This week we're focusing on market selection. We look at how to find the right markets to invest in and what three core elements play a key role in making the right selection. Jump into this episode and refresh or improve your knowledge about market selection so you can start off on the strong foot!
This week we're focusing on market selection. We look at how to find the right markets to invest in and what three core elements play a key role in making the right selection. Jump into this episode and refresh or improve your knowledge about market selection so you can start off on the strong foot!
KEY TAKEAWAYS
1. Population growth is the primary factor for selecting a market.
2. A population decline can signify issues with politics, economics, location and more. We typically want to stay away from these areas.
3. Job growth with a diverse set of industry and good pay scale is a huge advantage. This indicates solid potential tenants and market rents.
4. We want to look at supply and how many buildings are being built in the next 2-5 years. This means making sure that supply has not outgrown demand.
5. Crime rate is an important factor that will indicate tenant types, political issues and other unwanted problems within the community.
BOOKS
The Passive Investing Playbook - https://theinvestormindset.com/passive
LINKS
Learn more about investing with Steven at
https://theinvestormindset.com/invest
Title: The Hands-off Investor
Duration: 00:33:14
Interviewer: Steven Pesavento
Interviewee: Brian Burke
Steven (00:00):
Hey guys, welcome back to the investor mindset podcast. Steven Pesavento here, the host of the show, and I'm excited, I have Brian Burke in the studio. How are you doing today, Brian?
Brian (00:10):
I'm doing great, Steven. Thanks for having me on today.
Steven (00:13):
Well, I'm excited to have you on because, as you guys know, Brian is the president and CEO of Praxis capital, a Vertically Integrated Real Estate, Private Equity Firm. He also happened to write a book on passive investing called, The Hands-off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications For Bigger Pockets. So, you know, it's a big deal! And he is a frequent public speaker at real estate events and conferences around the country. He's acquired over a half a billion dollars worth of real estate over the last 30-years of his career; over 3,000 multifamily units, over 700 single family units. He's subdivided land, built homes, constructed self-storage, and everything in between, but his main focus is repositioning existing multifamily properties. So today, we're going to dive into how do you become an effective hands-off investor? How do you really set yourself up for success and make sure that you're avoiding some of the trials and tribulations you're going to run into as a passive investor and make sure that you're investing alongside great partners and setting yourself up for that financial independence that we all dream of? So are you ready to dive into things, Brian?
Brian (01:25):
Let's do it.
Narrator (01:32):
This is the Investor Mindset podcast and I'm Stephen PesaVento. For as long as I can remember, I've been obsessed with understanding how we can think better, how we can be better, and how we can do better. And each episode, we explore lessons on motivation and mindset for the most successful real estate investors and entrepreneurs in the nation.
Steven (01:53):
Investors,Have you grabbed your copy of the passive investor playbook yet? If you haven't, I recommend you go pick up the full passive investing playbook, The Ultimate Guide to Passive Real Estate Investing at theinvestormindset.com/passive. You can grab that in the show notes right down below, as we've interviewed tons of the top experts and brought together all of the knowledge that we have on passive investing so that you can lay a foundation for yourself to make sure you're making the right decisions in your investing career. You can grab that guide at theinvestormindset.com/passive. I hope you'll take advantage of it, and let's get to it.
Steven (02:40):
Why don't we start out by taking a look back at earlier in your life, what events or influences from your childhood specifically shaped who you are today?
Brian (02:51):
Jeez, you know I think that the biggest thing, for me, was when I was a kid, I was always kind of thrust into a position where I had to grow up really fast. It's funny, I was always hanging out with people about 10 or 15 years older than I was and then I ended up when I started investing in real estate, I was 20 years old. And, you know, there were no other 20 year olds doing that.
Steven (03:15):
Yeah. That's huge. I mean, being surrounded by all these successful investors that are a lot older, they're all probably looking at you thinking, man, I wish I got started when I was that young.
Brian (03:26):
I know, right? And the thing was, at that time, I didn't know anybody that was successful. So they were probably looking at me thinking like, you know, who is this kid trying to get into this business? Good luck.
Steven (03:37):
Yeah, right. Well, what did you end up learning from that? I mean, why did you feel comfortable going into real estate at such a young age when there weren't a lot of peers in it, you know, rather than just going the traditional route?
Brian (03:50):
You know, I read a book that said that you can become wealthy in real estate and you could buy real estate with no money down, just simply ask the seller if they'll carry the down payment. And I thought, well, that's easy enough. I was too dumb to know that it actually is really hard to do and that not everybody says yes, but, you know, I found this house, and I asked the seller and they said yes. And I was like, okay, that is how this is done, I guess the book was right. So you know, I kind of got into it, I guess it was intentional, but it was kind of by accident too, because in the real world, or as the real world, as we know it, nobody says yes to that.
Steven (04:30):
Yeah. But what's so interesting is that, it was a bunch of BS before it was just like this idea out in the world. Somebody wrote this book, but once it actually happened for you, you're able to prove that belief in your mind that it was possible. And obviously, you were able to kind of build a phenomenal career after that. At what point did you start focusing on commercial real estate?
Brian (04:52):
That was about 12 years after I first got into real estate. So I had been flipping houses and I'd even built a few homes and bought a house. Flipping was really my main business, you know, I didn't have the money to be a big time investor. So I'm like, you know, I could get scraped together, just enough cash to buy one property and then fix it up and resell it and then do it again and do it again and do it again and do it again. And after about a decade of that and you know, the business has started to grow and then, you know, I was building homes. And then after a couple of years of that, I had a couple of rental houses and I thought,what if I could sell these two rental houses and do a 1031 exchange and buy an apartment building? That would be like the most incredible thing ever. I mean, who would ever imagine that this poor kid could come in and buy an apartment building? And I actually managed to pull it off and again, taking another page out of the old playbook, I told the seller, I said, you know, I've got enough money in this 1031 for half the down payment. Would you carry the other half? And he's like, yeah, I'll do that.
Steven (05:52):
Oh, that's amazing. It’s the power of the question. If you just ask, who knows, people might say yes,
Brian (05:58):
You never know, yeah? The answer's no if you don't ask. So that was how I got into multifamily and that was 20 years ago, and I've been doing it ever since.
Steven(06:05):
That's amazing. And so now it sounds like you focus the majority of your time on the syndication front. Tell us a little bit more, give us a little bit of color, about what your focus is today.
Brian (06:15):
Yeah. When I first was in this business, I didn't have money on my own. The only way that I could do anything in real estate is if I had other investors you know, helping me along the way to put the money that we needed. So a long, time ago, about 20 years ago, I raised my first fund. It was a little small $500,000 fund. It was funded by coworkers that I used to flip houses with. Then as I grew and then got into multifamily, I'm like, hey, I need to do the same thing with multifamily as I did with single family. If I want to grow this, I need to get investors. And so I went out and found a few people to invest with me and kinda the rest is history. Now I've got over a thousand investors, over a hundred million dollars that we've raised from high net worth individuals and family offices that have grown this to a half a billion dollar business.
Steven (07:03):
So you've been able to effectively help folks really become hands-off investors. Just like you talk about in the book. So, you know, let's dive deep into the tactic here, right? So, you know, on the investor mindset, we are always thinking about, how do the most successful people, how do their thoughts and beliefs end up impacting the actions they take, but from a tactical perspective? How can somebody start to set themselves up for success to become a hands off investor?
Brian (07:32):
Well, the first thing you should do is read the book, The Hands-off Investor, because as you know, it may seem simple. There's out there in the world, there's this concept of OPM. Every real estate seminar that you go to preaches OPM, which means other people's money. It means you have a real estate idea that you want to do, go get other people's money and you can buy all the real estate you want. And the problem is that there was no resource for the “other people”, you know? So what if you're one of those people that is bringing the money to the deal? How do you know if the investment that you're contemplating is not only suitable for you, but as likely to succeed and that the person that's bringing you the opportunity is going to be the ones most likely to succeed in carrying it out? So there was really no resource for people to turn to, to learn that. So that's one of the reasons why I wrote The Hands-off Investor. So the first thing you have to do, if you're thinking about being one of the other people and bringing money to someone else's real estate deal, the first step is get educated and make sure you know what you're doing.
Steven (08:40):
And so obviously go check out The Hands-off Investor. You can find it on Amazon, you can find it on BP, biggerpockets.com. Once someone's dove into that book, obviously they're going to learn a lot here from it. But talk to me about what are some of the pieces of the puzzle that people are going to need to learn in order to be effective?
Brian (09:02):
Yeah, there's a lot of pieces of the puzzle. And the first piece, most importantly, is to learn about how to analyze real estate sponsors. So when you're the person bringing the money, there's also somebody that's bringing the deal and doing all the work, right? And there's a new element of risk that's added to the equation when you invest passively and that's the person that you're investing with. If you're buying the real estate yourself, you know that there's risk in the real estate, you know there's risk in the economy, but if you're investing with someone else, you've added a new failure point into the equation. So one of the first steps is to learn how to look at a real estate sponsor and figure out if they're most likely to be successful in carrying out their business plans? Very important component, making the wrong decision could cost you everything that you've invested.
Steven (09:57):
Okay. So we want to dive in, we want to do our due diligence on who is actually operating that, what the team looks like, what else goes into that due diligence process?
Brian (10:07):
First, you want to see, what kind of a track record do they have? How many times have they done this before? What does their team look like? Do they have experience now, do they have experience not only in the market that you're looking to invest in, do they have experience in the product type? So if all they've done is apartments and this deal is a hotel that could be an additional point of risk. If all they've done is a value add, and this is a development project that adds another additional layer of risk. So knowing a little bit about their experience is helpful, their track record, their full cycle experience. In other words, have they actually gone all the way through an acquisition operation and disposition of a property, or have they only bought stuff and never sold anything. Have they survived through a market cycle and seen an adverse market cycle? And how did they survive? And how did they get from one side to the other? All those things are critically important but also their experience and the team and the track record. Those are the main things that you really got to focus on.
Steven (11:17):
Okay. So we dive in, we do our due diligence. We're starting to understand, you know, what their track record looks like, what market they're investing in the asset type. All of these things and we’re starting to feel comfortable in that sponsor. We feel like as a team, they're the right folks to manage this business plan. What next?
Brian (11:39):
Yeah, the next is to look at the offering that they're presenting to you. And so you know, there's a number of different fronts you're looking at here. The first is, is the investment suitable for you? If you're a retiree and living off the cash flow of your investments, and they're presenting to you a development deal, it's probably not suitable because the development deal isn't going to throw off any cash flow. If you're a young tech entrepreneur, who's got a lot of extra disposable income, but no time to invest in real estate and a high tolerance for risk and all you're looking for is capital growth and the investment being presented to you is a stable class, a multifamily asset with no upside potential, that investment might not be suitable for you. If you know that you're going to need this money in two years to go buy a home, and you're looking at a tenure investment play, that's probably not suitable for you. So the first thing you gotta look at is, does the investment meet your objectives and your needs as to when you're going to need to get your capital back, but also what kind of distributions are you going to need in the interim? So that's the first step, it is to really understand whether it's suitable. The second is to understand whether you think that the sponsor's business plan makes sense. And you know, if you're looking like it right now, or in the middle of this COVID-19 pandemic, and if you have somebody that's proposing to build a 400 room hotel in a small city, you might be thinking, well, no, one's traveling right now is that really a good idea to be doing that? So you want to, have a sense of whether or not you think that the business plan makes sense for the time we're in.
Steven(13:21):
Absolutely. So we're gonna make sure that things align with our goals. And then we're going to make sure that if they do align that the business plan is reasonable and how somebody would go about understanding and deciding if the business plan is reasonable, it's all about assumptions. And as they say in computers, they used to say garbage in garbage out.
Brian (13:42):
Yeah, right. And this is the same kind of thing here is that, when somebody projects some investment performance for many passive investments, they're going to say, we expect it's going to earn this internal rate of return or that cash on cash return or this equity multiple. Whatever it is, they're basically telling you the performance that they want you to expect to see from the investment. The difficulty of all of this is that any performance projection is simply an exercise of financial engineering. And behind the scenes, there is a real estate sponsor that wants to get a deal done who's pulling on a variety of different levers until they figure out, how do we get to the return? I'm going to need to promise. In other words, if I dial up the rent growth a little bit, or dial down the exit cap rate, or dial up the occupancy rate, or dial down the loan interest rate a little bit, then I can get to where I need to get.So there are all kinds of manipulation that can take place behind the scenes.
So what's really important is that you look at all of the assumptions that are being made in the underwriting. What vacancy are they assuming? What rent growth are they assuming? What interest rate on the debt are they assuming? All of these different things come into play, because they're all going to tell you whether or not the projected return is promising. The mistake that people, too often, make is they say, oh, I've got five different investment alternatives here in front of me. I'm going to pick this one because it has the highest projected IRR and what they might fail to realize is that that one has the highest projected IRR, because that sponsor is being overly aggressive on a number of assumptions that arrived at a higher promised return than what some of the other guys were using. So it's really important to know that garbage in garbage out philosophy and make sure that the underwriting projections are reasonable.
Steven (15:34):
No, that makes so much sense. So you actually have to know how to do a little bit of deal analysis going into it, to be able to ask some of these really important questions. And where do you recommend people turn to, to start learning some of those basics to make sure that they are going to be well positioned to make some of those decisions?
Brian (15:52):
Yeah. There's a lot of books on there about real estate investing in general, real estate investing in commercial, real estate investing specifically, multifamily investing. There's a ton of books out there, you certainly got to get yourself educated. What I tried to do in The Hands-off Investor was to condense basically all of the knowledge that you would need to be able to analyze those assumptions in one spot. So we've actually got a couple chapters of the book that are dedicated solely to real estate investment analysis and these are so folk hyper-focused that a lot of real estate sponsors would probably learn something by reading those chapters. You know, the goal here wasn't to teach you how to be a real estate investor, it's more about teaching you kind of like, if you think of it this way, you don't teach the building inspector. The building inspector doesn't have to be a contractor, but the building inspector has to know enough about construction techniques to know if the contractor did their job. And this is the same kind of thing where I'm trying to teach you how to be the building inspector and you don't have to know how to go invest in real estate, but you have to know all these different real estate underwriting metrics and key performance indicators and all kinds of different things. And I put that all in one spot in the book.
Steven (17:06):
No, that makes so much sense. Well, you know, so we've begun to do the analysis specifically on the sponsor, we feel comfortable with them. Now we've done our analysis on the deal, and we've got ourselves educated. We feel confident and comfortable in it, what comes next?
Brian (17:22):
What comes next is an investment commitment and this is where the rubber really meets the road. And, you know, it's funny how it's all a theory and concepts until it's time to start it, to sign a check. Once you go to sign a check it's like hey, this just got real all right? So now it's time to sign the subscription agreement, which means, first, you want to review all the offering documents, a private placement, memorandums operating agreements, subscription agreements, make sure that the language in there, that there's no hidden gotchas, so to speak. You know, there can be onerous terms contained in those documents, like overly high fees, unfair profit splits onerous capital call requirements, where you could be required to put more money in after you've made your investment transfer restrictions and all those different things where you can get tripped up by the language in the operating agreement. And so I try to go through what to look for and what to avoid. And one of the big things, I think, that trips up a lot of people is, the capital call provisions and getting stuck. I've actually heard of investors being required to put up money after they got into a deal and sometimes, that can be a real problem for some people.
Steven (18:45):
And what are some of those other things people want to keep an eye out for when they're at this stage of investing?
Brian (18:51):
One of them is the fee structure that the sponsors are charging. And there's fees that are market and there's fees that are out of market and you see both. One of them that's kind of an interesting one, I always get a good laugh out of is the asset management fee. And the asset management fee is always 1%. And I don't care who you talk to, every sponsor, their asset management fee is 1%, but nobody ever says 1% of what, and it really makes a big difference. And so this is where the technical language can be a real gotcha. So while one sponsor might be doing 1% of collected income, another might be doing 1% of the total purchase price of the property, or 1% of the amount of equity that was raised and that 1% is a wildly different number. One could be about ten times higher than the other. So you have to be careful and make sure that you understand exactly how the fees are based and what the calculations come out to be. And then also to see if those fees are actually included in the financial projections to know if they were an afterthought or if it was already built into the financial modeling so that you know whether or not they will affect the promised return.
Steven (20:01):
Okay, well, that makes so much sense. So, we've come full cycle. We've gotten our sponsor, we've gotten the deal, we've invested our money and at this point, we have written that shack and we're invested in this deal. Now we're truly a hands off investor. Well, what else would you want to share with folks that they need to know after the point of making that investment and what they can do to make sure that things go well?
Brian (20:28):
Yeah, that's the real point. Where you actually become more passive is once you've made the investment. You know, if we call this the hands off investor, it's called passive investing, but until you have made your investment, it's anything but passive because you're very active when you're looking for sponsors to invest with, you’re analyzing sponsors and trying to determine who's worthy of your investment. That part of it is very active and if you take a passive approach to it, that's where you can make a lot of mistakes. Once you've gotten past that point, and you've made your investment now, you do get to shift to passive mode, let the sponsor do all the work while you basically just, you know the old adage, as you collect the checks, or at least you hope you're collecting checks. So, but you still have to keep an eye open to what's going on in the meantime.
So you should be receiving reports on a routine basis from the sponsor. You want to make sure you're reviewing those reports and making sure that they're telling you what's going on, that they're keeping the lines of communication open. Are they delivering not just the good news but the bad news? Are they being realistic on their assessment of where we are today? If there are challenges that lie ahead, are they telling you about that? You want to be looking at the income statements and balance sheets to see if the distributions that you're getting are connected to the actual properties income. And there's a few tricks I go over in the book on how to do that and some things to look for. There are ways that sponsors can hide the true performance of the asset, and catch you off guard, so you gotta keep your eyes open. But from this point, you should just be in pretty much passive mode, just paying attention every quarter to your reports.
Steven (22:11):
That makes sense. And what's one of those little nuggets that people should be looking for within those reports?.
Brian (22:16):
The biggest one that I think is probably the most common to look at, is to see if the sponsor is hiding bad debt on the balance sheet. And so what happens is these investments use a method of accounting called accrual accounting, which means that when rent is due, it's booked as income and when it's collected, it's booked against accounts receivable. But what can happen is they can build the income every month, but if no one pays it, you still have the income, but you never got the cash it's sitting in accounts receivable. And there's the easiest trick as you look at the balance sheet, and you look at the accounts receivable and what you're looking at is to see if it consistently grows quarter after quarter and if it is, there’s a good chance that the sponsor might be burying bad debt on the balance sheet and not writing any of it off as a bad debt loss. So if all you're doing is looking at the amount of income you would think the property is performing great, but really it might not be.
Steven (23:24):
That’s a huge tip you guys. I hope that you take note of that and I definitely recommend you go out and grab the book. It's phenomenal, it's full of a lot of great information. So thanks for sharing that before we jump into the next section, is there anything else that you want to let people know if they're thinking about going down this path towards investing passively, that they need to know so that they aren't just sitting on the fence afraid of getting started and they don't end up going down the path of making the wrong call?
Brian (23:54):
Yeah, it's really important. And one of the big driving motivators for me to write this book was a friend of mine who lost her entire life savings by making the wrong decision investing with the wrong syndication sponsor. Turned out he was a crook, and now he's in prison. And she lost her whole life savings, so you don't want to make a mistake. The biggest mistake that I think people make is having a single point of failure and so, there's always this question of what's more important, the sponsor or the deal? And I strongly believe the sponsor is more important than the deal and if you're investing with the right people, they should be bringing you the right deals at the same time. You also want to make sure that you have diversification. In other words, you've invested in a number of different assets. You have invested in a number of different sponsors and you've invested in different asset classes. So, you know, the perfect portfolio is kind of like with stocks, you don't want to just invest everything in Amazon. You might want to have some tech and some energy and some consumer goods, you know? Same kind of thing here where you might want to have some multifamily, might want to have some self storage, maybe some mobile home parks, maybe an office, maybe a hotel, depending on the timing of all those different things and have those with different sponsors in different locations where some of them might be in Arizona and some of them might be in Florida. The idea is to eliminate any single point of failure and that was the mistake that my friend made. She invested her entire life savings with one sponsor in one deal and when that went South, it was all gone. So don't let that happen to you.
Steven (25:28):
No, yeah. Diversification is such an important thing and it's such a good reminder that even if you've got somebody that you really, really trust, and that is doing phenomenal work for you, sometimes it makes sense to spread that that portfolio money across multiple different sponsors or different properties so that you can be put in the best position for the long term.
Brian (25:51):
That's where you protect your downside. Because if you don't protect your downside, the upside is meaningless. You can't get rich losing money.
Steven (25:58):
That's absolutely true. And I just want to remind everyone, thank you guys for listening to the investor mindset podcast. We've been growing like crazy and I can tell from the stats that we are seeing a lot of new folks joining us on the show every single week. So make sure you hit that subscribe button and if you’ve listened to more than three shows, it's time to pay the Piper. This is a free show and one of the best ways for us to reach more people is actually for you to just go drop a review on your favorite podcasting app. So please do that for us, leave us an honest written review, however you feel, and we greatly appreciate you being here with us. So we've made it to the growth, rapid fire round, where the questions are quick, but the answers don't need to be. Tell me, Brian, how would you define success and what is success to you?
Brian (26:46):
Wow, interesting question. You know, I define success as having kind of a well rounded approach to life and a good work life balance. And that, I think, has probably made me feel more successful than any amount of numbers that you can put on a spreadsheet.
Steven (27:06):
That's huge, that's absolutely huge. And how have you gone about doing that?
Brian (27:10):
Yeah, that's the hard part to implement, right? Trying to balance that work in life. You know, for me, we recently got a vacation home in Hawaii, so we can spend a lot of time there and I can run my business from the beach and just, you know, watch the waves and the whales and still keep the business running, but also being able to spend quality time with my wife and get away from the hustle and bustle of the day to day.
Steven (27:37):
Man, that's so great, that's inspiring. And I think that's the way you gotta do it. You got to set yourself up to actually have some time to get away so that when you get back to work, you're working even harder on the things that matter, and you're doing it for the right reason. So what are some of the keystone habits or the things you do on a daily or weekly basis that has led to some of that stuff?.
Brian (27:56):
Well, you know, some of it is lifestyle by design, I don't like to waste a lot of time. So, you know, I made sure that my office and my house are like within just a few minutes drive of one another. So I don't spend a lot of time commuting on the road. And it's just about being as efficient as I can with the time that I have, to spend more time on the things I like to do. And so it's really a conscious decision that you have to make every single day. It doesn't just happen on its own.
Steven (28:26):
Beautiful and what's a book that's impacted your life, the most or one you're excited about right now?
Brian (28:31):
Jeez you know, Rich Dad, Poor Dad was a big one for me. I read that when it first came out, when was that? 20, 25 years ago, I don't even know how long it's been now, but that was a big thing to teach me about the why. More currently, I would say a real impactful book that I got a lot out of was called Ted Talks and it was written by the CEO of the Ted talk organization. One of the things that is really important in being an investment syndication sponsor is getting awareness of what you do and getting awareness means, public speaking and public speaking can be really challenging for people. And while I've always felt that it wasn't as scary for me, you always know that there are ways that you can improve and this book really helped me find ways to improve public speaking, which in turn results in additional exposure for my business and additional opportunities for everyone. So it's a great book.
Steven (29:32):
Will definitely have to check that out and add that to the list. So inspiration, what impacts have mentors made on your life and how do you recommend others go out to find great mentors?
Brian (29:43):
Man, I'm the absolute worst person to ask that question too, because I never had a mentor, I never went through a coaching program. You know, in retrospect I probably would have done much better if I had. I was one of those guys that I had to figure it all out on my own and spent years and years practicing and and years losing money, my own money on deals and, you know, kind of trial by fire. I always like to say I got a PhD from the school of hard knocks and I have the tuition payments to prove it from places where the deals I did didn't go well. So man, I would think that if you had a mentor and a coach, it would really help you to avoid some of the mistakes I made because I used to think that you could just read it in a book and go, okay, I read the mistakes now I won't repeat them, but humans just don't work that way.you have to screw up yourself before the lesson becomes meaningful.
Steven (30:39):
Yeah, sometimes that's the way it's got to go. So finishing on this purpose, what drives you to live your best life every day?
Brian (30:46):
I love what I do. That's really what it comes down to. I like real estate, I like working for investors, I like making people money, I like helping people accomplish their objective, their goals and objectives, their investment goals. And more recently with this book, I've enjoyed using my knowledge and experience of 30 years in this industry to help people understand what to look out for when they make passive investments. So that maybe they won't have the same outcome as my friend who lost her whole life savings.
Steven (31:25):
Well, I think that is so great. And I greatly appreciate you being here. Where can people find out more about you and obviously get a copy of the book?
Brian (31:35):
Yeah, you can find out more about me and Praxis capital on our company website, it's praxcap.com. Of course, there we have our Instagram channel, our handle is praxcap or my own, which is investorBrianBurke. The book is biggerpockets.com/syndicationbook or it's also available on Amazon and I think even some local bookstores if they ever get back opened up again.
Steven(32:04):
Awesome. I highly recommend you guys go out and grab a copy of it, get it shipped to your house and dive into it as soon as you can. I will leave you guys as I always leave you and that's with a reminder to live a life worth inspiring others, and you can do so today by actually applying what Brian taught us in your life, by going out and applying some of these strategies so that you can inspire others to inspire others, to go out and live a life that is greater and bigger than you ever thought you could. So thank you so much, Brian, really appreciate you spending some time with us today and I look forward to the next time we get to hang out.
Brian (32:40):
Thanks for having me on.
Narrator (32:42):
Thank you for listening to the investor mindset podcast. If you like what you heard, make sure to rate, review, subscribe, and share with a friend, head over totheinvestormindset.com to join the insider club, where we share tools and strategies from the top investors and entrepreneurs and how to take it to the next level.