Investing in multifamily real estate from outside the U.S.

Rafi Mizrahi was working in IT in Israel in 2008 when he was introduced to the book “Rich Dad Poor Dad” and immediately started investing in single family properties. By 2017 he had honed his system and purchased over 300 properties in the U.S. Rafi realized that single family was not scalable and transitioned to multifamily. As of today, Rafi has over 766 units in the U.S. and is closing on another 250.

Here’s some of the topics we covered:

• Developing a team framework
• Various roles on multifamily teams
• A business is people and systems
• Why house flipping is so risky right now
• Morning rituals
• Leveraging other’s track record
• Rafi’s deal flow
• Doing the right thing
• Reinvesting in your business

Full Transcript Below

Rod
Welcome to another edition of “How to Build a Lifetime Cash Flow Through Real Estate Investing”. I’m Rod Khleif, and I am thrilled you’re here. And I know you’re going to enjoy the gentleman we’re interviewing today. His name is Rafi Mizrahi, and Rafi is in Israel right now, actually, and he has been very successful acquiring assets in the United States. I think once he closes on, his current asset will be over 1000 doors or very close to it. And so very excited to have you on the show, my friend. Welcome.

Rafi
Thank you. Thank you very much. I’m very excited to be on your show. It’s an honor.

Rod
Oh, that’s kind of you to say that. Thank you. So why don’t you start the way we normally start just by having you do a much better job of history and bio on yourself and just talk a little bit about your journey and you know, take some time explaining. You know, I know you started with I.T. and talk about your progression. So take it away, my friend.

Rafi
Yeah. Thank you. I’ve been in real estate for 13 years, but you know, before that, like I said, I was in I.T. I thought I will be financially free through being promoted in the company you know to higher levels, better salary, et cetera. And you know, the universe apparently had a different plan for me. And I actually proposed to my wife on Friday night thinking I’m in the right way. And on Sunday in Israel, we work on Sundays through Thursday. And I came on Sunday to work, and they called everybody to the waiting room and said, okay, we are sorry, but we are letting everybody go. So, it’s a funny thing.

Rod
The same weekend, Friday proposal? Sunday got fired?

Rafi
Yeah, the reason I proposed is that I waited four years to propose because I wanted to feel that I’m in the right relationship and that I’m about to hit another promotion. And the universe said, no, it’s not that. It’s not the plan. I was looking for a job for half a year and had no interviews. It’s like– and I sold my– other guys that I was working with were getting jobs. And I said, what’s going on? Why not me? And somebody gave me the book to read. The book, “Rich Dad Poor Dad”, and I said, oh my God. That’s so crazy. And you know, I said, okay, I want to do it. I said I’m burning all my bridges. I’m not looking for a job anymore. Told my parents who said, you are crazy. Don’t do it.

Rod
Of course.

Rafi
You will find a job eventually. You learn so much. You can do it. I said, no, I’m not going to do it, and started the journey. I didn’t know where you know– I dreamed of doing big things, but I never imagined that– I couldn’t picture the life I have today. Right? Through real estate. So that’s how we started.

Rod
Well, the obvious question for me is, what about the wife? Did she accept number one or did she hang with you, number two?

Rafi
That’s a great question. Listen, that’s one of the things I’m telling my students, my people. They come and I tell them, bring your wife with you or tell your wife, bring your husband, do it together. You got to have a vision. So when I did it, I sat down with my wife and we said, what do we want in life? What do you want? I told her, listen, let’s say we will have kids in five years from now, we have a few kids, and now I’m letting go. No job. Right now, we have the best time in the where to start. We could have started before if we knew. But that’s the best time to start. And so we lay out the vision as a family, what you want to achieve. And I told her this, it’s going to be a challenge, but I’m right for it. I will do whatever it takes. And I have a big dream that we will be able to afford it. I was living in a small house when I was a child, no bedroom for myself, living in the entrance of the house. And I remember when I grew up I said, I want to have for my family, whatever they need. I don’t want them to you know– so they will have also not only financial stability but you know, friends. I didn’t have a lot of friends when I was a child because people are coming to me, I felt I didn’t have self-esteem. So I wanted a better life for my kids and you know, real estate provided that eventually. It’s me and real estate.

Rod
So I know that you started buying properties in Israel, and you were a landlord there. You know, if you guys think the prices are high here, go to Israel and check out the prices.

Rafi
Yeah.

Rod
But then you actually decided to put together a system to buy properties in the United States. And you know, we talked about this before we started recording is that listen, if you can do it from your desk and a phone in Israel in Tel Aviv or wherever you live, are you in Tel Aviv, I assume?

Rafi
Yeah.

Rod
So in Israel, wherever you live, then there’s no excuse for those of you that are local here to not be able to do it for God’s sakes, you know. So talk about how you were able to do that. How are you able to do that from Israel thousands of miles away. You know, six, seven-hour time change depending on where or eight hours, even depending on where you’re buying assets. Talk about that a little bit if you don’t mind.

Rafi
So I thought to myself, if I need to fly for every property I buy, it’s going to be three, four, $5,000. Right? If that’s the case, I assume that for every deal I need a buffer for $5,000. If I’m not flying, I have another buffer for $5,000, just as risk management. But I said to myself, every business owner, they are not doing every part of the investment by themselves. It means, you know, let’s say Donald Trump is not putting a hammer in any building or– right? So I said, it’s all about I need to find out what is the right process and how to find the right team.

Rod
Right.

Rafi
And manage that process. And by doing that, you know, I said, okay, now what I need to do? I don’t need to invent the wheel. People from California are investing in Cleveland, they are investing in Miami or Jacksonville. So if they can do it, what is the difference? Right? So I have 20 hours flight. They have free, but they find a way to do it. So I need to see what they are doing and maybe improve it. So that’s why I started doing and also I learned in real estate that if you buy right, if you buy below market value and have enough buffer, so you will have mistakes, that’s for sure. Be ready for that. So I was ready for mistakes but I had enough buffer to overcome those. So for the first deal I bought, which is a single-family home, I bought the property, and then when we started the rehab, the contract said, oh, we didn’t say that. And now the prices went up. But I bought it at a good price that it didn’t matter.

Rod
Where was that first house here domestically?

Rafi
In Orlando? Poinciana?

Rod
Orlando. Yeah. Okay. Yeah. That’s a good market. I was just there last night actually, doing a big presentation to a couple of hundred people. So I’m a little dragon a little bit this morning, but, yeah, that’s funny. So you recognize that you could do it in a team framework, right? You recognize that you know, that’s in fact, the multifamily business is absolutely a team sport. You actually did it in a single-family as well. You had some boots on the ground here to help you?

Rafi
So in the beginning, like in multifamily, I built a team in which we are their partners. Everyone had their role, and they were looking after the job of each other. For example, the Inspector, I gave him more responsibilities to oversee the contractor job. So he became, like, a project manager for the job. That’s one of the solutions that I found. Finding the right agent that has experience in renovation. He did flip bank themselves. He helped. That’s kind of the thing. Not like in multifamily, you more as a team. Everyone has their own role or skills.

Rod
Yes.

Rafi
But in a single-family, I didn’t have any partner.

Rod
You had to put it together, you had to actually put it together. Those of you that just– I’m sorry to interrupt. I want to interject something here. In multifamily, you know, if you haven’t heard me talk about it already. There are quite a few different roles that are pretty set of certainly the relationship building with brokers and investors and just going out there and building those relationships with you know, the external team, the property managers, the brokers, the inspectors, you know, the lender and all that. So that’s one role. Another role is the analytical side of things. That’s another role. Another role is the project management for asset management after you own the assets. You know, the lots of little you know, you could be someone that finds the deals. You could be someone that just evaluates the deal. There are different roles in the multifamily space. So you kind of had to invent them really for the single-family. Now you did quite a few single families. Yes?

Rafi
I did over 300 transactions.

Rod
300 transactions from Israel. Wow. Again, tell me your excuse. Those of you listening. Tell me your excuse.

Rafi
Listen, when American people, when I talk to them and they say, oh, I’m offering and the offer is not accepted and working out, I say, what excuse do you have? I’m doing it from here.

Rod
Right. No, I love it. You are a great example of you know, whatever it takes. And you know, you had your phone, you had your computer and you know, obviously, you couldn’t come to see every property. So you put the systems in place. Any business, guys, is nothing but people and systems. That’s it. If you get the right people and you put those right systems in place, your, you know, success is inevitable. Talk about when you made the change– well, let me ask it a different way. As you were doing this, did you have any aha moments when you’re in the middle of this, you’re like, you know, you have an epiphany. Can you speak to that? Does anything come to mind?

Rafi
Yeah. So I was working on transactions and in a single-family home to do 300 transactions, creating a transaction over and over. You still need to build a business, but you have the scale. In order to scale it’s harder. So in multifamily, you can go let’s say you can raise more now. You have a partner who can raise more so you can go to on the scale, not just the amount of units you can go to from C class to B class, from B class to A class, et cetera. In flips, it’s riskier because you can go from 200 ARV now, you go to 800. The risk is much higher. Right. Because if the market stops, what do you do? You can’t rent. Right? I always felt like there is a scale. And one day I was running at the beach and I was looking in all the Tel Aviv buildings. And every time I run, I had a dream. One day I will do this. One day I will do big things. It’s not building the building. So I wanted to create big projects. It was like a secret, not testing something that I want to do. And I wasn’t–

Rod
It was a dream. It was a dream.

Rafi
It was a dream. But it was a secret dream because I wasn’t sure that I can do it.

Rod
You kept it to yourself when you mean secret, you didn’t share it with anybody.

Rafi
Yeah, I didn’t share it.

Rod
Got it. Okay.

Rafi
I said I want to do it. I want to do it. So the natural way I thought it would be to scale up, to make enough money, then to buy ten units, then to buy 20, then to buy 30.

Rod
So on and so forth.

Rafi
So I think I saw a seminar a long time ago and one time that I ran, I remembered that seminar, and I said to myself, I got to do it. I got to do it. It wasn’t like a crisis, but I don’t know. It’s a feeling that I had that now it’s the time. I got to do it. You know, I was in the comfort zone. Too much time.

Rod
Comforts? Yeah. Comfort. A comfort zone is a warm place, but nothing grows there, right?

Rafi
Yes. And I didn’t feel any desire to renovate another house. There was no challenge, but just to scale it, it wasn’t desired anymore.

Rod
Interesting. I’m sorry you didn’t finish your thought. I apologize. It was interesting. Is it kind of smoldered for you for a while? It wasn’t like one day it’s like, okay, I’m done. It’s over. I’m doing it. But it was there in the back of your mind for a long time, gloss over. You were flipping houses in the 200 range, and you were looking at houses higher, and you recognized the fact that if you had a house that you’re flipping for 800 grand and you can’t sell it. You know, if the music stops and the market shifts, which guys, I’m telling you, we are close. I’m just telling you if you think otherwise, you’re naive. It’s coming. And you know, with this current administration, I think it’s inevitable that we are going to have– certainly going to have inflation. That’s a given, which is just mind-numbingly stupid to me. But the other thing is you know, to pay for all the money they want to throw into the economy. They’re going to mess around with the 1031 exchange with capital gains and all these things, and that’s going to impact real estate. And I’m here to tell you, you know, that we’re going to have a correction here at some point. Now again, it’s not something to fear, something to be aware of and be ready for and not be aggressive right now. But your comment about high-priced flipping just is so like, what’s the word I’m looking for? It’s reminiscent of thoughts that I had you know, back in the day as well. It’s like what happens if you can’t sell, you can’t rent it and break even when you have that much of an investment in the property. And guys, so the reason I wanted to hammer that home is if you are doing that right now if you’re listening and you’re doing high-end flips over, you know really, 700,000, 600,000 flips. You are very risky right now. I’m just going to tell you. I would encourage you not to do that. Okay. Because at some point the music is going to stop. And back in ’08, ’09, it was like a light switch went off. Okay. It was one day everything’s great. The next day, everything’s terrible. And you couldn’t sell, refinance, borrow. Nothing. And so don’t be a statistic like I was. If you’re in these high-dollar flips, get out. Don’t do that right now. So I just want to stress that Rafi. I’m sorry I interrupted you.

Rafi
No, listen. It’s great advice, and I’m with you on that. That’s why I didn’t want to do it. And I said I want to go to bigger projects, but with challenges, I like challenges. That’s what motivates me because I’m financially free already. Right. So it’s not about financial– I have a big house, everything I promise that I will have for the kids? They have it. So that’s not that. It’s the challenge where I can push myself to be, have a bigger dream and be able to also you know, inspire people that they can do it too, because the guy like me, I wasn’t born into real estate, so I wanted to inspire people. If I can do it from Israel, people from Israel, Australia, whatever in America, they can do it.

Rod
Yeah. No, I love it. And let me ask you this, did you come to the realization that– I mean, I know you’ll never stop working, but that flipping is really a job. You’re only as good as the last deal you did versus buying assets that continually cash flow that you don’t have to have that churning. Did that ever come into play for you mentally or just curious?

Rafi
Yes. There is an advantage for doing it fast in a matter of time. But at the same time, you need to put that money again instead of five years, or if you can hold. It depends on the strategy. Ten years. So I think you are right. And that was the reason I was going into multifamily. I was looking to start doing that. And I think you may say that, but I did 6 deals,766 units. We actually sold two, which for me– and one thing I need to learn more is to celebrate. I haven’t celebrated that yet because I’m under contract on another deal. So it’s a roadshow, so I didn’t have the time to–

Rod
Well, let me address that. Let me address what you just said because I’m going to tell you, guys, life is happiness. You know, I tell the story of building this $8 million house on the beach, and within two months of building it, I was depressed. It’s never about the goals. Happiness doesn’t come from goals. You know, they say the happiest days of a boat owner’s life are the day he buys the boat and the day he sells the boat. Well, it’s that way with goals, you need to create that burning desire and associate with your goals to drive you and get your butt out of bed and make things happen. But happiness comes from progress and growth. And what you just said you didn’t celebrate. The only way to have that progress and be happy is to celebrate that progress. You know, one of the things I do in my live events is I do this planning process. I teach a planning process, and one of the five steps is to spat yourself on the back and say, good job so that when you have those inevitable setbacks and delays, you’re still happy because you’re progressing and growing. So I would encourage you to celebrate, my friend, I guess. That is what I’m saying here because it’s so important.

Rafi
It’s a postponed one. But I celebrate with myself. I cherish the role that I’ve been and the people that I met and the people that you know, helped me on the way. And I helped them. Those are the things I do every day. I have a ceremony in the morning that I start. I start with meditation, saying thank you for all the things, you know, preparing myself for the day. And how do I want to be on that day? And one of the things that I like about myself is to do it with joy because there is a lot of stress you know, with the challenges. So one other thing is to have joy while you do it.

Rod
What great advice, my friend. In fact, that’s great advice for me looking in the mirror. That’s something I needed to hear today, actually, you know, because you’re right. It is very stressful. And I love the fact that you have a morning ritual. You know, I had Hal Elrod on my show, the guy that wrote “The Miracle Morning”, which is a best seller here in the United States. And it’s all about that same thing. You get up, you meditate, you pray, you exercise, maybe you journal a little bit. He calls it scribing. And you make some declarations for the day. It’s going to be an amazing day. I’ve got students that have done it for years that are super successful as a result of you know, that’s just one piece, obviously. But that’s such a huge way to start the day off right. So I’m really glad you brought that up. But let me ask you this. When you made the shift from single-family to multifamily, how did you get over that? Because this is a team sport obviously. Multifamily for sure. Talk to me about how you set all that up to be able to do that from Israel. I’m sure you fly out here to see an asset before you close on it you know, for the due diligence or whatever. But, you know, how did you put that team together? Did you already have it from a single-family? Did some of those people cross over? Just speak to that a little bit.

Rafi
So one of the things I did was take a mentor. Of course, I had a mentor. It wasn’t you. But I know what you have done. You helped so many people, but I have somebody that was more one-on-one. And he helped me on the way. And I started to do things my own way because I came with my philosophy, how to build a team. So the management company, I’m the one who brought the management company and you know, build things on my way. But you know, with the support. And, of course, the first deals you’ve done, brokers will not look at you if you are coming without the support team with a track record. So track record is very important.

Rod
So did you use your mentor’s track record to do that first deal? Is how you did it? Yeah, that’s how my students do as well because all my coaches have you know, hundreds to thousands of units. And guys, those are you listening, you know, what he just said is–and I’m sorry, I want to add value. I want to expand these things.

Rafi
It’s a great conversation. Don’t worry. I enjoyed.

Rod
Okay. All right. Good. I feel like I’m monopolizing a little bit, but some of the things you’re saying are so important, I want to expand on them a little bit. Like he just said, if you talk to a broker and you’ve never done a deal, it’s kind of hard to be taken seriously. So what most people do in this business is they’ll align with someone, like in my warrior program you know, we’ve got dozens of people that you know, my students now, my warriors now own over 46,000 units. So there are lots of sponsorship opportunities there. But what they’ll do is align with someone. So when they go to a broker, they’ll say we own 500 doors or 1000 doors or whatever. And so they’re able to use someone else’s resume to have credibility to be taken seriously. And of course, they list me on their website as well. And that adds instant credibility. But that’s how just about everybody starts, guys. And so Rafi as well. You know, you found a mentor that had some doors, so you could use that to be taken seriously.

Rafi
It’s also– to have a support system. You don’t want to do it by yourself.

Rod
Absolutely.

Rafi
In an environment that people want, you can consult with. Always say that when you want to achieve something, find somebody who has done it, who is a mentor, who can guide you in their way. He knows how to help people go this way. That’s why find somebody who is one step ahead of you because he remembers the step you are in. It feels like when you see him doing it only one step ahead, he feels like it’s achievable because Rod Khleif has done so many. Of course, he has experience. Of course he’s doing it. But when you see somebody who is just one step ahead of you, in your mind, it’s easier to do it. Then you need somebody who is with you on the same level with the same desire and one that is one step behind you. Because when you help him, you organize how to do it and the system better. And again, you have a circle of helping each other.

Rod
Yeah. I love that. I absolutely love the way you just described that. You know, I tell people you’ve got two hands, one to pull yourself up, one to pull up people underneath you. And when you’re helping someone else, you’re growing and learning as well. So it’s not just you learning from someone that’s a step ahead of you. And that’s again, not to just do a shameless plug for my warrior program. But we’ve got, I don’t know, close to 1000 students around the country. And so there are people at every stage of the game. And so you have everything you just described. And of course, you know, you want to be around people that think what you think is hard as easy. Okay. For example, I started my mastermind. I told you about that, Rafi. You were even considering it pre-Covid. And I’m sure that you’ll join at some point. And I wanted to be around people that thought what I thought was hard was easy. So I started it at my compound here at my house. I had 16 people here, about a billion in assets, and it was just incredible. And so I was like, you know what? I’m going to formalize this. I just had them come and we just had fun. And I decided to formalize it. It’s called the multifamily boardroom. Now there are over 14 billion in assets in there represented by the members. You know, I’m doing what you need to be doing, those you’re listening to as well as surrounding myself with people, that again, I’ve got people that have done 100,000 doors, 20,000 doors, tons of them with 5, 6, 7,000 doors. So again, there are so many little nuances in this business that I can’t teach from the stage and that you’ll get if you’re around people like that. You answered my question better than I could have possibly expected. So great answer. And obviously, you know, you come from an I.T. background. So you’re very analytical. You’re also a great communicator. So you’re a bit of an outlier. You know, most people are one or the other, you know, and you’re both. So that’s really a blessing.

Rafi
It wasn’t that before.

Rod
No?

Rafi
I think I told you at the beginning, I was introverted. That’s how you say?

Rod
Oh, introvert, yeah, introvert. You get energy from being alone. Yes?

Rafi
No. I was a shy guy, but because–you know, if you put me in a room where you know, it’s not something that I’m interested in, you won’t see me. But because let’s put him in a place, I will network with everybody. But my natural is okay, sit at home. And it’s not like I like to network with people.

Rod
Right. I’m actually the same way. Believe it or not, people don’t believe that, but it’s the truth. I’m the same way. I’m not much of a social butterfly, and I’m not one for small talk. If there’s a purpose, I’m there and I will push myself to you know, have five seconds of courage to say, hey, I’m Rod. I don’t think we’ve met and I’ll shake your hand and then we have a conversation. But like you said, it has to be something I’m very interested in. Do you have other close members of your team, or is it you using vendors and relationships with brokers and property managers and an external team? Do you also have an internal team, I guess, is what I’m asking. Do you have a partner or two?

Rafi
So, I’m doing deals not by myself, but in my vision. So I look at that as a business. So most of the things I’ve learned is that you know when you partner with people, it’s great. But you also need to start looking at this as a business. So I have an analyst because I don’t want analysts all day and I want to make more offers. So right now I have an analyst. We underwrite two to three deals a day and we make one to two offers a week. We are very active. We know all the– everything’s going on. We try to you know, fly, meeting brokers and they see me very active and they know my track record. So I’m getting off-market. That’s why I got this off-market deal. I got it you know, by being in front of the broker so many times, I actually cried in quotes. I called him and said, what’s going on? I’m making so many offers. When are you going to send me something you know, in a joke? When are you going to send me something juicy? Come on. 3 hours later, it was– called me and said, listen, I have this. I said, really, I need to cry. Do I need to complain?

Rod
I’m sure it was just timing, but that’s funny how the universe God works. So let me ask you this. So you have an Analyst, is it just you and the analyst, or do you have any other?

Rafi
No. I have an Analyst, the property manager.

Rod
In-house or property manager, third party?

Rafi
No, third-party management. But we have a great relationship. They do all the properties for me.

Rod
You’re in one market, then I’m sorry, to interrupt.

Rafi
Yeah, Georgia. Of course, I’m in Georgia.

Rod
Okay.

Rafi
So the process is this. I’m working with a broker. More of the relationship. Once they send me, they know that I will probably give them an answer in less than 24 hours. Very quick. We do a quick analysis and my quick analysis is doing effect is actually underwriting the deal. It’s not like a few numbers. And I give them feedback without you know, telling them, listen, we are at that number. It might be too far off or not. If they say, okay, it’s a far offset. Let’s move on. If it’s not, then we’ll talk with the management company. They will go to give us a budget and the budget for the financial, financial and also what’s the situation, picture, et cetera. We will plug it and we will make an offer. So that’s the process until you know when there is an NOI sign. Then I will fly and participate in the due diligence, of course. And raising funds, I will work with other you know, partners that can raise funds with me.

Rod
Oh, you do. Okay. So you bring in people that help you raise the money as well. And most big operators do that. What you just said– I want to hammer home. So you won’t even go visit the property until you have it under contract. Do you ever find that the brokers don’t like that? That they want someone– do you send someone from your team to go look at it?

Rafi
The management company.

Rod
Management company. Perfect. So they actually meet someone there.

Rafi
And they know him and they sometimes talk between them. We need to get Rafi a deal.

Rod
Right? Okay. Good.

Rafi
They talk between themselves, right? Because they met so many times. Between them, they already said we got to find Rafi a deal because he’s working hard and you know, I’m an honest guy. I want to think that I’m a good guy. I’m trying to never cut a broker. It’s actually a story. It’s an interesting story that happens. I submitted an offer and the broker, I don’t know, I got it connected to the owner through a friend of mine. And he told the owner what happened with Rafi’s offer? He said he didn’t get it. I said what? I wanted to talk to the owner. I called the owner. We talked. No, I didn’t get the offer. You know what? I will send you a PSA. You wanted to sign on to the PSA. And I looked at the PSA. And in the PSA, there was no broker fee. It was cutting the broker off. I told him, listen, I’m not going to sign on this. You got to add–we need to decide who is paying for them. But the broker is going to get paid. And the broker got pissed because the owner threw me under the bus saying that I was cutting him off. And I immediately called the broker and told him, listen, I will never do that. Here, look at the email because I knew it might happen. Look at the email. He cut you off. He was trying to cut you off.

Rod
Good for you. Thank God you had it documented. Good for you. And guys, I will tell you, this is not the first time I’ve heard a story like this. One of the members of my mastermind, Glenn, tells the story about it. He had a property under contract and he had chillers. And these are $100,000 chillers that will cool a whole building. And the deal was under contract, and the seller was not going to do anything with it. And the broker offered to help pay for it to keep the deal going. And Glenn said, no, I’m going to eat it. I’m going to pay for it. And to save that broker relationship. So, you know, you want to take care of your brokers because they can make you wealthy. You absolutely did the right thing there.

Rafi
It’s also humanity.

Rod
Of course it’s the right thing to freaking do. Yeah, there is that, okay.

Rafi
Why to cut somebody off, right? Some people will do things for money. I will not do it for money.

Rod
This business is a very small world, and if you treat people badly, it gets out there. You think it’s you know, thousands and thousands of people. But I know of you know, a couple of people that have been ostracized because they tried to cheat, and I had a past partner that was like that. And so you know, this is a very small world, and people find out if you lack integrity. I love it. Well, let me ask you this. I want to wind it down a little bit here, but you know, I have a lot of listeners that want to do this business. That you know, have a job and they know they want to do this on the side. What words of wisdom would you share with an aspiring commercial real estate investor? Somebody that knows they deserve more in life, wants to build a legacy for themselves and their families like you have. What would you say to them?

Rafi
That’s a good question. First, I think to do it with others, because if you don’t have time, you need to find somebody who has more time so you can do it with others, at least to get started, at least to know how to underwrite or to be part of the game. Then you can say, okay, this role I can bring– as a business owner, I can bring somebody and pay him a payroll. That’s something that you can do. You can bring an analyst and pay for that, right? You don’t have to take the profits from what you have done in the multifamily and you know, go on vacation and buy a better car. And you don’t have to do it. Instead, invest in the business again. Right?

Rod
Reinvesting your business.

Rafi
You can keep your job but build your business until it’s a business that you run the business and then you don’t need the job.

Rod
That’s great advice. Great advice, man. Absolutely. Great advice. Reinvesting yourself, reinvest in your business. And at some point, you’ll have a machine that is unstoppable. Yeah, that’s great advice. Well, listen, my friend. It was great to see you, and I appreciate you coming on and sharing your wisdom and let’s stay in touch and hopefully talk soon. I appreciate you being here, buddy.

Rafi
Thank you. It’s my honor.

Rod
All right. Take care. Talk to you later.

Rafi
Thank you. Bye-bye.