Start Real Estate Investing (While Working Full-Time)

Full Transcript Below

00:00:33:13 – 00:00:51:22
Rod
Deals and give you some practical and actually actionable advice, especially if you’re on, like your first deal or two, you know, especially if you’re brand new to multifamily. Now, this is a unique episode that I’m actually doing live in my studio. Typically, I have Marc Nagy, who’s the head of my massive action team on as well. But, because he would just have to come in on zoom.

00:00:51:22 – 00:01:10:19
Rod
I’m like, Mark, I’ll do this one. And, so this is the first time we’ve done a rockstars episode right here in my studio. So today I’ve got Kyle Stevenson here. Now he’s a doctor, orthopedic surgeon, and, got a really cool background. And we’re actually going to go a different direction this time. Now he’s into extended stay hotels.

00:01:10:21 – 00:01:27:19
Rod
And so, we’ve never talked about that on this show. And, you know, in the warrior program, we have pretty much every asset class, and that’s one we haven’t talked about. I’d forgotten all about it. You know, we talk about, you know, self-storage and mobile home parks and of course multifamily for sure. Senior housing, industrial flex space.

00:01:27:19 – 00:01:32:14
Rod
So extended stay hotels is a new one. So I’m excited to get into it with him. Welcome to the show, doc.

00:01:32:15 – 00:01:34:07
Kyle
Hey, thank you very much for having me.

00:01:34:07 – 00:01:44:20
Rod
First time I’ve said, doc, I think is I introducing a guest to. That’s awesome. Well, why don’t you, give us a little background on who you are and where you came from. You got some cool stuff in your bio here.

00:01:44:21 – 00:02:01:16
Kyle
Okay. Yeah. Say that. Thanks for having me. This is beautiful. My name is Kyle, and as you mentioned, I, and from Indianapolis, Indiana, I’m a sports medicine orthopedic surgeon. I actually went to medical school here in Sarasota, Lakewood Ranch. So, I love this area. I was more than happy to come down and hang out.

00:02:01:18 – 00:02:19:08
Kyle
I started real estate investing in about 2020. A lot of things change, obviously, at that time. And so, mindset had to shift. And I think as a physician, you know, we’ll get more into it. But, as a, as a, as a physician, you realize that your job is not always going to be there necessarily.

00:02:19:08 – 00:02:26:01
Kyle
You know, as an orthopedic surgeon, they kept us out of the hospital. So, started diving deeper into real estate. And that’s how I really got into real estate investing.

00:02:26:02 – 00:02:28:14
Rod
It was Covid a impetus for that or.

00:02:28:15 – 00:02:44:09
Kyle
Big to I would say, yeah, I would say Covid as an impetus. Before that I was doing limited partner stuff. Okay. But I just handed my money over to somebody else, or somebody else didn’t have a clue what was going on until I got money back. And, but yeah, Covid was really what started the mindset shift.

00:02:44:11 – 00:02:44:17
Kyle
Yeah.

00:02:44:17 – 00:02:58:13
Rod
And I mean, you know, in that field, you’re you’re only as good as your last surgery, obviously, you know, if you’re not working, there’s no money coming in. Correct. You’re not building any annuities. So that’s right. So when did you start doing real estate.

00:02:58:15 – 00:03:18:09
Kyle
So in 2020 I was doing limited partner stuff. You know, I was throughout residency, I was reading Robert Kiyosaki, Cashflow Quadrant, dad, poor dad, all the books. Right. Biggerpockets started getting deeper into it. And I think with covet two, I realized two things. As a physician, I had no control. And because I’m an orthopedic surgeon, they kept us out of the hospital.

00:03:18:09 – 00:03:37:10
Kyle
They basically said, you know, you just go, you know, the stereotype is brawn over brains. So stay out of the the hospital. No elective cases. So I was doing more and more time to do research on Covid and what was going on. And the more I learned, the more I trusted the government less. Right? So I realized, all right, no control.

00:03:37:10 – 00:03:39:08
Rod
We could spend the whole hour talking, but.

00:03:39:10 – 00:03:55:02
Kyle
I won’t go deep into it. But, you know, control, first of all, second of all, I didn’t trust what they were necessarily doing. Right. How do I do something about that? Well, let’s figure out a way to minimize the taxes that I’m given to the government legally, ethically and morally. Right. Call my CPA many times and said, hey, you know, I want to do this.

00:03:55:02 – 00:04:13:03
Kyle
And he’s like, you make too much money. You can’t do it. So the more research I started doing, picking up your podcast, Grant Cardone started diving deeper. I’m like, there are ways to do this. Sure. And so that’s really what was what pushed me to start being more of a general partner. And I thought it was going to be just, you know, start with a single family.

00:04:13:03 – 00:04:32:05
Kyle
So just a quick mindset shift from Covid. We moved to Charleston, South Carolina. Oh yeah we did. We had our first son. We figured, that, you know, was one of those where I’m from, Indianapolis. We were living there, and I was my mindset was just stuck. It was Covid, and I was like, if we don’t move, do something now, we’ll never do it.

00:04:32:05 – 00:04:35:19
Rod
Sometimes the change, the geography really makes a huge difference. Yeah.

00:04:35:19 – 00:04:44:07
Kyle
And I had like, you know, six weeks off in between jobs, started really reading more books. Why Doctors Don’t Get Rich by doctor Tom Burns also.

00:04:44:10 – 00:04:58:16
Rod
Yeah. He was in my mastermind. Okay. Yeah, Tom was in my mastermind. Yeah. I used to have a mastermind called multifamily boardrooms. About 40, 40 billion plus in assets. And, but, I kind of backed off on it just because it was too much commitment, but. Yeah.

00:04:58:18 – 00:05:10:19
Kyle
Oh, that’s great. Awesome. Yeah. He’s a brilliant mind with this stuff. So read his book. And I was like, all right, light bulb went off. Got to get my own property. Take action. Right. Taking massive action, as you always say. Bought my first property in Indianapolis a br.

00:05:10:21 – 00:05:12:13
Rod
No, just a house or.

00:05:12:13 – 00:05:26:09
Kyle
Just a house. Single family home bought over 75 K, renovated it for 40. I was in Charleston operating okay. This was going back home and in Indy. Wow. Where I’m from. And, and we could talk about, you know, horror stories and stuff, but but that was my first.

00:05:26:11 – 00:05:27:09
Rod
To make money.

00:05:27:11 – 00:05:40:22
Kyle
I made money, yeah. So I did a cash out refi. Okay? I pulled out, like, 90% of my money. Well, and I was like, okay, that was fun. Let’s do it again. So then I just kept going with the single family stuff I see. And and we crossed paths. Well, so I did a short term real tax loophole.

00:05:40:22 – 00:05:42:20
Kyle
That was my first tax real tax.

00:05:42:20 – 00:05:44:15
Rod
Benefit term rental tax. I’m sorry.

00:05:44:15 – 00:05:46:21
Kyle
What it’s called a short term rental tax loophole.

00:05:46:21 – 00:05:47:17
Rod
I’m not familiar with it.

00:05:47:19 – 00:06:01:12
Kyle
It’s part of the tax code where, if you’re not like real estate professional status, right, then you could do this short term rental tax loophole where it’s a short term rental. You basically have to materially participate still to get the tax benefits, okay. To get away from.

00:06:01:12 – 00:06:02:06
Rod
It, to be active.

00:06:02:07 – 00:06:03:01
Kyle
You got to be active.

00:06:03:01 – 00:06:06:01
Rod
Okay. But what what is the tax benefit. Just and you.

00:06:06:01 – 00:06:06:12
Kyle
Still get the.

00:06:06:13 – 00:06:07:03
Rod
Gibberish I’ve never.

00:06:07:03 – 00:06:15:12
Kyle
Heard of. You still get cost segregation. You do the cost segregation to get the bonus depreciation. Okay. Yeah. So you get that wow. Yeah. It’s just it’s a lower hanging fruit.

00:06:15:12 – 00:06:31:02
Rod
Right. So if you buy a house and turn it into a short term rental, there’s there’s some loophole there. Correct. I know that that industry’s getting their ass handed to them. I don’t know for sure why. Honestly. Because, you know, they’re really desirable. But, my brother’s got some Airbnbs up in the Blue Ridge mountains of Georgia, and he had to sell one of his cabins.

00:06:31:03 – 00:06:33:01
Rod
It just the occupancy is not like it used to be.

00:06:33:01 – 00:06:34:19
Kyle
Right? I think it just got oversaturated.

00:06:34:19 – 00:06:37:05
Rod
It’s like, okay, I think that makes sense. Yeah, that makes sense.

00:06:37:05 – 00:06:44:01
Kyle
Yeah. So fast forward, I was doing that. I was like, okay, boom. I got four properties. Now this is.

00:06:44:01 – 00:06:45:03
Rod
All in Indy.

00:06:45:05 – 00:07:00:17
Kyle
Indy? One in Charleston, Airbnb in Charleston. Okay. And I was like, this is going to take forever, my wife for having those pillow pillow talks at night. And I’m like, this is gonna take me forever, right? So I’m like, I’ve been listening to rod. I literally had it on my goals at that time. I want to be on his podcast.

00:07:00:18 – 00:07:01:21
Kyle
Oh no, here I am.

00:07:01:21 – 00:07:27:08
Rod
Okay. Wow. Okay. Now guys, that is what we call a clue. Okay? When you make a declaration like that, you can’t imagine how often it freaking happens. You know, I just, And I love talking about these things because people don’t believe it, but. But just saying it. It starts the wheels turning at your brain, your reticular activating system pointing in the direction so you can achieve what it is you want to achieve.

00:07:27:10 – 00:07:43:21
Rod
And so you declared, you’re going to be on my podcast and here you are. And you know, like, recently and my bootcamp, I added a video with the lead singer of Coldplay when he was like a kid, like he looked like he was frickin 15. He’s like, remember the name Coldplay? We’re going to be huge in the world.

00:07:43:21 – 00:07:48:19
Rod
And they show one of his their concerts. I don’t know if you’ve seen that second concert. Oh, you saw it? Yeah. Unbelievable.

00:07:48:19 – 00:07:49:10
Kyle
Yellow. You played.

00:07:49:10 – 00:07:50:15
Rod
Yellow. Yeah, yeah. Yeah, right.

00:07:50:15 – 00:07:51:06
Kyle
Nobody knew it.

00:07:51:08 – 00:07:55:16
Rod
But, But anyway. Well. Okay. Sorry to interrupt. I just had to hammer. Hammer that. Wow.

00:07:55:16 – 00:07:56:05
Kyle
This is great.

00:07:56:05 – 00:07:56:19
Rod
Yeah.

00:07:56:21 – 00:08:05:14
Kyle
So. Yeah. So this was a dream of mine. And so that’s when I decided. All right, listen to your podcast, I finally. What do you say? Crush.

00:08:05:16 – 00:08:06:16
Rod
Oh, you texted crush.

00:08:06:22 – 00:08:07:08
Kyle
Crush.

00:08:07:09 – 00:08:15:20
Rod
By the way, guys, if you are interested in applying to the warrior program, text crush, like he said to 72345. And so you did that, and then we.

00:08:15:20 – 00:08:20:16
Kyle
Are, I did it. Wow. My wife was supportive, but she’s like, a little scared. A little scared.

00:08:20:16 – 00:08:24:04
Rod
Yeah, sure. I mean, Doctor Serge exactly. Screwing around with.

00:08:24:06 – 00:08:25:19
Kyle
Keep doing what you’re doing, right.

00:08:25:21 – 00:08:43:01
Rod
Yeah. Because that’s secure. At least that that has the perception of being secure. You know, it’s really not candidly, because if you get injured or something, you’re done. What do you do then? Right. Exactly. Right. But, okay. So she you got her on board now? I’m sure. Oh, yeah. So what’s your what are your stats now you’re in some multi much.

00:08:43:03 – 00:08:59:05
Kyle
But you’ve been limited partner stuff. We had 8 or 9 of those before we got into all this and then so yeah, I mean few months into it, as you talk about network, network, network. And that’s what I did right away, just started getting on the zooms and the phone calls and join in, come to where events.

00:08:59:05 – 00:09:08:10
Kyle
And, I got into, Savannah, deal with team oh with the boys and girls. Young. Yeah. 136 unit down there. Savannah. And then, and.

00:09:08:10 – 00:09:16:03
Rod
Basically what you did is you used your connections in the medical community to raise money for for these. And that’s what that’s kind of your the hat you’re.

00:09:16:03 – 00:09:17:13
Kyle
Wearing right now. That’s right.

00:09:17:15 – 00:09:23:06
Rod
Raising money. No, you’re obviously actively involved as well, but you’re raising money okay. So you got in that one. Anything else.

00:09:23:08 – 00:09:33:00
Kyle
Yeah. And then I joined a couple other warriors, Jason, JD, Eric, a couple other guys. Actually Charlie’s involved with that. And, we did, extended stay hotels, as you mentioned.

00:09:33:01 – 00:09:58:11
Rod
Okay. So so that’s what Jason and them. Yeah. Yeah. So, I want to dig dig into your extended stay hotels for sure. But, Well, fantastic. You just took action, man. And that’s that’s that’s it. Okay. So so, and you have your own podcast called Assets and Orthopedics, which is kind of a sports medicine, I suppose, are really just a medical.

00:09:58:13 – 00:10:05:15
Kyle
It’s really, it’s really to educate physicians on, real estate investing. Got it right. Building wealth in real estate.

00:10:05:15 – 00:10:06:16
Rod
Got it, got it.

00:10:06:22 – 00:10:09:06
Kyle
Bring on entrepreneurs and you know.

00:10:09:08 – 00:10:10:05
Rod
Right.

00:10:10:07 – 00:10:11:20
Kyle
Yeah, right. We’re just trying to educate.

00:10:11:21 – 00:10:26:13
Rod
Right. And, you were a team doctor for the Boston Celtics. That’s kind of cool. Where you, worked with them? And, and you also a spokesman for something called Conscious Keto. What’s that?

00:10:26:15 – 00:10:45:10
Kyle
Yeah. So I was approached to, to be they wanted a sports medicine doctor, a male sports medicine doctor to be the spokesman for this joint supplement called Sinnoh Cell. Okay. And I did do my own research, but, but ultimately, I do commercials for them. No, no. Yeah. As a physician, I that was an entrepreneur. I have an entrepreneur mindset.

00:10:45:11 – 00:10:49:24
Kyle
Sure. 75% of us physicians nowadays are employed, right? All right. Yeah.

00:10:49:24 – 00:10:50:17
Rod
You’re employees.

00:10:50:17 – 00:11:10:08
Kyle
Yeah. Employees. And 63% of doctors are burnout. Yeah. Right. Because we’re employed and we have no control. Right. So yeah, we make good money, we have no control. We lose a lot of money to taxes. Right? I’m trying to figure out the other part of it where minimize our taxes. Let’s have control. So I’m taking the bull by the horn doing real estate, doing this joint supplement where I get royalties on the product.

00:11:10:08 – 00:11:16:15
Kyle
Nice. And, I’m a spokesman, so I just do like this weekend. I have three commercials. Okay. Again. Yeah. That’s fine. Any to do.

00:11:16:15 – 00:11:32:22
Rod
It for you? Yeah. For you. Well, let’s talk about. Let’s get into a deal. Okay. So, tell us, tell them, tell us about your first extended stay. Deal? Yes. Okay. So where where is it? Yeah. So. Yeah. How did you find it? Or how did Jason find it? Whoever, you know brought the deal?

00:11:32:23 – 00:11:38:11
Kyle
Yeah, yeah, Jason’s the one that found the deal. He’s brilliant. He’s from, Las Vegas.

00:11:38:11 – 00:12:02:09
Rod
Vegas? Yeah, I remember, I just as an aside, I was in Vegas. Got has to be 3 or 4 years ago and went and saw this little piece of shit hotel that he had, like in a sketchy part of town in Vegas. But he was he was renovating it. And I know you guys killed it with it, but, you know, I was like, oh my God, seriously, when I looked at it the first time, but, but it it looks really good now.

00:12:02:11 – 00:12:02:23
Rod
And I’m sure.

00:12:02:23 – 00:12:04:13
Kyle
He exited those Vegas.

00:12:04:15 – 00:12:06:06
Rod
Made money. Okay, well, good for him.

00:12:06:09 – 00:12:22:06
Kyle
But what I loved about it is during Covid, you know, you think about recession proof, assets, right? Multifamily of course, being one. But, his extended stay hotels in Vegas when the strip was at 7% occupancy, his were at 97%.

00:12:22:06 – 00:12:22:16
Rod
No kidding.

00:12:22:21 – 00:12:24:23
Kyle
Yeah. Because people had to live there. Yeah.

00:12:24:24 – 00:12:30:22
Rod
They gotta have a place to live. So it’s really more of a it’s almost like a, quasi Airbnb in a way, long.

00:12:30:22 – 00:12:31:22
Kyle
Term, long term and.

00:12:31:22 – 00:12:35:08
Rod
Long term or even like a short term multifamily or mid term.

00:12:35:08 – 00:12:36:23
Kyle
Rental. It’s term rentals. I like it.

00:12:37:00 – 00:12:38:20
Rod
Yeah. That’s that’s right. Okay.

00:12:38:22 – 00:12:39:05
Kyle
Yeah.

00:12:39:09 – 00:12:41:14
Rod
And so where’s this deal you get on you go to these.

00:12:41:14 – 00:12:56:08
Kyle
Are, one in Baton Rouge, Louisiana, and the other one in Lafayette, Louisiana. Okay. Both right off I-10. Okay. You know, Florida to Houston, Texas, right. And they were exterior corridor hotels, okay. That, those guys, of.

00:12:56:08 – 00:13:05:00
Rod
Course, there’s exterior quarter, there’s interior corridor where you got to walk inside and the rooms doors are inside. So these are these are more like motel. Like a motel. Yeah, yeah, yeah. Okay.

00:13:05:01 – 00:13:22:00
Kyle
Yeah. So rundown motels were not managed well at all. Reviews online were terrible twos. And so he took it over. We bought it for $15,000 a door. Wow. Right. We can’t do that in multi-family. Wow. And then renovated it enough to get it, you know, maybe like about 30, 35.

00:13:22:00 – 00:13:23:06
Rod
How many doors was this first?

00:13:23:06 – 00:13:24:08
Kyle
109 for 100.

00:13:24:08 – 00:13:28:13
Rod
And nine doors, 15 a door. How much did you spend? Renovating. And what did you do?

00:13:28:14 – 00:13:30:19
Kyle
Talk about about 20,000 a room.

00:13:30:19 – 00:13:36:23
Rod
Oh, so. Oh, so you got 30 for 35. They’re nice. Then you spent some real money. Yeah. Okay. Yeah, yeah. So what all do you do in.

00:13:37:00 – 00:13:50:01
Kyle
The brand Boardwalk Suites? Okay. That was Jason’s doing cool. And, but it’s beautiful, so it’s got a beautiful brand to it. It looks good on the exterior. The rooms are, we got, secondhand furniture from Las Vegas Hotel. Oh.

00:13:50:01 – 00:13:53:05
Rod
So they’re furnished? Oh, yeah. Okay, okay. That makes sense. Okay.

00:13:53:05 – 00:14:08:13
Kyle
Furnished hotel. Okay. And, no kitchenettes. We have TVs and fridge. Okay, but we didn’t do the kitchenettes because we didn’t need them. Oh, and there’s there’s obviously hazards, right, right. And the people that stay in these, they go to the convenience store, they go get there, we go out to eat. Okay.

00:14:08:14 – 00:14:13:24
Rod
That’s right. So no hot plates, nothing. Correct. Okay. Interesting. So fridge and what did you say fridge and TV.

00:14:14:03 – 00:14:14:15
Kyle
Sink.

00:14:14:15 – 00:14:15:07
Rod
Sink okay.

00:14:15:10 – 00:14:17:09
Kyle
Yeah. They’re really nice. I can show you pictures. Yeah.

00:14:17:14 – 00:14:24:04
Rod
And and, So 20 grand. I mean, you must have your new floors. New. No new furniture.

00:14:24:04 – 00:14:26:13
Kyle
Some of that had to be electrical and electrical work.

00:14:26:15 – 00:14:33:21
Rod
Okay, okay. What’s the just. Just my own edification. What’s the average size of the each unit? 300ft².

00:14:33:21 – 00:14:36:14
Kyle
I was gonna say. Yeah, about, yeah. Probably. Yeah. Studio.

00:14:36:15 – 00:14:42:04
Rod
Okay. Studio. Okay. Okay. And what’s the average length of time somebody stays in one of these things?

00:14:42:04 – 00:14:46:03
Kyle
So in Vegas he had like 29 days. Was the average length stay okay.

00:14:46:03 – 00:14:46:14
Rod
Interesting.

00:14:46:14 – 00:14:54:10
Kyle
So it’s been a year now for both of these okay. And I mean that’s what we’re building it up to is the 30 to 60 day average. Like what.

00:14:54:10 – 00:15:01:14
Rod
Demographic would do a 30 to 60 day stay in a non touristy right location.

00:15:01:14 – 00:15:04:20
Kyle
Force. So a ton of contractors down okay okay.

00:15:04:20 – 00:15:10:24
Rod
So Will. Yeah okay. Oh yeah Baton Rouge a lot of plants going up. There’s stuff being built down there right. Yes. Okay.

00:15:11:01 – 00:15:18:04
Kyle
There’s travel nurses. That’s part of it. It’s nice enough for the travel nurses. Okay. So stay in there. Okay. But also the contractors are a big one. Yeah.

00:15:18:04 – 00:15:20:06
Rod
Workforce. But they probably rough on them, though.

00:15:20:06 – 00:15:27:05
Kyle
You gotta you would think. I mean, they seem to they seem to take good care of it. Do they. Yeah. Okay. And, they just want to have their beer. And when.

00:15:27:07 – 00:15:28:24
Rod
When did you buy the Baton Rouge? When?

00:15:28:24 – 00:15:31:09
Kyle
How long ago? November of last year.

00:15:31:09 – 00:15:32:12
Rod
Okay. So it’s fairly new.

00:15:32:12 – 00:15:33:09
Kyle
In 23.

00:15:33:09 – 00:15:36:00
Rod
0203. Okay. So you’ve had it over.

00:15:36:03 – 00:15:37:05
Kyle
In January of 20.

00:15:37:06 – 00:15:42:14
Rod
How long does your CapEx work take your renovation work. How long that take you?

00:15:42:16 – 00:15:46:10
Kyle
It took a good eight months. I mean, six, eight months.

00:15:46:10 – 00:15:55:11
Rod
Okay. Yeah. So you’ve got about you’ve got about 6 to 8 months of runway now that you’ve been leasing it and all that, how do you market one of those? Just out of curiosity, is that like an Airbnb thing?

00:15:55:12 – 00:16:14:03
Kyle
Airbnb. Yep. I have it on Airbnb. Okay. There are the OTAs, right? The, online travel agents. Oh like Expedia, Booking.com. Oh, you can put them in there too. You can do that. They take a big percentage of it. Oh do they take like 20%. Wow. So direct bookings have been he’s got it up to 90 something direct 97% direct bookings.

00:16:14:03 – 00:16:15:22
Kyle
No kidding. That’s Facebook marketplace.

00:16:16:00 – 00:16:30:10
Rod
So that’s just Google social media, doing Google AdWords, things of that nature walk ins. You got a regular ad budget that you’re and you’re implementing. Good for him. But please tell him I said hello, by the way, because it’s been a long time since I talked to him. He and I have a lot of back and forth.

00:16:30:12 – 00:16:39:19
Rod
But, so, so, so you Baton Rouge is in the hurricane belt as well. How how’s the insurance situation.

00:16:39:19 – 00:16:45:16
Kyle
With insurers is actually reasonable. Is that more than what I would expect? Okay. Okay. Good. Okay, good. And, so one.

00:16:45:16 – 00:16:48:05
Rod
Hundred and $9 on the first one. What about the second one? Is.

00:16:48:07 – 00:16:51:13
Kyle
Is is even better. Okay. It’s 120 doors.

00:16:51:13 – 00:16:52:09
Rod
Okay.

00:16:52:11 – 00:16:58:18
Kyle
We also got free in that parking lots, like a U-shaped parking lot. Okay, okay. And so on one side, it’s.

00:16:58:19 – 00:17:02:11
Rod
U-shaped parking lot. So it’s like. It’s like a courtyard. Kind of a setup. Yeah.

00:17:02:11 – 00:17:04:20
Kyle
And there’s like a big lot in between that we don’t own.

00:17:04:20 – 00:17:05:19
Rod
Oh, interesting.

00:17:05:21 – 00:17:08:06
Kyle
But, we have it under contract. Oh, good. What kind of.

00:17:08:10 – 00:17:09:24
Rod
Good? What are you gonna do with it?

00:17:10:01 – 00:17:11:10
Kyle
We’re still trying to figure that out. Yeah, yeah.

00:17:11:10 – 00:17:16:23
Rod
Yeah, yeah, because right in the middle. What do you do? I guess, besides a pool, I don’t know what else. You know, the playground, I don’t know.

00:17:16:23 – 00:17:19:21
Kyle
Well, so it’s it’s 120, unit hotel.

00:17:19:22 – 00:17:20:20
Rod
Okay.

00:17:20:22 – 00:17:28:07
Kyle
A 40 unit apartment complex. Oh, included. It’s dilapidated. I mean, it’s rough. And so we had to fix the exterior just to make it look good.

00:17:28:09 – 00:17:30:13
Rod
Oh, yeah. Touch the interior. Yeah. Okay.

00:17:30:13 – 00:17:37:18
Kyle
We’re waiting till we make more money on the hotel. And then 8000 square foot retail space. Well, that all came with it.

00:17:37:18 – 00:17:40:18
Rod
Holy shit. Is is is the retail least now?

00:17:40:18 – 00:17:46:24
Kyle
Yeah. Okay. And the only reason for that is because we still have some furniture in there. And so we’re waiting to get that furniture out.

00:17:46:24 – 00:18:04:12
Rod
You just, you storage, you’re using it as storage for right now and then and then you’re going to throw it. Wow. Very soon. You know guys, some of my most successful warriors are the ones that can look at a deal that has hair on it. Like like that would intimidate most people. There’s retail. There’s multi, there’s the hotel.

00:18:04:12 – 00:18:08:14
Rod
What the hell do you do with all that. Would you pay for door there for a door there by.

00:18:08:14 – 00:18:12:00
Kyle
The way to say it’s no kidding. Oh yeah. Well actually less less than that one.

00:18:12:06 – 00:18:15:24
Rod
But but but but did that include the multifamily doors or.

00:18:16:00 – 00:18:17:02
Kyle
Oh yeah. Include everything.

00:18:17:02 – 00:18:21:24
Rod
Okay. Yeah. But I mean when you did the cost per door include the multifamily doors.

00:18:21:24 – 00:18:24:13
Kyle
Oh no I mean it’s it’s definitely way less so.

00:18:24:13 – 00:18:39:20
Rod
So it was like it was like a bonus just to get that extra stuff. So. Correct. Yeah. I mean, guys, I tell you, some of the most successful students I have can look at stuff like that and see the potential, and Charlie’s really good at that. By the way, Charlie’s another one of the Warriors that’s really good at that, stuff.

00:18:39:22 – 00:18:56:18
Rod
But, yeah. So, you know, we’re not just locked in a multifamily here, so, and your your role has been primarily raising money. Are you involved in the ultimate, the ongoing asset management as well? You’re on those calls and all that.

00:18:56:23 – 00:19:06:13
Kyle
Call those calls every week. Talk to, you know, Jason, JD, Erik Weekly. And then I actually fly down to Lafayette and Baton Rouge to continue with, you know, so.

00:19:06:13 – 00:19:07:22
Rod
Eric’s in that one too.

00:19:07:24 – 00:19:08:11
Kyle
Human.

00:19:08:14 – 00:19:22:21
Rod
Oh, not Eric okay. Not not Upchurch. Okay. And then, JD is in there, okay. He’s doing a lot of stuff. Awesome. Yeah. These are all warriors, guys. So what’s next? Are you going to stick with that asset class, or are you going to do some other asset.

00:19:22:21 – 00:19:32:23
Kyle
Like that asset class? But, so I’m actually now doing back to multifamily. Okay. You know, still helping them with that obviously. Okay. On top of podcasts and being a surgeon and doing all these things, you.

00:19:32:23 – 00:19:48:08
Rod
Still got your. Yeah. It’s so you still got your income coming in from surgery, but you’re building the side hustle and guys, that’s how it’s done. I mean, you know, if you, you know, you heard me say it. If you grind for a few years like most people want, you live the rest of your life like most people can’t.

00:19:48:08 – 00:20:06:23
Rod
And, and so, you know, you need to pick a side hustle if it’s multifamily. Of course. You know, techs crushed a seven, two, three, four, five or get your butt to one of my bootcamps. But there’s so many opportunities in other asset classes as well, like extended stay here. What a great example. Now, by the way, when were these built in these 60s built.

00:20:06:23 – 00:20:09:04
Rod
50s built. They’re older right? 80s, 80s.

00:20:09:04 – 00:20:14:00
Kyle
No shit. Oh we weren’t going anything lower than 80 and tastic. Yep. Concrete buildings.

00:20:14:00 – 00:20:17:02
Rod
Okay. Well, which will help with the insurance. Okay. Fantastic.

00:20:17:08 – 00:20:25:19
Kyle
Yeah. Wow. I can talk about it. I do have another deal that’s coming. Okay. I mean, it’s he’s not a warrior that I’m working with. Okay. Partner with on this one, but he was on your podcast in 2022.

00:20:25:23 – 00:20:26:16
Rod
Oh. What’s his name?

00:20:26:20 – 00:20:28:04
Kyle
Kent Ridder.

00:20:28:06 – 00:20:28:23
Rod
I don’t remember.

00:20:28:23 – 00:20:29:05
Kyle
Okay.

00:20:29:08 – 00:20:35:10
Rod
That please apologize to him on my behalf because I don’t know. Yeah. He’s based on a thousand podcasts now.

00:20:35:14 – 00:20:37:15
Kyle
Exactly. He’s based out of Indianapolis, Indiana.

00:20:37:15 – 00:20:53:12
Rod
Okay, well, I’ll tell you something embarrassing. This is how bad my memory is, so, I don’t know. It’s been a couple months ago. You remember this, Matt? I had a couple sitting there on the couch, and I’m like, it’s so great to meet you guys. And, like, Raj, you were on our podcast three weeks ago. I’m like, oh, geez, that’s how bad my memory.

00:20:53:14 – 00:20:58:21
Rod
Come on. So yeah. But, so you’re you’re doing another multifamily deal now.

00:20:58:21 – 00:21:06:07
Kyle
So this will be a development deal. Oh, development. Westfield, Indiana. Okay. Six fastest growing city in the country. And that’s where I live.

00:21:06:10 – 00:21:07:03
Rod
How many units?

00:21:07:08 – 00:21:09:12
Kyle
87 units with retail space on the bottom floor.

00:21:09:17 – 00:21:10:17
Rod
So mixed use.

00:21:10:21 – 00:21:13:06
Kyle
Okay. It’s boom. That area is booming. It’s cool.

00:21:13:10 – 00:21:16:19
Rod
Very cool. And how many acres is it?

00:21:16:21 – 00:21:19:14
Kyle
Just over one is like, I believe one and a half.

00:21:19:16 – 00:21:24:10
Rod
One half acres. And you’re putting. So it’s you’re going to go up, you’re going to go up with it. Yeah. Okay.

00:21:24:12 – 00:21:31:03
Kyle
But around the corner, this new downtown Westfield. Okay. It’s going to be. Yeah, it’s gonna be interesting.

00:21:31:03 – 00:21:37:18
Rod
And, and, do you have a, a builder already? An architect to build already? Correct. Okay.

00:21:37:18 – 00:21:41:04
Kyle
See, it’s a 27 month old. Okay. Fairly quick, which is nice.

00:21:41:07 – 00:21:42:09
Rod
Okay.

00:21:42:11 – 00:21:47:21
Kyle
Yep. The whole team’s in place. Okay, so we close on on the property early March.

00:21:47:23 – 00:22:04:12
Rod
Okay. Fantastic. And and, what’s, let’s talk about that one for a minute. So what’s the total, cost to get it? What? There’s of course, there’s a construction piece, and then there’s the get it occupied piece. So describe that a little bit.

00:22:04:14 – 00:22:07:12
Kyle
In total there’s going to be like 26.

00:22:07:12 – 00:22:08:08
Rod
26 million.

00:22:08:08 – 00:22:12:13
Kyle
Yeah. The beauty is we’re getting tiff from the city.

00:22:12:15 – 00:22:13:09
Rod
What does that mean.

00:22:13:09 – 00:22:14:12
Kyle
The the tax.

00:22:14:18 – 00:22:16:06
Rod
Oh you get you got some tax incentive.

00:22:16:06 – 00:22:16:19
Kyle
Tax incentive.

00:22:16:19 – 00:22:20:01
Rod
So what you like like the tax is being abated for a while.

00:22:20:03 – 00:22:29:11
Kyle
Yeah okay. So the way I understand it is they’re taking from the future revenue from the potential revenue okay. And putting that into the deal I would have to understand Tiff maybe more. Yeah.

00:22:29:11 – 00:22:38:18
Rod
I, I don’t fully understand what you just said, but but, you know, sometimes they’ll give you a tax abatement for a certain number of years, but I don’t understand the future revenue piece. Okay. But it’s called.

00:22:38:18 – 00:22:42:10
Kyle
Tiff and it’s from the city itself. But it’s they’re putting in 4.65 million.

00:22:42:10 – 00:22:47:07
Rod
They’re putting that much into your deal. Yeah. Oh fantastic. Yeah. Oh wow. That’s that’s fantastic.

00:22:47:07 – 00:22:47:19
Kyle
Helps a lot.

00:22:47:20 – 00:23:02:09
Rod
Oh yeah. You bet. And what’s great about that it’s not just the money. They’re not going to lock you up with a bunch of permitting bullshit and inspections and things that that, over the top stuff. They’ll they’ll work with you because they want them. They want to bring it home.

00:23:02:09 – 00:23:04:00
Kyle
Exactly. It’s teaming up with the city.

00:23:04:00 – 00:23:19:15
Rod
That’s right. And doesn’t get any better than that. Yeah, well, that’s exciting. So so you’ve, you’ve done you’ve, you’ve you’ve got into an existing deal in, in the Carolinas, you’ve earned Savannah, you’ve got into these extended stay hotels. Now you’re building one. Okay. All right. Okay. Go big or go home.

00:23:19:15 – 00:23:21:09
Kyle
Man I’m not trying to spread myself too thin.

00:23:21:09 – 00:23:34:16
Rod
No, no, it’s okay, but you’re raising the money and you’re involved in the asset management in this. Guys, this is why this is a team sport. You’re not going to do this yourself. And that’s why I asked you who you aligned with to build that. Because if you’ve never done it, you’ve got to have experts on board. Just like Jason.

00:23:34:16 – 00:23:51:13
Rod
I would consider him an expert for extended stay hotels because, I mean, I was he was doing it 4 or 5 years ago when I saw him in Vegas. And, so he’s an expert there. You’ve got an expert in multifamily with the team, in, in, Savannah experts. And then you’ve got to, you know, you need an expert to do the development, right?

00:23:51:14 – 00:24:10:02
Rod
You know, you align with people that know. And that’s why the warrior program so extraordinary. Because there’s so many people in there that have done it. You know, and in fact, we’re doing a count right now. We sent an email and text to all of the, warriors just to get a count, because I think we’re well over 250,000 units just in multifamily.

00:24:10:04 – 00:24:12:19
Rod
So when did you become a warrior?

00:24:12:21 – 00:24:14:21
Kyle
August 2023.

00:24:14:23 – 00:24:32:01
Rod
So. If you had to start all over knowing what you know now, because you’re already becoming successful in this space and you’re a successful surgeon, is there anything you’d do differently?

00:24:32:03 – 00:24:46:19
Kyle
You know, I don’t think so necessarily, just because it got me to the point I got to. But of course, you know, I think networking earlier would have would have helped a ton, you know? Right. Taking that leap of faith in a group like this. Right? People,

00:24:46:21 – 00:24:47:11
Rod
Like the warrior.

00:24:47:11 – 00:24:59:13
Kyle
Group, like the work. Right. Exactly. And when I, when I read books and listen to podcasts, you know, I tell young people, if you want to get ahead of 99% of people read books, turn the turn the football games off on Saturdays and Sundays.

00:24:59:17 – 00:25:04:19
Rod
Name some books that you like. Obviously you need anything by Kiyosaki. Every one of his is fantastic.

00:25:04:19 – 00:25:26:14
Kyle
Yes. Yeah. My one of my favorite books is called Die With Zero by Bill Perkins philosophical book about life. And my dad actually just passed away in December. Oh, and, and I liken it to that book has already been a big influence in my mind. And then when he passed, I’ll tell a story quick. No, it’s there’s a thousand people at his funeral.

00:25:26:15 – 00:25:31:17
Kyle
Wow. Not even kidding. A thousand people. Just insane amount of support and love for my dad.

00:25:31:17 – 00:25:32:22
Rod
And this is an indie.

00:25:32:22 – 00:25:33:10
Kyle
An indie?

00:25:33:10 – 00:25:34:07
Rod
Well.

00:25:34:09 – 00:25:37:02
Kyle
Just a generous guy. Well, loved.

00:25:37:04 – 00:25:38:20
Rod
How was he so well known and.

00:25:38:20 – 00:25:51:17
Kyle
Well, he owned him and my uncle on the business for 30 years of local printing business. Okay, they printed, you know, programs for the local for our local high school teams. And, wow, they were very generous and giving to a lot of local community, you know, projects.

00:25:51:17 – 00:25:52:03
Rod
That you.

00:25:52:03 – 00:26:09:04
Kyle
And the schools and all that. And and it’s just a it’s a good, you know, Southside Catholic community. Sure. And but it made me so and him and I would have these conversations later in life and his last couple of weeks, he was successful guy. He sold his business for many millions of dollars and did very well.

00:26:09:06 – 00:26:24:05
Kyle
But what struck me was really the amount of people that showed up his funeral. Yeah, not the amount of money that he had in his bank account. And and crazy enough, he didn’t have maybe as much as I expected him to have for my mom. And it sounds bad, but in reality, he goes, I spent it all on you guys.

00:26:24:07 – 00:26:39:04
Kyle
Really? And he did. I don’t remember a time where he let any of us pay for vacation. He’s got six successful, awesome kids like me and my siblings. None of us could pay for a vacation. None of us could pay for anything. Wow. He wouldn’t let us. He was always the caretaker of everybody. Well. And so he’s right.

00:26:39:04 – 00:26:56:24
Kyle
He did spend it on us. And so what I saw from that, and this is why I wanted to create legacy, is to to get this stuff out there is it is in line with, I was zero that book where it’s like, spend the money now on the people you love. Don’t wait until you died to send this grand inheritance.

00:26:57:05 – 00:27:03:07
Rod
I so needed to hear that today, buddy. I can’t even tell you. You know, I’m in a big life transition, my son. How old was he, by the way?

00:27:03:07 – 00:27:04:03
Kyle
72.

00:27:04:06 – 00:27:05:14
Rod
Oh, man. Yeah.

00:27:05:16 – 00:27:06:16
Kyle
Yep. Man. Young.

00:27:06:18 – 00:27:27:01
Rod
Yeah. Well, Yeah, I, I’m in a big life transition myself, and I’m really starting to look at life through this filter of forget the stuff. You know, I’ve got all the stupid shit I want to. I want two more experiences, you know, I want to have more experiences. So I’m looking at trips and, you know, and what you said about the kids really resonated with me as well.

00:27:27:03 – 00:27:27:10
Kyle
Yeah.

00:27:27:10 – 00:27:27:21
Rod
But,

00:27:28:00 – 00:27:34:12
Kyle
If you want your kids to live a truly rich life, spend twice as much time and half as much money.

00:27:34:14 – 00:27:36:18
Rod
As beautiful as beautiful. And you have kids. Two.

00:27:36:18 – 00:27:37:20
Kyle
You have three young kids.

00:27:37:20 – 00:27:38:11
Rod
How old?

00:27:38:13 – 00:27:42:13
Kyle
Four. Four year old boy Fletcher, two year old girl Navy and seven month old.

00:27:42:18 – 00:28:06:13
Rod
Wow, wow. You’re you’re you’re busy. Wow. So, And guys and I talk about. You’ve heard me talk about this at the warrior events. You were at a warrior event? Yes. Yeah, yeah, yeah, yeah. And we’ve got one coming up by. We just scheduled one, May 31st and June 1st here in Sarasota. And by the way, we do these events, it’s just warriors because we discovered, I don’t know, four and a half years ago, our most successful was by far the ones that are most connected in the community.

00:28:06:13 – 00:28:22:21
Rod
So we tried to figure out how to facilitate those connections. And so, you know, only a couple of years ago, we started doing these warrior only events for people to network and we go deep dives on stuff like network, like underwriting and things of that nature. But, yeah, they’re pretty amazing, right? When everybody gets together.

00:28:22:22 – 00:28:23:20
Kyle
And it is an.

00:28:23:20 – 00:28:24:16
Rod
Incredible group. Yeah.

00:28:24:16 – 00:28:25:10
Kyle
Fireworks happen.

00:28:25:10 – 00:28:37:08
Rod
Yeah, yeah, yeah. So let me ask you this though. Let’s go negative for a second. Why do you think people fail in this or any business. Yeah, but but this business primarily what do you think. Why do you think people fail?

00:28:37:08 – 00:28:53:13
Kyle
Good question. I mean, it’s similar what you just talked about. Teamwork is everything. And if people try to do things isolated by themselves, it’s not going to work out well. And, and then the other thing is, is just not being not having the perseverance. Yeah. Because. Yeah, like Alex or Moz, he talks about like, this valley of despair.

00:28:53:16 – 00:29:03:04
Kyle
Any business that you can start or any real estate thing, you start, everybody’s going to go through that valley of despair. If you can push past it and and, you know, there’s going to be.

00:29:03:04 – 00:29:05:18
Rod
Failures, despair. Can you elaborate on that?

00:29:05:19 – 00:29:08:00
Kyle
Just there’s where there’s tough times.

00:29:08:01 – 00:29:10:12
Rod
Tough times. Yeah. You yeah. You can have walls drop.

00:29:10:14 – 00:29:13:20
Kyle
Through adversity, make some men break. It makes others break records.

00:29:13:20 – 00:29:17:17
Rod
Yeah. It either strengthens you or it stops you.

00:29:17:19 – 00:29:28:02
Kyle
And the only way to to stop is just to give up. Yeah, right. So if you can just push past that and figure out, you know, navigate, you know, find other people that know what they’re doing to help you.

00:29:28:02 – 00:29:29:03
Rod
Out, to help you through this.

00:29:29:03 – 00:29:30:08
Kyle
Whole networking teamwork thing.

00:29:30:09 – 00:29:47:21
Rod
No, I’ll tell you when you can push through adversity. Oh, my God, you’re almost elated because, you know, and then and then you use that experience whenever you bump up against it in the future, like, okay, this is just another one of those. And, and this is why, you know, I spent so much time on mindset and psychology in my training.

00:29:47:21 – 00:30:06:01
Rod
And with the Warriors, as you know, is because that’s 80 to 90% of it is is the ability to push through in spite of that crap or just to get started in some cases as well, you know, that, that taking that first step and then and then not getting, you know, not being derailed when you have those inevitable speed bumps.

00:30:06:01 – 00:30:21:05
Rod
And in fact, when I, when I had my panelists on my bootcamp, we always I always try to ask a question, you know, talk about a seminar when you got your ass handed to you because everybody thinks it’s all roses. It’s not. You’re going to have you’re going to have some challenges. But is it worth it? You better freaking believe it’s worth it, right?

00:30:21:07 – 00:30:26:19
Rod
So let me ask you this because you’re a busy guy. Holy crap, you got three kids under. What was it, seven years old?

00:30:26:22 – 00:30:28:03
Kyle
Four, four, two and seven months.

00:30:28:03 – 00:30:40:21
Rod
Yeah, under four years old. Okay. You’re a surgeon. You’ve got, actually multiple asset classes going now. How do you find time to continue to build what you’re doing here with that crazy schedule?

00:30:40:21 – 00:30:54:08
Kyle
Yep. The biggest thing I would say is intention, right? Just, having it living an intentional life. And so wake up at 5 a.m.. My kids don’t get up till seven, so I have two hours to get my workout in to get work done. You know, to be productive.

00:30:54:08 – 00:30:55:06
Rod
The miracle morning.

00:30:55:09 – 00:31:10:14
Kyle
That’s it. Yeah. And and the most successful people are doing that. That’s right. And so once I made that shift, that helped a ton. I got to bed at 9 p.m. at night. My wife and I get the kids bed and we go to bed. But being productive and and, and, what? I just.

00:31:10:14 – 00:31:11:16
Rod
Say intentional.

00:31:11:16 – 00:31:26:13
Kyle
Intentional? Yeah. Yes. Being intentional throughout that. So I work as North big surgeon for the day, but then when I’m home, I, I’m seven minutes from the hospital. So I get to come home and see my kids for lunch. Right. And then I carve out the time I need to spend on real estate. I carve out the time with my kids.

00:31:26:13 – 00:31:30:20
Kyle
You block by, block it all out. And so I keep my phone away when I’m hanging out with my kid. You know.

00:31:30:20 – 00:31:47:12
Rod
I teach this. Yes, you’ve heard me teach this. Yeah. I teach a planning process where you literally block out time, even for your family. Okay. And I talk about, you know, the biggest regret in my life was coming home to my kids, to this mansion across the bay here. And I’d play with them, but I wasn’t there mentally.

00:31:47:16 – 00:32:06:05
Rod
It’s my greatest regret to this day. And, my kids love me and say I’m a great dad, but, you know. No, I don’t want anybody to have that guilt. You’ve heard me talk about this to the Warriors. I take this very seriously. It’s not just about the money. It’s about that. And it’s about giving back. It’s what you’re doing, both of, you know.

00:32:06:07 – 00:32:16:10
Rod
So, I talk about talk about a setback or, a stressful situation. We just talk about one of these seminars. All right, well, since we’re on the topic.

00:32:16:12 – 00:32:33:07
Kyle
I do have one that that’s kind of, funny, I think, now, but. So when I first started, I was in Charleston, South Carolina. Right. And I was between moving back to Florida, where I went to medical school here. No, no, we’re going to Charleston, South Carolina, and we chose Charleston just because we thought, like, raise our kids, maybe better.

00:32:33:07 – 00:32:43:00
Kyle
Who knows? You know, I like the golf better. Sure. But. So we were in Charleston. I just got out of the O.R.. I’m doing this burr. So this bought it for 75,000. I have two buddies.

00:32:43:00 – 00:33:01:14
Rod
Where you guys, I don’t. Can’t imagine. There’s nobody that knows. What? One doesn’t know what a burr is. But let me just tell you, it’s an acronym. That a bigger pocket section I think came up with it, but it’s by renovate, refinance, repeat. Okay. So you buy it and you can do we do it in multifamily? That’s our model on freaking $3,040 million deals.

00:33:01:14 – 00:33:08:01
Rod
We buy it, we fix it up, we refinance, get our investors all or most of our money back, and then hang on to it and keep going anyway.

00:33:08:01 – 00:33:25:12
Kyle
Please continue. So exactly. So I did that with a single family home, my very first one. And so that’s an indie. I’m in Charleston. I get out of the O.R. one day and I get a phone call and then pictures, and we literally put the Hvac, and we’re. This is December, right? We’re about to finish everything up. We’re getting the renters in on December 23rd.

00:33:25:14 – 00:33:26:17
Kyle
This is maybe a week before.

00:33:26:17 – 00:33:27:14
Rod
That, before Christmas.

00:33:27:14 – 00:33:41:01
Kyle
Wow. Yeah, exactly. And, and against my first property and, you know, you have trouble with mold and all these other things that pop up, but, we put this Hvac in, they put a cage and a lock over it, and I was like, why would you guys do that in there? Because they get stability. They get stolen.

00:33:41:01 – 00:33:55:15
Kyle
Right? Oh, well, so literally we put it in the day. The next day I get out of the door and I get a picture. It’s gone. Wow. Okay. Just cut one day. Didn’t last one day. And I’m like, these guys that live in the neighborhood that can’t graduate high school, but yet they can do it. You know.

00:33:55:17 – 00:33:56:18
Rod
Yeah. You know, it was a.

00:33:56:18 – 00:34:00:12
Kyle
No heist, basically. Only neighbor. Yeah, yeah. Oh, it’s crazy how?

00:34:00:13 – 00:34:04:10
Rod
Because it’s behind the house, right? Because they, you know, typically it’s not visible from the street.

00:34:04:10 – 00:34:20:05
Kyle
So they had to pull their truck up somehow. Yeah. So then I’m dealing with that corn insurance as I’m in the air, I’m like, what am I doing? I make good money as a surgeon, you know? And now this is happening to me. And I got to call insurance and deal with this offer house is going to give me, you know, maybe, you know, a few hundred bucks a month or something.

00:34:20:05 – 00:34:26:08
Kyle
Yeah. So yeah, but to push past that and to realize that that was my first seminar and you call it, oh.

00:34:26:08 – 00:34:27:19
Rod
That’s a baby one. That’s that’s.

00:34:27:19 – 00:34:28:04
Kyle
A yes.

00:34:28:06 – 00:34:33:06
Rod
Dude. Sure. I’ve had houses where they’ve ripped all the all the plumbing out, all the copper out, you know. Oh my.

00:34:33:06 – 00:34:36:16
Kyle
God. Yeah. I think it would scare a lot of surgeons or you know.

00:34:36:21 – 00:34:55:12
Rod
So that’s a very valid point. That’s a very valid point to some people. That’s a really big deal. Right. But have you been around this as long as I have and and seen this stuff I’ve seen, you know, that’s like oh big deal. You know. And the beautiful thing about this business though, and you got insurance for stuff like that, but you could pretty much fix anything with a check.

00:34:55:14 – 00:35:16:21
Rod
Honestly. That’s the beautiful thing about this business, you know, and some businesses aren’t like that. Some businesses, you know, things can happen that literally threaten the business completely. Now, of course, I’m a big advocate for not doing a single family just because of what happened to me in oh eight and nine. And, you know, I’m a big advocate for doing just multifamily because it’s much safer and easier to scale.

00:35:16:23 – 00:35:45:19
Rod
But, yeah. So so you have obviously embraced the concept of team, correct? Correct. Yeah. You’ve obviously embraced the concept of team. You’ve done deals with warriors. And you continue to recognize that this is a team sport. You’ve aligned with experts. And, you know, it’s not just that guys. It’s it’s it’s in I don’t care if you do it in the warrior program or whatever, but you need to get around people that are doing this that think what you think is hard is easy.

00:35:45:20 – 00:36:01:17
Rod
Okay. That’s number one. Number two, is there strength in numbers? Okay. A rising tide lifts all ships and that’s the value. And you could create one of these yourself. You know, you could start a meetup group in your backyard. You know, start talking about a topic in this business. You know, a lot of my warriors have set their own.

00:36:01:17 – 00:36:21:21
Rod
I’ve got a bet with dozens of meetup groups around the country, podcasts and Facebook groups and LinkedIn groups. And you’ve got a podcast. There you go. I mean, a perfect example. I mean, I have dozens of podcasts in the warrior program. And so, you know, that’s how you create reach. But the bottom line is you got to get around people that are doing what it is you want to do that think what you think is hard is easy.

00:36:21:21 – 00:36:42:16
Rod
You know, like if you’re going to play tennis, do you want to play somebody better than you or worse than you? Right. So, what? You know, we all have embody core values in our businesses and, you know, one of the questions I like to ask is, what’s one value that you think someone in the multifamily space would have?

00:36:42:16 – 00:36:46:04
Rod
But I’m certain that you’ve probably got more than one. But can you speak to that a little bit?

00:36:46:06 – 00:36:49:02
Kyle
I would say number one is integrity. Yeah, that’s the biggest one.

00:36:49:04 – 00:36:51:22
Rod
So number one core value in my in my operations. Yeah sure.

00:36:51:22 – 00:36:52:21
Kyle
Yeah. It has to be you.

00:36:52:21 – 00:36:53:19
Rod
Do what’s right even if it.

00:36:53:19 – 00:37:08:05
Kyle
Hurts. Right. Exactly. And and when you’re deal with money especially. Right. And so yeah integrity, honesty and then all the other things I think follow into that. And you’re right, you’re doing the right thing for your for your team, for your investors. And you can’t go wrong.

00:37:08:05 – 00:37:30:01
Rod
Yeah, yeah. No, we we, one of the things we do in every company I’ve ever owned is we come up with a list of core values, and ours is actually the acronym family. And the integrity was number one. But we wanted to fit it into, into that acronym. And and, you know, but every successful business develops core values.

00:37:30:01 – 00:37:48:22
Rod
And, you know, when you’re aligning with people, it’s a really good idea to understand their core values as best you can to make sure that you’re aligned. Right? Yes. And one of the things that I suggest you do, guys, if you’re going to, you know, like get into a business like this, where you going to have a team is, is just make sure you ask all the hard questions upfront.

00:37:48:22 – 00:38:10:00
Rod
You know, I’ve got a book in my resource library that’s free. If you go to Rod’s links.com, go to the free book section. There’s a book of the questions you should ask before you get in a partnership. I mean, hello, you know, because a lot of people get excited about getting into a deal. They get caught up in the emotion of it and they don’t pay attention to, you know, dot the I’s, cross the T’s and ask all the hard questions.

00:38:10:03 – 00:38:25:10
Rod
You got to ask all the hard questions up front and get to know somebody. And, you know, a partnership like a marriage is easy to get into, but hard to get out of. So, you know, you know, you got you want to ask those hard questions upfront and not get so caught up in the emotion that you push forward too quickly.

00:38:25:12 – 00:38:40:06
Rod
And I tell my new Warriors this as well. So, you know, make sure you take advantage of that if you, if you’re going to do this, so what are some things you’re doing to stand out in this marketplace if anything.

00:38:40:08 – 00:39:00:11
Kyle
So I know that there are other physicians out there that are, you know, educating and doing real estate investing. I think for me, I mean, really going back to my dad to seeing the real legacy, it doesn’t have to be just wealth. I think freedom is actually a huge legacy that, you know, people really want and need.

00:39:00:13 – 00:39:20:00
Kyle
You know, I want to set that example for my kiddos. I want to set the example of teaching them freedom as physicians. Not to go all over the place, but as physicians, we’re even feeling like that Freedom’s closing in on us, right? We don’t have the control that we once had. 75% of docs, like I said, are becoming employed, having less freedom.

00:39:20:02 – 00:39:42:07
Kyle
And so I want to teach my kiddos that there’s other ways to build that freedom. And so that’s why real estate investing, doing other entrepreneurial things helps a lot. And then on top of that, the, knowing that legacy is not just wealth that we’re passing on, it’s values. It’s principles, it’s the culture. It’s me waking up in the morning every day.

00:39:42:09 – 00:39:52:04
Kyle
I tell dads, dads, you’re, Excuse me. Let me let me start this way, dads, your son will follow your example. Your daughters will marry it.

00:39:52:06 – 00:39:52:22
Rod
That’s very true.

00:39:52:22 – 00:40:09:06
Kyle
So everything I do, not what I tell my kids. It’s what I show. It’s my example. And so I’m teaching them that, you know, work hard, but also be intentional about your life, make an impact on others. You know, it’s not about what you say to people or how you say it’s how you make them feel.

00:40:09:08 – 00:40:17:18
Kyle
All these things. I think legacy embodies all that. So it’s not, again, just the wealth that you’re passing on. It’s all these values that you’re passing.

00:40:17:19 – 00:40:19:09
Rod
Love it, love it, love it, love it.

00:40:19:09 – 00:40:42:18
Kyle
I think to financial freedom, it’s a good buzzword. And I feel like that’s an overused buzzword. I don’t know, I just talk about freedom, but I think financial empowerment is more of a, a term that I’m using. And what that means is just, I’m educating through my podcast and educating through just talking to people. Anybody that messaged me, I give them my cell phone and like, you know, call me, let’s talk, because there’s a ton of physicians out there that just don’t have a clue.

00:40:42:18 – 00:40:59:23
Kyle
Or busy professionals in general just don’t know about the stuff. Sure, they don’t have the time to go, you know, read or do these things. Yeah. And so I give my cell phone number, call me, let’s talk in. My whole thing is just to empower them on this stuff. I can’t say I’m an expert, but I’m going to give you the resources to help you become an expert.

00:41:00:00 – 00:41:09:04
Kyle
And so I just think financial freedom that that word is, is almost overused. It’s like a buzzword, especially in the, in the physician space. Yeah. And so, so I’m trying and a lot.

00:41:09:04 – 00:41:34:18
Rod
Of physicians make big mistakes in their investing as well, because they don’t have the time to really explore what they’re investing in. And so they just throw money at stuff. And, and very often, you know, they make a mistake. And I tell them, you know, like you’re educating them. I tell them even if you’re going to invest passively, figure to learn what it is you’re investing in, for God’s sakes, get your ass to one of my boot camps or do something to educate yourself in whatever you know.

00:41:34:18 – 00:41:49:22
Rod
You know, you’ll see a lot of people just throw money at stockbrokers and stockbrokers. Just a salesman, you know, they’re not an analyst. And they’ll they’re just going to convince you to buy something. And, you know, you’ve got to have some basic understanding, whatever it is that you’re investing in. But,

00:41:49:24 – 00:41:51:06
Kyle
You know, invest in yourself and.

00:41:51:06 – 00:42:15:18
Rod
Well, that’s the that’s your best investment. That’s your best investment by far. I noticed in the questions that we have you answer before you come on, just so we have some direction with where we’re going to take this thing, one of the questions we ask is, you know, what are the key differences in doing multifamily? Before you had a coach and then, you know, after you got one, like, you know, in our program and you mentioned Keith Cunningham to speak, to speak to that for a second, because I want to talk about Keith after you’re done.

00:42:15:18 – 00:42:24:09
Kyle
Yes. Okay. Yeah. So I’ve never seen Keith live, but I do love listening to him on YouTube. Right. And and he’s like the four day master’s program. Yeah. Or something like that. Yeah. Yeah.

00:42:24:10 – 00:42:27:08
Rod
So four day MBA and I. That’s right. And I’ve done, I’ve been I’ve done it.

00:42:27:08 – 00:42:49:18
Kyle
Okay. Yeah. Yeah. So he’s a genius obviously in this space. And and one thing that I love that he said is it doesn’t matter how fast you run if you’re running in the wrong direction. Right. And I think that’s a lot of what’s going on here. And I felt that. And so until I joined The warrior and I actually had direction, I’m like, okay, once you get this going, stay in gear one for a while until you figure it out, and then you can start going fast.

00:42:49:18 – 00:43:09:01
Rod
Yeah yeah yeah, yeah. So so Keith speaks at Tony Robbins events and I’ve seen him alive and he’s freaking hilarious. I probably seen him speak. I’m not exaggerating 11 or 12 times at Tony Robbins Business Mastery events. And by the way, big shout out to Tony. You know, I spent 20 years following him around the planet. If you have an opportunity to see him speak live, just do it.

00:43:09:01 – 00:43:20:14
Rod
He’s not going to do it forever. And it’s his stuff is life changing. It’s definitely changed my life. But Keith is freaking hilarious and and, he’s just got some really funny quotes. Have you got a, you know, any of them off top of your head?

00:43:20:14 – 00:43:26:23
Kyle
Yeah. He talks about one that I love. Success is about getting what you want. Fulfillment is about giving what you got.

00:43:26:24 – 00:43:27:19
Rod
Oh, I love that one.

00:43:27:20 – 00:43:31:18
Kyle
Yeah. That’s awesome. And Tony Robbins obviously he talks about, you know, contribution. Oh yeah I.

00:43:31:18 – 00:43:46:02
Rod
Know Tony calls it the science of achievement versus the art of fulfillment. You know, achievements are science. You know, if you want to learn multifamily, join our warrior program or get your ass to one of my boot camps, if you know. But fulfillment is an art, you know, you gotta figure out what you love and give back in some fashion.

00:43:46:02 – 00:44:01:00
Rod
For me, it’s kids, you know? But whatever it is. But, Well, listen, brother, I appreciate you coming down here. This been a lot of fun, and, I’m. I’m dying to see where you’re at a couple years from now with what you’ve accomplished so far. You know, with everything you’ve got going on. Very impressive, brother, but I appreciate.

00:44:01:00 – 00:44:08:23
Kyle
Yeah, we appreciate you. I think, I appreciate you having me down here. And, you’ve been a mentor, to me, whether you know it or not, for the last few years. And so, Thank you. It’s been huge.

00:44:08:23 – 00:44:23:03
Rod
I appreciate that, brother. Well, listen, guys, if you are interested in applying to our warrior program, text the word crush to 72345 so we can help you crush it in this business. Take care. All right. Thanks, brother.

00:44:23:05 – 00:44:24:19
Rod
Thank you for watching. Multifamily.