Hey everybody, welcome back to the show! Very excited to have you here and even more excited to have my good friend, Neil Timmins with us today! Neil is a single family investor and he’s now transitioned into commercial deals. Today, we are going to talk about that transition, from single-family investing to commercial investing. 

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Mike: [00:00:00] Hey, everybody. Welcome back to the show. Really excited to have you here and even more excited to have my good friend Neil Simmons with us today. He’s a single family investor. That’s accomplished a ton of stuff, but he’s really transitioned into commercial deals. And we’re going to talk about that transition from single-family investing into commercial.

Welcome to real estate investing secrets. We’re all looking for freedom and the opportunity to leave. Better more fulfilling lives, but most of us were trained our entire lives to work for someone else to chase their dreams. How can we use real estate investing as a vehicle to achieve financial freedom?

My life is dedicated to answering your real estate investing questions and helping you build an investing business that allows you to change your. And the world around you and to enable you to turn your dreams of financial freedom into a reality. My name is Mike Hambright from flipnerd.com and your questions get answered here on the real estate investing secrets.

Hey, Neil, welcome to the show.

Neil: Hey Mike, it’s good to be here. It’s [00:01:00]

Mike: good to see you again. Good to see you. Good to see the last time I saw you was I was on your podcast. That was maybe what’s that been a couple months maybe, but time’s flying right now. So it seems like it was just yesterday. Yeah, exactly.

Yeah. Awesome. So, uh, so Neil, uh, I’m excited to talk to you today, uh, about this. I, I’m doing a lot more, multi-family investing and you’re doing all sorts of different commercial property investing. And, you know, I’ve always said from the beginning, um, early on, I think I had identified as a real estate investor and over time I just said, you know, a lot of us are just in the opportunity business.

Ultimately like we’re looking for ways to use our knowledge to make money and monetize deals and. Change our family’s trajectory and family tree and change the community around us. Right. So I’m excited to talk about that today. Folks don’t don’t know who you are. Maybe you could take a minute. Just tell us a little bit about your background.

Neil: Yeah, you bet. Hey Neil Timmons from Iowa, right in the middle of the country. So far from where I grew up, you and I grew up very close to one another. Yep. Nope. So I’m right in the middle of, uh, 18 years in the business, [00:02:00] I cut my teeth. If you will. In a, as a real estate agent became the top Remax guy when I was 29 years old and the state, and then morphed about five years ago.

Now it was five years ago, just a little about five and a half years ago. I bought my first property that I ever kept. We fixed a little flipped a little before that, but if I had enough years ago bought my first rental and then. Uh, that was, it fell, fell in love with what the investment side of the business, and completely morphed my business into investing and, uh, and was able to buy my time back by no longer being an, an agent who shows homes or list properties here about a year and a half ago.

And so it’s really are the investment business really on fire.

Mike: Yeah. You know, what I think happens is in your business, like you’re working on for most people. I don’t know if you’ll resonate with this. I think you will. You’re working on kind of active money, right? As an agent is transactional. Every deal you do, then you get into the real estate investing space and it’s bigger numbers, but it’s still transactional, but you like love it.

So you’re like, how could I [00:03:00] ever not do this right? As time goes by. You’re like, ah, I thought of a few ways why I don’t want to do this anymore. Right. And maybe you’ve got some rentals and you start to realize. I get recurring payments from this. Initially they feel small, but you start to think about how do I ratchet that up so I can get more kind of, I don’t want to call it passive because a lot of this stuff isn’t really as passive as anybody would lead you to believe, but it’s recurring for sure.

Right. And so I think that’s what happens. It’s just as like, it’s kind of the, it’s kind of the evolution of a real estate investor is to replace.

Neil: Yeah, you’re totally right at that. And then, and then derive the net benefits outside of dollars and cents that you can get from the, how you earn your money.

Right? So it’s a whole lot easier to on a recurring basis to, to manage that monster, if you will, to a degree versus great. Now I’ve got to go out and start. Uh, you gotta, you gotta go earn it from zero every time. Right. Yeah. So

Mike: talk a little bit about kind of why you’re transitioning. I mean, I think we just sold our own thunder there a little bit of talking about some of it, but what are some other reasons why you’re making that transition?[00:04:00]

Neil: You know, I got to just like, I got to a point in my, you know, being a realtor was going to are great. I, you know, I ended up. Erin a fair bit of money and I was going this, this needs to get placed someplace. Right. And so that led me to single families to go great. Let’s let’s build a rental portfolio. Now I found myself going, okay, this isn’t quite as passive as one would think it is.

And you got, you got a little more dollars and it’s going great. Now, how do I, how do I leverage up, leverage up my skill set at the same time as leveraging up dollars and cents and, and morphine into to commercial. So I started buying commercial. About three and a half years ago and have bought a number of assets over the last three years.

And you know, the big benefits for me is, you know, the ability to focus. It’s, it’s, it’s like buying, you know, in many cases, 10 or 20 or 50 or a hundred houses, single family houses at one time. So the ability you get more, you get more juice from the squeeze because it’s, while there’s a lot of effort to buy one [00:05:00] deal, it’s, it’s disruptive.

To the benefits that you actually get. Yep. Yeah. I got to get the rescue and focus on the thing. You know, the, the one thing getting all the way through, um, depreciation is incredible. Right. And when you can buy a single asset and then property management it’d be, has become substantially easier to make.

Uh, commercial assets in comparison to single family homes. So most of our single family homes are outsourced to a third party property manager, which we’ve gone through. Now we’re on our third iteration of a property manager in the last 18 months. It is a it’s. It can be a challenging business. There’s no, there’s, there’s no.

Property managers that thankless business, right? No doubt. It is a very hard way for one to earn a buck. And, uh, on the, on the commercial side, it’s, you know, you’re dealing with professionals, often, people who have gone to school up in educator for this, it is a different breed of folks. Um, and it just has [00:06:00] become way easier, way more hands off.

It’s just an easier way to make, make dollars and cents. And at the end of the day, the goal is to simplify that it’s not make it more complicated. Yeah.

Mike: Yeah. Yeah. And it’s more B2B, right. More B2B than B2C, less probably emotion tied to it. It’s just more of people making business decisions, ultimately

Neil: right.

People making business decisions. Yes. But then at the same time to be able to get. For how we buy. And our goal is, is to buy, you know, some level of distress. I say distress, some level of where we can add value in, in force appreciation through just through making an, either physical improvement, through making a management change through enforcing some leases that hadn’t been previously enforced, doing something to really drive the dollars and cents the NOI op increase our revenue.

And as a result, dramatically increase the value of. Yeah, that’s one of the things

Mike: that I love, let’s talk about like the ability to create value with commercial as compared to single family was [00:07:00] single family. You’re always capped by what the retail comps are for the most part, right? I mean, you could owner finance and maybe sell it for more, but then you’re, then you’re, you’re the bank as well, which is not a bad thing.

But with commercial, you essentially have, you know, damn near unlimited potential to increase the value. If, if you can find a way to truly increase value for your customer.

Neil: Yeah, you’re exactly right, because there’s, you know, there’s the two primary ways in which one values a property as an appraiser’s, right.

Is whether you do it three ways, a cost approach, which almost nobody uses, unless you’re a new construction, right. Or you’re using the income approach, which is the primary method of, of valuation in commercial. So meaning you, you you’ve, you’ve got X number. You’ve your income is X and you’ve got a cap rate of Y you just do some math and that’s the value of the property.

Or a sales comparison approach in single family home. Your home’s worth about what the neighbors homes old. Yeah.

Mike: Could you have a couple of examples of like some commercial properties that you bought and you bought it with the intention of you, like you [00:08:00] saw, Hey, I can do this and this and this and create some value and maybe just kind of share like a mini case study here of an example of that.

Neil: Yeah. We’ve actually, uh, I’ll give you one that we’re going through right now that we bought a two and a half years ago and we’re just under contract. Uh, at this point in time. So about a two and a half years ago, it was December. I wanted to get the deal done of course, in the tax year. And so to the seller.

And so we came to an agreement like the 5th of December to get it, to get it done, which there was no way I was getting along closed in 25 days. I’m rounding here. $820,000 to a building sits on a two to two parcels right next to each other. Uh, it’s a little, it’s a retail strip neighborhood strip. So, um, you know, you got a subway.

I got a dairy queen, got a vet clinic and a few other things littered in there and that it had produced at that time. It was roughly about a nine cap. Um, the building’s about 40 some odd years old needs needs, ultimately [00:09:00] to realize its highest and potential value over a period of time, both buildings are gonna have to be scraped and they’re going to build new.

So we’re in an area that is a really solid beat class area and there’s a whole bunch of development taking place on the street. So everything’s getting a facelift or literally demised and then put back up. So we went in there, I went in there and. Took it down. I ended up buying it from the seller on contract so we could get the deal done in the calendar year, but I put 10% down and up refinancing at 60 days later to get it on a permanent loan.

And so that got buttoned up just fine. I put new management in place and then from an F w as soon as we went through and, uh, did, uh, uh, Audit. So that just means for everybody read the leases and then decide what’s being done today versus what the lease actually says. And you’d be shocked to find that all a bunch of leases are not being enforced either.

And oftentimes it’s not the dollars and cents on the lease rate. That’s not being forced. It’s the insurance policies while that. Uh, the [00:10:00] landlord now has to happen insurance policy versus pushing that down to the tenant. It’s your sheriff common area expenses where it should have been accident. It’s really why.

So, but that’s simply what w all I did, Mike is go in there. W knew this going in before we close. What’s going to have to be done. Read it a couple of things with the tenants there just to enforce the leases that were in place and then properly manage it. And by that, I mean, keep an eye on the expenses.

Do not let the management company get out of line with what, what needs to be done to the property. And I went in there and set the expectation from the get, go to go, listen, this thing is. Is a property that it’s best use at the end of its life at the end of this day is going to be scraped. So anything that needs to be done, find a bandaid for, or get to two rolls of duct tape, just put the thing back together, don’t buy new and used is good enough.

And so that’s what I was able to do. Um, now what’s ha what’s transpired over, over the last two years is, you [00:11:00] know, um, is cap rates have compressed and there’s a whole bunch of, you know, right now, There’s tons of cash in the environment too, to try to find anything available. So we bought it for, we bought it for eight, um, just listed it right, darn near one six.

And, uh, we’re we’re I can’t tell you exactly where it’s at since we’re under contract, but, uh, very close to the, to the asking price is where we sit in.

Mike: Yeah, that’s great. That’s great. So we talked about, uh, you know, one question I want you to answer is I think a lot of people say, well, why would, because they, they associate commercial properties more with investors.

Like, you know, it’s not somebody that’s living there ever, generally the case, an investor of some sort, right. So people say, well, why would somebody sell it? If it’s a good deal. Now we know why people sell us houses at a, at a discount, right. They’re distressed, like something’s going on. They can’t afford it.

Or they’ve got health issues or whatever on the seller side and make it the same thing could happen. They have health issues. They could, they could be financially distressed. Right. But, um, maybe share some other reasons in your [00:12:00] experience, why people are selling you commercial properties, just to kind of get some comparison to single family

Neil: houses.

Yeah. No great question on that particular one. Property data identified and they wanted to complete a 10 31 exchange. This, this, this people I bought it from, or are some of the largest commercial property owners in the city from a, from a family standpoint. So they absolutely know what they’re doing and they know how to execute it.

They’ve been around a long time doing this, but let me ask you a question. I mean, would you, would you sell a property that you own at a discount? If you believed you were going to make way more money on a property, you went into. Sure. Yeah. And so I think that’s where this particular situation came in is that you find some motivation.

Somebody wants to, they’re gone. I don’t want this anymore. The grass is greener on the other side. Yep. Another property about a two-pack of properties here, just just a few months back. Uh, the, the seller, the gentlemen, there was at a spot where he was an orthodontist, sold his practice a handful of years ago and retain the real estate.

So now [00:13:00] was coming up to the selling the real estate he’s somewhere in his seventies. And just at a point where. It was time for him to, to make a change, to get out.

Mike: That’s what I think a lot of people don’t realize is because we’ve bought some commercial properties and, and people are like, why would they, it seems like they could have gotten more.

Well, it’s like, yeah, they, if they’ve made the updates they needed to, like, they probably saw that, but sometimes people look at it. And they’re like, you know what, I’m selling it for four X. What I bought it for like eight years ago or 10 years ago. So, you know, is there more opportunity? Sure. But that’ll never end up, I play that game.

I saw, I’m just willing to take what I have now. It’s like trading in the car, right? Like I’m not getting top dollar, but man, this was

Neil: easy, right? No, you’re, you’re absolutely right that, and you know, at some point, if they, especially with dealing with brokers and that’s, that’s one of the things that is dramatically different in the commercial side versus the single family side, you know, in the single family side, I can think of two properties I ever bought on an MLS.

I mean, th that means hundreds of bought off MLS seller direct, right. But on the, on [00:14:00] the commercial side, you know, while everybody w while there’s no exact, um, repository for the numbers, just because of the way commercial works, it’s generally agreed that at least 50% of the transactions take place off market with.

So both off market and what they broker. So it’s imperative for us then to, to build a relationships with brokers, to find those off-market deals, to be able to, to be able to move the needle and, and pick up transactions. And that’s what being able to do is, is dial that process.

Mike: Yup. Yup. So I wanted to talk a little about kind of pros and cons.

I think we really just talked a lot about pros and what are some cons? Are there any cons that you see and obviously you’re moving in that direction. So you probably think there’s more pros than cons, but you might be some cons about the commercial side at relative to. The single family side. Well, you’re

Neil: your biggest con like anything is that you buy, correct.

Right. And so that’s why, you know, I always say we’re looking for, when I acquire is value, add property things that we can move the needle on or what you want to [00:15:00] call it, dented and scratched commercial stuff. So something that looks that has a flavor that’s similar to that of, of single family. Sure. But you know, uh, biggest con if you will, it’s a material difference is your lending, you know, in, in several instances, You know, where you can go get a Fannie Mae Freddie Mac.

If you’re going to put it on your books, you can get up to 10 loans and put them on a 30 year fixed rate finance, but then you’ve got to do something after that commercial. You don’t get that choice. You’re going to end up in a commercial bank borrowing typically on a, on a three year, five year, seven year, 10 year fixed rate.

Every bank’s a bit different. There’s plenty of people, you know, everybody will do a five-year, but there’s some nuances. Just don’t have appetites for ten-year loans. Some banks don’t happen to have appetites for whatever commercial. You’re going to buy. So you’ve got to build multiple relationships with folks and understand who’s got an appetite for what?

And then your amateurization schedule. Some people want to put you on a 20 [00:16:00] or 25 or 30, so there’s moving more moving pieces on the lending side. And that’s, that’s, that’s the, that’s a big factor that could be. I don’t know if it’s a negative, but it’s certainly a material difference. Yeah.

Mike: Yeah. And what do you think about maybe liquidity?

Like single family is probably a little bit easier to move than a, than a commercial if you wanted to sell it right. Sure. Yeah,

Neil: it absolutely is. And then, uh, liquidity is a different, and then you’re reporting back to the bank. So, you know, when you buy a single family home, most of the time. A great deal of reporting.

If any, back to a bank on the commercial side, it’s, you know, it’s every year tax returns, personal financial statement, they, I mean, they want to, they want to understand exactly what’s taking place. They want to be able to project forward and you know, their goal is to, to not lose, right. Just like it should be our goal.

They’re trying to protect their asset.

Mike: They’re

Neil: protecting their asset. Yes.

Mike: Yeah. Yeah. Cool. Well, let’s talk about kind of finding deals and sourcing deals, things like that. So [00:17:00] obviously the whole game, not the whole game, but a significant part of the game on the single family side is lead generation finding deals, whether it’s pay-per-click direct mail, texting, cold, calling all those things.

How does that compare on the single family? I’m sorry, on the commercial. Yeah,

Neil: it’s it. While that there are factors that, that are, that are still in play the most, the bulk of the transactions, even good deals. You’re like, you know, on the single-family side of you’re gone, they’re good deals don’t appear on the MLS brokers.

Don’t get involved in good deals. Right? Cause they, they have a whole different, um, outlook on it. There are good deals and the majority of our good deals, if you will, um, have all come from. Um, so it for us, it’s, you know, it’s a three-step process for us. It’s identifying, uh, brokers who specialize in that, in which we intend to buy.

And then in, in the locations we intend to buy it. And then for us it’s how do you proactively reach out? What do you say? How do you say it? How do you connect with people and then ongoing, how do you, how do you stay in front of these people? How [00:18:00] do you stay relevant? And if by, by relevant, you know, We’ve got to ask.

I ask the question internally to go, uh, if they’ve got a good deal, who are they calling first? Who’s a top of mind. And if that’s not, that’s not me, then I’m not doing a good enough job staying in front of these people. And a lot of that has to do with casting. Because you would think I’ll just call the number one guy, the number one guy gets all the deal, flow, everything else.

While they may get a lot of deal flow, they don’t get all the deal flow. And you know, if they’ve been around forever, right, 10, 20, 30 years, most of those relationships have solidified. It’s going to be tough to become number one in there. So that’s why we’re building relationships with multiple folks.

Because you don’t know where you don’t know where they’re listing, where their relationships, relationships extend to. Um, so we’ve gotten deals from top people. We’ve gotten deals from people who are literally one, two years in the.

Mike: Yup. Yup. Yeah. And on the commercial side, it’s not as efficient. I mean, again, I’ve only bought a couple of hundreds of properties.

I’ve only bought a [00:19:00] couple off the MLS as well from single family, but on the commercial side, it’s, it’s common for us to buy, uh, large multi-families through, through brokers. The same thing you’re talking about here, sometimes they’re listed, uh, the problem with listing is there’s not something as efficient as the MLS on the commercial side, right?

People are listing them all over in different websites or maybe on their own website. And so it’s not. There’s not a one-stop shop on that commercial side. Like maybe there is on the single family side and sometimes they’re kind of off market, right? Like that a broker knows it’s coming or, you know, we even have, um, multi-family that we’ve bought through a broker and they keep following up because they want to be there to help sell it.

So they’re like, Hey, I think I have somebody that I can sell this to you for twice what I sold it to you for. Right. And so it’s interesting. It’s an interesting thing.

Neil: Right? Well, let me clarify off market. We went buy deals. They are listed. But they’re off market listings with a broker, meaning the broker does not, you know, they don’t need to put it on LoopNet or correct.

See, or their own company website. They literally have a listing. So it’s almost like a private listing. Right. They have a listing and [00:20:00] they’re selling it to their own clientele. Right. So they’re protected from that standpoint. So you’ve got a seller who actually wants to sell, uh, but that, that broker is going to get it done because that’s, that’s one of the dramatic differences in, in the real tour world or the real estate agent world is on the commercial side, you know, 50 plus percent of a, of an agent’s transactions are double-sided, they’re working with both parties.

And now like in that to a single. Agent with the today or from the op some of the off market stuff, maybe up, up a little higher today because of how tight inventory is. But traditionally under 5%, I mean, not in close. Yeah.

Mike: Yeah. So Neil, if folks wanted to kind of transition, I feel like. Great. Why am I still doing single family here?

And I know, you know, one of the things that I, that I want to point out here is for you and me both, uh, we do other things now, but single family really was the foundation of how we got our start and how we got there. Right. So I look back now and it was, it’s been great to me. I don’t do it as much as I used to anymore, other than managing my rental portfolio, we just had a rental burndown.

[00:21:00] So I’ll rehabbing that we’ve got all those same things still going on. Right. But we use it as a stepping stone to something else. So if folks hear this and they want to use it as a stepping stone into. What are some of the lessons you’ve learned that you can share with people, how to climb that learning curve a little bit faster than

Neil: maybe they would otherwise?

Yeah, that’s a good question. You know, I think we. It’s actually easier than what one thinks it is. I think if from the outside looking in and I re I recall back to thinking, you know, when you and I first connected years back on, oh man, I don’t, I don’t know how to, what in the, world’s a wholesale in a house.

I mean, I know how to fix and flip, but I don’t know how to, I will say on what that is. And so I think we’re always afraid of the unknown and, uh, you know, the, the dark, if you will, is, is scarier than thinking of a light. And it’s just not that hard. Yeah. If you treat this, like the, the profession that it is.

And just knowing that it’s, it, it is, uh, like you said, it’s closer to BDB profession that, um, you’re dealing with professionals and they, they, they act if I want to get things done since you’re dealing [00:22:00] with, uh, an environment where people everybody’s engaged and want to get compensated, so understanding how to plug in there, but.

To your question back that the beginning is you start with the end in mind, what do you want to buy? Like where do you want to go? And then make that decision and start going down that path. You want to buy whatever it is, apartments or offices or industrial, which is hot right now. Just make the decision, understand your market inside and out, understand, you know, what the buildings are, what things are trading for and connect with those who are active deal makers in that, in that, in that.

Yup. Yup.

Mike: And, and I’m guessing one thing that you would maybe say is, I was just thinking of some things that were in my mind is for, cause I’ve had a number of friends transition into multifamily that, that are in our investor fuel group and things like that. And I know some of the challenges. You’re doing less deals generally, but they’re bigger deals, right?

So the deals are, are spread out more. If they will, if you’re used to doing five houses a month or even two houses a [00:23:00] month, and now you might do one big commercial deal a year. Some of that is, is from a cashflow standpoint, having some runway to be able to withstand that, wait time between doing it. You might not get paid for a while and then you do a deal and you have an opportunity depending on how it’s structured.

Right. But space, we have like an acquisition fee. So the, whoever the chief sponsor is, or sometimes the GPS actually get paid for acquiring a property, much like an agent would, I guess that’s exactly right. Some paydays and most of the paydays are down the road when you harvest that ultimately, but correct.

Um, I think one

Neil: way, right? Yes. But I think you can also make a transition over a period of time. I don’t think it needs to be an either or I think it’s center. If you can, um, strategically carve off some time to focus and add this into what you’re doing in your single family space today, which is exactly how I did it.

And then I’m like you, I still have, I still have single family exposure. We still fix and flip still, still hotels still, no Bates still do it all. Um, but we’d be able to button that business [00:24:00] and keep it in a, uh, you know, keep it running without me having to spend all my time. Yeah, yeah,

Mike: yeah. That that’s key.

And that is the hard part is, and you and your you’re a master at building out a team to help pull yourself out of it. I mean, you’re, you’re definitely one of the best people I know in that space. And I told somebody else today, somebody else that I know that was like, man, you know, we’ve been having a tough month cause I lost an acquisitions guy and this happens and I just kind of wrote back, you know, finding the right team is the hardest part of this business.

Like putting the right people in place is the hardest part of this business. I know you’ve done well with that. So some advice to people would be. Get your house in order, right? Correct. You will allow you to be able to pull back a little bit and focus on doing

Neil: other things. That is a, it is the foundation is a, not because there’s there, there’s no way we might be able to be here as fast as I’ve been able to come up a curve, but out the right, the right people in the right spots who are absolutely committed to, to a shared, um, shared vision and for where we’re at.

Mike: Yeah. Yeah. Awesome. Well, Neil, if folks, you, you, I know you have a [00:25:00] podcast, you have a book out, uh, I think you’re doing some hand modeling. What else you have going on, but maybe share some tips with us on how folks can connect with you and learn more about what you’ve got going on. Yeah,

Neil: you can do it a couple of ways.

One, you know, one, I wrote the three steps to uncovering off-market deals. If you want that free download. So you can understand how to get in out of how to build relationships with brokers, where to go. Um, you can get that on my website, which is legacy impact partners. Dot com forward slash gift forward slash gift.

That’s three steps to uncovering off-market commercial deals. Uh, otherwise you can you’re right. I’ve got a podcast, real grit, and you can find me on LinkedIn or on Facebook. Just my name.

Mike: Awesome. Well, that, that was a lot of stuff there guys. So I’ll, we’re going to put it down in the show notes for all of you.

They get Neil’s book, learn about his podcast, real grit, and to connect with him on social media. We’ll put all those links down in the show notes here. So make sure you check them out and go to flipper.com. You go into our shows area. [00:26:00] Um, Neil, awesome, man, is there anything else that we didn’t talk about today in terms of the transition that you think people need to hear?

You’re like I gave them 95%, but this last piece is really the most important one. Anything we missed there? Um, maybe we got it

Neil: all. Uh, no, that’s a good question. You know, just, uh, keep yourself open. There’s going to be bumps. There’s gonna be things along the way. There’s a whole bunch of resources and dis surround yourself with education.

I’ve been, been a big proponent of education, and yet Mike, you run the most successful. Uh, mastermind group in the country with top-notch people. And I think if you find yourself in a spot where you want to go, just find somebody who’s either been there or surround yourself in a room with people who are, who are doing that and seeking the similar outcome as you are, and get yourself educated because when you can do it together with folks and not come, not competing, but do together with folks, if you can get there a whole lot faster, and it’s in that shared successes, just.

No doubt,

Mike: no doubt. And we didn’t talk about it much, but you know, one of the things I love about the [00:27:00] multi we’re doing multi-family, you’re doing different types of commercials, but these bigger commercial deals are like perfect opportunities to partner with people. And it could be somebody raising money.

It could be somebody is the sponsor of the deal. It could be that somebody is going to do the property management. Like the deals are just bigger and they’re. They’re more equipped. So allow you to partner with people, you know, maybe more so than on the single

Neil: well, that’s a, that’s a good way to sum that up.

I would call commercial a team sport. Yeah.

Mike: Yeah. Awesome. Well, Neil, thanks for sharing anything with us today. It’s good stuff.

Neil: Good to see you. My friend. I appreciate you having

Mike: me here. Yeah, of course. Of course everybody. Thanks for joining us. Hopefully you got some value. Hey, I’ll tell you, I’ll tell you what, um, the FlipNerd, uh, podcast is about to evolve into a network of several different, uh, FlipNerd kind of powered shows with different hosts and everything.

You’re going to see that all sorts of unwind here. Couple months. So make sure you’ve joined us beautiful green.com. You can click join at the top and get on our list. So we make sure we notify you of all the new shows coming up, but we’ve got some really cool things going [00:28:00] on and more and more guests like Neil, awesome people out there that are willing to kind of open up the kimono and share exactly what they’re doing.

So go to flipnerd.com. Make sure you subscribe and we’ll see you on the next show.


Mike: for listening to today’s show. There are three ways I can help you start or grow your real estate investing business. If you’re a new investor in just getting started, the FlipNerd investor coaching program is the most effective program in America.

I’ve been coaching and mentoring new real estate investors for 10. And my students have literally purchased thousands and thousands of properties. Many of them started with little to no experience at all. Our program is a paint by numbers program, where we tell you exactly what to do week by week to make sure that you don’t get distracted on your way to results.

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