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Investing in Multifamily Properties with Bill Manassero

SHOW SUMMARY:

Bill Manassero started investing in real estate at the youthful age of 58 years old. He spent the last 11 years of his life serving with his family as missionaries to orphans, abandoned, and at-risk children in Haiti.

Bill is a passive investor and has a goal of acquiring 1,000 doors/units in 6 years.

SHOW HIGHLIGHTS:

  • Who Bill Manassero is
  • Traveling with his family
  • Moving to Haiti with his family
  • How he got into real estate
  • Starting a podcast
  • Number of properties he owns in different states
  • Focusing on multifamily
  • How he is investing now
  • Finding and analyzing multifamily properties
  • Dealing with competition
  • His business model
  • Marketing off-market deals
  • Mentoring his volunteers
  • The number of deals he has to look at and the number of offers he has to make to put a deal together
  • His direct mail criteria
  • His advice for those who are just starting out

Quotes:

  • "Real estate is people, people, people."
  • "Know what your WHY is.”

RESOURCES AND LINKS FROM THIS SHOW:

SHOW TRANSCRIPT:

 

Larry: Welcome to the Brain-Pick-A-Pro show live from Lake Wylie, South Carolina. This is Larry Goins and I am really excited you guys are watching. If it’s your first episode your seeing, Brain-Pick-A-Pro is all about interviewing experts in real estate. They might be national authors, trainors, gurus. They might be, you know, just regular guys out there making a living, might be musicians, might be people who have recorded CDs, like our guest today. Our guest today is a good guy. I mean, this is just a great, great guy, somebody you need to get to know, Bill Manassero. Bill, he’s a passive investor. He’s got a goal to get up to a thousand units. He likes teaching real estate. He’s got a podcast called Old Dawg's REI Network. I’ve been on it. I think twice now.

Bill: Yes.


Larry: He’s just a great, great guy. He’s a missionary. He’s very involved in a charity he started with his daughter, and he records children CDs, right? He sent me a couple of them.

Bill: That was a lot, I tell you.


Larry: It’s okay. It’s still good. It’s Mr. Bill right here. That’s good. I love it. I love it. So, Bill, why don’t you tell our guest a little bit about yourself.

Bill: Sure. Basically, about cash. I was starting off in business, starting off in banking actually way back when, worked on the corporate side of things, decided to go into the entrepreneur world, started consulting, started my own businesses; and then from there, I get to that for quite a while and later on in life, I had a call to the mission field. The first time I went out, it was children’s music, like the CDs you showed me. We travelled around to churches and summer camps, music festivals, all kinds of things, you know, singing mainly for kids and families. While we’re doing that, it was still really kind of funny, because I went from this almost 20 years in business. It was very, you know, very stressful and everything. This next phase, you know, when we went into full time ministry, I really decided I want to be with my family because I travel a lot, overseas and other places for my business. We’re kind of like the Partridge family. I don’t know how many people know what the Partridge family are who are listening. You probably know who they are, right?


Larry: I do. I do. I am an old dawg.

Bill: So we had this big 34-foot RV and we bought like eight foot trailer with all of our equipment in it. We are a kid’s rock band basically, and we traveled all over the US. We went to places like Europe and Africa, and Russia, I mean, just all over the place.


Larry: Wow.

Bill: Yes. It was a real adventure. I mean, the finest part about it is that my family was with me. That was great. The kids kind of grew up in the road which is really an interesting experience there. As part of the show, they’re going to do hand motions and sing. My wife as well. It was a blast. It was one of the biggest adventures, you know, I’ve ever encountered. During that time, while we’re out in the road, we used to interact with a lot of other ministries out there. We do a lot of things with compassion internationally, and kind of see the world vision and that kind of thing.


Larry: Right.

Bill: My youngest daughter wanted to sponsor some kids and so she actually picked out a couple of kids that she would sponsor. This one little kid was from Haiti. She was just totally fascinated with Haiti and everything involved with Haiti. You know, she even had this little notebook that she would keep as she goes in to like orphanages and like print out the pictures of all the kids in the orphanages, then learn their names. I mean, it was just crazy. She was really obsessed. When we had an opportunity to do a concert in Haiti and so we went there with our church. It was just that, you know, we’d go to different churches, to schools, all kinds of different places. When we got there, it just confirmed in her. She said to us that this is just where she wants to live. She showed me that she had this dream that she wanted to actually build an orphanage in Haiti. An orphanage, a church, a school, a hospital, all these things. She was like eight or nine years old at that time. I was really impressed. I said, this is great, you know. But I figured, you know, today she is like yes and in a couple of years, she is going to want to do something else, you know, but she never stopped. So, this trip to Haiti really confirmed with her. You know, we used to do interviews on different music shows and things for kids and that kind of feeling.


One time, we shared her story about her heart for Haiti and what she’s doing. It just started this, sort of, avalanche of cheques coming in from people saying, “here’s for Ari.” Her name is Arianna. It goes, “here’s for Ari’s dream,” you know. We had this fun. We were just pretty hooked up. Well, when she turns 18, you know, she’ll be able to go and do that. When we went over there on that trip, it just impacted us tremendously. We saw the need there. We saw just these kids, a lot of them that really tests our hearts for street kids. You know, kids three or four years old that are on the street, begging. It was really, really hard.


As we are flying back from that trip, you know, on the plane, we’re flying back and you know, we’re all kind of quiet on the plane because it just really kind of hit us pretty hard. My wife looks at me and she goes, “you know, I think we’re going the wrong way.” Then I ask her, what do you mean? She said, “well maybe it’s not just Arianna’s dream. Maybe this is something we can do as a family.” I wasn’t hearing it. You know, I was kind of going, okay, we’ll that’s great. You know, we’re in the middle of all these other stuff that we’re doing. We got another album coming out and all these different things. When we’re back in the state, we had a call from people we contacted back there. One of the homes we visited was a home for street kids. They were in trouble so we went to our church and said, “hey, is there anything we can do to help these kids?” The church, you know, took our collection, and we were able to fly over and just bring food, set these kids up and help them out. Anyway, that trip is where I felt the calling that we got to go. We literally just, you know, sold everything we had or gave it away, hopped on a plane with 15 bins of everything we own that was left. These were rubber-made bins and we headed over to Haiti and started with this handful of kids, 12 kids, street kids.


Over the next 12 years, we lived there and grew into a pretty big ministry where we had a guest house and we had a boy’s home, a girl’s home, a medical clinic, an occasional training program, all these stuff that went on over there. That was what I was doing up until about three years ago. As you know, I’m getting older, we had a lot of incidents there. We had everything from hurricanes to, you know, had kidnappings, to just all kinds of crazy stuff that happened while we were there. One thing, my wife got cancer and so we had to fly back from Haiti. Even though we were in the state, even in such a serious situation as that, you know, her heart was in Haiti. She just wants to get this thing over with and come back to Haiti. We still have such a lot of work. As we came back, it was just taking its toll on us. It’s a tough place. It’s pretty toxic. You know, it just really wears on you. The things you see everyday is pretty traumatizing to some people. We’re kind of looking at, you know, what does God wants us to do next.


He showed us in just a matter of about a year that, you know, he wants us to come on. A lot of our kids have grown up and moved back to the states. You know, we have seven kids. We started looking at what we could do. We ended up, you know, while I am there, I am kind of like what am I going to do when I go back because, you know, I’ve kind of been living on faith for, you know, I don’t know, it’s 12 years in Haiti and then we have about other 10 years in Mr. Bill industry. I was kind of going, you know, what am I going to do? I’ve been kind of thinking about this and I said, I could go out there with my resume, my old corporate resume from way back when, bringing it out of the dusty archives. You know, I was kind of thinking because this guy is like six double six years old, you know. I’m kind of looking at all the options. I just kept seeing myself with a blue vest at Walmart, you know, handing out cards and I am kind of going, I’m a little nervous here. Well you know, I started businesses, you know, maybe I can start some sort of a business and that’s when I started looking around.


I actually started an online business while I was there. We had this in our vocational training program, we had all these different microbusinesses that we were working out with the kids. We had an internet business, basically. We’re teaching kids about, you know, doing web design and things like that. We started this little business where you know you buy on Amazon and sell on eBay, you know, really simple. They do the drop shipping and so I started teaching the kids how to do this. They were doing really good at it. I was doing it on the side as well. I am going, hey maybe I’ll just do this. It was growing and it looked really good. I said, yes, let’s go back and I’ll just continue doing this.


But then, I got kicked off of eBay.


Larry: Oh, no.

Bill: Yes. It’s one of those things where, you know, your suppliers have to be there. So, somebody will order something. You think you have it, but then you don’t have it. And then, you were all lies and forced to say, I’m sorry. Here’s your refund. I’m sorry, our supplier is out of it, but you still get a really bad review. I think if you only have to have is like three bad reviews at least like that, and then you’re off of eBay. So, so much for that idea.


I was looking at other things. I had some friends with real estate and doing things real estate investing, in fact the chairman up the board of our nonprofit. He’s a real estate investor in Southern California.


Larry: Right.

Bill: I’m just kind of thinking about it because I was in the stock market but I wasn’t really, you know, I was kind of concerned because the market was very volatile at that time and decided, you know, maybe I should diversify or maybe at least get somewhat involved in real estate, maybe buy or do something sort of passive. I got this inheritance cheques out of nowhere that I could expect. It was a pretty sized amount of money. I was thinking I am not going to put this in the market, but I’m not just going to hold on to either. So, I was researching and researching. I said, you know what, maybe I will just buy some rental property and just see what happens. I did some research on good areas and I found that Atlanta, Memphis, and Indianapolis. I hopped on a plane and I flew to Atlanta and Memphis and bought three rental properties, two single family homes and one duplex, then I flew back to Haiti.


The next month, okay, I started getting these cheques, you know. I mean, probably cheques, I think it was an electronic transfer but I was just going, this is really sweet. You know, I didn’t have to do anything.


Larry: Right, right.

Bill: Turnkey properties. I saw it was one of those things where they had everything, they did everything for you. The house was all rehabbed, you know, they had tenants. So I just go ahead, this is pretty nice. As I’m looking at my retirement options, I’m going, why can’t I just do this and maybe just try to grow this and see what happens. As I’m doing this, I’m sharing this with buddies of mine that are also old dawg and, you know, they’re kind of hearing the story and they’re like amazed at the returns that I was getting and the things that are happening. So they’re asking me, they’re emailing me, and they’re calling me. You know, what are you doing? How did you do this? So I was just writing to people and then I was kind of getting kind of conversant, you know, just getting all these details to people so I said, “look. I’m going to do a blog and then from that blog, you know, you can read this stuff and I’ll answer your questions on the blog or what have you.” So, that started out. I had a friend of mine, that I’m actually was helping. He was kind of coaching at that time. He said, we got to do a podcast. I said, oh gee! You know, I’m kind of going.


First off, I stuttered a lot. I say, “and umm” and I say all these, you know. I mean, I got a face for radio, definitely. But I’m thinking, I don’t know. It’s crazy. He says, no, do it. You’ll see the results. You’ll see what happens and stuff. Anyway, I started doing this podcast. It was right around that time that I started decreasing my portfolio. I bought another property actually in Indianapolis. It’s duplex, and then I was seeing sort of wonderful things that was happening. I was kind of looking at the economy as a scale that were going on here. I paid about the same for all the properties.


Larry: Right.

Bill: The duplex that I bought in Indianapolis, I paid like 50,000 for it. It had three bedroom, one bath on each side. I was pulling them out and I think it was about 650 at that time, you know, on each side. I’m going, this is great. I paid more for some of my single family homes and I’m not making half of that, you know, in some of these homes. So, I’m looking at that and I’m going, well, this is what I’m going to do. Two duplexes, they both were performing well and that’s where I said, you know, I’m just going to make a plan here, okay? What I’m going to do, I don’t want to be working. I want to get these rental properties, let them just generate passive income, you know, talk to a property manager every now and then. And then, you know, just be able to drop my retirement, my grandkids, you know, my wife and I want to travel, and do things. I’m going, okay, this will work. So, I set this goal. As you mentioned the goal earlier when you introduced me, a thousand units in six years. We don’t need a thousand units, but what we’re hoping to do is to be able to when we grow this, to be able to help support our activities in Haiti because we still have the orphanage back there. That’s still part of our heart. That’s what I did. I started doing that. I started buying apartment buildings at that point and basically I’m been on that tracks since then. I share my story, you know, the good, the bad, and the ugly, you know? Being a landlord and dealing with a lot of things like that and the real estate investing process. I’ve been a lot of it. Maybe that’s what they do and that’s what the old dawg network came from. I have great guests on the show like yourself and we share some fantastic information. People are getting educated. It’s a blast. So that’s the story. That was the short version.


Larry: That was the short version. I love it. I love it. That’s great. That’s great. This is good stuff, man. Before we jump into some more real estate stuff, would you share with our listeners and viewers the website for the mission in Haiti?

Bill: Oh, you bet. Yes. It’s childhope.org, okay? Child hope. That’s just one word, dot O-R-G. You can go over there and you got to see what we do there. We have a nice young couple there that’s sitting in for us as directors, and great and patient staff, and you’ll see the beautiful kids. It’s pretty, pretty exciting stuff.


Larry: That’s awesome, man. Did you say it was Judy that helped you get started in real estate?

Bill: No. It’s actually Joe Fairless.


Larry: Oh, okay. No I mean, like at your church and stuff that was doing real estate and kind of got you started.

Bill: How do you know, Judy? How did you know it’s Judy?


Larry: He’s on the website. I’ve seen him on there.

Bill: Oh, he is. There was another guy named Peter Bollinger who was on there before. Peter was the guy. He buys apartments here in Southern California. Yes, I looked at the cost of entry and pretty well excluded California like in my first research. I said, this is crazy. I mean, just the minimum price to buy a house here, I can buy a sizeable apartment in many parts of the country, so I just kind of said no to California.


Larry: Exactly. I don’t blame you. Now, you own properties in how many different states?

Bill: The main ones are in Georgie, Tennessee and Indianapolis. Right now, we actually have some offers out in North Carolina, believe it or not, so maybe down the street from you. Another one right now is, oh, actually another one in Indianapolis. That’s right. But, I’m also looking at Texas and Florida and some other areas, but mainly the southeast, midwest.


Larry: You’re really focusing on multifamily now, right?

Bill: That’s where I’m focused. I still have the single family homes. But, I have some that have no problems at all. I have others that is just, it’s really tough. An air conditioning unit breaks down or something like that and there goes your cash flow for the year.


Larry: Right, right.

Bill: So it’s a real talk. But, I have something to do better. I think the other ones are not the greatest area, but it can happen in any house, really, any property.


Larry: That’s good. So, at this point, are you using your own money or putting together syncations or how are you investing now?

Bill: Up to this point, I’ve been doing my own and just for leveraging off of the properties, they’ve appreciated. For example, that Indianapolis duplex, I bought it for 50. I bought it in the right area and it went up to 200,000.


Larry: Wow.

Bill: Yes. That was in less than two years, so I was able to pull equity out of that. I pulled equity out of most of the properties. Initially, I bought in cash but then I’ve been using those funds to leverage it and now the apartment that I have in Indianapolis for example, I’m getting ready to do a cash out refi. But right now, the problems I’ve been looking at in the 100 plus units, I will be putting together a syndication. I have investors. They’ll get our investor’s newsletter and they know the other properties and as they come up and they want to get involved.


Larry: That’s another reason right there to start a podcast and a newsletter as you just mentioned is to help you build a network of people who want to invest passively with you, right?

Bill: Yes, that’s probably been one of the biggest areas of benefit. With that, we’ve grown our investor list quite a bit which has been helpful.


Larry: That’s really good. That’s really good. So, you’re working on putting together a syndication on the next like 100-unit deal or whatever.

Bill: We’ll try.


Larry: Yes. That’s awesome, man. That’s awesome. Let me know how that goes. I might be interested in taking a look at that as well.

Bill: Hey, great, great. Anytime.


Larry: Yes, especially if it’s in North Carolina.

Bill: Yes. I mean, I’m so excited. I’ve been looking at there for a while but a lot of areas are better. They’ve been hot for a while so it’s hard to find really good deals. We found one off market and so we’re looking at it.


Larry: So, let’s talk a little bit about finding and analyzing multi-family properties because a lot of people are really scared of multi-family. I mean, there’s always like the 50% rule or whatever, you know, as far as income versus expenses, but there’s a lot of people. I mean, you could spend hours or even days underwriting a 50 or 100 or 150 unit project, right?

Bill: Yes. You’re right. That part of the underwriting and the due diligence is more intensive than it would be for smaller properties, definitely. But when you get down to it, after that analyzing and so forth, it’s not a lot different than buying a single family home. I mean, you still have your escrow papers and you have your signings.


Larry: Yes.

Bill: The lendings a little different because you have to go to commercial lending for the most parts. But that’s different.


Larry: Right.

Bill: The analyzing, that can be pretty nebulous. I have sort of a streamline way I do it. I actually have, what I call, my three minute property analyzer. They gave away free on my website. You know, when we’re scanning through a lot of properties, you know, some days, I’ll go through 50 properties. There are other people they’ll be going through, looking for properties, and it’s just a quick way to be able to look at it, at a property. Again, at a quick glance, does this look like it has potential? The numbers sometimes that you get, you know, performance, and things like this, aren’t really the best numbers but they give you a rough idea. Then if it looks like it’s good and it rises to the top of the list, then that’s where you get it and give it more extensive analyzing, and the underwriting at that point.


Larry: So that three-minute analyzer, you give it away free at your website, what is your website that you want to send people to?

Bill: Yes, it’s old dawg, dawgs that’s spelled D-A-W-G-S, okay. You know, like we’re a little hip, you know. So old dawgs REI for real estate investing network dot com.


Larry: Be sure and listen to the podcast with me on it.

Bill: Yes.


Larry: Both of them.

Bill: One of the two.


Larry: Yes.


Bill: There’s one coming up. That’s what we’re looking forward to.

Larry: That’s good. So commercial, I say commercial, but multi-family, man it is so hot right now. There’s so many people teaching it now. You mentioned Joe Fairless. It used to be Dave Lindahl, was the only person teaching multi-family.


Bill: Right.

Larry: You got Joe Fairless, you got Gino, you know, wheelbarrow profits guys. You know, you’ve got Brad Sumrok. You’ve got Charles, what’s his name, states with a D. I can’t remember. Anyway, you’ve got so many people teaching real estate now, right?


Bill: Yes.


Larry: Multi-family. So, is there not a lot of competition right now? Don’t you see a lot of competition?

Bill: Yes. I mean, there is. There is and that’s why I’m strictly looking at off-market properties. I mean, I have brokers that will refer me and they’ll occasionally bring up. Lately, there’s a presenting event who were called pocket listings off market deals because the reality is that right now, the people that are buying the most right now are the international and institutional buyers. They will come in and there will be an offering price for that property and the OM and in that, they’ll come in and they will offer 10% more than the offering price. The offering price is usually ridiculous. Some of the international buyers will pay cash. I can’t compete with that. I can’t even bear that because part of my criteria is finding something that’s at least 20% below the market. That’s really hard to find right now. So, yes. It is tough. It is taking me longer than I suspected, because I’m kind of sticking by my criteria because I do anticipate that there is going to be a market correction or another recession that’s going to come along and I don’t want to get stuck with the overpriced property. I want to make sure that we got that offer in there, right? So we can get through that time without any problems.


Larry: What is your model as far as multifamily? Are you looking for properties you can turn around, increase the value, a value add property, or what are you doing?

Bill: Yes, we are value add buyers but I have a different approach. Actually, David Lanoue, we had a show too. His approach initially was sort of a three- to five-year hold, almost like flipping, you know, apartments.


Larry: Right, right.

Bill: Basically, that’s what it was. They’d get a property that was undervalued and then bring it up to par, upgrade it, do all the renovation, and then sell it. Sometimes, it doubled the value of it after they’ve increased rents, increased the value of the property significantly, and then sell it.


Larry: Right.

Bill: That’s how it’s presented to investors but I’m actually looking at more of a longer-term model and if we can find a property that we can hold on to for 10 or 20 years, you know, we may do that. So, you know, we let our investors know right upfront. This may be something if there’s an opportunity in the market where we might sell it but generally, we’re buying for a longer term.


Larry: Right. You know, you would think that a lot of investors do not like that because they want to turn their money, but in actuality, they’re just going to have to deploy their money again if they get it quick.

Bill: Right. What they like and what they’ve gotten used to because the market was different, three or four or five years ago, back then, they turned over property every two or three years and so what they’re getting is this huge bonus on top of the interest that they earn quarterly through that time period. Now, when they get this big bonus at the end and most of them because they didn’t want the tax consequences, would just roll it into another project. That’s how a lot of, you know, investors were just growing and growing because most investors kept their money in or they have to deal with the capital gains. In that approach, even I get it as a passive investor myself, I get it because, you know, you like that little bonus there. But right now, we have an option too and this is part of it too for a long term strategy where we can always, if that property goes up significantly in value, we can do a sort of cash out refi type situation. We could pay back debt, pay them their bonus, the investors, and then we’ll take on the property fully ourselves.


Larry: Yes. Are you getting them out of the deal completely or are they still in the deal?

Bill: They generally would have the option to stay in or, you know, to be able to go to another deal if they want to.


Larry: Right.

Bill: But yes, I think it would be flexible depending on the deal. Some of them we’d say, hey this is out. You’re out of the deal at this point.


Larry: Right. That’s good. I think a lot of syndicators or promoters do it that way where if there are long term strategy, they’ll do a cash out refi and pay off the investors and the investor moves on, now the syndicator owns it all themselves.

Bill: Right. exactly.


Larry: So, you mentioned, most of the deals your are looking for now are off market deals. Tell us a little bit about how to market for them.

Bill: Yes, well that is a challenge. Definitely. We’re doing direct mail which seems to be a vehicle that has worked pretty well. Again, I think there are some stats ratio going on there and so there is, you know, a lot of competition in that regard. We’re also doing some, you know, kind of what we’re doing. It’s kind of like driving for dollars but we’re actually looking at hot areas and we’re literally taking Google search and driving up and down the streets on our computer.


Larry: Really?

Bill: Yes, and looking at different properties and say, hey this is a property that is the same standard as all the other apartments in this area. Get the address and right there, just zoom in on it and due diligence and try to call the people. So, we’ll have to get some guys that can dig deep and find out who the owner is. It’s a little difficult the bigger the apartments because they’re owned by LLCs. So trying to get to the managing member or the real decision maker sometimes a little tough. But it can be done. There’s certain folks that we can hire that can do that kind of thing, identifying the name. so we’ll skip the mailing process altogether and just call them.


Larry: Right, right. Now, you said you’re doing some direct mail as well. Are you analyzing all these properties yourself or doing all these work yourself, the direct mail and calling people and driving in the streets and analysing the deals, or do you have a team or virtual assistants, or what?

Bill: Yes. I’ve got some great volunteers that help out. They’re in different parts of the country. I don’t coach or really have any kind of a program that I offer so, these are people that want to learn. I am mentoring them in exchange for their help and doing the research in training. I’ll train them how to analyze a property. I’ll give them a spreadsheet. So, right now, look in virtual stuff and I know you do a lot of virtual. I only use right now virtual for like graphics and things like this. That’s great. I’ve got some great folks in, I don’t know, Bangladesh and different places.


Larry: Right.

Bill: They’re great. But, I would like to be able to see if I can get that more automated. Yes, definitely.


Larry: That’s good. That’s good. How many deals would you say you would look at on a weekly basis and how many offers, how many deals do you have to look at, and maybe how many offers do you have to make to put a deal together?

Bill: Yes. Well, I would say, I mean, just as a rule of thumb, it used to be out of 50, you know, I would probably find one, two, maybe three really good properties that I would actually send an LOI on, you know, a letter of intent.


Larry: Right.

Bill: But now, it’s almost like out of a hundred, more like get one or two. So, it does get a little bit tougher because our criteria is still really strong. We’re standing by our criteria and the increased competition as well. It has really made it difficult to find properties that easily. It was a lot earlier when I first started, you know, at 2014.


Larry: Because you’re not the only one out there doing direct mail and driving the streets and calling people and sending letters to property managers and all that stuff.

Bill: Yes, it’s a real networking. I mean, real estate I realized, I think when I started, everyone was saying real estate is location, location, location. Again, really it’s people, people, people. I mean, unless you have good people and connections out there that you’re working with, you’re not going to get anywhere. That’s it. Usually in markets, I develop a pretty good core. Not only that I have my main team, but then I have other people that I connected with there. Those people are really helpful. The other property managers, they refer me situations that hey, this property looks like it’s going to go for sale. I get leads from a lot of different attorneys and other people that you would think would be a normal source of leads.


Larry: Sure. The one in North Carolina, how did you get that lead?

Bill: That was a wholesaler? A wholesaler actually.


Larry: A wholesaler, okay.

Bill: Yes. I do have some wholesalers that call me in different parts. Most of the stuff I’ve seen is pretty highly inflated. They’re just way overpriced, but there’s a few that actually do bring me some decent deals. This is the guy that I’ve done some work with in the past. Yes, we’ll see what happens.


Larry: Would you mind sharing your direct mail criteria or your list?

Bill: Sure, sure. Generally, what I’m looking for are out of state investors, you know, people that own a property and they live in another area, another state. Also, it would be somebody who has owned it preferably for at least, you know, five or ten years, the older the better. My ideal sort of target person is, I love the mom and pop owned properties. When you get into hundred plus, it gets a little tougher to find. But there are some mom and pop owners out there. So, I’m looking for somebody that maybe they’ve been doing this for a while and they’re ready to retire, ready to cash out. That’s sort of the ideal person to find. I’m trying to think all the criteria we have. We look at a number of units, a number of square feet. There’s this other areas that we look at, for example, if they have healthcare violation, if they have high evictions, you know, we look at the crime rate, and things like this. There are other factors that fit in there that also is making a favorable situation.


Larry: How do you find the ones that are mom and pop and the ones that have high evictions?

Bill: Well, it’s not easy. What we have to do is when we move in on a particular market, what we have to do is if I can’t get list that have the evictions in there because it’s hard to find out who the owner is initially, and so we have to go to the county and we start looking at courts and looking at the eviction records where they’ll list, you know, the properties that where the evictions are happening. If you see a certain property that appears multiple times.


Larry: Comes up. Yes.

Bill: Yes, that’s a red flag. It’s definitely a lot of work. In that scenario where I love to have VAs, you know, that will be able to go through that data and just present us with the high, you know, the ones that have maybe 10% or 20% eviction or 30% rate.


Larry: That is really good, man. This has been some really, really good information. I appreciate you sharing all of these.

Bill: No. It’s my pleasure, man.


Larry: Awesome. Awesome. Somebody is just getting started in real estate, they’re just trying to get started, they’re trying to figure it all out, what is your biggest single words of wisdom?

Bill: Oh, that’s a biggie. I used to have like a four-step process, but you know, the big thing I find that people really need to do is know what your why is. That to me is the biggest one. A lot will go into it just thinking, I’m just going to buy some rentals, I’m going to do this, and not actually know why you’re doing this. You’re not going to be effective. That is to me, you know. My why is, the first thing is my immediate family because I’ve got seven kids like I mentioned and I’ve got three unmarried daughters so there are some weddings that are going to be coming up here. I’ve got kids that still are going to go to college, and so I’m looking at all these. No, I want them to be able to have the wedding that they’ve always dreamed of. I want them to be able to go to college that they’ve always dreamed of, and maybe even help them in their first house purchase and that kind of thing without it being difficult.


Really the second thing is how I see these kids in Haiti and their faces, the ones that I lived with for 12 years. To me, that is a huge motivation. I want to see things there continue and grow and to be able to help our kids. That’s huge for me. Those are also my why’s. Other people may have other things. You know, you may have a retired person that’s saying, you know my wife and I have always wanted to do a trip around the world but we can never afford it. If you invest right, you do with the properties, heck! that could be very feasible.


Larry: Exactly. Exactly. Man, that’s really good. I really appreciate you sharing that and that’s really really important. I know you know Kandas and I have another podcast called BRAG. It’s all about Being Rich and Generous and you are the prime example of being rich and generous, helping other people and being a blessing to other people with the blessings that you have been blessed with. I really, really appreciate you sharing this. I’m not going to make you give a big dawg howl or anything like that.

Bill: I thank you. Although you have a great howl. I’ve got to admit. People should just tune in to hear your interviews because you have two very unique howls.


Larry: I was sick on the last one and I told you that.

Bill: Yes. I know. Well that one kind of sounded a little worse like Scooby doo.


Larry: Right. That’s hilarious. So if somebody wanted to reach out to you, what’s the best way for them to connect with you and learn more about what you’re doing so you can be a blessing to them?

Bill: Well, thank you. I mentioned, childhope.org. Definitely, our ministry, that’s our heart. We just love that. Another one is, if you want to find it out in the real estate side, it’s olddawgsreinetwork. Remember dawg is spelled D-A-W-G-s olddawgsreinetwork.com. If they go there, if they want to talk to me, there’s a contact page there. I’d get back to them 95% of the people that write to me. So, I’ll be happy to do that. If we connect, you know, you want to have a phone call, we could that too through the same process. That’s the best way. Our site is, we’ve had, I can’t remember where up to, like 260 podcasts so far. We have probably 150 articles on there. Everything is free. You can just go and you can do whatever. It’s like you have a ton of great stuff on your site free too and I love that. Yes, I mean, you can get a lot of good information there and learn from the experts like yourself about what they can do. You know, I tell everybody. It doesn’t have to be apartments. It doesn’t have to be rentals, you know, you could do what Larry does and there’s a lot of great ways. It just depends on the person on what they want to do.


Larry: Exactly, exactly. Man, I really, really appreciate you being on here. This has been some really, really good stuff. Guys, go out there and to old dawgs D-A-W-G-S rei network dot com and also go to childhope.org. Get involved and go out there and be rich and generous yourself. Bill is a prime example of somebody who is being a blessing to others and being blessed at the same time. So, Bill, thanks so much for being on. I really appreciate it, buddy.

Bill: Thanks, Larry. You’re at the top of my list, man. In terms of guys that are also doing this writing and giving at the same time. It’s awesome.


Larry: I appreciate it. Thank you very much. Thanks a lot everybody for watching and listening.