by | 19, Oct 2022

We’re Leaving Real Estate

We’re leaving real estate…

Well, not really. We still love real estate! But in today’s episode, we talk about what it would take for us to leave real estate.

It would take a lot for us to leave this industry! The government would have to step in and make some major changes to the legislature surrounding real estate.

So, what would it take for us to leave this industry?

Find out on this week’s episode of Multifamily Investing Made Simple.

LEAVE A REVIEW if you liked this episode!!

Tweetable Quotes:

“One of the reasons real estate is such a powerful investment vehicle in the United States is cuz we have very clearly delineated property rights and structures. And this is a great way for passing on wealth between families.” -Anthony Vicino

“People would have to not have an interest in renting property for some reason. If there was a sort of giant shift in the way humans live their lives, maybe it’s mass colonizing Mars and no one wants to be on Earth anymore, then that would shift things quite a bit.”- Dan Krueger

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five rules of investing

The Five Rules of Investing


Were leaving Real Estate

[00:00:00] Anthony: Welcome to podcasts. Wow. That’s a good intro. That was pretty good, right? Yeah, that’s well with it. All right, let’s do it. So

[00:00:22] Dan: what’s up Dave? How much for just hanging out? Chilling. Chilling. I guess we’re here to shoot podcast or something. I

[00:00:28] Anthony: dunno. You know, something I think we should introduce into the podcast cuz I think we don’t do it, uh, intentionally.

I think we do it organically throughout the course, but I think we need to make it intentional and awkward. So what I was thinking is, let’s, let’s share, let’s share this week’s highs and lows. What, what’s your highs and low? I think this, I, I think, I think this could be an opportunity for the audience to really bond with us.

Yeah. Uh,

[00:00:52] Dan: highs and lows, I guess, Geez, off the top of my head, highs would be, uh, I mean, we kind of talked about this on a previous episode, but [00:01:00] we’re doing our, our. Quarterly raffle, uh, giveaway this where we just send out money for no reason. Oh. We’re doing our quarterly distribution, so that’s always exciting.

Uh, that’s getting executed today, so we’re gonna be sending a lot of money out to people, which is be high.

[00:01:15] Anthony: Yeah. 200,000 going back to the investors. Yeah. That’s pretty neat. Yeah, that’s high.

[00:01:19] Dan: The low would be, I mean, I don’t wanna call it alone necessarily, but just kind of the, the body of work that goes into the quarter end process of reporting, things like that.

And then I’ve got a slightly abbreviated week this week, so just trying. Uh, cram more in, in less time. Could be a little bit, little bit stressful. So, yeah, that’s not, it’s not a very low low, though I’ve had much lower lows in my day, so it’s just, it’s just a stressful week, but it’s ending on a good note with a lot of money

[00:01:44] Anthony: going out the door.

This is why we . That’s usually not a good thing, but this is why we call you Dan, the rollercoaster cour. He has high highs and low lows. Technically,

[00:01:53] Dan: I think that’s a disorder of some kind that I should get checked out and medicated for. But I’m

[00:01:58] Anthony: concerned. Yeah, I’m concerned. Yeah. [00:02:00] Um, it’s a time I have been slipping, slipping some lithium into your monster energy drinks.

Oh, good. Yeah, that should help. It’s been really, I’ve, I’ve noticed that it’s really stabilized your moods. Um, you have fewer Hulk like out outbursts in the office. Yeah. Which is cool. We haven’t had to replace a window

[00:02:12] Dan: for a long

[00:02:13] Anthony: time. I think that’s one of my highs. I’m just gonna say that we haven’t had to replace a window this week due to one a Dan’s outburst note

So, Uh, a low is, I’m sick. Ugh. So I’ve been sick for like, if two weeks, but it’s not like I’m not dying. It’s just annoying. You can probably hear it in my voice and it is just, I don’t know. I wanna be healthy. Get over it. I think healthy is better. . Yeah. High would be. Um, I took the good one. You took the really good one.

Yeah. I, I would say a really good high right now is we’re reaching the conclusion of. Just a lot of deals of things that we can’t talk about on air, but just we’re reaching the conclusion and it’s been just a long, awesome year, but also, [00:03:00] um, looking forward to having everything buttoned up here in the next two months so that we can kind of just have a, a chill December, January.

Just kind of, just kind of.

[00:03:10] Dan: Yeah. Gotcha. It has been a marathon year, I will say. Yeah. So we’re excited to get this thing buttoned up so we can do a full deep dive for you guys and get you up to, up to speed. Yeah. That’s

[00:03:18] Anthony: gonna be exciting to share. I think it’s such a cool story. Everything that we’ve done this year is like, we’ve alluded to some of it, I think, on the podcast.

Um, and if you guys have, you invest with us and you also know what we’re up to, um, . But I guess if you’re interested in learning about that stuff too, you, you, you do have to hop on a phone call with us. Um, you have to have a conversation and we can put you into our investor pool and then you can actually see the things that we’re talking about here.

But we don’t wanna solicit them, um, broadly, so, Well, we can’t Well, that’s a good point. We can’t . So, um, what do you say? We, we segue? Yeah. Let’s say EG casts, Let’s do it right. You, you usually bring a piece of bad investing advice. [00:04:00] I

[00:04:00] Dan: tend to do that. I tend to do that. Mm-hmm. ,

[00:04:02] Anthony: Um, whether we ask for it or not, you’re just like, Yeah, I just

[00:04:05] Dan: love dumping bad ideas and misinformation on people.

[00:04:09] Anthony: You should see this guy during our team meetings. It’s like, Saw fake news. He’s like, Hey, we should get outta real estate and invest in alpacas and, and he knows what my, my hot buttons are cuz he knows I love alpacas. So he knows. I’m like, Mm, Okay. ,

[00:04:24] Dan: those of you unaware alpacas is not something worth looking at.

Um, they’re, they’re, they’re,

[00:04:29] Anthony: they’re fibers, they’re fur or whatever are. Like worth more per pound than gold. See,

[00:04:34] Dan: it’s crazy. And this, this ties nicely into my bad investing tip of the week this week, which is the best investment you can make is in a cash flowing asset with appreciation, potential, or potential to appreciate.

Probably makes a little bit more sense. Um, that probably sounds like good advice, right? I like cash flow appreciation, like cash flow and appreciation. Both are good. Also, tax benefits in there too. Tax benefits, appreciation and cash flow. That’s the best investment you. [00:05:00]

[00:05:00] Anthony: Well, well, we’ve been kind of tying that because multi-family kind of hits a lot of those.

Yeah. And by a lot, I mean all of them. Yeah. Usually if you do it

[00:05:07] Dan: right. But, uh, I had a meeting with somebody, uh, the other day, a lunch meeting with somebody who, A luncheon. You had a luncheon. A luncheon, Yeah. It was, yeah. Um, I just wanted to use that word. It was good. It was good. It was a guy that, uh, I just met recently and he wanted to get together and chat.

Um, and, um, I guess the, the topic of the media was kind of like, wanted to hear a little bit more about what we do and kinda learn a little bit more about, you know, finance and money and stuff like that. Cuz that’s not really something that he’s, he’s really well versed in. And so we got to chatting. And early on the conversation, it seemed like he was kind of thinking, Okay, should I be investing in real estate?

Should I do something like this, that, or the other? And what we kind of, uh, landed on in the conversation was like, you know, the best investment you should probably make given your situation is, uh, put more money into your company, into your business that you’re running. Yeah. Uh, specifically on, you know, the marketing and, and outsourcing some of the things that aren’t, you know, his, his, [00:06:00] uh, you know, I don’t wanna say his own of confidence, but really it’s not the stuff he.

Right. And so for him, where he’s at before he starts to take money and put it into real estate or stocks or whatever, um, you know, I was telling him about some of the, the guys we were working with on, on the marketing stuff. Um, I was like, This might be something you should be looking at cuz that’s gonna jack up your, theoretically, that should be jacking up your cash flow and your income, which is gonna give you more money to start to put into stuff at a later date.

But at this. Dump it all back into what you’re doing, just double

[00:06:28] Anthony: down. I like that too because I, I talk about with a lot of young people when they’re like, What should I invest in? And I have like a hundred bucks. I have a thousand bucks. Uh, should I put in socks? Should I put into real estate? How do I get into this?

And it’s like I always say, no, you should first invest into yourself, into your skills, into becoming more valuable so you can go and maximize your earning potential. And then once you’ve done that, then you take that money and, and start investing. But really what I’m talking about is you should be invest.

in maximizing your income. That’s really what it is. And if you’re a business owner where like, Okay, I can still [00:07:00] maximize my income here, like you should be putting it back into there until you get to a point where you’ve pretty well maximized it and now it’s like you are carrying a disproportionate about a risk.

because that’s your sole stream. That’s the sole golden egg. And then as you wanna start diversifying, but that’s where you call us. That’s when you call us and then we can help you out. But like generally, you, if you, if you could invest, you know, $10,000 into one of our deals, we can double that for you in, in five years, let’s say theoretically.

That’s, that’s a great return. We’re gonna take that 10,000 turn into 20,000. But if you’re making $70,000 a year right now, and you take that 10,000, you invest into yourself into getting skills, coaching workshops, whatever. And then you go from making 70,000 to a hundred thousand dollars in a year. Well, over the course of five years, you’ve just made $150,000, whereas we only made that 10,000.

It made you another 10, right? Yeah. And so it. You start doing the math on this stuff, it’s like most people just need to focus on going and earning more. Yeah. Or

[00:07:58] Dan: hiring that, that key person. [00:08:00] Yep. Uh, or something like that. So

[00:08:02] Anthony: cool. I like it. That wasn’t too bad that your advice usually is like way worse.

[00:08:06] Dan: Well, I mean the, the advice I’ve led with was the bad advice, which actually, I mean, that was a bait and good advice. It was a bait and switch. When you get to the right point, then what my, my bad advice actually does become good advice. Yeah.

[00:08:15] Anthony: I, I think the, the, the part that’s bad is, is saying the best without context.

Yeah. You hear this all the time and we probably do it too, honestly in our content. Like, cuz we don’t wanna be click baiting and get people to engage with the content. So we’ll say things, um, but there truly is no best. Yeah. Right. There’s just like, given your situation, your, your circumstances, what’s best for you in that moment.

Cool. Let’s do it. Let’s get, What are we talking about? Oh my God, this topic is really, uh, it’s all time together. It’s ti together. Yeah. You would almost think we’re like brilliant masterminds doing this on purpose, but No, we just kind of happenstance. We Yeah. We’re like an improv troupe. Um, Are we we’re, Yeah.

Yeah, yeah. Be and I, I imagine, Who, who do you think [00:09:00] feels the most anxiety at an improv? The audience or the improvs? The improvs. No, no, it’s, no, I’ve never been to one. I was It’s the audience, really. It’s the audience. And this is why people generally like don’t love improv. Okay. Cuz it makes them feel so anxious watching it play out and they’re like, Oh my God.

Cringe. Or like, I, I would hate, that would be my nightmare. Right. Yeah. And so for our listeners and for Reid, maybe Leslie sitting over here, I imagine sometimes. , What’s the anxiety? Surely not the audience. Like they wouldn’t keep tuning, tuning in if they’re like full of anxiety when they listen to us. But Reid, do you ever feel anxiety when we sit down to record and you’re like, Where is this gonna go?

Oh God, please, please let this land. Well, Yeah, sometimes you throw out things there. It’s like, Well he’s I, but I trust the process.

[00:09:47] Dan: Yeah. He said You guys can’t hear him cuz he’s, we gotta get him a mic. But he basically said, sometimes we throw out things. Re’s. Like, is that really gonna land? But the nice thing is we don’t do this live.

If we did, that’s where it would be

[00:09:58] Anthony: anxiety. Seeing, I had two [00:10:00] episodes in a row where I talked about Hitler. Yeah. And Reid came up to me on the, You’re doing it again? Reid came up to me and he is like, Okay, no Hitler talk this time. We can’t do three episodes in a row. And I was like, Fair enough. I’m reading on that note, The rise in the fall of the third re, which is like a 1400 page, 50 hour audio.

Pretty interesting. We’re gonna do a deep dive on that in about a year. About a year. This is gonna take me a bit to get through. Um, I’ve been reading a lot of, like historical biographies and, and stuff. It’s, it’s been pretty interesting. Mm-hmm. , How was G Excon? Did you finish that? Dude, that guy is crazy. I, I would recommend that book.

Uh, I read the, the autobiography of Jing Khan. It’s fantastic. Jingga. I say genus. Yeah. He kept saying Jingga. So now I wanna be cool and cultured. I think genus might be the right way. Okay. Yeah. Yeah. His book is way better than Marcus Aureus. The biography I’m reading from Marcus Aureus, it was done by a guy named Frank McClean, I think.

Well, his name just sounds boring. Frank is a dick. Frank’s a dick. Like he’s writing a biography and he just keeps inserting his own political views in the world. Oh. I’m like, What are you doing? You’re supposed to be invisible. Get outta here, [00:11:00] Frank. Like, We wanna see you wanna see Marcus? So that’s my, that’s my rampage there.

Anyways, let’s, let’s get on the topic. Let’s do it. What would it take for us to get out of real estate? For us to leave real estate? To say real estate? Screw you. We. It’s a hard question. Uh, Reid posed it to us before we came in here. I don’t even know if you’ve really come to clarity on what it would take for you personally to get out of it.


[00:11:22] Dan: I have two ideas. I would just to answer the question, ,

[00:11:25] Anthony: I plead the fifth. This is a lame podcast. Dan just pleads the fifth for 30 minutes. I cannot answer this. Okay, So two things would have to happen. Um, and these are actually pretty important. One of these will actually. I just want you to know that Okay.

I, I was thinking about it. I was like, this is on a long enough time frame. This will happen. So the first one is property rights. One of the reasons real estate is such a powerful investment vehicle in the United States is cuz we have very clearly delineated property rights and structures. And this is a great way for passing on wealth between families.

Because [00:12:00] I own this plot of land, I can prove it and the government is willing to back me up and defend my right to own this thing. As long as you pay your taxes. As long as I pay my taxes, right, and presuming I’m in domain and they decide just to come and take it from me, right? So there’s still circumstances where the government can take my land from me, but generally, We have a pretty good system here in the US of saying, This is mine.

Stay away from it. And the government backs you up. And one of the reasons, like a lot of third world countries struggle to generate wealth is because they don’t have clearly defined property rights. And if they do, then the government lacks the power to actually enforce it in a meaningful way. And so this is important because if I invest my time and energy into like building this shanty and then renting it out, but then this guy over here, Jimmy can just come and take it from me with a.

Well, I’m really not very incentivized to do any of the work to build the thing or, or to, you know, invest any energy into it. Right? So that would be number one is if for some reason, and I, I can’t imagine how this would happen, but somehow the US slip slide slide, [00:13:00] it slid into a world where they stopped defending property rights and we’d buy a building, but there’s just no g.

That it was gonna be ours in five years, that there was like somebody with a gun could come and take it. Or the government is like coming and taking properties like that would definitely make me get outta real estate. Like if I was in Venezuela, I, I wouldn’t be in real estate. Yeah,

[00:13:20] Dan: no, I agree with that a hundred percent.

What’s your number two? ?

[00:13:25] Anthony: You haven’t had time to think about it? No, I have. Oh, you’re just so intrigued

[00:13:27] Dan: by what the, I’m sure I don’t want, I wanna make. They go well together, so, Okay.

[00:13:31] Anthony: These, these, these are very, very different. Okay. These are very, very different. That first one is a hypothetical situation, I think is important because a lot of people, I

[00:13:39] Dan: I also think I might know what your number two is and it’s one I was thinking about as well, which is kind of a coppo, but

[00:13:43] Anthony: I’m still gonna Okay.

You, you, you’re looking over and seeing maybe, No, I can’t see it. Okay. But take a, take a guess. What do you think it’s

[00:13:49] Dan: gonna be? Well, I could tell you what mine would be and it’s, I feel like it’s kind of a cop out answer the way I’m gonna phrase it, which is mine’s a cop out too. Yeah. Which is, I. Leave real estate officially.

Like [00:14:00] I won’t have, I won’t probably ever be in a place where I don’t have any money in it. Yep. But I can very easily see at some point, I mean, I get bored with things in like, you know, 15, 20 years. Am I gonna be a hundred percent focused on bro grow real estate portfolio? Probably not. If we achieve our goals where we effectively pull ourselves out, we still technically own the thing, but we’re not in it working it every day.

My attention’s probably gonna go to something else in the future. But I’m still gonna have a ton of money in there, assuming all the economics are still pretty much the same. Mm-hmm. So that would be me shifting my attention out of real estate, which again, I feel like is kind of a, a cop out answer. Yeah.

But it’s gonna happen.

[00:14:37] Anthony: That’s, that’s close to mine, but not, not quite. Okay. But that’s a good one. And I think that’s an important one. Like mine is I don’t see a world where I’ll ever, again, not be invested in real estate per se. There is a world wherever, however, and. Where I do not see a syndicating real estate.

Mm-hmm. , I can see a world where in 10 years, maybe even sooner, where we’re, we’re like, You know [00:15:00] what? We’re just, we’re gonna, we’ll do joint ventures, We’ll buy stuff with our own money. You know, it’s at that point where it’s like, I was starting to turn your focus other things in your life, and now the real estate’s like you have this great portfolio, it’s, it’s generating, it’s there.

One of the things with syndicating is, like for me, one of the reasons I like entrepreneurship and building businesses is I’m not beholden to. Like, there’s no boss telling me I have to do something. Well, and like, except for, you know, your customers and your employees, like you’re, you’re beholden to. And within the syndication model, you also introduce like hundreds of investors into the equation that you now you are in a very personal, important way vested with.

And I can see there being a world where in 10 years I don’t want to carry that burden anymore because it is a burden, it’s a weight, Right? That we have to like, respect and honor their their capital and like do best by it. I can see a world where I just don’t wanna play that game anymore. Mm-hmm. , I wanna play a different game.

Um, I don’t, I don’t have to bear other people’s weights as much.

[00:15:59] Dan: Yeah. I think [00:16:00] that that’s actually very common out there. I think there’s a lot of companies that, you know, if they had the option to go private, they would. Right. You see Elon buying Twitter, the, the goal there is to, to take that private mm-hmm.

so you can do what you wanna do and not have to worry about those short term. Uh, things that the, the market is focusing on. So in our case, like, you know, not that we want to, you know, do away with investors, so to speak, but maybe we just want to take things in a direction where it makes sense long term.

But for, you know, investors, it may or may not make sense. Maybe it’s just stuff we want to, I don’t know.

[00:16:34] Anthony: Yeah. Yeah. I think because the things that we want to do are not necessarily the things that we’re willing to do for our investors. Yeah. Like alpacas, right? Alpacas. Like I, I have a different risk tolerance for myself than I do when I’m investing my investor’s capital.

And I can see there being a world, and, and I, I think a lot of people go through a very similar growth cycle where they, they get to a level where it’s like, you know what I, I. Wanna roll the dice, I wanna [00:17:00] play my own game. Yeah. Right. And so I don’t know when that’ll be, but I could see, I can see that world in the future.

Yeah. That wouldn’t surprise me if in like 20 years, like if I was talking to a, you know, 60 year old Anthony or 50 year old, I don’t know how old I am. Um, he’s like, Yeah, we’re not syndicating anymore. I’m like, Yeah, I’m not surprised by that. Like, you like 48, 30, 38, 30, Yeah. 48. God damn. Don’t take a decade for me, man.

That. Yeah,

[00:17:24] Dan: no, I think that’s, that’s, uh, probably my, you know, my number one is just shifting focus, which again, is kind of a cop out answer. And then a more kind of direct answer to like, what kind of changes would have to take place for me to not want to put money into real estate. You know, people would have to not have an interest in renting.

Property for some reason. If there was a sort of giant shift in the way humans live their lives, um, maybe, I don’t know, maybe it’s mass colonizing Mars and no one wants to be on Earth anymore, then that would shift things quite a bit. I mean, we, I’d have to see a pretty significant shift, [00:18:00] um, you know, kind of avoiding the, kind of the political topic that you had.

Um, there would’ve to be some sort of massive shift where the economics don’t make sense anymore. Yeah. To not have any money in it. And, and

[00:18:10] Anthony: there’s, there’s plenty of countries in the world that have crappy economics around their real estate, and I would not go buy real estate there. And, you know, for a lot of reasons.

And I, but the, the thing is like, there’s probably always a place where you can. And put money into real estate and still get good returns relative to what else you could put it into. So I think so. But it might not be here, it might be somewhere

[00:18:33] Dan: else. The, the angle there that, uh, like Michael Sailor talks about a lot and I, I try not to listen to him too much because he is, he’s out there.

But the point,

[00:18:43] Anthony: he’s the most brilliant crazy man I’ve ever heard. Yeah, he’s, he’s brilliant.

[00:18:47] Dan: But he is, he’s a little, he’s a little, he loose. He out. I guess that’s how I put it. But one thing that he made a a point about real estate. It, You know, I, I liked is that moving that from one place to another is quite difficult.

You’re literally attached [00:19:00] to the ground, right? So if you want to take the capital that’s in real estate in a place and move it some d somewhere else, It’s not the easiest thing in the world. Yeah. So that’s something to consider. If you are gonna be investing in real estate, you gotta make sure, okay, this makes sense for several years at least.

Right. I’m not gonna wanna move this for whatever reason I am soon, cuz it’s, it’s tricky. You’re, you’re in that jurisdiction, you’re in that tax environment, you’re in that political environment and getting it from there out of there could. Could

[00:19:25] Anthony: be difficult. Yeah. Uh, we talk about how the lack of liquidity is a feature, not a bug of real estate.

I was, I, I observed an article, or not an article, um, uh, a post on LinkedIn the other day where somebody was talking about sharing a conversation they had with one of their LPs. This is totally off track, by the way. Um, but I think it’s really interesting, and it’s something that doesn’t get talked about a lot, is the LP was in this deal that two years later it exit.

And they got like this crazy 30% irr. It was a, it was a slam dunk deal, but the LP was really upset about it because he had like

[00:19:59] Dan: a one [00:20:00] five equity multiple. Yeah,

[00:20:01] Anthony: because like a 30% IRR on a two year hold is not as great as like a 12% IRR on a 15

[00:20:08] Dan: year hold. Right. And then you got a find a new place for your money.

Right. And that was this

[00:20:10] Anthony: thing. He’s like, Listen, I invested into real estate because it’s illiquid because I wanted to be into it for a long time. Now I have to deal with capital gains. Like I was not expecting this. Now I have capital gains I gotta deal with, I have all this capital I have to redeploy.

Yeah. And so when you think of it from that lens, I was like, yeah, this is actually as an investor who probably is not seeking to get the largest yield under their capital, they just wanna park it and like find a good, safe, risk adjusted place to put their money to then sell it two years later. If you had been projecting like a seven or 10 year hold, I think would be a very easy way to piss off your LPs.

I just

[00:20:48] Dan: had a deck sent to me about two days ago from one of our investors, uh, who’s gonna, he’s thinking about investing in somebody else’s deal, uh, cuz he wanted to get some exposure outside the state, which makes perfect sense. I like that. I get it. Uh, but he [00:21:00] shot me the deck just to take, be at and get my feedback on.

And, um, one thing I noticed was I was scrolling through. They had a very, uh, robust, they were very similar to us actually, which I like. Vertically integrated, locally focused. I was like, I love that of that. Then I looked down in their deck, they had some historical numbers and I was like, Damn, look at these IRSs 30, 40.

13 months. 13 months. 14 months. Yeah, 16 months. I was like, Damn. Okay. So you did make some good money there, but then

[00:21:24] Anthony: right away you were they based outta Phoenix. Yeah, I know who you’re talking about. Yep. Yeah, man, I’ve seen these decks. Yep. Yeah. And I was like, that’s, is that amazing that I was able to do that?

Yeah, that

[00:21:31] Dan: was cool. . Well, I mean, I, the first. The other two things I said, there’s not that many, there’s not that vertically integrated locally folks groups and I mean, it looked like they, they had it down. They knew what they’re doing. Yeah. Uh, but those short hold times, I mean, they make really good looking IRRs, but that’s one of my gripes with IRR is it doesn’t tell you the, the

[00:21:46] Anthony: full picture.

Yeah. No, no. Single metric does. So, yeah, it’s, it’s hard. That’s why you have to like, unpack and have context. But total segue here, another thing going back to like what would make me get out of real estate is, um, here, here’s [00:22:00] something is. If there was no way to do it passively or in our cases of like having a team that were running and they’re actually working with the residents, doing the leasing, all, all the maintenance, all that stuff, right?

So our involvement on a day to day basis is not with residents, but if that all disappeared for some reason and there was no way to passively invest in real estate, and the only way I could do it is if I was the one, Yeah. Physically on the property dealing with the day to day. I would not, I would. It would not be for me.

It’s a slug fest. I mean, I started that way, right? Like that was, that’s how I got into the game. I do not wanna do it

[00:22:35] Dan: again. Yeah, you gotta do it. Um, but yeah, that, you can’t do that for decades on it. I mean, at some point you’re gonna get a little burnt out. It’s, It’s

[00:22:45] Anthony: a tough job. Yeah, it is. All right. So, I mean, there’s not a lot of things that could happen to make me want to get outta real.

I mean, if we had like, Armageddon, again, this goes back to the property rights. If it’s just like the wild, wild West, like I’m probably gonna stop investing in real [00:23:00] estate and start investing more in bullets. But, um, beyond that, I don’t know, like there’s, there’s probably a world, we’re always gonna be exposed to real estate in some way.

Hmm. Or I might be wrong. I don’t know. Anyway, okay, so last week we, for the first time in a while, like this is probably the last 23 weeks where we did not do a book deep dive because we got no more books to deep dive At the moment, we’re just kind of through ’em. So, We’re, we’re, we’re brainstorming what a new alternative episode is that we could do on Wednesdays to bring you guys value.

If you guys have ideas on that, there’s things that you’d like to hear, like a unique angle, let us know in the comments or leave a review. We’ll, we’ll think about that. But, uh, in the meantime, I do wanna give you a book to think about looking into, and this comes from her Mosy who did a Instagram reel the other day, where he.

Listen, he’s generally against people just reading a lot. He’s like, I buy 50 books a year, but I only, I skim most of ’em. He’s like, I just come back to the same [00:24:00] books over and over and over. And then he shared like 12 books that were, that were the most influential for him in his career at different points.

And I thought that was actually really interesting. Some of, there were some books on there I had never heard of. I was like, This is awesome. But three books on there were by the same author. Oh. And so I was like, Let’s talk about that author and those three books because. . I’ve read two of the three and I would agree, like these are, these are pretty foundational.

They’re actually books that I return to very frequently. They are Howard Marks. Who’s that? Howard Marks, Not Howard Marks? No, this is books by uh, Robert Child. . And Robert Chaldini is a professor of psychology, I think in Nevada or Arizona. He wrote the books, um, Influence Mm and Persuasion. And he had a third one that I hadn’t read.

Um, but all three of those were on Alex’s list. I have read Persuasion and Influence. Persuasion is good, influences Mandatory Reading. Okay. If you wanna understand the psychology of Persua, and understand like the, the weapons of influence and how [00:25:00] they can be used against you or how you can use them, you know, in your own favor.

This book is mandatory reading. You talk about things like reciprocity authority, consistency. If you don’t understand like what those things mean and like how you can leverage those on a psychological level if you’re trying to make sales or just trying to like, you know, be more persuasive in an argument with your loved ones, like, you should go pick up the book because it’s, it’s really.

That’s one

[00:25:24] Dan: that’s been on my list before, but I’ve, I, I don’t think I’ve ever actually

[00:25:28] Anthony: picked it up. You should check it out. Yeah. And then we can do a book. Deep dive into it. It’s totally worth it. Yeah. Um, and then maybe we could do persuasion too. I’m gonna find that third book Hermo mentioned from child d.

I just found it really interesting that three of the 12 books that he cited as being the most impactful in his life, and that he comes back too frequently or from the same guy. And they’re around the psychology of persuasion and influence, which one of our good buddies, Renee Rodriguez, also deals heavily in this world.

And it’s what I find is like the deeper we go into that world, like the more capable and well equipped we [00:26:00] are for so many scenarios, both in business but also in personal life. Yeah, I like it.

[00:26:06] Dan: You got your homework

[00:26:07] Anthony: people, you got three books. So get, get to read and that’ll do it for us. Um, hopefully this was a, was a thing.

Hopefully you got a thing out of it. And, um, until the next thing we do, , we’ll see you guys.

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