For today’s episode, we will be discussing a concept that is quite popular in the real estate investing community, the BRRRR method. Buy, rehab, rent, refinance and repeat. We will be going over how to BRRRR an apartment building!
We have a book coming out next month called Passive Investing Made Simple: How to Create Wealth and Passive Income through Apartment Syndications. Email for a FREE copy. The book is coming out on August 11th.
[00:01 – 10:59] Opening Segment
- Bad investing tips
- Introduction to most investors starting out
[11:00 – 22:21 Let Us Talk About Buying, Rehabbing, Refinancing, and Repeating
- This business model can be done on anything, especially an apartment
- Commercial property = over 5 units
- Break-even occupancy factors
[22:22 – 28:33] Closing Segment
- Book recommendation
“I think that some people try to take kind of a binary approach thing where they’re either passive or active. It’s like you could do both have a little bit of both, do whatever, do whatever you enjoy the most, and whatever brings you the most joy.” – Dan Kreuger
“if you only ever actively invest in yourself and you don’t set the systems to start passively investing, then you’re always going to be an active investor.” – Anthony Vicino
“Yeah, but understand that passive investing isn’t the fastest route to financial freedom, nirvana, or whatever, like active investing.” – Anthony Vicino
“the last step says very clearly repeat, which means you go and you do the same thing again” – Dan Kreuger
LEAVE A REVIEW if you liked this episode!!
Keep up with the podcast! Follow us on Apple, Stitcher, Google, and other podcast streaming platforms.
To learn more, visit us at https://invictusmultifamily.com/
**Want to learn more about investing with us?**
We’d love to learn more about you and your investment goals. Please fill out this form and let’s schedule a call: https://invictusmultifamily.com/contact/
**Let’s Connect On Social Media!**
LinkedIn: https://www.linkedin.com/company/11681388/admin/
Facebook: https://www.facebook.com/invictuscapitalventures/
YouTube: https://bit.ly/2Lc0ctX
How To BRRRR An Apartment Building
Anthony Vicino : [00:00:15] Hello and welcome to Multi-family Investing Made Simple podcast, it’s all about taking the complexity out of real estate investment, you can take action. Today, I am your host, Anthony. I love Apple Cenote, joined as always by Dan the Mango Man Krueger
Dan Krueger: [00:00:31] Mangos, mangoes, not tomatoes. We just were discussing fruit. Rangoon’s right before we went on air here and I was surprised to learn
Anthony Vicino : [00:00:40] What don’t say? Don’t say it out loud quite yet. We can make this into a contest where listeners can we can make this interactive so we can ask them and say, hey to your listener at home. What do you think is the most consumed, most popular fruit in the world? I’ll give you a hint. It’s not an apple and it’s not a mango. So take a second, reflect on that. Get your answer in your head. Pause if you need to and really think this through. OK, now, Dan, give them the answer.
Dan Krueger: [00:01:10] Yeah, I was extremely upset by this data and I want to question it. Apparently tomato’s.
Anthony Vicino : [00:01:18] It made us wonder,
Dan Krueger: [00:01:20] Do you say the most popular, most consumed, most consumed because
Anthony Vicino : [00:01:25] Tomatoes are in everything? Absolutely everything salsa, ketchup, bloody Marys.
Dan Krueger: [00:01:31] But you can ask you could ask one hundred people what their favorite fruit is. Negritude, not one person is going to say tomatoes. Hey, man, that’s my problem with that stat, it’s deceiving. It’s like, yeah, it’s in everything, but like no one really loves tomatoes. I mean, they’re fine.
Anthony Vicino : [00:01:46] It isn’t. But isn’t that how elections work anyway? Like, nobody loves Joe Biden. Nobody loved Donald Trump. But they’re like,
Dan Krueger: [00:01:53] That’s exactly why it’s it’s exactly why it sucks.
Anthony Vicino : [00:01:57] So I’m not saying tomatoes are the best. The best is subjective, most consumed, most popular. We can measure that. We can measure that data.
Dan Krueger: [00:02:08] Ok, OK.
Anthony Vicino : [00:02:09] Well, so, so if you’re listening to him and you guessed tomatoes, good job. You get a gold star. I want you to shoot me an email. You get a free copy of passive investing made simple. The book that’s coming out on August 11th next week, one and a half weeks away. So if you guessed tomato, you reach out, you can get a free copy. If you guessed anything other than tomato, I want to hear it. Shoot me an email. Let me know what you guessed. But you don’t get anything. You don’t get a free book
Dan Krueger: [00:02:31] If you’re as upset, unless your answer is that if you’re as upset by that stat as I am, you also get a book because the shoot
Anthony Vicino : [00:02:37] Dan an email. We’ll send you a book. I’m not sending you a book.
Dan Krueger: [00:02:40] Yeah, well, first I’m going to send it like a five-paragraph rant on how that bogus and then the price of the book, too.
Anthony Vicino : [00:02:47] But this is bogus. I don’t I don’t subscribe to these results. Recount.
Dan Krueger: [00:02:53] Yeah, I’m going to fact-check that later. But today we’re actually not going to be talking about tomatoes are be talking about something else that our listeners are probably more interested in than tomatoes, possibly.
Anthony Vicino : [00:03:04] I don’t know if I mean,
Dan Krueger: [00:03:06] It’s so controversial.
Anthony Vicino : [00:03:08] So let’s get this back to real estate and talk about a concept that is equally as popular in the real estate investing community as tomatoes. It’s its concept that you probably heard quite a lot if you spent any time around the bigger pocket’s community. It’s the burger concept. And I’m rolling my answer because it makes it sound fancier. But a lot of people just say the burger method. Now, the burger method stands for by rehab, rent, refinance and repeat. So there’s a lot of hours back there. So once more by rehab, rent, refinance, repeat. Now, when when you’re hanging out in the bigger pockets community, you hear about this concept all the time, like br. Your first property or burring is like a great way of building a portfolio. And it is it’s actually a really it’s a really great strategy. You go and you buy the property and then you do some rehab, you fix it up and then you’re going to put tenants in there and start renting it out and you could do a refinance. You pull out the cash and then you’re just going to keep repeating that. And so we’re going to talk about how to be apartment buildings today because that’s effectively what the value add model really is. At the end of the day, it’s exactly what we do. We’re going to walk through that step by step. But before we get to that, you know, we have to give the people what they want. And it’s not tomato sauce. It’s not tomato juice. It is bad investing. The advice of the week, everybody’s favorite segment. De de de de de de de de de de de de. I’m adding new sound effects to the show to try and put the production value so slowly. That got you guys excited at home. That was my drum roll.
Dan Krueger: [00:04:32] Yeah. Sounds like a Michael Bay movie. I was impressed. It was
Anthony Vicino : [00:04:36] Gunshots. The drum roll.
Dan Krueger: [00:04:40] It’s like a bad boys soundtrack. Give me the edge of my seat.
Anthony Vicino : [00:04:44] See this what’s what is the best investing advice of the week? And the thing is, I don’t know, because it’s your turn. I’m throwing you under the bus. What’s your best investment advice for this week?
Dan Krueger: [00:04:55] Hmm. Good question. Because we always have guests on.
Anthony Vicino : [00:04:58] They make it easy. They make it easy. Make it easy for us.
Dan Krueger: [00:05:01] Yeah, but I can come up with something. I was just having a conversation with an investor and I think that. I think I can I can formulate this into a good-sounding piece of bad advice very simply. Pick one thing and stick to it, we actually say stuff like that a lot, actually, you know, we pick our hyperfocus, which is one thing, but it’s talking to an investor today or potentially an investor. It was the first call. We’re just kind of chatting with each other, telling them what we’re doing and what they’ve done in the past. And they had been investing in they became excellent, which basically they had a house. They moved out somewhere else and decided to rent out their house after leaving and kind of ended up in the real estate investing space kind of by default. Right. Because they just they didn’t wanna sell their house. They made sure that they had some good equity there and they just rented it out. And that’s how they kind of ended up in the real estate. And then they got another house and did that. And they were very active in both scenarios. And they just found out about what we’re doing. And we’re very excited to have a call this weekend because they were potentially going to put in an offer on another house, but they wanted to see what we were doing first before they did that.
Dan Krueger: [00:06:18] We’re having a conversation. And I think during the conversation that it almost seemed like it was kind of a binary decision for them where it was like they’re either actively investing in single-family houses or they’re passively investing in syndications bus. And it doesn’t necessarily need to be that way. You don’t need to be in one in one team or the other on one side or the other. You can do both. You can dabble in the active stuff because maybe you actually do enjoy it. It’s fun. And then you can just pass the stuff because there are not endless hours in the day. So I think that some people try to take kind of a binary approach thing where they’re either passive or active. It’s like you could do both have a little bit of both, do whatever, do whatever you enjoy the most, and whatever brings you the most joy. But you don’t necessarily have to, like, pick a team and stick to it. Right. So that’s my bad advice of the week, is to stay hyper-focused on one thing that you could dabble
Anthony Vicino : [00:07:06] Back in time that you’ve thrown hyperfocus under the bus and in the bad investing advice. I just want to say you’re really like, well, I mean, it’s such a catch. You are my trademark.
Dan Krueger: [00:07:16] I use it a lot in a positive way, too. It’s worked its way into my vocabulary because it’s just such a good word. It’s yeah. I mean, it’s a good
Anthony Vicino : [00:07:22] It tells you exactly what you’re doing. Is that your focus? Yeah. And I think this is it’s not a binary thing. And a lot of people are treated as such when they’re first starting to get into investing. And honestly, like when maybe when you’re first starting out, you want to be an active investor, you probably should focus on that and make that the priority is until you get your first property. But as you start to build out the capacity and you have more capital coming in, more opportunities coming in, I think the dream state for most investors is to get to the place where you’re passive. Yeah, but understand that passive investing isn’t the fastest route to financial freedom, nirvana, or whatever, like active investing. You guys are putting in more work. You’re doing more actual sweat equity, putting it in there. You’re going to generate bigger, faster returns. You’re doing more. Yeah, you’re taking on more risk. You’re doing more work, all those things. But if you’re OK with that and you want to really generate massive wealth, like be an active investor, that’s going to get you there faster. But then passive investing is a great hedge against so many other things, which is if you only ever actively invest in yourself and you don’t set the systems to start passively investing, then you’re always going to be an active investor. And what we see right now is like we’re getting a lot of deals from a lot of these old old fellows, old-timers in the industry, who they’ve been actively investing for a long time. And now they kind of want to get out of it and start to move into passive investing like passive vehicles. And it was a very binary thing for them, as kind of a hard stop. I’m done buying actively and being active. Now I want to be passive, but if you had just been like a kind of, I would say, interweaving those two over the years, that would be a very seamless transition for them. Whereas right now it’s kind of more of an abrupt thing. Yeah.
Dan Krueger: [00:09:05] Yeah. So let’s not throw that out. There’s topical relevance and something that is come up quite a few times when talking to the newer investors. It’s I think it’s very common for people to think that they’ve got to kind of like pick a path and they can’t do both. I say tribal, see what you like the best if you like. Being passive is great. If you like being active, we like being active. But at the same time, there are still capital needs to go to work, and sometimes we don’t have the capacity to be taking on more projects. So it’s a very common situation to be in.
Anthony Vicino : [00:09:39] And it’s the same for you if you’re at home and you’re like a winner in the capital, but you like your job and you don’t want to take on too many active projects simultaneously, like maybe you like to do like you’re swimming in the bouillon. Yeah. You got to be careful like that. That is not a liquid means it works in life. It does not work in real life. Just going to give me a concussion. So be careful, but you’re going to be able you can only take on so many active projects at a single time. So maybe you have too much surplus cash. You want to put some of that into passive or vice versa. So I like that advice. I think it’s it’s apropos. Now, let’s talk about specifically if you wanted to be an actor. Vector, or even if you want to be a passive investor, just coming to a better understanding of how we can implement the burn method methodology process of investing with multifamily assets, which you don’t hear, you hear about this, I think, on bigger pockets to talk about in terms of like duplexes, Lexus and Quad’s like little things where you can house one side, you live in one unit, and then you burred the rest of the building while you’re still there. So we’re not going to talk about house hacking an apartment building. You technically could. We’re going to talk about how we go about buying, rehabbing, renting, refinancing, and repeating. So darn
Dan Krueger: [00:11:00] It. So here’s the deal, I think that I don’t think I know that the vast majority of guys buying B minus in C class assets out there on a large scale are executing the strategy. They just don’t use that little catchphrase. They do the thing that they don’t call the BR strategy because that’s kind of a bigger pocket’s thing. So it’s really kind of sad that community and for most of the bigger pockets of life, they’re very much focused on smaller properties. And so it’s got kind of lumped in with that. But effectively, the business model is quite simple and can be done on just about anything. And I’d argue that it’s much better on apartment buildings because, you know, in a single-family home or duplex or triplex or quad, that process is a little bit less efficient because you have fewer units. Right. So if you get one hundred unit apartment building, you can maintain a very healthy occupancy rate and be executing a better strategy, meaning you could have between three and five percent vacancy, which would be between three and five units vacant at any time, be upgrading those units while in the middle of this strategy, but still have really good cash flow and pretty much perfect occupancy.
Dan Krueger: [00:12:13] Whereas in a single-family home, while you are doing your rehab step of the Burj, it is 100 percent vacant. And in a duplex, it is 50 percent vacant. And you can see where with this basically on the smaller properties, every time you’re renovating a unit, it has a pretty significant impact on your cash flow. Whereas as you get into the bigger properties, you could just let the organic turnover take place, execute that strategy and still just be cash flow in the entire time. So that’s really why we like it. It’s incredibly efficient. You get the cash flow up front, that cash flow slowly increases over time and then you’re working your way to a refinance event at some point. The future of our deals, it’s usually between one to two years. We are trying to do it as quickly as possible. We always want to make sure that our cash flow is maximized on the way to that capital event.
Anthony Vicino : [00:13:00] The other reason that burring the apartment buildings and our eyes and obviously we’re very biased is is a better plan than doing it with small multifamily, like a duplex or triplex or a quad even. Is that these residential properties and that’s what a property that’s fewer than five units is classified as the type of loan that you’re going to go and get from a bank as a residential loan in the way that those properties are valued is fundamentally different than how commercial properties that are over five units are valued. And that’s something that’s very interesting when we’re implementing the strategy, because if we went and bought a duplex, fixed it up, we put in a hundred thousand dollars, making it nice and pretty, and then started renting it out and went back to the bank to refinance it. Well, the value of that building is going to be largely dependent on what other buildings in that neighborhood, an area are already selling for, not based on how well that property is performing on its own. What’s different about larger units, the type of buildings that we buy? Let’s say we’re buying a 20 unit building while we go to the bank. After doing the renovations, we put our new tenants, and then we’re getting into rent premium.
Anthony Vicino : [00:14:04] So now our building is generating more cash flow than it was before. The bank looks at that and says, OK, that’s worth more now because it values this property as though it was a business rather than based off on comparable that data of what other things are selling for. And that’s a really important thing because it puts a lot of control in our hands when we go and execute the rehab portion of this. We’re not just hoping it’s going to lead to a Y percent increase in value. We know pretty clearly what that’s going to lead to and downstream returns for ourselves and our investors. And so that’s why for us, executing BR on large multifamily is a way better strategy because it’s so much more control. And to your point about the stability, like if you have a duplex and you’re rehabbing one of the units and the other ones, maybe rent it out, well, you’re 50 percent vacant, whereas on the larger stuff got a 20 unit, you got one unit vacant while you’re renovating it and the rest are occupied by its negligible vacancy at that point.
Dan Krueger: [00:15:05] Yeah, I’m just going to drive that point home a little bit more for people who are either they’re passive investors or they’re newer to this space in general. They may not realize that for a lot of properties, assuming like a seventy-five percent leverage ratio there break, even occupancy is going to be depending on the terms on the debt and the value, the property, and a lot of factors. But for a lot of properties, if you’ve got a seventy-five percent loan, your break, even occupancy is probably around 75 to 80 percent, maybe even a little bit higher, depending on how you’re structuring this thing. So on those smaller properties, like a single-family home, like you are losing every month, that money, every month that you’re renovating the property for the duplex. If one of your units is being renovated, your cash flow negative, you’re putting money in for triplex. You might break even, but also your prices are going to be put money in. It isn’t until you get up to at least 15, 20 units that you can actually be. Working through these at a nice clip and still be actually cash flow positive, so on those smaller properties, every day a vacancy and every unit has a much bigger impact on the bottom line.
Anthony Vicino : [00:16:12] The interesting thing to hear is about the refinancing and the repeating portion of this because the refinance is really cool because it allows us to go and recoup the value that we’ve just added to this property. If we’ve gone in there, increasing the value by a couple hundred thousand dollars, we can
Dan Krueger: [00:16:26] Buy a red Ferrari.
Anthony Vicino : [00:16:28] You could buy a Ferrari. Exactly. Yeah. You use cash flow to buy liabilities, right? That’s actually no, that’s technically not wrong. Like, if you’re going to go and buy a Ferrari, you could do worse than buying it from the cash flows. But when you’re refinancing, I would take most of that capital because it’s just a return of your initial investment capital and put it into the next asset and then that’s generated cash flow. And once you get enough to go and buy the Ferrari from the cash flow, go do that. That is that Bitcoin now.
Dan Krueger: [00:16:59] I mean, yeah. I mean, the last step says very clearly repeat, which means you go and you do the same thing again. And that is what what we did. I mean, honestly, on your first properties, I don’t know if you did it with that kind of intentionality from the get-go. You started earlier before the birthing was out there and you took a little bit different approach. I know on my first property, that was the plan from day one, bought a six-unit, did the thing after nine months, refired it and that got in. The fire was put directly into the down payment of the next property and then rinse and repeat. And that’s what we’ve been doing ever since. So I’d argue the most important step is the repeat process because that is where the real power comes and where you get into your next deal without having to go out and scrape together a bunch of new capital. You’re just effectively taking some of your chips off the table from that first deal without actually selling the asset and without taking the tax set because I don’t know if we mentioned it yet, that refinance is a nontaxable event. So you get to take that capital and reallocate it without paying Uncle Sam. That is powerful. So I’d say stuff is huge.
Anthony Vicino : [00:18:03] It’s interesting because my first property was that I started with actively was a triplex and after doing the refinance, which had added like one hundred and twenty-five thousand dollars of appreciation in nine months. So it was absolutely ridiculous compared to what I’d put into it. Instead of actually doing the cash-out refinance, I took out a headlock and I used that a couple of short-term opportunities. And that’s another really viable strategy is like you don’t necessarily need to take out the higher debt you can keep and take the variable debt option with the helike, which can be very powerful. But the other thing here to note is if you’re staying in that small multifamily range of like three to four units as you go to do the refinance and repeat, the repeat gets harder because again, the residential loans and the way that they’re lending it out is based on you as an individual. So the total amount of debt that you have taken out on yourself starts to become a variable. And a lot of lenders, you know, they’re not going to lend to you indefinitely. And I think a lot of people start to run up to an upper limit of around 10 units when the bank starts saying, no, we’re not going to give you any more. Whereas with multifamily, there’s no limit to, you know, to how many properties you can go and acquire theoretically as long as the business model of the property justifies the expansion. And that’s a really important thing because now you don’t have to jump through hoops trying to convince the bank like that you’re bankable. Now you go and say like, hey, this property is great, bankable. They’re like, yes, it is. Let’s do this thing.
Dan Krueger: [00:19:26] Yeah. I mean, that’s another thing that’s I mean, not that this episode is about why multifamily or while large multifamily is better than the smaller properties. But that is the point that the debt situation is a completely different story when you go to the bank to borrow for a larger apartment building. It’s a conversation about the business that you’re buying. Like, can that business pay for itself is the question the bank’s asking. And then they obviously want to take a look at you and see if you’ve got any experience. But when you go buy a single-family home, a duplex, a triplex, or a quad, the bank is effectively looking at you and your paycheck and seeing if you can afford to pay this, loan it. Regardless of how the property functions. They’re looking at you like what’s your debt to income like? Do you have any other mortgages? And can you pay this mortgage based on your job? Pretty much. And so that is not a really scalable model. If you happen to have a really great balance sheet, either really high income or just a lot of money like you come from wealth, probably not an issue, but for the average person working a W2, there’s going to be some resistance. That first deal is probably very doable. The second deal making a little push back by the third, fourth and fifth. You’re going to behave to get pretty creative with your financing. And there are lenders you can go to that that deviate from these rules usually ends up being smaller banks where they’re just lending out their own money. They don’t have any government money and they just do whatever they want with their money. But it starts to become more and more difficult to scale with every subsequent property when you do small. So just throwing that in there,
Anthony Vicino : [00:21:00] I think it’s an important thing to clarify because if you’re if you have right if you have a great strategy, you need to apply it in the right place at the right time. And I think the Bush strategy is a great strategy. And I think the best place to apply it is in large multifamily without. Yeah, yeah.
Dan Krueger: [00:21:14] I would hate to see somebody here. This is so amazing. And they invest all this time and energy into the smaller properties and buy the third one. They realize, oh wait, this path actually ends sooner than I thought. And that is a glass ceiling. If it’s this way and end up in larger multifamily anyways, where I could have just started there from the get-go. So just kind of giving everyone some a heads up that that is an issue down the line.
Anthony Vicino : [00:21:37] So factor in. And for you people listening at home that I heard Dan say the word is regardless and you’re getting your hackles up because you’re a grammar Nazi like I am. Yes, we know it’s not a word. It’s regardless.
Dan Krueger: [00:21:53] You all knew what it meant, though, so I’d argue those words.
Anthony Vicino : [00:21:56] And anyway, I had somebody actually correct that I didn’t use that word, but they tried to correct me on another word the other day. I was like, oh, man, grammar Nazis are real close.
Dan Krueger: [00:22:07] There is not a word
Anthony Vicino : [00:22:09] I don’t remember. I don’t remember. And I don’t engage the trolls.
Dan Krueger: [00:22:13] But because I am generally good, 14 years ago, Google meant something a lot different than it means right now. But everyone knows what you figured means. So. All right.
Anthony Vicino : [00:22:22] To get to speaking of words, let’s talk about books. Let’s talk about let’s bring. How about you. Yeah. Passive investing mid-August 11th. Make sure you get your copy. That definitely is coming out. That is only a book recommendation. What other books have you been reading recently? Give me one. Nobakht, if you’ve read recently that you liked Snowball. Snowball.
Dan Krueger: [00:22:46] Warren Buffett’s geography and remember who wrote it and looked it up now.
Anthony Vicino : [00:22:51] Yeah. Walter Isaacson. Right.
Dan Krueger: [00:22:53] That’s a woman. Alice Schroeder. Yeah. I mean, for any of you that are just kind of into investing, in general, is not a realistic book at all, but it’s about Buffett. And, you know, he’s got the whole investing thing down pretty good. So regardless of who figured it up to you, that regardless,
Anthony Vicino : [00:23:12] They’re a nice
Dan Krueger: [00:23:14] Take that Charles. So regardless of what you’re investing in, just like the philosophies that this guy has, you can take something away from it. And it’s one of those books, if you guys have heard me make it book reviews before, you know that I like biographical books about people in their lives from like the very early stage, all the way up through the end of their life. He still lives everything. But I just love those types of books. So it’s fun. It’s an entertaining story about a guy’s life and there are golden nuggets about investing in there. So definitely worth a shot if you read it.
Anthony Vicino : [00:23:46] I have not read that one, but I have a biography that I will recommend because now we have a theme for the day is biography recommendations
Dan Krueger: [00:23:54] Here at Super Money.
Anthony Vicino : [00:23:56] No, no, I never even heard of that one.
Dan Krueger: [00:23:58] Yeah, um,
Anthony Vicino : [00:24:01] It’s a Ben Graham. Buffet’s adviser or mentor guy, let me get my book recommendation, you’re trying to get me sidetracked, try to confuse me.
Dan Krueger: [00:24:14] I didn’t know what to do now.
Anthony Vicino : [00:24:16] Yeah, I want to do it. Do you get a revolution? I gave a great innovation. We, our listeners list you at home that is listening to this. Adam Smith, Adam Smith, The Wealth of Nations guy. I’m very confused now. Adam Smith is writing a biography of Ben Graham, who came hundreds of years later.
Dan Krueger: [00:24:35] No, no, very a what was mentioned in the book, Super Money. So Adam Smith wrote a book called Super Money where he talked about Warren Buffett in because he was kind of coming up at the time. They make sure this is right, but I’ve never read it. But I was just kind of wondering if I should have this on my list to
Anthony Vicino : [00:24:53] I don’t know, Adam Smith I know is like from the 80s. I think you’re somewhere. Right? Right.
Dan Krueger: [00:24:59] Yeah. The like the
Anthony Vicino : [00:25:01] The invisible hand of the market. Our listeners are like, what are these two doing?
Dan Krueger: [00:25:05] They’re so confused.
Anthony Vicino : [00:25:07] Sliman.
Dan Krueger: [00:25:08] Yeah, we’re now we’re Googling things on the phone.
Anthony Vicino : [00:25:10] We’re Google. We’re trying to learn people because I was going to say, like, I just recently conducted a statistical analysis and deduced that the listeners of multifamily investing, made simple are the most well-read audience of any podcast in the world.
Dan Krueger: [00:25:27] Don’t ask me for the best tomato statistic you gave me earlier.
Anthony Vicino : [00:25:31] I might have also conducted that study. You don’t know where I get my data from and I’m not going to share if
Dan Krueger: [00:25:36] I let them down, I just accept it. Exactly. They don’t like it that I and I started complaining.
Anthony Vicino : [00:25:42] Hmm. I only take the data when it suits me. But my book recommendation for the week is that of Leonardo da Vinci by Walter Isaacson. If you want to go learn about it to a lot of things like crazy, smart, and sometimes I forget how smart our ancestors were because you take what you take for granted like they were primitive, perhaps are less civilized, but they were some smart dudes and smart gals. A lot to learn from, from the old people what they did with so little.
Dan Krueger: [00:26:12] Yeah, seriously. That’s it. Right. There is like anything anyone did like before. Google is just so
Anthony Vicino : [00:26:20] Much more
Dan Krueger: [00:26:20] Impressive. How do you do anything without the Internet? Like I’m just like do you actually like got up and walked to the library and like searched through all these books to try to
Anthony Vicino : [00:26:30] Learn about the fact that there was
Dan Krueger: [00:26:31] So long
Anthony Vicino : [00:26:32] There was a guy before any other person ever had come along who made fire. Think about that for a second. That’s crazy,
Dan Krueger: [00:26:38] Right? Well, I mean, he’s probably a psychopath. I mean, let’s be honest. He was
Anthony Vicino : [00:26:42] The first arsonist
Dan Krueger: [00:26:45] And then we just took it. Right.
Anthony Vicino : [00:26:47] So that’s going to do it for us, I think. I think we have run to the edge of our limit here. I think we’ve got as far as we can go in this episode and we’re going to shoot somebody. Yeah, they’re pulling us off the air. I don’t know who they are, but the FCC, they’re like, you guys got to go. So we appreciate you guys tuning in for listening to this week. Do us a favor. If you enjoyed the episode, make sure to go on leave. A review that means a lot to us actually means a lot to us. We really appreciate every single one of those reviews. Go over to iTunes right now. Stop what you’re doing. Take ten, fifteen seconds and go do that. And don’t forget to pick up your copy of passive investing made simple on August 11, the minute that it launches, not because you want to read a book. It’s a book, but because you want to support us, you want to help us expand the reach of this book so it can help impact as many lives as possible. And that’s really the goal of this whole podcast, this whole endeavor.
Dan Krueger: [00:27:40] And you look smarter if you’ve got books on a bookshelf, like if you can read it and just put it there like people are going to assume you’re really smart because you know.
Anthony Vicino : [00:27:47] Exactly, exactly. There’s no quiz. Nobody’s ever going to the quiz. You like something about that book. You just say, hey, there are two guys that I listen to on the podcast. It was great. They’re geniuses. You should read this. It’ll change the world. But now you’re smarter. They think you’re smarter. You you are. And so we appreciate you guys. We’ll catch you next week.
