is actually something that’s good. It’s positive. You not only, you know, you know, like other people that they want to sell you something.
00:21:03:13 – 00:21:09:06
Franklin
Your primary focus is to educate and that’s it. So I appreciate that.
00:21:09:08 – 00:21:14:21
Rod
That’s one of the nicest things I’ve heard in a long time, brother. And that’s and that’s and thank you for that. Very serious.
00:21:14:23 – 00:21:31:11
Mark
Yeah. I actually remember meeting with you guys back then after that virtual boot camp. I remember Grace, your wife was, definitely more of the talkative one. You were more quiet, I think, at the time, if I remember incorrectly. But I wanted to talk about that because it’s not very often we come across couples that actually work together in this.
00:21:31:11 – 00:21:42:14
Mark
And obviously you guys are managing a marriage. You’re managing W-2 jobs. How do you guys manage all of that and also do the multifamily business together as a couple?
00:21:42:16 – 00:22:04:18
Franklin
Well, the best thing is Grace. She’s a real estate professional state of California. So, you know, she knows real estate. And, she got me involved into the real estate side of things. And so, you know, we, you know, we we talk the same language. So this is good. This is the, best thing that can happen when you have a person, a partner, that understands what you’re actually doing.
00:22:04:18 – 00:22:23:02
Franklin
And, you know, you have the same goals. Basically, you know, we talk about this on a regular basis, daily basis. We, you know, it doesn’t matter morning, noon and night. You know, we’re talking about real estate. And this is actually something that, you know, somebody else’s partner needs to actually get involved to as well. So, yes.
00:22:23:04 – 00:22:36:06
Franklin
You know, when we actually talk about real estate, you know, we do have some differences, you know, about numbers, things like that, you know, but, you know, no one’s going to be 100%, you know, in life, we’re always going to have the differences, you know.
00:22:36:11 – 00:22:48:14
Rod
But you, you know, you I’m sorry to interrupt. I apologize, but you know, you know, you know, you can be right or you can be happy. I’m sure you know that you’ve been married a good bit, right? Well, yeah.
00:22:48:16 – 00:23:03:13
Franklin
I see it. As you know, she’s a creator. She’s the one that has this, mindset that it’s like, hey, you know, it’s, the sky’s the limit. I mean, you know, sometimes I got to bring her down. It’s like, okay, this is what, what we could do right now. And then that’s like, let’s move on to the next step.
00:23:03:15 – 00:23:08:08
Franklin
I mean, so I gotta build on her creative team. That’s what I gotta do.
00:23:08:10 – 00:23:28:08
Rod
I love it, love it. So I’m sure you know, Franklin, there’s a lot of people that watch this show that are right where you were when you were evaluated, what you wanted to do and, you know, haven’t made it, made a decision, especially people in your space, in the tech space that are super analytical, that have to check off every single box before they make a move, you know?
00:23:28:08 – 00:23:38:02
Rod
And I love you if you’re listening, you know who you are. Speak to the people that are either on the fence or haven’t made a move yet. What would you what what would you say to them?
00:23:38:04 – 00:23:53:18
Franklin
You know, when I, when I was, I actually started when I was thinking about this on the fence, I just, you know, you know, stayed in my comfort zone. You know, my comfort zone was actually in the stock market, you know? Yeah. You make money in the stock market if you know what you’re doing. But, you know, there’s something different.
00:23:53:18 – 00:24:21:00
Franklin
You got to challenge yourself. You got to get out of your box, and you got to make sure that, you know, you love what you’re doing. So, if you are on the fence, you know, just start reading up on real estate because this is a, you know, something that can turn your life around. This is actually, you know, something that can create, well, for you, this is more than, you know, playing the stock market or having your first one.
00:24:21:00 – 00:24:37:07
Franklin
K just making sure that you do something, you know, that can benefit your life, you know, being a part of, Ross program, you know, kind of changed our lives, too, as well. I mean, you know, we are, you know, in a better position. You know, we have been in a good position, but now we’re in a better position.
00:24:37:08 – 00:25:02:19
Franklin
I mean, we do like, you know, investing in real estate. And we’ll continue to invest in the real estate realm, you know, forever. This is actually something that, is amazing. And, you know, for me, I really don’t know. You know, just for me, you know, I think I know, like, a want 1% of the real estate, you know, realm, but, you know, I do actually want to get involved in, you know, a lot, lot more in real.
00:25:02:19 – 00:25:23:00
Mark
Estate now that you’ve done your your first deal and gotten that close. I know you mentioned you’ve worn multiple hats. You’ve you’ve learned a lot of things. What what are some of those things that are going to help make it easier on the second? The third, the next few deals, how is that going to change now that you’ve done your first deal?
00:25:23:02 – 00:25:47:12
Franklin
Well, I think it’s going to get easier for me because, you know, during my first, you know, deal as a general partner, you know, I wrote everything down. So anything and everything pertaining to what you’re doing, what you’re working on, who’s working on what. I wrote everything down. So now I do have, you know, myself. I have a template of what needs to happen, who needs to do what?
00:25:47:12 – 00:26:01:05
Franklin
And, you know, just making sure that, you know, this process is follow. This is for me. You know, eventually it’s going to be a cookie cutter, where we just replicate this, you know, time and time.
00:26:01:07 – 00:26:11:19
Rod
Let me ask you this. Do you think anybody, regardless of background and experience, can do this business? And if so, how?
00:26:11:21 – 00:26:32:11
Franklin
Well, one of the key things is you got to have the discipline. I mean, because if you’re really, thinking of actually, you know, investing into the real estate, you need to make sure that, you know, your numbers. You got to understand, you know, the financials aspect, and you got to, you know, make sure that you mitigate any, potential problems.
00:26:32:13 – 00:26:59:12
Franklin
So, that’s the way I feel. But anybody can actually do this. Anybody and everybody can do this. You know, as long as you have the, the desire, you could do it. A lot of guidance, you know, can help out, too, as well. Rod’s group is perfect for that because, you know, there’s some questions I asked, you know, some of your, your warriors and, you know, they’re happy to help out with, particular, you know, questions that I got.
00:26:59:13 – 00:27:00:01
Franklin
And.
00:27:00:03 – 00:27:04:16
Rod
Yeah, that’s the benefit of the group for sure. Is that the connections for sure.
00:27:04:18 – 00:27:23:20
Mark
Well, and I hear this so often because I know I’ve talked with you guys before you came on board, I talked with I don’t know, it’s probably been thousands of people and everybody has doubts. Right. They could hear stories on the podcast and somebody saying, anybody can do this, but people still will sell themselves on whatever story feels comfortable, right?
00:27:23:20 – 00:27:45:16
Mark
Because if they don’t want to do something, they’ll convince themselves, hey, here’s a reason why I can’t. Instead of hey, here’s a reason why I can. And those are obviously the differences. And, and, and I say all that to ask Franklin, were there were there any doubts along your your guys’s journey to where you you had those those thoughts of, hey, here’s the reasons why we can’t and here’s the reasons why we might fail.
00:27:45:16 – 00:27:49:03
Mark
Did those things come up and how do you overcome them?
00:27:49:05 – 00:28:09:06
Franklin
Well, yes. But those I mean, you know, the big specific, thing that I had the idea that I had is you got to jump in. But when you jump in and you got to understand, you know, what you’re jumping into. So you really do need to, you know, just really understand. You know, all the pros and cons of that.
00:28:09:08 – 00:28:31:22
Franklin
But, you know, I didn’t actually write it, you know, something down and saying it’s like, well, this is a reason why I’m not going to be, you know, doing this. One of the things is you have to be uncomfortable to actually, be successful. And and this is true by, you know, when I’ve been listening to, podcasters, you know, everybody was saying you have to be uncomfortable.
00:28:31:22 – 00:28:49:22
Franklin
So one of the things that you got to do is, you know, just talk to people. What we’re actually doing now is, you know, talking to individuals that are kind of in the sense, you know, are friends, you know, acquaintances, you know, you just, you know, starting to, get them to, understand what real estate has done for us.
00:28:49:22 – 00:29:24:12
Franklin
That’s basically what we’re actually doing. So we’re actually, talking to them about our lessons learned, what we actually did, what? You know, what, you know, took us a long time to do, you know? So that way their path can be much easier. So, I mean, you know, my thing is about sharing, and I’m going to be sharing, you know, things about, you know, hey, you know, your, your group is actually an awesome group to actually be part of or, you know, you know, you get to read up on this one specific topic if you actually want to do capital raising or you want to do asset management.
00:29:24:14 – 00:29:33:18
Franklin
So those are the things that we’re actually doing. And, you know, that’s what I like about this. You know, you could talk about real estate and you know there’s it’s an endless conversation.
00:29:33:21 – 00:29:38:06
Rod
So do you mind if, listeners reach out to you, Franklin.
00:29:38:08 – 00:29:40:07
Franklin
I don’t mind at all. They could reach out.
00:29:40:07 – 00:29:46:10
Rod
Okay. That’s fantastic. So, what’s the either website or email or something like that?
00:29:46:12 – 00:29:55:20
Franklin
Well, you could actually email me at Franklin at Miller capital.com. Our website is Miller Go capital.com okay.
00:29:55:20 – 00:29:59:08
Rod
And that’s spelled miss LGO capital.com.
00:29:59:10 – 00:30:05:21
Franklin
Yes. And that it website is we equity partners.com.
00:30:05:23 – 00:30:25:24
Rod
We equity partners. Well the other thing last thing I want to mention is you know, we do at my large boot camps, we’ll do a Hall of Fame award for our exemplary warriors. And this doesn’t necessarily mean the ones that have the most units or made the most money. It’s really the ones. What I look for is the ones that help other people.
00:30:26:01 – 00:30:41:00
Rod
And we’ve done it now, I don’t know, three times, I think, and the first time we did it, I noticed because we did a slide for each warrior and we brought him up on stage. We called the Hall of Fame Awards. They get this cool little prize, and I noticed every single one of them does something to make the world a better place.
00:30:41:01 – 00:30:56:03
Rod
Is veterans, homelessness, veterans, suicide, sexual trafficking, building schools. And I just noticed that you do as well. You have this hope for all. Paused.org. And that’s and that’s your nonprofit. You and your wife’s nonprofit. Yes.
00:30:56:05 – 00:31:21:24
Franklin
That is correct. That is our nonprofit. We started this about a year ago. You know, supporting, animals. And it’s really domesticated animals that we actually support. You know, we we feel that, you know, the, you know, dogs, cats, you know, animals really don’t have a voice. So we actually want to call them out, you know, because, we just see too many, you know, you know, bad things happening to animals out on the street.
00:31:22:01 – 00:31:37:24
Rod
Yeah. Yeah, that’s a beautiful thing. Well, I just want to salute you for that, my friend. That’s, that’s, you know, we talk about that a lot in the warrior program. A lot of warriors, the most successful ones are the ones that that focus on making the world a better place. Listen, it’s it’s great to see you again.
00:31:37:24 – 00:31:46:14
Rod
And please, give your wife a hug. For us, and and, hopefully. Well, we hopefully we’ll see you in Orlando at the at the boot camp in November.
00:31:46:16 – 00:31:50:05
Franklin
Well, certainly. We’ll see you guys. Thank you very much, Mark. Right. All right.
00:31:50:07 – 00:31:55:12
Rod
All right. Thanks, Franklin. Great. Thank you. Great seeing you.
00:31:55:14 – 00:32:02:05
Intro
Thank you for watching multifamily rock stars. If you love the show, please subscribe and leave us a five star review.
