January 21, 2025 · 1 hr 9 min
With Zihao Wang — Real Estate Investor
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In this episode of No Vacancy, Taylor Avakian sits down with 20-year-old real estate prodigy Zihao Wang, who left MIT to build a $500 million multifamily portfolio.
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In this episode of No Vacancy, Taylor Avakian sits down with 20-year-old real estate prodigy Zihao Wang, who left MIT to build a $500 million multifamily portfolio. From navigating family influence and international supply chains to attracting Japanese investors, Zihao shares his insights into the bold decisions that set him apart in Southern California and beyond. The conversation dives into the intricacies of scaling vertically, maintaining precision in expenses, and leveraging global strategies to save costs and gain a competitive edge. With a vision to expand into new markets like Texas, Zihao offers invaluable advice for aspiring real estate investors and entrepreneurs looking to dominate the game. [00:00–03:20] Introduction: Meet Zihao Wang and His $500M Portfolio [03:21–07:45] Dropping Out of MIT: The Bold Decision to Pursue Real Estate [13:11–17:30] Leveraging Japanese Investors and Global Supply Chains [17:31–23:45] Cost-Saving Hacks: Cabinets and Mini-Blinds Strategies [17:31–23:45] Cost-Saving Hacks: Cabinets and Mini-Blinds Strategies [23:46–28:20] Vertical Integration: Scaling Across Southern California [28:21–34:50] Plans to Expand: Breaking into the Texas Market [34:51–End] Advice for Aspiring Investors and Closing Remarks
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This 14,396-word transcript is matched to English (Original) automatic captions. Timestamps seek the episode player to the matching passage.
you're 20 years old you run a real estate business with $500 million worth of multif family and you dropped out of MIT you're an anomaly well you know I I got started in real estate at a super young age U my parents kind of paved that path for me what gave you the balls to say you know what I'm going to drop out and and go do this real estate thing my dad
doesn't speak English my mom speaks very little English and yet they are very successful business people here everyone else when when they're like sleeping or going on vacation and my parents are working you're 20 years old dude you're this is some investment grade level [bleep] right so we're able to close faster than other people so we don't mess around I hope something in the be is honestly if we don't get there then you know
something's wrong welcome to No Vacancy where I share conversations with LA's top multif family owners investors and Visionaries I'm your host Taylor Vin the founder of the group SI and I specialize in the sale of apartment buildings in Los Angeles on this show we cut straight to what matters marketting sites and real world strategies straight from LA's multif family icons to help you navigate one of the most complex real estate markets in the world Southern California enjoy zow welcome to the podcast you're 20 years old you run a real estate business with $500 million worth of multif family and you dropped out at MIT you're an anomaly so like tell me how that came to be well you know I I
got started in real EST at a super young age um my parents kind of paved that path for me um so I got it started when I was like 13 14 years old just following the paths of my mom primarily um you know my parents made their money in the fashion industry back in the 80s and then started investing in real estate in the early 2000s um locally in Pasadena multif family very focused very um you know one asset class and very deep into the nitty-gritties of operations so
how are they running a business and buying real estate was it like they would just invest in whole like you know slow slow growth or like give me the do you
know the the intricacies of that yeah it was actually pretty active um so you know weekends is usually where the real estate comes in and then you know when we started investing in real estate the business was already pretty established so it wasn't like a nino5 job it was more flexible for my parents and so you know whenever they had the chance to see an opportunity or to see real estate or to do some operations they always did it we had like uh property managers to help us along the way of course um but yeah like they were I think they were just hustling you know more than other people and and was able to juggle two things at once kind of that um that culture right cuz your parents are both from
China born and born and raised in China yeah I was also born in China I I came here when I was like six years old oh really um so pretty much raised in the US
but born in China got got it okay and who was more interested in the real estate your mom or your dad definitely my
mom your mom yeah um my mom likes kind of more stable assets um assets that she can see um my dad likes um kind of volle stuff like so he's really big into like Nvidia and Tesla and stuff like that yeah so he's more into that kind of stuff and my mom's more like the stable person so she goes for the real
estate your dad goes for the stocks yeah yeah so tell me about so $500 million your family's grown this up you then are at a young age 13 14 brought in the business taught a bunch of things you're thrown into Property Management all that stuff uh and then you get into MIT walk me through the process of one how did you get into MIT and then two what gave you the balls to say you know what I'm going to drop out and and go do this
real estate thing the full time yeah well like getting into MIT is like pretty I took a very standard path right it's like throughout Middle School throughout High School maintained really high GPA um I think I scored like a 1570 on the on the SAT as well so like scored really high on the SAT which is out of 16 1600 yeah okay um did a lot of like math competitions and stuff I was like top 5% in the country in math or something like that um so did a lot of stem stuff um also played competitive tennis um I was like 20 in the state of California like 90 in the country so that definitely helped in terms of like a little bit of recruiting even though MIT like is D3 right so it doesn't like just
recruit you into the school but it definitely gives you like a leg up to prove accomplishment right so took a very standard path in trying to get in still wrote a bunch of essays and you know had to apply normally did like Common App stuff and and then all that application um and was really I think at the end of the day it's like there are a lot of good students out there it's you know sometimes it's lucky you know you just end up you know vibing with the people at the school and vibing with the school itself yeah and so that was definitely lucky and definitely a a big kind of accomplishment on my side um and then a year into it you know i' I've kind of built connections outside of like school and and more in the real estate side before going into college as well
how how did you were doing that well a lot of it came down to like being active in the real estate space and then getting introduced to kind of my mom's friends right it's like you know usually when we do property tours I'd follow along my parents and then that like you know that intro comes naturally got it um but really kind of the decision to take some time off was when I was able to pull a Japanese investor onto my side um so we we were always kind of Under The Impressions like oh you can graduate college and then come back to the family business right or you can graduate college work for a little bit and then come back right so it's always like this delay kind of approach but when I pulled in that investor and and he had enough conviction to kind of invest
alongside my family right it wasn't like a 9010 split at all right it was more like 50/50 but like even with that it's like it made me feel a lot more confident in my abilities and also made my parents feel a lot more confident in in you know making a career out of real estate right and it's like we saw very little correlation between MIT and and real estate so we felt that you know we can actually just take some time off from school and and try it out you know worst worst comes the worst we go back to school right and MIT is really good in that it's really an entrepreneurial driven school so it doesn't limit you in any way it's not like you take a gap here and you can never go back kind
of thing they actually encourage you to go back uh like drop out and then go back if things don't work out so I know Harvard gives you 10 years to finish the degree I don't I don't actually know how how many years MIT gives you um wow I mean it sounds at this point in time I don't think you're going to be going back anytime soon well I think you know if if I stay just stay within the Real Estate Lane I don't think I need to go back um but if I want to like you know pivot into like real estate Tech or something like that something Tech related right it's like then maybe going back and and building some connections within the tech space would be helpful I I don't think I'll be the one doing the coding um but definitely like
making friends and building relationships the network there yeah no that's that's super important so man your parents seemed very supportive of you coming and kind of taking this over and giving you that that CEO role was that like hey you're going to come and be the CEO and it's like hey it's a title or hey your CEO now step up what gave them the confidence in giving you that responsibility well I think we we saw
it more as like a figure that has to do a lot of different things right like a CEO is somebody who has to wear a lot of different hats right so you see me like doing operations you also see me like underwriting deals and then you also see me like going to events and networking with people and trying to get investors right so we our our team is small right we're only 12 people um super lean team so we didn't really like hire a specific person for a specific role so I felt like I was able to at least at our size right now I'm able to juggle a lot of different things together and wear a lot of different hats and so that's kind of where the the role kind of came in so
so for me my dayto day is not like or just underwriting or or just talking to investors it's kind of a mix of both right like you'll see me at nmhc at the end of the month right you'll see me at like the lagona event at the end of the month as well um so it's like juggling different things and wearing
different hats really got it dude that's incredible um so this this investor because you mentioned that being able to pull in a Japanese investor was a big catless for your parents giving you the opportunity to to run this thing previously to that was it all family money like you guys hadn't raised
any outside funds yeah so we even till now we we really haven't raised that much um we've partnered with him on a few deals um but kind of the issue right now for us is deal flow right so we have active cash sitting there and we also have properties that we own without debt right so then because of that we're the bottleneck is really on the deal Flow side and not necessarily on the capital side um the investor was still important in giving them the con ition to pull me out got it so yeah that that's kind of where where we're at right now
because they saw a place where it would turn from a family run business to where it's a syndication model like they they Envision that or you you put they there was an opportunity for you to then run a family business that could grow it instead of just having this slow
family yeah it it was it was like they envisioned that it could grow into something much bigger than just our family right if we just do our family then it's like you know maybe we hit a billion and it's like a ceiling right and then you have to start selling properties and then refinancing and doing a bunch of other stuff to try to get liquidity um but they saw it as you know the the potential to maybe put in 10% later on right as as a real GP and and put in 10% and really grow it into something much bigger into a
business instead of just kind of a storage of wealth obviously wealth creation but it's a different business model yeah completely how did you find the Japanese investor it was through
a investment sales broker actually really yeah so the investment sales broker um he he really liked me in the sense that he also had like a CS background and he he really liked supporting young people in in the journey right like I I think usually when not just investment sales Brokers but also like lenders and like other like Acquisitions people when they see me they they usually like they're a bit skeptical at first but then you know after we talk and they actually think like I'm Legit right is like that becomes like a mentorship almost right so people actually really like helping me I learned a lot from other people by talking to other people it's impressive you're impressive yeah so in in terms of like uh that introduction you know the investment sales person was like
you know their their family is is you know uh well connected and also High net worth you know it's it's worth talking um but it wasn't like the first conversation right it it was like we talked back when I was still in high school and then we kind of kept in touch with each other and then act that turned into a partnership when I was in college were you looking at deals while while at school trying to find the next acquisition for the family yeah when I was at school it was much less um CU MIT is hard um but yeah I always kept the like kind of a pulse um my mom helped me out a lot as well um she like would send me stuff to look at cuz sometimes you know I get email blast from everybody
but like when I'm pretty busy I just like click the red button and just leave you know exactly um so but you know my mom's still very active so she's like you know take a look at this what do you think about this you know and and then we'd like call like every single week and do something got it so you guys
were constantly staying in touch and trying to figure out the opportunities and then one thing led to the next and it just kind of was a snowball effect from there that's that's uh that's killer okay and so um I'm curious to know like what have you learned from your parents that you use in your day-to-day life like
what are some of the lessons that they've taught you I I I think like two things right one is like more of a philosophical and cultural standpoint which is you always got to work really really hard right they were immigrants coming into this country um my dad doesn't speak English my mom speaks very little English and yet they are very successful business people here so and and it's because of hard work right it's like everyone else when when they're like sleeping or going on vacation um my parents are working right so like we haven't as a family we haven't really traveled that much were taking that many like vacation days you know so we've always had this like you know work hard mentality you know we're foreign to this country but if we work really really hard we can satisfy like the
American dream right and and be part of this culture and in this new country yeah so that's kind of more on the philosophical side and then more on like um the real estate side I I think is saving budget um we're really really really really big on not overspending um we we try our best to like literally cut cost down to the very very like nitty-gritty and then and I try to extract as much value as possible um and this actually saved us on one of the projects we did in in Pasadena yeah tell me if we were talking about that what's the Pasadena story it was a 63 unit um student housing to multif family conversion um it was tough because it was during covid and our you know many supplies were delayed um the electrical main panel just never came well I mean it came eventually but
like took months or something like that so what saved us was we decided to do a lot of things um overseas essentially buy a lot of materials overseas direct cuz my dad still lives in China right so he has a lot of connections there from like direct manufacturers got it um so we bought our cabinets overseas saved us like 15 20% got the like blinds and and the mini blinds overseas as well saved us like it's usually around 15 to 20% really if you go direct if you direct yeah and and direct meaning like not in the US right cuz usually like they a lot a lot of people like um here they call themselves direct but it's really not direct cuz they get it somewhere else in China they're not making it yeah
they're made in China yeah exactly so you're going direct to the factory that's literally making this stuff or or as close to it as possible yeah
exactly interesting so that saved us you know upwards of like $70,000 on on the on the budget just just from those two alone so it helped us kind of um you know with the interest reserve and stuff like that in in terms of um cost and and
that project basically and so what happened during that process that made it uh like where where was the issues I guess that happened besides the fact that the
co was happening yeah I mean so things were delayed right and then and then as materials didn't come we it was like we had the team ready the the GC was ready but there's no materials so you couldn't rent it out it was vacant yeah yeah it was vacant um it didn't even complet we didn't get coo right so it was kind of a it was a pause basically it was like mid construction pause and then so we were like okay so we have to figure something out where we we can still pay our like debt right because there's still debt debt never stops right for sure there're the mortgage company the bank's coming saying Hey where's our monthly payment we need that thing exactly yeah so we decided to to try to try our best to save costs in other ways uh
you mentioned to me um previously other things that you've done to save some costs tell me about escro fees title fees what are some other ways that you get creative with uh cutting costs
yeah I I think we just go line by line on onto everything like the acquisition statement we go line by line the you know each month's monthly financials we go line by line and and wonder why like certain costs are the way it is right so like usually escrow companies charge like $2.50 for every a thousand of the purchase price right with also like a base fee right so we started like kind of shopping around and stuff like that and then got it down to it's actually under like a dollar um like so we're in escro on a 20 unit property and Wittier now um like $4.25 million and it's like the escal fee is going to be like they originally wanted to charge us like 10,000 but we were like okay that's like if you're charging us 10,000 we're going to
a different esro company you know so we got it down to like 34 um so it's
like jeez 70% off yeah 65% off Jesus okay yeah okay so you very diligent about cutting costs and that's a that's a theme I'm a big study uh proponent of studying great entrepreneurs and that is a constant theme as they're always always nail detail to the scent on all the expenses you have to keep those as low as possible so that was something your parents obviously were very big into from the beginning yeah and also
I think it came from like kind of their fashion business right like fashion is all about a margin business right unless you're like Gucci and Louis Vuitton right but everything else is like all about margins right so it's like um my dad does the manufacturing for my mom here so like how much is he making can we cut that lower and then like the the transportation fee from China here like what's that going to look like and stuff like that so you know it was kind of Eng grilled in their blood to like when
they started in the fashion business you're it seems to be your family is very vertically integrated in terms of the the whole process from beginning on the clothing side um to obviously someone buying the clothes on the real estate side are you guys similar in terms of vertical integration yeah we're
also pretty vertically integrated so we have our own property management company um we we obviously do the acquisition and everything ourselves um we're not yet integrated in terms of construction um so most of like the small value ad stuff we just let the let our team handle it and it were like pretty vertically integrated that way but like for big construction projects we just don't have the deal volume to to to do that integration yet um but we definitely believe in vertical integration right we believe if we can control everything and not let kind of other third party vendors take a profit then all that like you know all that small stuff gathered together is is a big um a big factor
in the profit yeah for sure it's it's it's all making things from the from the background of the manufacturing right how do you make the most amount with what you have how do you squeeze as much juice out of the orange as you possibly can doing it morally in the right way which it seems like you guys are doing um the the deal that you guys are under contract how do you find deals today and how do you look at a deal and say this is something that we want to go
after 95% or maybe 99% I don't know like majority of the deals that we find come from investment sales Brokers um so we we maintain good relationships W with you and and other other Brokers um and and they typically show us a lot of good deals um kind of our advantage is um the balance she of the family right so we're able to close faster than other people we're able to you know show the proof of funds and and show that we're you know a solid buyer um and then also we don't mess around right like during escrow we won't like drop out of due diligence because of some stupid reason right it's it's like unless we find something that's actually like impactful onto the property we we typically like we're okay with it and and so we make the escrow process very smooth as well um the
one in Wier it was listed at 495 I think so it was on the market it was on the market yeah 495 um we got at 425 um and then there was another offer that came in after us at like 44 but we we just we felt it was like we we put in our offer fast and stuff like that it was right before Christmas as how long was the property on the market before you guys tied it up I think it was like a month a month or two something
really yeah and what did you see that that's typically a long time
for you know good deals don't last very long so the fact that you're able to get a good deal what um did you see in the property that either excited you or saw a path to
add value to it well I think like it was on the market for that long because the sellers were really tight on the price right so they weren't really flexible they wanted kind of their 495 number MH um I I just kind of threw an offer my original offer was like 39 you know I was just like whatever you know just just put my thing in and then just show it to the show it to them and stuff like that and I think that's really important you know you got to get the ball moving right sometimes when it's listed a little bit too high like other people don't want to put offers in and so there's like no movement at all so I I just threw something in and then I
was like let's just get the ball rolling and see what they want right and then so they came down like 50,000 and I was like okay okay I'll go up like 100,000 okay let's just do this let's just keep on playing this right and then and then eventually they did come like I think they were still at like the 46 Mark and then I was still in the low fours and I was just like okay like this is best and final whatever right either we take it or we're not going to play with it right and and so they did end up taking it um and so that was what's interesting about that one is we got it at 212 a door um so it's a good basis and then five in a 5.3 cap I think on on on current um with like 5% vacancy 40% expenses yeah
and then there was still around like 30% upside in the rents um so for for that property the the business plan is to increase the rents at ab482 levels um just say like 6 7% a year right so over like five years we can get it to today's market rents right you get the 30% loss to lease in like five years basically so then after that we plan on selling at like a five and a half cap and and by then it's still like a value ad project right because it's like our rents are going to grow like inflation is going to drive rents up anyways right so like um it's it's still going to have like some meat on the bone for the next person and if anybody moves out during the middle like any tenants move out it's actually a good thing
for us because instead of like the six s% increase we go straight to Market
maybe 20% you know so you're not yeah so you're underwriting to today's rents you're not forward projecting the rent growth which is what a lot of people made mistakes in the past couple years is they were underwriting projected rent growth um which is like for example let's say you think the rents are going to be $3,000 in 5 years years and the current market is 2650 you're underwriting to them being 3,000 you're going to get a certain amount of that whereas in this situation you're underwriting in five years to get to 2650 yeah where you're not taking that risk out of the market if the market rant grows if it doesn't doesn't really matter because you have taken that into account exactly how do you um look at because obviously CS guy math guy math competition um are you really deep into the numbers is the data really
important to you and and if so like what data metrics do you care are the most important when you're looking at a
deal yeah like I'm big numbers guy right um I I typically look at all the units within like a rent roll even like some bigger property like 650 units in like Texas um I coded something that that can basically tell me the intervals of of different ranges you know like for example like what percent of um units are between like 1300 and, 1400 and and stuff like that so I'm very big into the number numbers because super numbers driven right I'm not like an emotional buyer B any chance um for me it's like important factors are like cap rates right what am I going in what am I exiting and then also the the stabilized return on cost um because that helps me understand is like whether I can hold the property without timing the market right so for example that Wier property I can get it to like
a 7.3 uh yield on cost which means that like in in five years I don't necessarily have to sell the property right it's like I can hold on to it for another year or two or three at like 7% return right it's like totally F I'm like totally fine with that right and then I'll get my IR back when I actually sell right cuz like you win on the buy and you also win on the sell um but the the sale takes Market timing and all of that right everybody looks like a hero in like 2021 right when when they sold um so for me it's like what's the worst possible thing that can happen right how confident am I to hit that like 7% return on cost and if the market let's say like crashes by then right yeah
can I still hold on to the property at 7% and pay the debt and if the answer is yes it's like and I'm comfortable with it and those like the projections make sense to me then it's something that you know I typically really like to do
so you have an A Plan A B plan A C plan a d plan like you have all of these situations where worst case scenario
I'm still fine yeah even in like worst case scenario of like rent control like let's say something like Pasadena or or like City of La like a 2 3 4% rent increase happens um this Wittier property has extra parking where we can build 0 use so there's still a way to like um extract value even if the worst possible case happens of course you're not going to hit your like 20% IR if if that happens obviously but like you know for us it's like worst case we don't want to lose money um and and we feel comfortable with it and you you
said you're not very emotional when it comes to real estate decisions does that mean if a deal in um you know Compton comes up and it's a slam dunk home run makes sense like you guys are investing there or do you have parameters in terms of either rent control laws or locations or tenant types or is it going to be primarily Section 8 like is there
a little bit of that in the decision-making process yeah like so when I say like not emotional I won't like say oh it's a like a coastal property right and ie like that um you know it's really hard for me to buy a coore property the numbers really don't make sense to me um but but yeah in terms of like rent control laws right like that's a big factor for us right because that influences the numbers um in terms of like you know lo location wise whether you're in like Compton or you're like the best part of West Hollywood right that also influences Us in terms of like collections um in terms of like how like how much work we have to put into the management side of things and stuff so we definitely take those into consideration um but we
won't be like you know it's really hard for us to buy like Coastal Properties
or Mansions or anything like that yeah because just the numbers don't make sense clearly you're numbers driven when it comes to making these kinds of decisions you have a big uh or primarily the portfolios in like Pasadena and and that area of Los Angeles when the rank control laws shifted in those markets um how did that affect your portfolio and how did you guys kind of over work
on that or or look to the Future so we have two properties that are stuck right so one is in on Madison Avenue one's on Los roess Avenue essentially those we only flipped half of the building so the other half they're stuck at at the lower rents right so for those they what was supposed to be flip buildings becomes 10 year 20 year holds right and we're okay with that in the sense that like we have liquidity so like We Own It Free and Clear right it's like we can just wait for inflation to kind of boost it up right basically but they were definitely like they didn't follow the business plan right um we were lucky in the sense that we move very very fast right so once we get into the building we
don't like wait and chill out and and stuff like that we go in you know the day after close of escrow and and try to figure out what can we do right so a lot of our passia buildings are actually on market now you know like their their rents are pretty high um and and they typically give us good return on costs like pay like 8 to 9% return on cost typically um so we're just holding on to those um obviously the the sale value is impacted by the rent control um even though they are at Market it's still impacted um but even with that we're still comfortable holding on to to to those properties for a longer term
so you have the the flexibility to be able to with the the current structure and then hopefully in the future I guess it might change if you have investors as long as they're aligned with your goals of saying hey if this doesn't business plan works out we're going to hold on to it longer if they're good with that um then you have a good backup business plan I think where a lot of people get in trouble is they have the investors who either want their money back or they have certain timelines like three years I need my money back otherwise you know there's going to be a problem they're going to force a sale it sounds like for you guys you've never had the issue of needing to be forced to sell do you see yourself um if you continue to grow the syndication side like how would
you approach that I think I I won't be able to play in the soc count Market as much with those investors right like different investors want different things right so if you're somebody who wants like like low regulations right you're definitely not playing here right you're going to play in Texas right you're going to play in the Carolinas you're going to play in Florida right so for those like I don't like California wouldn't even be like a buy box for them right so even if I show them a deal and try to explain to them how it's like the most conservative City in the entire like State they still wouldn't take it right so for those it be a different group of investors right so currently most of our family and also kind of our friends and and investors are patient capital and and they understand kind
of SoCal rent control but they also understand the appreciation here right and and the difficulty of really losing value on on a on a good property here so and and they feel comfortable with that right but then there are also kind of the private Equity Funds right the ones that need to close out in seven years for example right and so for those they become it's a different strategy right they don't have the flexibility to hold on for 20 30 years so they will be playing in like
Texas for example that that's why there's a lot more kind of the institutional guys in Texas than in in Southern California right it
seems like you guys have an Institutional mindset in terms of the execution of the deals with the luxury of having the family office back end so you kind of have Best of Both Worlds you're maximizing like you're a private Equity company but you have the the the requirements of more of a family office where you're not forced to do anything which is it seems to be that's a great luxury and and that's kind of our
goal as well right cuz like in terms of capital and AUM we can't beat the institutions right no one can beat a pension fund or or like Blackstone in AUM right um but the their downside is kind of they're slow moving because they're too big right they're the 800 PB gorilla right so we we're not we're also not the mom and pop who doesn't really know what they're doing right so their downside is like something changes or maybe they're not as active right so we try to be in that kind of we try to take the Best of Both Worlds essentially right we're trying to be well capitalized with the family but we also take our you know take our jobs very seriously right so we try to take the Best of Both Worlds and and see where we can go from there what So speaking
of where you're going to go from there I know you mentioned Florida and North Carolina you have some properties what is are you exploring different markets are you looking at different markets how are you uh determining what Market you want to go into like what does that
look like for you so I want to go into like a regulated State um to try to kind of attract private Equity money and also institutional money so like I'm I'm looking big into like Texas for example right a lot of growth in Dallas a lot of institutional Capital still likes Dallas um even though there's like the supply issues and all of that kind of stuff um kind the issues everybody at the institutional level knows about um it's just like whether you get comfortable with that issue right so we're looking into Texas a lot I've actually been looking for the past like eight months now um I I think at least for my comfort level the prices are still a little bit High um I think we are seeing it come down and and there's a lot of like distress properties as well um I actually
just saw one um from the lender today at around they want to sell it around 50 to like 65k a door wow in Dallas which you know at the height of the market in Dallas like 170 a door right so it's like a huge discount it's 50 it's 60% vacant so so it's definitely distressed and everything like that but I do see like a trajectory of potentially having a window of opportunity if we can be courageous enough to take on a distressed property and and maybe partner with somebody local right and then still be boost on the ground like we're super like we if we acquire in Dallas I'm going to be moving there
that that's basically how the how the strategy goes I was going to say because one of the big mistakes a lot of people make who is that boost on the ground presence you almost need that to be able to execute at a level to know okay here's the amenities people are like here's why this isn't a good property because of X Y and Z that occurs or they're building something over here you need that boots in the ground especially if you're going to move quickly and not have these time delays that occur so you really take that approach and wherever you invest you you need to have that whether through a partner or you physically moving there to be boots
on the ground that's what you're saying I I think boots on the ground is super super important in real estate um being local like literally walking every vacancy um walking every unit during due diligence during the in physical inspection that's super important you can't like every property in every like kind of little submarket little pocket is a little bit different so you can't expect to spend the same amount of money or on capex for for like a turn right like for for California maybe like 20 to 30k a turn um if you spend that in Texas I think you're pretty much going to lose money for sure you know so it's like more of a 5 to 8 5 to 10 maybe 5 to 10K a turn right so it's like you you have to like know your comps as well right so like
by be by me being local there if if we acquire then I need to understand who my competitors are in that little pocket and see if like am I am I like maybe my rents are low because of the unit turns aren't good or maybe is it my leasing team is not good right so I need to be able to figure those things out and adjust appropriately in order to make
a profit later on yeah I mean you're 20 years old dude you're this is some investment grade level [bleep] some of the conversations I have with with investors who own a ton of property in Los Angeles are not as sophisticated as this so I'm I'm very impressed from that perspective um what do you look for when you're going in touring these units like when you're doing an inspection what are you looking for to determine okay this deal
makes sense so I I go in it depending on the like the Vintage of the problem I go in with an expectation right it's like if it's a 60s property I know kind of what it looks like right like popcorn ceiling right like broken wall heaters and stuff like that old cabinets um if it's like like a maybe 80s building maybe a little bit newer um but a couple things like you know one is like parking ratio right I I don't want less than a one to one parking ratio at least right so that that's important to me um yeah the condition of the unit is less so important to me cuz I'm going to spend capex dollars anyway um and I don't really trust the capex that the previous seller put in anyway so like I I kind of just ignore that
um obvious like kind of the the panels and stuff for insurance purposes is also important um fire extinguishers um carbon monoxide and and stuff like that um but overall I think one thing that maybe others don't look out for but it's important to me is is like the tenant profile right it's like who who are the tenants in there are they like you know maybe elderly and and what are the chances of them moving out and turning over and stuff like that I need to have a gauge of who I'm dealing with and and what kind of um whe whether my business plan is feasible right yeah so you
have it seems like you have pretty strong assumptions or you make strong assumptions prior to um acquiring a building and then you're there to either prove them right or prove them
wrong yeah so typically like during the underwriting we determine the business plan right that's how you like you that's how you underwrite right whe were're ret tenting the entire property or we're just doing the ab4 1482 increases right so that's the like business plans that we have to make decisions on right and and we have to verify the possibility of execution during the inspection right so if we're like trying to do like a whole ret tenanting program and for that specific property and then we go in and realize it's probably not feasible to do that um then then we we have to reconsider consider whether this property is actually going to like whether this business plan fits this property
right got it yeah are you typically when you make the Assumption on the business plan and something is it changes right you realize that that business plan doesn't align does that immediately make you say I don't want to do the deal or are you looking at it from what can we do a different business plan that still may make sense do you have different business plans for different
outcomes yeah yeah so maybe like a property like the reten te doesn't work but the rent aren't that low right so maybe there's a different strategy or or maybe there's a lot of Courtyard space right and that that means adus right we're we're pretty good at building adus you know so we try to maybe there's a lot of garages right maybe there's an extra laundry room right and and sometimes things exceed our assumptions as well right maybe when I was underwriting I didn't realize that there was this huge laundry room and another one right behind it or something like that right and then so maybe that is a signal to us that we should either put in more equity or get a different type of loan to try to build adus and stuff like that so you know maybe our loan assumptions originally where
it's like 65% loan of value is not the best option maybe we should get a little bit more dollars and and and at a higher interest rate or something like that do like a bridge program or something like that um so yeah it's it's definitely to verify the business plan and verify our assumptions you mentioned parking why is parking so important to you I've had a really bad experience leasing units without parking okay um even Studios um so like Studios one bedrooms I like to have at least one parking um and then two bedrooms typically I like to have two parking spaces um I I won't give the second amount for free I I charge like 150 bucks a month but like I'd like to have that availability right so you were scarred basically yes it's very very difficult at lease without parking especially when the property is on
like a big street right like if if it's on a it's on a big street where there's no available parking then where exactly are they going to park right you have to kind of put yourself in the tenants shoes right it's like if I was a tenant renting here and I realized there's no parking and there's no like good public transportation around and I'm not a biker then it it's going to drive me away right or at the worst case like maybe I'll still live there but I lower rent right so maybe my rent assumptions will change because of the
parking issues and it's hard to calculate what those assumptions are so speaking of parking it seems like California and a lot of the country is going towards parking list buildings ed1 um there's a lot of affordable wh like all this stuff people are the the city is encouraging you not to build parking with it is do you think that that makes sense do you think that there's a future where that where that becomes the norm of people not having cars or like how are you looking at the future of where
we're headed I I don't know if the city not wanting you to build parking or the city just wants you to do more density right cuz like California has a like affordability and and supply and demand issues so I think that's
kind of the big push right like ed1 I think it's not that they don't want parking it's like they need the density right and and they need the expedited plans and everything like that so I mean I understand where they're coming from but for me I've never invested in like an ed1 project I I think that business model is still very new and has yet to be proven right it's like how long has it been here for is like not that many right like less than a year yeah we we haven't really seen lease up or sale and stuff like that right so it's still yet to be proven how successful that that might be so I mean if that proves to be super successful maybe my perspective will change um but right now we're staying
a little bit more conservative in terms of parking what um what do you think
the future is of of real estate of Technology of AI and how it is uh entwined in commercial real estate because we talked about this a little bit you being a computer science major and me being a geek with AI uh about kind of some of the possibilities of being able to implement it and and then where this technolog is going from an underwriting perspective from an analysis a market analysis A a deal analysis like where do you see the the future of proptech of AI and
that affecting Investments I I I think like the big elephant in the room is whether like Brokers will still be here right I I think at least for like the near future I think Brokers are still very necessary I do think like Ai and and Tech is going to impact their workflow by making it easier for them and maybe they can cover more markets and and get more listings and stuff like that um but I think it's still important to have Brokers because it's like it's a big transaction you know it's not like it's a $20 thing or $30 thing right it's like many millions of dollars you know and and people really like at at that scale of money people want a a trustworthy person right it's it becomes a an art more than more than like a science and so for that
it's like you know I I trust Taylor you know I I I know he's a trustworthy guy he's he's sold buildings around this building before you know I know he he knows his numbers and because of that I want him to represent me because I think he's going to you know he's knowledged enough to put my interests you know above others right so it's like because of that I think you know maybe you don't need to create om anymore um maybe you don't need to send emails anymore but I think by having you on my side and and talking with me and and like walking me through the numbers and the assumtions it makes me feel more comfortable
okay that's interesting because as someone as detail oriented as you like I feel like you if you had to sell your building you know enough about the property itself and being able to sell it and especially with all these third party tools loopnet co-star right you pretty much probably could could sell your building if you wanted to what's interesting and what what as a broker I've experienced and thought about and you mentioned this earlier is 99% of the deals you get are from broker and so it's going to be interesting to see if that ratio changes and that if principles have the ability with AI to sell properties themselves because I think a lot of the reason that uh Brokers are so involved is because we sell buildings to people and it's kind of this reciproca nature right if you're going to send me deals you're going
to give me good deals like I'm going to return the favor to you by letting you list and sell this property when I likely probably could sell it myself if I put on the market or or or marketed it and maybe the commission offsets itself and and maybe it doesn't who who knows it's hard to to track exactly what that ratio is but do you see a world where that happens where it's more principal to principal and and uh the broker maybe you aren't they're not as
responsible for getting you deals well I think it's like I I think there's two things to that right so like the first one is even though I know what price I want to sell at and what price I should be maybe buying a property at I don't actually want to do the negotiations and picking up like 12 different buyers calls every day and answering all their due diligence questions and and all that kind of stuff so there's still like for me I like you know my job is not like to do that so like I have other things I need to do right so it's like from that perspective I think it's still important to have somebody to do at least the negotiating negotiations for me right even if it's $200,000 worth of negoti uh well it it depends right it depends on the number obviously right um
but like even like stuff stuff like that right it's it's like negotiating I I don't really want to be the bad person almost like the broker sometimes is like the bad person right it's like you're you have 12 buyers lined up one one of them gets it and then you have to hear sour things from the other 11 right so it's like I don't really kind of want to do that right um and the second thing is I think adoption right it's like it's super relational business like relationship driven business right so who's going to take the first step to say you know I'm going to break all my broker relationships and basically do this thing myself right and then maybe if this takes off I become a hero if this doesn't take off I might as
well just never do real estate again yeah or I got to go to a different market and completely shift the business model yeah exactly right so it's like the adoption phase I think is difficult as well right so um but I I you know who knows right I like 5 years ago if you told me about chat gbt I wouldn't have believed you either right so it's like the pace of how technology changes and stuff like that is like it's yet to be seen in the future you know how are you using AI in the current business and how do you or how do you plan to want to use it in the future yeah I I I use chat gbt every single day um to like to research about a property to I like Google I feel is a little bit outdated now with like
chat gbt so like I don't really like I I try my best to not like use Google if I need like a direct answer right if I just want to do research maybe I use Google but if I need like an answer quickly then I just use chat GPT um and then also I think one thing that's super impressive is like it's maybe it's better with Claude but it's like it's PDF to like Excel uh we got like trans transformation thing right it's like because a lot of like people send me like um rent rolls and T12 on PDFs and I'm like what do you expect me to do with that right it's like I need can you send me an Excel version but now I can just put it in and then um it transforms it for me and it's very very
convenient um so so yes like stuff like that and then also like one thing that's also also kind of important to me is like the rent roles like if there are different line items per unit right like for example like the rent um like maybe like a HUD subsidy and then like a like parking and like a lot of different items I need it in like like columns right or or El I can't do my calculations if it's all in rows right so it's like manipulating Excel and stuff like that got it so you're
using it to streamline your workflow and being able to underwrite quicker and you know be more accurate with the assumptions and things like that because if parking if and that's interesting too because yeah parking they're charging a 100 bucks but you think you can charge 125 like there's Delta there there's opportunity there and 25% of it to be to be exact um so that's super interesting where do you think the future comes in terms of because this just fascinates me because um there's so many pain points that I have in my job right so many pain points and I'm always I'm a I'm a hardworking lazy person I want to do the least amount of work for the most amount of bang in my buck that's how naturally I am um and what happens is I'm not that smart so then I end up working way
more just to make up for the fact of that um but there's things where I'm like I see so for example I saw this program and I think it's works for houses right now and maybe eventually for apartments but it's a camera it's an AI uh program system where you can take your phone and it scans the property and it can basically make assumptions on the renovation costs and what's what's going to what's it going to cost actually get this thing uh fixed up or the roof you know maybe you can't see the roof but you send a drone up there and then it estimates based upon the visual the AI system sees the image and then can make assumptions based upon that do you see yourself are you guys being on The Cutting Edge of wanting to implement some of those Technologies or how are you thinking about specifically
from getting as much juice out of the deal
as as possible I I think um for us it it really depends on how impactful the technology is for us right it's like um the the service you were talking about where you're able to like take a picture of of the unit and then get a renovation budget um for us it's less important because we we kind of know the renovation budget right that's kind of our job right and then also during inspection we can bring a contractor in right and they want the business so they're very happy to do it for free right so it's like for that specific tool I think it's harder for us to adopt um but I mean I I think for other tools that that are maybe a little bit more impactful then it's like super like
I'll be the first one to sign up yeah you're going to be testing it out um if you
had a start over today right you you were fortunate enough to have your parents teach you and Legacy and and have some properties to them be able to negotiate and and go sit in a room with a Japanese investor and say hey look like look what we've done I'm smart too and I can stand up for it but if you had to start today from scratch zero right my age or uh yeah you could be your age right but you have your knowledge you have your knowledge how would you start today because I know there's a lot of people watching this who want to be principles who want to get into business and uh they just don't know they're hearing all these things La is tough regulations
Texas is hot like how would you go about starting from zero and building up
to what you guys want to become I I think I'm super lucky on multiple fronts right it's like one is I got started early right like my parents had the vision of just doing it right and then also I I'm very fortunate in that like they trust me with their money right so so I didn't start with nothing and empty-handed so I think I'm very fortunate in that way yeah um it'd be a lot harder to close to Impossible if I didn't have like at least the capital side of things maybe I can still learn the knowledge myself and asking people but like the capital side of things if I didn't have that I think it'd be very difficult um which is why I think the possibly the best way is to be like a investment sales broker um you know you start off getting to
know people right like as a broker you get to know the owners but you also get to know the real principles right the people that are buying the properties right and then maybe you start by rolling your fees in right it's like you know Li lift tight for the first couple years and roll those commissions in and then when you get a relist the building roll that in again and then start building Equity um so so that's like a it's it's basically Sweat Equity right you're working for for the equity right yes um so that that's probably the way I take it um just because I think you know real estate is high barriers to entry right without a big balance sheet and like a loan guarantee and all of that kind of stuff it's hard to get started right um but but that's possibly a way to
like build relationships and get started and and and you know start building
the portfolio 100% And I couldn't agree with you more and I think it's a great way for people to get exposed to it and meet the right people that was advice that I got when uh wanting to get into real estate I wanted to be a developer and uh Mentor mind said well go be a broker first and go meet the people go understand what a a deal is a good deal um you know who is involved in every step of the way from title to s grow to lending to Insurance to accessors like there's so many nuances to it that you have to kind of understand first before you're going to go use your own money or someone else's money um for that fact given let's say you have your skills you're a broker you're a couple years in um and you want to go raise Capital
you are in that stage of now seeming like going to try to find investors and raise money how are you approaching a raising money and uh what do you think is like separating you or or how are you thinking about the business plan of raising Capital to grow the portfolio
I think it's a trust business right it's like I'm not going to give you money because you're that like I I I think in real estate it's really hard to be that much better than somebody else right it's not like Tech where it's like okay I I just know how to code faster than you you know it's more like everybody kind of knows how to do the value ad and everybody kind of knows how to do development um maybe it's like they're more specialized in a specific pocket of of like a sub Market or like a specific city um but I think everybody's level is kind of the same right so it's like it's building a relationship building trust um and and and building your integrity as well in front of others right so
so I'm lucky in the sense that like I can be I can have more skin in the game so people trust that right it's like okay you're putting 50% of the capital I'm putting 50% of the capital if we die then we die together right so it's it's a little bit different kind of scenario um but if it was like a 10 like a 955 that' be a lot tougher and and you'd have to build like a track record for it and it's hard to build that track record because it's like let's say you save up all your money right and you buy a five unit property right it it like when you want to buy a 100 unit property it's like that's not really a track record anymore right so it's it's really hard to do that um so like again super fortunate to to have the the ability
to do that um but but I think you know building trust and and talking to people and constantly like putting yourself in front of them right presenting yourself as a reliable person in front of them is is super important where do you go to find them where do you go to find investors I do a lot of events right so like I like a lot of I like nmhc um there's like uh BC best ever um there's like a lot of imn as well um recently I've started to like speak out of some of these events um and and referrals as well um you know if you start like if you get your first investor and then your second one then I think magically it just kind of it starts multiplying because people talk to one another and and the more active people they all
know each other right so um and and for me I think it's it's also important to be like special in some way right like something that stands you like out right from the rest of the crowd right and for me it's like my age right it's very very very super obvious why is this young guy speaking on a panel yeah exactly so so it's super obvious like kind of my St out Point yeah um but maybe for somebody else it's their story right or or it's their specific Market that they play in right or their specific strategy so it it's finding that Niche that you have or or that standout point that you have and really conveying that to other
people that's super that's super interesting that's so cool that you the self-awareness that you have of leveraging because a lot of people think especially in brokerage but but even in investing like my age is a it's a negative thing right but you've been able to flip that on its head and that's your standout is like wait this kid is super successful in terms of sure you know he had this portfolio but like he's grown it he's been able he's he's super smart when he talks about the numbers his business plan like you're Rock Solid when it comes to well if this happens and this and this and this you can speak the game and you're very confident in knowing that right and so then your age becomes a competitive Advantage cuz then you become almost like a whiz kid they're like wait this is the next
Elon Musk of real EST St like I got to invest in this guy right because it says something about you it says something about you that you're in a capable position mentally and your track record is there where it's like I'm at the level if not above what everyone else is going to be get on the train because I'm taking it to the moon right I think there's that that level of um opportunity that people see and maybe they see a little bit of themselves in you too right where you know they were like shoot he's doing it like he's doing the thing yeah which is pretty incredible um I want to talk a little bit about some metrics that other investors ignore and we talked a little bit a little bit about parking and things like that but what are some other uh metrics and and deal
points that are something that you think you spend an inordinate amount of time or that other investors should spend more time in and it could be deal level or
it could be Market level I I think you know everybody kind of pays attention to to the big ones right like the ones that they see right like interest rates people pay attention to um price per door they pay attention to I don't know how many people pay attention to like price per foot I I think that's important to me right it's like um because that tells me whether it's like all Studios or like something like that right or or if it's like all three bedrooms right um so I pay attention to price per foot because I got into the habit of ignoring it a few years ago and I I I think that's not really good especially on the exit um because if you buy one like that are all like one bedrooms are all Studios the exit no longer makes sense at like you know
700 a foot in in like you know City LA I I don't know like whatever whatever market right but but like a super high
price per square foot right will you explain that because um I understand what that means but I don't think a lot of people understand why that that like replacement cost and what that exit what like break that down a little bit
for people yeah so like typically smaller bedrooms equals more turnover right cuz it's like typically maybe a single person living in there or maybe like they um boyfriend girlfriend and then now they have like a kid now they want a bigger room or something like that right so more like more bedrooms typically is like family style so more stability um so more bedrooms obviously is like bigger units right so like the price per square foot where you divide like the purchase price by the total rentable square feet is like a lower number if you have bigger units and a higher number if you have smaller units right and so for for us you know we also got to take a look at like okay if it's a all studio all one-bedroom unit should we factor in a higher vacancy because there's a higher likely of turnover
and should we like maybe put more money into like turnover cost cuz maybe it turns over like twice in two years instead of like maybe once in two years years right so it's like a lot of assumptions come into that um you know unit mix side of things and then also the price for foot right um the price for foot is just like an indication of the unit mix of course like don't ignore the unit mix that's like the most important thing ever right but like um when you're taking a look at the price for foot also try to understand if you're overpaying on that side of of like that Spectrum right cuz typically like lower price per door is higher price per square foot right cuz you got to offset that like bad mix right so you know when you're looking
at a property look at obviously the per door cuz it's like the first number you look at and then also like the per foot um like the cap rate oh and also like how they calculate the cap rate that's important um like typically 40% like 35 to 40% expenses right don't put like a 20% expenses and tell yourself it's like a 10 cap right because it's not um like be reasonable on that side of things um but but I think overall if if you just be reasonable and and really try to justify whether your assumptions make sense I think you'll be
good I think price per pound that so from an investment perspective of of the deals that I would feel most confident in investing is is low price per pound because you can't replace a basis you know like if you build buy a building at 200 a foot and 200 a door like that's your basis if you buy it at 200 a door and 350 a foot that's your basis and the way that I look about look into it from an investing perspective is just exactly what you said is from an exit right so if I have to put in $50,000 per unit which then you know puts another $75 a square foot on the building is it possible that I think the building can sell at 500 bucks a foot and 250 a door is there anything in the market
that would prove that that is a possibility in my business plan and if I'm at the top of the market of my exit price I'm setting the record I don't feel very confident in that business plan right I want to be if I execute my business plan to the perfect level I'm still below what the craziest price of square foot in the price per unit is sold because you just get that buffer of safety and knowing that someone else like the greater fool Theory right someone else has Justified being able to pay this amount of money and the cap rate in the income and grm and all that stuff Matters from that perspective too um not just basis but like if you have a $1,000 sare foot building and it's seven cap like it doesn't even matter because people just are like it just the
build to build it over again and it's it's a very weird thing but I basis is huge for me um which sounds like it is Basis
is important um I look less so at the replacement cost though just because like I deal with older properties right I typically deal with like 60s 80s constructed property so it's like um the replacement cost to build like a 2025 um you know constructed property is is going to be different right I'm not going to be building an old building right I don't think it's possible to do that anyways yeah um so I look less at the replacement cost but I definitely do look at comps right I I don't want to make I don't want to buy at the highest price per door or price per foot and I don't definitely don't want to like sell at the highest price price per door right yeah so even if you can get to
an 8% yield on cost but you're way above the comps at that stabilized value that to you is kind of a red flag yeah
like so I try to break out like my returns how much of it is because of like the cash flow I'm getting and how much of it is because of the the exit right so we run sensitivity analysis right so it's like if my entire business plan is like you get 20% return because of the exit that doesn't make me that comfortable because that equals Market timing right and so I want to try to balance out is like okay like I have cash flow that's causing some of the like maybe the 20% returns maybe 10% of the of the that returns is from the cash flow right and then maybe the the well it's going to be less than 10 but like let's say like 8% of the IR is from the cash flows right and then maybe 12% of the IR is from
the the exit right that makes me feel a little bit more comfortable than if it was the other way around right and so um because of that it's like we we break out and run sensitivities to really understand is like what's driving that return how many pages is your Excel spreadsheet seven or eight okay yeah
not that bad okay I was I that's that's surprising I know and are you um I'm just curious do you have to use your mouse or are you you don't use your mouse no you just use the keyboard yeah I hope to be you one day
man seriously that so did I think you got to play a lot of excel games there there are some games out there that are
like actually pretty fun you know dude okay that see I got to gamify it that's what I got to do I got to make it a competition and like be I'm going to look up after this some Excel spreadsheet games and get really good at keyboard shortcuts and all that stuff cuz that is it's just badass when you see someone who doesn't touch the mouse and you're like it's kind of a flex man like you know it's like you see a buff guy like guys care about how big you are when the girl doesn't really care it's the same thing I'm like oh dude that's sick it's so dope um a couple couple things before you wrap up what surprised you most about being a CEO in terms of like challenges and learnings and and putting yourself in this position
at such a young age I think managing people um it's it's hard to manage people when they're like probably twice your age right and and like most most of my team is like basically twice my age um they all like so so kind of the lesson I learned is I really need to know what I'm doing right it's like CU because people everybody's kind of lazy so if they don't have to do something they try not to tell you or or they like just kind of say yes yes and then kind of put it off a little bit um but that influen is profit right so for for me it's like because I I I kind of went through everything right the property management side of things um you know I I posted my own like eviction notices um I was with the property manager and we were
in court to to do evictions and stuff like that so I went through like a lot of things right so because of that I kind of know if I like make this move what's the what's the most likely thing that the tenant is going to respond with and how I should prep that basically so that helps me like so I'm not really like a manager in that sense I'm more like a guide right and and somebody's just helping me do the execution and I'm just like guiding him on what to do right so that's um important at at like my age and my level it's like I can't go and yo at everybody right that that doesn't work with somebody's so much older than you right but what I can do is try to anticipate what's what's the response going to be and then try to guide
them almost like tell them what to do and they do it versus like they kind of have to think for themselves almost yeah
M got it okay so which is the fact that you can anticipate and understand what's going to be happening and then telling these people hey this is likely what's going to happen like if this scenario happens let's do this if this happens let's do this that's um that's impressive yeah the prime example is what happens when you give rubs oh okay what do you mean tell me I mean when
I when you give like when you charge back utility from a previous owner that always paid the utilities like tenants complain like in every possible way right and so typically what I do is like I just wait like let's say a month or two right I I just see who is like the the easygoing and the people that will just pay versus who's going to be like okay the hard asses that that don't want to pay right and then I adjust from there but but that's like prime example of like trying to anticipate what's going to happen um yeah just try giving
out rubs I love that okay last thing what is your goal for motiva and and what's
your plan to get there um I want to grow it to a bigger a essentially I we're in three states now I I want to try to break into Texas and then potentially um get more properties and and also build teams out there um so we're super vertically integrated in SoCal uh not vertically integrated other states so I want to try to build out different teams um and and kind of I think the path to get there is one I got to get assets there right it's like I want to buy properties there and I want to get to know the market super super well and then um I I feel like I know know the market well enough here that I can virtually manage and also have a wellestablished team here so I can
kind of put SoCal in my back pocket and just kind of virtually manage it and then stay more focused on the other other states um so so definitely you know try to get more Acquisitions on that side and then also on the investor side you know like if we can bring in Partners um you know partners that are that not not just Provide Capital right but also provide value right those that can you know maybe teach me something that I I just don't know right or or like show me how to do something right like I'm s i I learn really really fast as well and I'm like super happy to hear everybody's thoughts um so so definitely want to try to find partners and and investors
to work together with so in the next 10 years you're hoping that how many assets under what's your AUM in 10 years I
hope something in the bees honestly okay all right there we go if if we don't get there then you know something's
wrong dude I think I think you're not going to have a problem doing that with with where you you're at today being 20 21 coming up here the in the next month but 20 years old man it is incredible zow thank you for being on here man um if anyone wants to reach out to you is there any place where they can connect with you if there's investors in Texas or brokers in Texas who've got deals for you or Florida like where can they
reach you yeah um I'm super active on LinkedIn okay um also my website um
multiva holdings.com perfect amazing see how great great talking to you man thank you so much for having me thank you thank you for listening to this episode if you enjoyed the podcast it would mean the world to me if you could rate US five stars on YouTube Spotify and apple podcast it really helps us get our name out there and helps us get fantastic people like our guests to share their insights and knowledge with you again my name is Taylor ven I specialize in the sale of apartment buildings in Los Angeles in Southern California and I look forward to sharing more of these Sation with you see you in the next one [Music]