by | 08, Mar 2022

So You Want To Start Investing In Real Estate?

This week we are answering a question from some of our younger listeners.

Last week, Dan and I attended a career fair at a local university here in the Twin Cities. And we were asked many times, how do you get started investing in real estate?

Dan and I are each breaking down what we think is the best way to start.

It doesn’t matter your age, if you’re new to this, you’re going to want to listen to what we have to say!

We talk about jobs and positions that can lead you to your goals, connections you should make and how to make them, and how to hone your skills in this industry.

We discuss all of this, and more, on another episode of Multifamily Investing Made Simple.

Tweetable Quotes:

The three most important investments that you can make is number one in yourself. Number two is your network and number three is in your community.”  – Anthony Vicino

Start networking, start meeting brokers, start meeting lawyers, start meeting bankers, start meeting all those people that you’re going to have to be working with in the future.” – Dan Krueger

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five rules of investing

The Five Rules of Investing

** Transcripts

Anthony Vicino: [00:00:00]

Hello and welcome to multifamily. Investing made simple the podcast. It’s all about taking the complexity out of real estate investing so that you can take action today. I’m your host, Anthony Viscito of Invictus capital joined as always by Dan. I’ve got a fake Southern accent

Dan Krueger: Krieger.

I don’t, I don’t know why you introduced me with that. I am not going to live up to it. See what I mean, guys?

Anthony Vicino: This is the worst Southern accent you’ve ever heard, right? It is trying right now. He’s literally trying. What is that boot was that Minnesota, you just went, that’s the exact opposite direction.

We’re trying to go south and went north. Yep. Deal with it. All right. People. This is what you can expect from today’s episode. Uh, thank you for taking a little bit of time out of your day to join us. We had a, actually a pretty intense. One because this last week we went to a job fair because we decided to give up on business and we just want to go get jobs, going to go get some W2’s.

Yeah. Uh, so we went to the local college fair we’re scouting around looking scooting around for some jobs. And we started talking to some young, some of the young folks and they were like [00:01:00] asking us questions and we’re like, what do we know? We’re here for a job. Um, but one of the questions that kept coming up was, Hey, coming out of college for me right now, where I’m at in my life, what should I do?

And we’re like, well, obviously you should now hold that thought. I’ve buried the lead. Hmm. Okay. So now our listeners are on bated breath. They’re on the hook. They’re like, well, what do the guys going to do? One thing

Dan Krueger: you should do on one thing, only one thing, which I’ll tell you in 30 minutes until you

Anthony Vicino: really drag this out.

So, uh, today’s episode is, um, Dan and I have no idea what. Or I have no idea what he’s going to say. He might have some idea. He’s going to lay out his plan for a college student coming out of school right now. Like what should they do? Like what maybe the next 10 years should look like, or maybe a year. I don’t know.

And then I’ll share mine and we’ll, we’ll have a good conversation about that. But first before we do that, you guys know what time it is. I mean, do we, there is literally no clock in here. [00:02:00] W when, when I don’t actually know what time it is, I just default to, to this time, which is it’s bad investing time.

Oh, good. Yeah. It’s bad investing advice time with the one in the only uncle Dan uncle Dan uncle Dan, tell me a bedtime story about bad investing advice.

Dan Krueger: I’ll tell you a story. Uh, I actually don’t have a story. I’m just have a statement then the follow-up information. Uh, so if you were a child looking for.

Very disappointed right now where a story out, a bunch of data for all right. A I D a diversified set of strategies and, uh, things to invest in is your best way to be successful. And I’m not going to be speaking about diversification, done

Anthony Vicino: that a bunch like diversification’s bad. No. Okay. Okay.

Dan Krueger: This is different.

Nope. What I want to speak to is the concept that. I feel like they need to have exposure and all these different areas to have a, a portfolio, right. They’ve got to have their 401k, which they match their employer. And then on top of that, they’ve got. [00:03:00] Uh, equities and brokerage account. Then on top of that, you got to have some real estate, right?

Because everyone’s always talking how good that is. Yeah. You should have, you should have your, your, your, um, recessionary assets, like gold. You should get the physical stuff. Cause if there’s a psychological shock ellipse that a gold ETF you have is worthless, worthless, and then you should get some Bitcoin to right.

5% just gotta be there. Right. So there’s

Anthony Vicino: the real one, the physical one. Um, because again, Apocalypse it’s worth nothing. So you gotta get it physical,

Dan Krueger: physical Bitcoin. So, yeah, I guess my point is that people feel like they need to be in everything. They’ve got to get all this exposure, all this information and have all these different strategies.

And really, if you look at the best people, uh, the best investors, uh, over the long-term like this guy, um,

Anthony Vicino: people listening at home that are not watching the video, I was pointing at myself. And then Dan was also. By pointing at me. Yeah, he did the two thumbs, two thumbs and this guy, so two thumbs watching the video, by the way, what are you doing?

Go to YouTube. Google multifamily investing [00:04:00] made simple. Watch the videos, this bookshelf. I talk with my hands. You guys are missing 90% of my communication. Anyway, sorry, Dan.

Dan Krueger: That was important. We want to boost the YouTube channel because I mean, we dropped all this money in the studio, so. Let’s get some video content out of it anyways.

So my point is you don’t need to have your, your, your hands in everything. You don’t need to be participating in everything that’s option because there’s a million things that could be due to, uh, to, to invest and make money and do well. And the best people out there, just keep it really. Keep it simple.

They don’t overload the cells with data. They’re not watching the news and reading all these articles and trying to get more, more, more, more data, find a simple strategy, whether it’s the equities that you want to play with. If it’s real estate, if you just wanted to meet whatever it is, just find something and get really good at it and keep it really simple.

Build momentum and lead into it. Right? And then that’s how you’re going to have success. If you just keep jumping around and trying to do a little bit of everything, you’re going to suck at everything. So find something really good at it. And once you get really good at that, then start to add in a little bit of something else.

If you want to increase your exposure. And that’s kind of what we [00:05:00] did at least with real estate, we went really hard at that for a long time. And we’re just now starting to, uh, add some other stuff in the mix, but we, we kind of mastered that one thing first. So I guess that’s the point I wanna make is don’t make it over.

Find something, learn it really well. And then start to add things into the mix.

Anthony Vicino: Um, it became very clear to me, um, in conversations recently that I am what I would consider to be remarkably uninjured. About the world at large. Did you know there’s like old war going on? Yes, it is. Yeah. Okay. Well, I might be the last person to figure that one out, but I’m like remarkably behind the times.

And the way I think about this is I really don’t read the news at all. I’m really not interested in it. And I go back to what talks about, which is. Listen, um, macro economics, it’s a joke, right? Like nobody know no macro economic, uh, economists really knows what’s going on. Their whole, their whole science is, uh, garbage, right?[00:06:00]

He’s like micro economics. That’s where it’s at understand supply demand, understand fundamental and foundational concepts that always hold true human psychology behavior. Like these things are important and they always hold true. They don’t, they don’t change. So like, I look at it, I’m like, yeah, I guess I am uninformed.

And in some ways that might be a good thing. Um, maybe I could, I could stand to know a little bit more about what’s happening in the world, but honestly I just focus on the fundamentals and I’m like, okay, fundamentally real estate, fundamental stocks, fundamental. Bitcoin. Like, if you can understand that, then everything else above that.

And like all the chatter that happens on a daily or weekly basis, it’s just normal.

Dan Krueger: It’s not signal. And that’s what the great guys do who have a massive, massive fortunes is they keep it simple, use the word fundamental, but it’s the same kind of thing. They focus on those fundamental things that are super basic and super simple.

And I think people think that that’s too simple, too. Um, it’s gotta be more complex. It’s gotta be some sort of, uh, exotic algorithm that, that it’s just some secret. It’s like, no, it’s just simple. [00:07:00] Long-term execution, uh, and consistency. Right? Simple, consistent execution. Yeah.

Anthony Vicino: That’s what I was. I was having a conversation with a prospective investor.

The. And, uh, after hearing like all the deals that we do multifamily, it’s the same thing over and over and over. It’s like, it sounds boring. I’m like it is boring. Perfect. It works. It works really well. And the more we do it, the more boring it becomes, but the better it works also. So it’s like this weird trade-off if

Dan Krueger: you want excitement and I’m Netflix, right.

Uh, go to the casino and gamble. If you want excitement investing, I think should be very boring.

Anthony Vicino: It’s not even just investing, but. Yeah, my business should be boring at the end of the day. Like whatever you’re building out there. And a lot of our audience are entrepreneurs, small business owners and medium business owners.

Like you guys get this, like, you don’t want the froth and excitement, you would prefer boring and stable and like consistent, consistent. Yeah. So, all right. Okay. I can get behind this advice. I usually don’t agree with your advice, um, on principle. Yeah. Uh, because it just makes for a better episode if I’m contrarian, but today I’m sorry, [00:08:00] guys.

It’s going to be a lame episode. So when you say, should we call it an episode? Should we call it a day and go back to go back to bed down here? All right. So remember before, when I told you guys that, uh, we’re going to tell you the one thing that you should do if you’re coming out of college right now.

Oh, I guess I lied. So go leave a review and tell me how upset you are about it either. That’s all right. I’m doing all right. Let’s let’s do it. So you want to go first? Sure. Okay. So Dan. I’m coming out of school and I have some degrees. I, um, I got my women’s studies degree. I got my religion degree. I’ve got, um, my psychology degree.

Um, I actually have two of these degrees. I’ll let you figure out which one I don’t have. I

Dan Krueger: already know what should I do? Um, all the listeners, guests should just be a poll in the comments, which agrees that you listed. Do you think he actually has? He’s got two.

Anthony Vicino: Yeah. And which, which one? What other degree do I have that I didn’t list.

Here’s a clue. Wait, which ones did I say again?

Dan Krueger: You said women’s studies.

Anthony Vicino: Psychology and religion. Religion. Yeah. [00:09:00] Okay. So the, the, the other one that I have it, here’s your hint. Okay. You figure it out. Hmm.

Dan Krueger: All right. So context for this, uh, like Anthony mentioned, we were at a job fair. Uh, we were there trying to get candidates and we said we were trying to apply for jobs.

We had a lot of students coming up to us asking us the question, what should I do? And the context for this, the, the, uh, what was implied in this question? Given the context was that they were trying to kind of get to where we were. Um, and so I’m going to answer this question through the lens of, uh, somebody asking me what they should do out of college to get to where we are, which is active real estate investors.

Not necessarily raising capital from investors, but just somebody who’s in real estate. Full-time, that’s how they make their money. And that’s that that’s the business, right? So that’s the context for the, for my answer. So my, I think most everybody knows, uh, how we got started. We’ve done our origin stories.

We’re not going to bore you with that. Um, this is not how I went. I did college spent some time in the corporate world and then found real estate later. That’s the abbreviated cliff notes. If you want the full details, we have a whole episode on it. But to answer this [00:10:00] question, the first thing I would do out of college, if I wanted to be a full-time real estate investor, and that’s how I wanted to make.

First thing I do is generate income because for me, I didn’t have money coming out of college. I didn’t have a nest egg, I didn’t have anything to work with. And so to be investing in real estate, there’s going to be some capital needed. So the very first thing I would do is I would start making money. It could be a job.

This could be a business that you start. This could be a multitude of different things, but you’ve got to start to get some cash flow going. If you want to do it in real estate, uh, you can try wholesale and there’s a few ways you can get into real estate and start to generate some income. It’s not super, uh, efficient from a tax respect.

Step one would be make money and start to accumulate a step two.

Anthony Vicino: And it’s funny because from a student’s perspective, they’re like, yeah, that’s my goal. Make money. Yeah. So step one is,

Dan Krueger: but make money in a different way because you’re not going to be able to just buy a property right off the bat. You got to get some cash somehow.

So get started on that. And while you do. Start networking and start building your team of people around you and start building your competence. You’re obviously gonna have to [00:11:00] learn a lot about the business and study and read and research. We definitely want to focus on getting around the right people.

And this is huge. This is something I avoided for a long time, because I’m so introverted. I try to do everything in a silo by myself. So start networking, start meeting brokers, start meeting lawyers, start meeting bankers, start meeting all those people that you’re going to have to be working with in the future.

Even long before, you’re going to actually be active. Don’t just sit at home and watch YouTube. While you’re doing that, uh, while you’re networking, while you’re accumulating capital, that you should be getting close to being able to get your first property. And so go find something small. It could even be a single family house.

Something that you can get into that small with your own money that, uh, is going to be relatively low risk because it’s on the smaller side, don’t do the grant Cardone thing and try to get the biggest thing possible. Start small so that if you make mistakes, they’re small mistakes. I think that’s important.

A lot of people poopoo the small stuff. I think it’s a great place to start. If you want to do this. Um, meanwhile, keep focusing on the network. This is such a people business. I can’t emphasize that enough while you’re doing [00:12:00] that. Once you get your first property, start to systematize things. This took me way too long.

I would do a bunch of things in my head. It would kind of know what’s going on, but he did not create systems. They did not document that made it incredibly difficult when we actually got to the point of starting to hire people. Now you could go third-party management, right? Uh, uh, person or group that you should add to the whole networking thing that I kind of left off before.

Um, or you could do it in house, honestly, I’d say early on do some management yourself get the experience because we have to hire a property manager. You’re going to have to know what to measure them against and how to tell if they’re good and having some experience in that area is definitely going to help.

And if you manage it yourself, that saves on money, you’re gonna have to put out, uh, spend on somebody else. And it means more money in your pocket. Um, after that, Focus on people build the team, hire employees, hire third party management company, build a strong team around you and try not to be the guy doing all the things.

I can’t emphasize that enough. Every step of the way for me, I would be focusing on. [00:13:00] If I wanted to get started in this, in this business and do well people, people, people networking, and people that can either work for you or work with you partners potentially. Um, I just cannot emphasize this a month. I was taking notes on this before and every line I put people, people, people, people, people, people, people, people, people, it’s just the most important thing.

If I could go back and start over, I would emphasize that way more. Uh, people aren’t introverted might not have this issue, but for me, I, I kicked the can way too far down the road on that. And then rinse and repeat, right. Uh, find, uh, some, some, some, um, momentum, uh, get a good system going and just do the same thing over and over again.

Get a little bigger, get a little bigger and scale up, but keep it simple. Don’t get distracted by shiny objects. Uh, get really good at one thing.

Anthony Vicino: I like it. I like it. I’m looking over here and I see what you actually made a list and you had steps. And, um, I was like, as you’re talking to like, oh man, I need to jot [00:14:00] some things down.

Maybe because I came in a little bit less prepared. I want to have my thoughts a little more. I like it. I like it. And those are good. I generally a hundred percent agree with all of it. I think that’s a good track. This is boring. Um, I mean, I can fight you on it, but I’m going to okay. So on mine, I’m going to go a little bit less.

Great. I, oh yeah, you nailed that one. And people are super important. I do think that one of the big mistakes I made in my life or not a mistake, but the thing I could have done way, way better is focusing on developing social capital rather than just capital. And that can you

Dan Krueger: define social capital because not everybody is an evolved Rabicom freak like us.

Anthony Vicino: I think it’s kind of self-explanatory, it’s just the, the, you know, the, the relational leverage that you established by having good. You know, relations with strong network. So like when, when I hang out with you and I make your life a little bit better, that doesn’t mean I need to like give you something or do something special.

Like sometimes just hanging out can be a way. You know, hanging out, listening and being present as a way of depositing social capital. And every time we do that, I’m like putting a [00:15:00] little quarter into, into the day in piggy bank. And then when, you know, eventually time comes and I’m like, Hey, can I get your advice on this investment thing or this new business?

And I’m trying to do, I want, maybe you want to come and help me with this and I can go and extract all those pennies out of you now. So that’s the way I think about it. I kind of imagined. Like a little, little Danny piggy

Dan Krueger: bank. Um, yeah, I’ll probably people know what social capitalists, cause I think we, sometimes we throw those novel quotes around and maybe people don’t get that the context.

Anthony Vicino: But yeah, I mean, I do think that social capital is a little bit broader than Nepal. Um, but the way he uses it is very, very powerful. So if you guys haven’t experienced it, you should go listen. He was the first place

Dan Krueger: I heard it. So really

Anthony Vicino: interesting. No, no, it’s still, it’s totally not. But he does a very good job of articulating it way better than I just did when I called Dan and piggy piggybank.

Um, that’s an example. Uh, a bad investment into social capital right there, you know, calling your friends, piggy banks. Yeah. And that’s not the way it’s not

Dan Krueger: the way to do it. Yeah. Maybe don’t lead with that. [00:16:00] Uh,

Anthony Vicino: yeah. That’s that’s how you, that’s the close that’s how you close them. All right. Get over here.


Dan Krueger: piggy bank. So what’s your, what’s your advice? Okay.

Anthony Vicino: So I was thinking about this a little bit before. If I’m coming out of college right now, here’s, here’s the most important thing is, and we’ve talked about this before. The three most important investments that you can make is number one in yourself.

Number two is your network and number three is in your community. So number one, obviously you gotta be focusing on your skills like you right now, as a college student, you probably really suck at almost every. Like, that’s just the hard truth of the truth. And even when you get older, the chances are, you still really suck.

Like, honestly, I suck at 92% of the things that I do and the 8% that I don’t outright suck at, I’m just mediocre at. So there’s always room for improvement. You need to be self-aware and audit. Like, where are, where am I deficient? Where do I really suck? Where can I get better? And specifically you want to focus on high-leverage skills that you can stack in a way that makes you very potent and very capable.

So some things that come to mind right now is like your [00:17:00] ability to commute. You know, like your ability to persuade people, your ability to connect with people. And this is all through the lens of like sales and marketing. Like, these are very important concepts that if you’re going to try and get to where we are, like, even if you don’t like the idea of sales or marketing, it’s critical and everything that you do.

So focus on skill acquisition, really sit down and say, what are these skills that I need to develop as an individual? And then come up with a plan for actually developing those things. Cause too often it’s like, Hey, I wish I was a better. Okay. What are you going to do to develop that skill? Come up with a plan, get a mentor, get a coach.

If you need to like really, really tackle that. Now, like Dan said, you need to get a cash generating machine going because real estate is hard to invest in. It costs a lot of money. So you got to get some kind of, you got to get a nut before you can start investing it. Right. And I think if you’re trying to get to where we are, which is having invested in real estate, but then also not just investing in real estate, but we also run a real estate business.

 So a lot of the investors that come into our deals, they’re looking to passively invest. They want to invest in real [00:18:00] estate. They don’t want to build a real estate business. So I’m presuming a lot of these students that are coming to us, they want to build a real estate business.

And I think the best way that you can do that to get that cash generating machine. Going to become like a, a real estate agent, honestly, like I think that’s like thinking back on my life, I don’t think I would have enjoyed selling homes, but I think it would have been a very valuable skill because you’re gonna learn sales and you’re gonna learn marketing.

You’re going to be immersed in the industry. So you’re going to know all sorts of lenders are gonna be creating all of these really helpful contacts. Super powerful. And if your goal is to build a real estate business, one of the things I’ve noticed with real estate people, or just sales people in general, if you don’t want to sell real estate, you can go sell something else.

But I do think sales is a great way to generate cash. That’s one of the best ways to make a really good income that you can then pour into real estate and a lot of skills that you’re going to learn. There are very entrepreneurial, right? Like how to self motivate, how to discipline yourself, how to market, how to sale.

Um, but then you can also start learning how to build teams around. Right. And how do I scale this thing? [00:19:00] So I’m not the linchpin and that’s going to become really, really valuable as you start to transition later into like full-time real estate investor business mode, because your ability to go far in this business is going to be reliant on how well you can bring in awesome talent and how you know, how awesome and fast they can run.

So that’s what I would do so far is like, go get an agent license and start selling real estate. You’re going to suck at it for a long time, but right. Or find some other sales job that you can develop that skill and then start learning how to build a business slowly. And then as it comes to actually getting into real estate, go F go get an FHA.

Go find a triplex like I did, or a quad or a duplex or whatever, and find a way to get into. And if that means like taking some money from your dad or from, uh, from a friend and like pulling it together, like whatever it takes to get into that first asset, because that first asset is really the, like, I don’t know, it’s not magical, but it is definitely like the first domino that has to fall.

And it doesn’t have to be a very special domino. Like it doesn’t have to be a [00:20:00] great deal. In fact, it. Um, I’m okay. Losing money on the first deal, because they’re going to learn so much in the process and it’s the, it’s the knowledge that you’re trying to gain right now. No individual deals going to make you rich.

It’s the, you know, the conglomeration of all of them and when you’re new and you’re starting out, like you can go back to zero because you weren’t very far from zero to begin with. Right? So the time to take your licks and learn is that. Okay. And then start growing from there. So that that’d be my strategy.

Not to fundamentally different than yours.

Dan Krueger: No, no, I like, uh, there’s a few things. I like a lot there. One, I liked that you mentioned the investing versus, uh, running a real estate business because I think that’s so important because so many newer people think that investing is. Uh, just investing and they don’t realize that they have to build a business on top of that.

And yes, you can invest without that. You be a passive investor. We’ve got obviously a lot of resources for those types of people, but I think a lot of people think that going out and buying even smaller property, uh, initially is gonna be. Uh, investing, but [00:21:00] in reality that they’re taking on a little job, right?

Even if it’s a house or duplex, it’s just a part-time job, but you’re also take, you’re taking on a job as well. Even if you hire a manager, still gotta manage that person. You’ve still got to answer the phone and approve things and you’re going to have to deal with it. Um, which is a burden, even if it’s not a ton of time, it’s a mental, mental burden.

We’ve had a lot of people come into. We’ve done that to some degree had success. It’s worked out great, but they’re just sick of having to think about it, having to file that tax return and having to, it’s just a thing in their brain that they have to deal with. And they just don’t want to, they just want it to be passive, like a stock or something they own.

And so that’s a thing, but I think it’s really important to draw that distinction because people, I think miss that nuance, especially early on in life and the, uh, the sales thing is another one that is huge because I didn’t mention this in mind, but for the majority of my life, I looked at sales as. I had that kind of used car salesman, uh, uh, connection to the word sales.

And so I was very standoffish of that partially due to my introverted nature, but also [00:22:00] partially because I saw sales as almost negative and easy. And it’s not at all. I’m, you know, it’s, it’s everything like Anthony said, everything in life is sales. When it comes down to it, um, relationships with your friends, your, your spouse, you gotta sell your spouse on you.

Right. So that skillset is. Um, important in every aspect of life, regardless of whether you’re investing in real estate or not. And then the house hack thing. That’s huge. I forgot about that when I was making my notes, but I totally would have done that. Should’ve done that early on. I found real estate when I was already married and, you know, doubt that wasn’t necessarily an option.

Our relationship dynamic, but fresh out of college, heck that’s the lowest hanging fruit credibly, low risk. Even if you screw it all up, like your downside is you have a cheaper place to live. Even if you technically lose a little money, but you still have a cheap place to live. So that’s got to be probably the best risk reward situation for a newbie.

Uh, doing the first deal is some kind of house act for those of you who don’t know how. Live in a property and rent out part of it. It could be a duplex. You could just [00:23:00] rent a room out in a single family house, triplex father. I think he did with the tribe. Yeah, I did

Anthony Vicino: with try another cool strategy there, actually that you could think about doing is, um, air Airbnb arbitrage.

So this is a way of getting into real estate without owning the asset, but creating a business around real estate, which I think again, like it’s not about owning the real estate at this point, when you’re young, it’s about like building the skills of how to build a business and understanding. All the things that go around that, cause that that’s going to serve you for your entire life, regardless of any one individual asset.

But Airbnb arbitrage has really go to a desirable neighborhood or area of town. That’s like close to the airport or close to a university or whatever. And you’re like, Hey, that’s a building or a single family home or an apartment or something that they they’re renting out. And then go to the owner and say, Hey.

I would like to rent this and we’re going to use it as Airbnb. I’m going to take care of everything. I’m going to do all the booking, going to do all the showings and do everything with it. And then we’re going to share, you know, I’ll pay you the rent and plus a little bit, like it’s a great way to learn.

Like a lot of people have had success with that. And when you’re young, you [00:24:00] gotta be scrappy. You gotta think about things in a different way than, than you do when you’re later on in life. But you gotta be transparent

Dan Krueger: with that. You can’t sign a lease to pretend like you’re gonna live there and do the Airbnb thing that, uh, as a.

Property owner. I would be suing you if you

Anthony Vicino: did that. Yeah. Don’t do that. Yeah. Like make sure that you’re on the up and up and you actually articulate what you’re doing. And like a lot of people are not going to understand. They’re going to say no, but a lot, some people will. And then you, you have your in cause

Dan Krueger: real quick, that could be a good opportunity for some kind of partnership where you find somebody in your networking who is already investing and you bring that concept to them.

You know, they, you know, if they’re kind of in the know if they, if they’re in the industry and they’re, they’re active investors, Kind of appreciate the benefits. So

Anthony Vicino: a hundred percent, like these days, Airbnb arbitrage is not a weird, a strange thing. A lot of people are savvy to it, so that that’s a way of getting into it.

But, and here’s the other thing is when you’re young and when people are coming to ask us, like, how do I get to where you are? It presumes a lot of things. It presumes that they’re going to enjoy. What we do it presumes that what we are spending [00:25:00] all our time and energy on is something that they would actually get fulfillment out of.

And that’s a big presumption and the chances are you won’t like most people don’t want to do what we do. Like at the end of the day, once you get into real estate and start dealing with residents and start dealing with all the things that come with it, a lot of people realized, actually, I thought I wanted this.

I wanted to exposure to real estate. I really don’t want to do all this work. And a lot of people think they want to be an entrepreneur or a business owner. And then they start down that path and realize it’s just not a good fit for them. So. When you’re young, this is really the time to be trying a lot of things.

Put your hands in all the cookie jars, don’t say no to any opportunity to just try it all and see. Cause you just don’t know, like you might discover you really love working in a corporate environment as an accountant, like who knows? Like, and that’s okay. Like, but when you’re young, that’s the time to figure this out because.

You don’t know yet. And you’ve got your whole life ahead of you. So don’t feel like you have to lock yourself into one path. Really just focus on acquiring skills, acquiring a network, and like investing in those things, because they’re going to stay with you regardless of where you

Dan Krueger: are. Yeah, our significant others can attest the fact that we’re not [00:26:00] normal people and most normal people don’t necessarily want to do what we do on a day-to-day basis is a lot of stress.

Uh, just constant dumpster fires, not literal dumpster fires, but figuratively speaking. There’s always an issue that needs to be solved and that drives most people crazy. So most people have

Anthony Vicino: you ever had to deal with the literal dumpster fire? Yes,

Dan Krueger: but a couple months ago. Yeah. It’s the cleanup, because that plastic, it just melts.

It’s really hard to get off the ground. So yes, I’ve had one dumpster. So unless you

Anthony Vicino: want to deal with like literal and figurative, dumpster fires, like, you know, maybe this isn’t for you and that’s okay. So again, self-awareness is the superpower audit where you’re at and who you are and what you want out of life.

Because listen, like you might look at us and think these are super successful guys and make really good money. They own all this real estate thing and all this accolades, like. It’s not dishonorable, it’s cracked it to me. It looks a lot cooler from the outside than it is on the inside. Yeah. I just

Dan Krueger: have to open up a couple of books and magazines.

You realize that we are not that far in the grand scheme of things. Not so, all [00:27:00] right. So humble. Yeah.

Anthony Vicino: Super. Um, I’m you know, I got up, where are you going to go? I was going to go somewhere real weird, but for the sake of our listeners, keep it out of there. Let’s say, um, let’s say we say, let’s say we segue.

I really hated that reaction. I

Dan Krueger: mean, it was, it was an awkward segue. I’ll say

Anthony Vicino: that this is not the smoothest segue we’ve ever done, but before we get out of here guys and gals, um, what’s your book, route or book recommendation. You’ll always want to call it a review. I do always want to call it

Dan Krueger: not a review.

It’s always a good

Anthony Vicino: review. If I’m some recommendations, assumes that if we’re recommending it, we’re kind of re.

Dan Krueger: Yeah. Yeah. I mean, we’re giving it a good review. It’s implied that anyways, let’s get to the point. So a book recommendation for this week slash pseudo review, um, is something not really real estate at all.

It’s actually related to, uh, equities and stocks. And it’s a book that I’ve heard about for a long time, but I’ve [00:28:00] shied away from because it’s not really in line with the strategy that I participate in. Um, but I read it’s out of curiosity and it’s called how to make money in stocks by building. Uh, or William O’Neill people call them bill.

Um, it’s actually really good. And it’s one of the only books I’ve read on investing in the public markets that I would actually recommend to somebody else who’s new to investing in anything and wants to understand how to effectively invest in the stock market. Good way. Um, it’s effectively just explaining a methodology called can slam that’s an acronym that stands for different things that you’re looking at, but it provides a really simple framework for how to screen for different potential investments.

It’s a, you know, a quarter of the earnings growth is X over the last few quarters and annual annual, uh, revenue growth over the last couple of years, X and. The size is X and institutional investors is X. And you could go to any stocks, reenter implement this and get a list of fundamentally, really sound potential stocks invest in.

So I think it’s, it’s a really simple, [00:29:00] simple, simple, simple strategy for somebody who’s interested in investing in stocks and from somebody who’s very much poo-pooed that a lot. Um, it’s I can really appreciate the, the methodology here. It’s not. Based on technical analysis is not based on anything overly complex or technical.

It’s just a simple strategy to find a fundamentally good companies that could be poised for long-term growth. So check it out. If you’re at all interested in investing in the public markets in stocks, check it out. It’s um, one of the best things out there, as far as investing in the stock market books, there there’s a lot of bad ones

Anthony Vicino: and that was this guy’s name again?

William. William O’Neill okay. Um, I’ll be honest. I have no interest in that book, but that’s okay. I don’t care. That’s okay. Somebody else might not there, but here’s something that I thought about the other day. So, you know, William and bill, those are like, you know, names for like abbreviated or short nicknames or whatever.

So like there’s William Shakespeare. You could also call him bill Shakespeare. Sure. But have you ever thought about the [00:30:00] fact that William Gates owns bank? No, that’s not, you’ve never thought that in your life. It’s not a fact. You’ve never thought that’s false. Exactly. Yeah. William Gates people, one of the richest men in the world, I just blew your mind.

Yeah. That’s going to do it for us guys. Hope you got a little bit of value out of this episode. If you’re coming out of college and just looking, Hey, what do I do with my life? Surely this gave you some kind of roadmap. Maybe not a good one. Um, if you have more questions, feel free to email us and then.

Shoot us with questions. We’re happy to help. Um, if you’re young and hungry, if you’re looking for an internship we’re always hiring. So reach out and see what we got in the cooker. And if you’re old and curmudgeonly like us, and you know, your, your better years are gone, um, and you don’t care about what to do when you get out of college.

Cause you’re just trying to, you know, desperately get through the day. Well, my heart’s with you, man. I have a gal. Um, hopefully this episode brought a little bit of light into your life and if not, then we’ll try again on the next episode. So whenever you’re ready, why don’t you head on over to that? Next one was.

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