How to Launch Start and Scale A Fund Live Training & Q&A

All right, all right, are we live? What's going on, people? We are starting in 45 seconds. We got the countdown timer going. Let me know where you're calling in from. Today we're gonna go live talking about how to start, launch, and scale your fund. We're doing a live training, Q&A, the whole nine yards. We got Instagram Live, we got YouTube Live, and our favorite, our private Facebook group is live as well. Welcome in. I'll give priority to the Facebook group today on questions. If you guys want to join over to our Facebook group as well, you're welcome to join us there. And my camera looks terrible. Andy, can you come help me out real quick? It looks good on Instagram, but on, uh, on here it looks terrible. Can you like turn down that light? It's just super, super bright right there on the bottom. There's a little switch. Um, turn it down to like 35 or something like that. Um, okay, so we're gonna be talking about, uh, all things funds here. Welcome in. Type in where you're calling in from. We're gonna, we're gonna talk today probably 35-45 minutes, something like that. Should be pretty fun. Um, let me adjust this guy. There we go. That's like Yeah, it looks a lot better. Thank you. Give it up for Andy behind the camera over here. Stud. Oklahoma, North Florida, Brooklyn, New York in the house. How to start a gold investment fund, Florida. All right, let's get into it. Let's dive into it here. The Facebook group as well, great group. I'm actually gonna pin it for you guys in here. Give me one second. Boom, I'm grabbing it. Right there. You have to request to join the group, but we'll let you in right now. I'm gonna paste this in here to Instagram. Boom. Yeah, we have a free Facebook group. We go live in here every week, answer questions, you know, help you guys launch funds. Boston, Massachusetts, what's up guys? So let's talk how to start and scale a fund now. We're gonna do— I actually wanna do more Q&A today than we've done in the past. If you guys came on last Thursday, we did a live event. We gave away— I don't know how much money we gave away. We gave away a couple thousand dollars, gave away an iPhone. The next day we forgot to give away the iPhone. We gave away an iPhone the next day. Um, we gave away a bunch of gift cards, gave away some Ethereum, some Bitcoin, all sorts of fun stuff. And we talked about scaling funds. We announced some, some crazy announcements for our groups and programs where we have angel groups we're working with now. We're designing people's pitch decks. We're helping them with legal and all sorts of cool stuff in their funds. And it's a, it's a pretty fun process. So, um, now I want to— let me turn this screen off real quick. You guys will just see me here now. Okay, let's talk first off, very basic level. When I mention fund, what do I mean? Okay, now you guys see we run Investment Fund Secrets. We're the Wall Street Rebels. As you know, I love the— anybody have a Wall Street Rebel shirt on like right now? I love when we hop on our lives and people actually have these shirts on live. It's pretty darn fun. But we are the Wall Street Rebels. We are the anti-investment banker, jerk finance bro people. That's the anti of us. And we go out and we launch funds that Ivy Leaguers and Wall Street professionals think are impossible. Quick story on me. I launched my first fund 4 years ago. We actually scaled that. Our first one did really well, got our investors a 64% return. Got them paid back, launched our second fund. That one did very well. And then that built up. We're now launching a third fund. And during that whole process, we've had people ask us, how do you guys do funds? How do you scale this? How do you get involved? And as you guys know, my dad, co-founder of a $25 billion family of funds, my brother, securities attorney, just launched his fund. I believe they've raised over $10 million in their fund, doing very well, doing hard money lending in their funds. Really cool to see what they've done. And we've helped Dozens and dozens of people launch their own funds as well. My dad actually just retired from his funds. He's never invested. Some of you guys know my story, but never invested in any of my funds, anything that we've done in the past, but has given incredible mentorship and advice and has helped people, myself and people in our group, do this as well. Okay. We have got some people on here. I want to— so real quick, I want to set the baseline of funds. Actually, I want to just answer some questions. Sound fair enough? So what is a fund? Okay? All I mean when I say fund, a fund literally is a pool of money and investors put money into that pool. And you and me as the fund manager can draw from that pool and go make investments. It can be cryptocurrency. It could be hard money lending. It could be real estate, whatever we want to do. And when those investments make a return, that flows back to the pool of money and we split that pool between ourselves and the investors. Now that split is called a waterfall. Those pools you can design in a limited partnership, general partnership structure, LLC constructs. I mean, we can go deep into the weeds on all that stuff. But most basic level, that's all it is. Okay? It's all it is. You can do syndications, funds, all sorts of good stuff. That's the basic level. When I mention hedge funds, real estate funds, private equity funds, venture capital, what are those? Okay? For a baseline, again, a fund. All it is is a pool of money. All those funds I just mentioned all operate Pretty much the exact same way at the fund level. A real estate fund, guess what they do? Same pool of money. They draw from that money and they go invest into real estate. Pretty simple, right? Hedge funds. You've probably heard about hedge funds. All hedge funds do, they have a pool of money and they go invest into the public markets. That could be futures, that could be stocks, that could be cryptocurrency, forex, or a mix of all of them. That's all it is. Pool of money. They can have discretion over how they invest that in the public markets. Venture capital, same pool of money. They're drawing from that pool and they're going investing in startup businesses. Usually, you know, most common is a tech type of VC, but they also, there's VCs doing stuff all over the board. Private equity, same pool of money. They invest into private businesses. They buy private equity, the equity of the business. They buy it out of private businesses. A great example is Sycamore Partners. Sycamore Partners owns Aeropostale, Nine West Shoes. They were trying to buy Victoria's Secret last year. That's what they do. They own Staples, I believe. Staples, the brand, you know, it's like The Office, Dunder Mifflin's antithesis company Staples. That's their competitor, owned by Sycamore Partners. Okay? I love that episode when Dwight goes and works at Staples, the couple episodes where he's there. I think it's hilarious. Any Office fans, by the way? I love The Office. Sad that it moved off Netflix. Probably good for me though. Get me on watching something else as well. Okay. So that's what I mean by fun. And we help people launch funds. I've been able to launch funds without the high— most people think you got to go to Harvard. You got to have the Ivy League. You got to have Wall Street experience for 20+ years because yes, that is how traditionally a lot of big hedge fund managers and big private— that's what they did. Yet right now, there's this whole new generation of Wall Street rebels that are launching and scaling funds. without all of that. And actually, not just recently, but people have been doing it for 20, 30, 40 years, but they just don't get put up on billboards or CNN or whatever it is. And they're running very, very lucrative funds doing this. And there are very niche funds. I have a buddy, he runs a funeral home fund. All they do is buy and sell funeral homes. That's it. Okay? Their entire fund, entire thesis, every year they can couple together 8 to 10 mom-and-pop funeral homes. They buy them and they found they can sell them for double on the public markets, but to bigger firms that will buy that pool of assets. And they make double the income. So every year, if they buy $8 million of the— let's say it's $1 million each for a mom-and-pop funeral home. They buy 8 of them for $8 million. They can sell that pool for $16 million. My buddy fund manager makes an $8 million spread. Yes, he splits that with his investors. So he probably takes home maybe $1.5, $2 million. Not a bad return. There's easy ways to make money. There's hard ways to make money. That's why fund managers are riddled on the top Forbes Top 100 list, right? There's a reason that all these guys and gals are so wealthy because funds are one of the most lucrative vehicles on the planet to make money. All right? That's my intro. Here we are. Boom, baby! Give me a boom in the chat if you guys are here as well. I got actually some good questions already. I want to go right into questions. So if you have questions, I'm on Facebook, I'm on YouTube, and I'm on Instagram. Let's go over. We got a $10 question from YouTube as well right here. Let's dive into this one first. So for my brand new channel, hey Bridger, became your fan in March, wanted to start a crypto fund. Is it best to open an LLC in Wyoming? How to get started and choose attorney before or after LLC is formed? Fantastic question. Let me actually— I'm going to move this over here so I'm not turning my head sideways so you guys can see me. Let me go like this. Boom. All right. There we go. Okay. So, great question. Crypto fund. I mean, by the way, I've seen a lot of people start crypto funds recently. They've done very well, at least recently, you know? And actually through this crypto crash, a lot of them have done well. I have a buddy. He's raised $30 million for his crypto fund. Done very well and did very well. Apparently, at least he's telling me, I haven't seen the numbers, but telling me they did very good through this crash. And anyways, have done very well in what they're doing. Okay. So, want to start a crypto fund. Is it best to open LLC in Wyoming? How to get started and choose attorney before or after LLC is formed? Fantastic question. Now, this goes back to the basis of how we teach people how to launch scale funds. And I call this the Fund Launch Formula. Some of you guys have probably heard this before, but this is the way that we teach people how to efficiently launch funds. Yes, anybody can go and pay a lawyer and just set up a fund, but how do you actually launch it in a way that'll be efficient, that'll actually get launched and started and go to the moon, to use a crypto term for you as well? Let me pull up on here. I'm actually going to share my screen. This will make it a little bit easier for you. So the first thing, you obviously have a great deal. We have a four-step formula for for for funds. Step number one is find an incredible deal. Let's see if I can. I can't find it on here. Maybe I got the wrong one. Okay, I'll just talk to you by hands then. So first, step number one, find an incredible deal, which you found. You found a great crypto thing. Second, frame that out. Okay, and right here, this is a framing question. And so to give you an example, if you found the great crypto fund, frame it out, put together, think through. how you want to structure your team, what kind of splits you want to make with your investors. Think through how much money you can raise and deploy. Do you want to run an open-ended fund or a closed-ended fund? Are you going to be running this fund— when can people redeem capital? What are your redemption periods? All that kind of stuff you're going to think through and you're going to put it together in a pitch deck. And I think it's best to go and step number 3 is pitch investors. Early. This is before you've formulated all your LLCs and entities, everything. Go and soft pitch investors. Now, this is not a solicitation. You're not selling your fund. You're going and when I say pitch, what I mean is you're running this by mentors and high net worth people that are in your network first to see what they think. You're going to stress test your pitch. And actually, we do this in our top group, our Black Card group. We stress test it for you. You pitch me. You pitch my other partners. We We go back and forth. We help design your pitch deck, make it all great. Once you get some investors to soft commit capital, okay, they soft commit capital and they're like, yeah, you know what? If you get this crypto fund up and running and everything gets going, yeah, you know what? Put me down for $500,000. Put me down for $1 million. Put me down for $100,000. Then and only then go and to your— I'm gonna get to your question right now is where do you set up your LLCs, entities, all that kind of stuff? Then and only then you go and do your entities. If you go pitch investors and they're like, you know what? I don't like the way you set up your crypto fund in an LLC construct. I want to do a general partner limited partnership. That would be better. Then you can, you haven't paid lawyers yet to go do iterate. You can just go back and tweak that. You do the legal stuff you do last. It's opposite of what other people online will teach you. This is opposite of what, no one else teaches funds online, but But what blog writers will write, people that have never started funds before but know how to write a blog, will tell you, oh yeah, go hire a lawyer, get started that way. Do not do that. You will waste so much money going to a lawyer first because you're going to have to go back and reiterate and change and tweak things over and over and over again. Okay? Your lawyer is almost your last step of all of this. And it's actually, when you do it right, that's the easiest part. The legal stuff and all that entity is the easiest part. Now to your question, you can do it in Wyoming. I know Wyoming's laws are very favorable to crypto. Again, I'm not I'm not going to give you legal advice on where to open an entity. I know though, I know a lot of entities, and I'm just going to say other people that have opened crypto funds in Wyoming and also Delaware. Okay, Delaware is an obvious safe haven for most funds will set up their their entities in Delaware or Wyoming because you have low state tax and their their court system is really great for. Okay. So Delaware's— almost every fund is formed in Delaware. Now, um, how to get started and choose attorney before or after LLC is formed? Uh, so follow the Fund Launch Formula. Okay. Um, we— I, I have a couple attorneys that we've worked with that do a great job of, especially with crypto funds as well. Um, and, uh, we, um, can refer you, you know, to those different people. We don't make any money referring, but I have some, some contacts. Excuse me. Another great way on this crypto fund question, and I want to give you some time on this question too, and feel free to follow up if you want me to answer some more, but is you can do a hedge fund incubator. Okay? Write that down, a hedge fund incubator. Hedge fund incubators are essentially, for a typical hedge fund, just typical, it's about $30,000 to set it up. Okay? Now you can reimburse that expense from the fund. The fund can pay you to set that up after it's set up. That's why you want to Have investors lined up ready to go. $30,000, I'd say, is maybe even a low end. A lot of times it's even $45,000, $50,000. You can go all the way up to $200,000 if you want. Because, and typically it's that price because most people go to a lawyer and they don't know what they want. And the lawyer has to sit down and teach them what is a waterfall? What is a pref? What's a catch-up? What's an American waterfall versus a European waterfall? All these things that we, that I try to share with you guys, a lawyer is going to teach. And guess what? They're going to bill you $500, $600 an hour, every single hour. And they're going to talk slow and they're going to be methodical and go back and forth. And you're going to be paying some good pocket to do that. And if you don't follow the Fundrise formula, you set that up first, then you go pitch investors and your investors are like, well, can you tweak it a little bit? And then you go back to lawyers and they say, yeah, of course we can make tweaks. That's what we're here for. It's going to be another $5,000 for a new iteration. And now you're paying. And that's why funds get so expensive. Most of the people through our programs and groups of people that we help, they launch their entire fund, $12,000, $15,000 maybe, maybe $18,000 because same with my, I just set up a new fund. I walk into a lawyer's office. I say, I want XYZ with a drink and a side of fries. Boom, baby. That's what I want. And when you do that, it saves your lawyers a lot of time because lawyers bill by the hour. So anyways, to your great question, Wyoming though is very— you might not want to do an LLC, by the way, depending on if you're doing a hedge fund incubator or just a regular hedge fund. LLC sometimes isn't the best way to go, and you're going to set up a general partner and a limited partnership. So again, we have other videos called the Fund Launch Formula. Go check those out on YouTube. That'll help you a lot. Great question. Okay. Other questions on here? I wore my shirt yesterday. Awesome. How to launch a fund offshore? Okay. Offshore fund question. Great question. So there are people and funds that will raise capital internationally. And when I— I'm saying from the point of view of the United States. I live in the United States and I say international, anything outside the United States. That's the same true if you're located wherever. Anytime you cross a country's borders, you're now interacting with 2 different tax codes. And you're interacting with 2 different securities laws. Okay? So at any time, just for— and this is more in general too. If you are raising capital overseas on a different country, you are now going to have to deal with those countries' laws and the tax codes of both. Okay? So because of this, a lot of funds will use an offshore fund. If you've ever heard of Cayman Island funds, Luxembourg funds, Ireland funds, that's what I'm going to talk about here. This is why they do it. Okay? Now, when I say Cayman Islands funds, you guys probably think of like a Dirty Money episode or any scam movie you've ever seen online. They always have a Cayman Islands fund, right? It's inevitable. Yes, there are scam Cayman Islands funds, but there's also a lot of very lucrative and very legal Cayman Islands funds. Cayman Islands, Virgin Islands, Ireland, Luxembourg, all are tax havens. They typically will charge zero tax there. That's why people use them to hold offshore assets. Now, in a fund, I'm going to give you a hypothetical example, okay? Let's say I have a fund in the United States. We're raising capital. We're raising capital from Hong Kong, and our Hong Kong investors could just invest directly into the United States. If they do that, Every year, that investor now has to file a US tax return. And every year, they've got to hire now a US tax professional. They've got to hire a translator that can help them figure out the tax code and all this stuff. And for some investors, they're just like, it just seems like too much work, because they're also investing in Japan and Australia, and they're out of Hong Kong. They don't want to file tax returns in 10 different countries. So what they will do, a fund will do, is they will set up a feeder fund into the, let's call it the Cayman Islands in this example. And I don't know if this is exact. This is an example again. They'll set up a Cayman Islands feeder fund. So the investors will invest into the Cayman Islands and then the Cayman Islands as one entity together will invest into the fund in the United States. Now this does not avoid taxes. Okay. It's not tax evasion because that entity in the Cayman Islands still has to pay taxes to the United States, but there's only one tax return. If you had 20 investors out of Hong Kong and they just invest in the United States, that would be 20 tax returns. If they invest through the Cayman Islands to one entity, and then that entity invests into the funds, there's one tax return. So the taxes get taken out there. And then the lower— so the— let's say the total amount was here. It was $100 of return. We got taxed, you know, 20%, 30%, whatever it is. Now only the investors get 75% back to them. So the same amount of tax is being paid, but the tax burden is shifted from the investor to the Cayman Islands entity fund. Is that making sense? That's an example. Okay? Now every country has different tax laws and different treaties, things like that. The EU, for instance, just outlawed Cayman Islands investments at all. You cannot invest in the Cayman Islands if you live in Europe, but they have Luxembourg. And so what they did essentially was just they wanted all, instead of, because Luxembourg, they'll charge you a fee to do this, and that's where they make money. So instead of saying, hey, why is Cayman Islands making all this money having fees on these funds? Why don't we do it in Luxembourg? So they have Luxembourg. It's all these, anyways, we can go on and on about this, but that's the way the world works and that's how it runs right now. So that's what offshore funds do. Great question. Okay. Follow-up questions. Thank you. Okay. My brand new channel commented on here. I want to make sure your question's answered as well. Paid. That's my first time ever having somebody pay for a question on YouTube. So thank you. Congrats. That was a milestone for us. It's a first ever. So go give them a follow on their channel. I'll give you a shout out here as well. I love it. Okay, would you be interested to partner with a gold fund? I get I get asked this a lot. Bridger, can you partner with our fund? Two things. Okay, number one, we have just so you and you guys are probably aware last week we talked about this. We have a top tier group called Black Card. Okay, it's our it's our inner circle coaching group. I work with these people directly. It's essentially like having me on your team and my we have other coaches. We have a couple other coaches that come on and help coach. We do a lot of great stuff. It's essentially like me having you on your team as an advisor. Okay? Now, with those people, I try to give a lot of time and attention. We actually had a call this morning. We have a Slack channel. We go back and forth. We talk a lot. I am, for those people that are serious about funds, I actually have partnered up. I get pitched a lot. And actually, at this point in my life, I actually hear the pitches and I've actually partnered up with a couple of them. Okay, where they have given me equity in their business. So it's an option. Um, it's very, uh, you know, it's 1 out of 50 right now. Okay, it's got to be set up. It's got to be a really great team. You guys have already got to be successful without me, and I'm going to be a catalyst to just make you even more successful. All right, that's people I want to partner with. Um, so a gold fund potentially. Okay, um, now, uh, I usually only listen to pitches from people in our, you inner circle groups and stuff like that just because I get so many people online. Everyone's asking for money and asking for stuff. So I really only listen to the people that are in our top tier group that want to partner. But I partnered with a few of them. And anyways, answer your question. How to create a hedge fund offshore for tax benefits? I just answered that question. What portfolio tracker do you recommend? Great question. So there are a number of different portfolio— and when you say portfolio tracker, I'm guessing you're meaning in a hedge fund. There's a lot of third-party admins that will connect to your fund to track what happens in your fund. Now I've talked to— we've actually, in the last year, we've probably talked to, I don't know, 10, maybe 12, a dozen or so of these softwares and third-party admins. They all do a little bit different thing, but they'll some way, shape, or form connect into your fund to help you scale your your fund and to manage and track and things. So let's— I think it sounds like you're talking about hedge funds. There's a couple that are really great for hedge funds. Now it depends on your fund, what you're doing. We actually get— for people in our mastermind group, you actually get discounts to these people, but Cornerstone's a good one. Strata. Yeah, Strata is a good one that we've seen. Their software will plug in. So if you have 20 traders that are trading for you, they will plug in their software to calculate over a year all those traders making trades. Okay, how many how many gains, how much losses, all that kind of stuff. They help you track all that. So those are two strata and cornerstone. You actually get discounts. Our mastermind group, you guys actually get a ten percent discount to both those, and they're pretty they're pretty pricey sometimes. So it's a it's a pretty decent discount. From Facebook, what kinds of perks or benefits are most attractive or recommended to anchor investors or first LPs? Great question. When starting your first fund and first offering. First syndication, your first investor is going to be your hardest investor to get. It's always the beginning is the hardest because people want to see a track record. They want to see other investors interested. They want to see, even at the most sophisticated level, I'm talking institutions all the way up there, they want to see, hey, who else is investing? Who else is getting in this deal? And they always, everyone wants to be the last investor in. Great question. How do you incentivize What I did is I didn't charge a management fee. I said, hey, Mrs. Investor, wealthy lady in my area, whatever I'm pitching, and I'll say, hey, most fund managers are going to charge you a 2%, 3% management fee to do this. I'm going to charge 0% management fee. I'm going to put my money where my mouth is. I don't make any money unless you make 8% first. That's how we structured our fund. And I said, I'm gonna put my money. I know it's a first-time fund. I know I'm I know I might look young, but I have a great thesis. You can see what we've done here. You can see the team, and I'm I'm so confident I'm not even charging management fee. That's one way to go about it. Okay. Other groups have done they'll do some GP equity for first-time invest. I've seen that happen before. So if you're a first-time investor, or you know if they're having a hard time raising money, they'll say, hey, if you invest in our first group and you're going to give us X amount of dollars, we'll actually give you a slice of the general partner in addition to your investment. I've seen that to incentivize. So now it's almost they're investing, they're a part of the management company as well. Seen both of those. Great question. How people from outside the United States can start funds? Um, so the— it's every country has a little bit different securities laws, but also they're also decently similar. And the principles of starting funds are similar whether you're in Spain, in the UK, in Dubai, in the United States, Canada. I mean, they have similar principles. Yes, there's laws that are a little bit different and different numbers and metrics, anything like that. But, uh, the principles, the Fund Launch Formula things are all the same. We actually have a number of people we work with actually in our, again, our top-tier group All over the planet: Canada, UK, New Zealand, Spain. Right now, people all over the world doing it. So same same stuff we share on this channel all in there. So go check out the other videos. Okay. Just got off a call about international investing and tax coordination with pros in collaboration with wealth management. Cool. My man Bridger knows his shit. I love it. Okay, uh, other questions on Instagram. Let me check Instagram too if you guys have a question on here. What's up, Eamon Swan? Hey guys, um, from Wall Street Rebel on here, $5 question. Thank you for answering my questions. Changed my channel's name. Oh, awesome. Okay, to Wall Street Rebel. I hope I don't owe you copyright dues, LOL. Now I have to join your program for the show. Actually, that is copyrighted, so we'll see. Maybe we'll send you a lawsuit or something on there for Wall Street. Well, actually, it is though legit, so we've trademarked everything. Anyways. I live in the UK and want to start a fund, a hedge fund that invests in US stocks. Can I please know how to go about it? Do I have to set up a hedge fund offshore? Okay, so you live in the UK and you want to start a fund that invests in the US. If you're going to primarily set in the US, you can just set up a US fund. Just set up a US-based fund that's going to invest into the— I don't know what exchange you're going to use. Call it the New York Stock Exchange. Do that. You can set up a UK fund that's going to invest in New York Stock Exchange, okay? What I would do, a myth— is it a myth? I think. I would, first off, follow the Fund Launch Formula, okay? Before you get worried about US tax law, just understand there are plenty of funds that have done this before. Plenty of funds that have started in the UK, they either base themselves in the United States and have an office there, or they base themselves in the UK and they trade at the New York Stock Exchange. So understand that. The more important piece is, do you have a good thesis? Do you have a good strategy? Do you have a good team around you? If you can answer yes to those questions and you have good investors lined up, You know, we can connect you with lawyers, and I'm not going to give you legal advice. So I'm not a lawyer, but we can connect you with good lawyers after all that's set up. That's the most important part. The legal stuff, guys, the legal stuff is actually the easiest piece of this whole thing. The harder piece is having a good team, having a good thesis, bringing all these pieces together, bringing investors together. That's the harder piece, and that's what we focus on more, and we want to do all that before you go out and and do that with investors as well. Okay. What is the typical vesting length for the crypto funds? 2 years, 5 years? I mean, for crypto, I mean, crypto is brand new, right? So you have funds doing all sorts of stuff. And most, and I would fall that into a hedge fund category. Most hedge funds, most, I'm going to say most, but you can do the The greatest thing about funds too, you can do whatever you'd like. So you don't have to sit and follow exact template. Funds, you get to write the Bible in funds. You get to write the legal stuff. You get to just say how it goes. You get all these great exemptions. And if you want to do a 2-year or 1-year or 5-year, that doesn't matter. You just put it in your LP and PPM. Okay? So now I'm going to tell you what typical funds do. A lot of typical hedge funds will run an open-ended model, meaning They will start the fund and it will go on theoretically forever. It's open-ended. There's not a start date. There's a closed-ended model, which has a start date and an end date. Usually, most hedge funds are an open-ended model. So you'll start your open-ended model, you raise capital, and investors, I've seen a lot of funds do, investors can come in quarterly or semi-annually. So every quarter, new investors can come in, will deploy your capital, and then they can redeem capital about every quarter or every 6 months. What does that mean by that? So, and then there's usually a lockup period. So typically I'll see a hedge fund. I'm going to give you one example. Okay, you can come in every quarter, maybe every month if you want to, but I'll just say quarter just to keep it for a lot of startup funds. Keep it simple. So an investor can come in every quarter. Once you put your money in, your money is locked up for at least one year or 18 months. Let's just call it a year for this example. It's at least locked up for one year. Okay, after a year. You can just keep it in and we're going to, every quarter, we're going to give you distributions and we're going to pay off the returns that we get, or maybe once a year, we pay off returns, however we want to do it. And if you want to get your money back, you have to give us a 60-day notice or a 90-day notice. And what we'll do is we'll work your money out of our system. And after 60 days, we can, at the quarterly mark, we can move you in and out of the fund. Okay? You do that. To help you. That's for you to manage the fund a lot easier. Because if you have investors coming in every 13 days, you got a new investor, you got to calculate returns every day and your NAV, you got to recalculate. It just is a headache. A lot of funds, especially startup funds, to keep it simple, investors can only come in on certain dates and they do it for marketing purposes too. It gives them pressure. Come in on this date. You can calculate your NAV, your net asset value, and then their money is locked up for a certain period. And then if you want to redeem that money, great. You have to give us a 60 or 90-day notice. We can work your money out, and then we will move you out on one of those quarterly dates. Maybe it's 180-day notice, something like that as well, to give you just more flexibility. What you don't want to happen is where you're tied, your hands are tied. You're in a position in a stock. You don't want to sell. It's a good position. You know it's going up, whatever is going to happen, yet a big investor calls you up and says, Bridger, I need my money back. Can you get it back to me? And you have a 14-day redemption period. And all of a sudden, now you have to sell part of your portfolio to liquidate that investor. That's what you don't want to have happen. You don't want to have your hands tied. Does that make sense? Hopefully, that answers your question. Great question. How many years of track record in real estate and value-add development is enough to start a fund? Also, how did you get invited to networking events to find potential investors? 2 really good questions, actually. Spot-on questions. Number one, track record. Okay? Let's talk about track record for a second. It depends on what you're doing. Number one, I believe your deal is more important than your track record in a lot of scenarios. Now, track record is still important, but I would argue your deal, the deal you find is more important. I'll tell you a quick story about my dad's funds. It's how they launched one of their first $100 million funds. They, uh, and for you guys that haven't heard my story, I pitched my dad to invest in my funds. He said no, never. My dad's never invested in any of our funds, deals, projects, nothing, not a zip. But he's given me really good advice, mentorship, and helped me understand this game a lot better. And actually, he comes on a lot of these calls and coaching and stuff. And if you guys are in our groups, you'll get access to him as well. So, um, so he tells a story. He said when they started their first fund, they had good experience, they had good people. But they didn't have the Ivy League schools. They didn't have the Wall Street experience, the 20 years on Wall Street. And they would go pitch investors. And investors, they wanted a 10— they would ask about a Wall Street experience. They'd ask about that stuff. And they'd say, no, we don't have that. However, we've got a fantastic real estate deal in Miami, Florida. The property is appraised at $8.2 million. We can buy it today for $4.1 million. This is like 2010, right? Everything was on a fire sale. And they said, hey, this is a great property. Do you want in or out? You've done real estate before. You have friends, whatever. Look at the deal and poke holes in the deal. And what happened was investors would actually look at the deal and poke holes in the deal. And they'd say, hey, if you can't poke any holes in it, and they had a good team with them and stuff, and actually they brought on help with their track record, brought on guys who had done real estate for 20 years or 15 years. They hadn't ran a fund, but they had done real estate for that long to leverage their track record, to leverage their experience. One great way to build a track record is leverage other people's experience. Okay? And they did that. And investors, they said 9 times out of 10, they would beat out other funds raising money that didn't have deals ready to go. They would beat out— a lot of the Ivy League pitches would be, Hey, I'm from Harvard. We're very smart. Over the next 18 months, we're going to buy some real estate. And my dad's group would come in and say, hey, we've got a project in Miami. This is the price, this is the cap rate, this is all the stuff. We're going to close the end of the month. Do you want in or out? 9 times out of 10, they raised more money than the Ivy League guys because they had a tangible deal in front of them and the investor could look and see that. Does that make sense? So couple things there. Leverage other people's. We always talk about leveraging other people's money, OPM, right? Leverage other people's experience, OPE. We'll call it OPE. We'll term it. Maybe we'll we'll copyright OPE, other people's experience. But leverage their tracker if you feel like you need one. But secondly, especially in real estate, I think a deal and it's well thought out. You can show your pro formas and all your due diligence. We flew out there three times. We've locked walked every. inch of that property. We've done this and this and this. Show a level of complexity that's past what they've ever seen before. That speaks volumes. Yes, track record is important. And then that's for a city. And that will roll into the next one, into the next one, and the next one. They start rolling into each other where you can start doing bigger and bigger deals and get bigger and more sophisticated investors. Okay? Second question here, how do I get invited to networking events, potential investors? That's a whole game in itself. And I actually went to a networking event this morning. Number one, letting people know that you like to go to those. It's actually a lot of them, they're always looking for good people to come to them. So, you know, kind of putting your nose out there on, maybe it's LinkedIn or Instagram, whatever it is, but putting your nose out there and just, and doing that. This, you know, kind of the simple way to do it. Second way, valuable way, throw your own event. Throw your own networking event. Guess what people remember you as? Oh, Bridger is the guy. We actually threw an event. I threw an event three weeks ago just for Utah people locally called it Cars and Coin. We had a bunch of Lambos and McLarens come. These are just people that just said, "Hey, we're bring your supercar and we're gonna talk crypto and we're gonna talk we're gonna talk negative interest rates and inflation." Okay, and all these people showed up. We threw a fun little event and. Now people that didn't know me before recognize me as, oh, Bridger throws events. He likes to do networking stuff. I'll invite him to my next one. And ta-da, I got invited today to an event. I got invited to another one a couple of months. You know, you just, it starts to snowball. So I think number 2, throw your own events. Great way to go. Number 3, when you go to events, be the life of the party. Be someone that people want to hang out with. And that's, I can't teach that, but be someone that people want to hang out with. And people have fun with and people have a good time with and want to invite them back. Aaron Wagner, one of our guys in our group, actually talked about this. He goes, I'm terrible at golf, absolutely terrible. But every time I got invited to go golf, I was literally the funniest, craziest guy there. That was just his brand and stuff. But he'd show up, he'd have everyone laughing and rolling. He was hitting the golf ball backwards and just doing, you know, some people don't appreciate that, but the group he was with did appreciate that and thought he was funny. And guess what? He got invited to every single trip they're on because he was funny and fun to hang out with. So feel out your group. Maybe, you know, maybe hitting a golf ball backwards or something isn't the group you're going to go with. But those are a few examples. Great question. All right. From Facebook here. When are you releasing the Fund and the Furious documentary? We got F9 coming out, guys, next month. I actually, I make fun of Fast and Furious a lot. I think that it's the most ridiculous series to ever hit the planet yet. I love their movies. I love the Street Racer. I love cars, by the way. I love racing cars. I go to the track quite frequently. I love racing. And The Fun and the Furious. I love it. We got to copyright that one too. Number 2, could you please talk about starting and launching a debt fund, whether you should be open-ended or closed-ended? Thanks so much, Bridger. So debt fund depends on the debt. Okay? Depends on the debt. And I'll tell you why. If you're doing— well, man, it's just hard. Give me a little more context if you can on the type of debt fund. I'll give you most examples though I'll see in debt funds. Yesterday we had Kellan Jones on. He runs a debt fund. A lot of them I see are open-ended because debt is, they're initiating loans in whatever niche they're in. And a lot of the lenders I see are shorter term. I mean, less than 24 months. And they'll just keep rolling the money into the newer loans. Some are less than 6 months. They just keep rolling the capital and they get lots of turns on their capital. So I see an open-ended model. When we ran our debt fund, our model was open-ended. Investors put, like I said before, put their money in for a 1-year lockup. They had to give me, I think it was a 60-day notice and I could work their money out. After a year, they could redeem money whenever they wanted. We paid out distributions originally every quarter. And then we moved to monthly. So every single month our investors were getting a paycheck and they loved it. And, uh, and it was awesome. And guess what happened? People started to brag. Bridger, man, Bridger got this great fund. I'm getting a check every month. It's great. This is awesome. You guys should put money in. People, guess what? Word of mouth spread. We started to get more and more investors. And because we were an open-ended model, we could keep taking those investors. Those investors could keep joining in because an open-ended model allows you to keep raising money over time. If I join the mastermind group, do you guys send PPM or operating agreement outlines to reduce attorney fees? Great question. We, in our Mastermind Black Card group, we do not do the legal docs for you. However, we give you legal doc templates. So we have templates for you that will help save you and your lawyer a lot of time. OK? It reduces fees a lot for your funds, and it teaches you how funds work. So when you show up to a lawyer's office, That's why typical fund, $30,000. Our students are about $12,000 to $15,000 typically. And then we have a couple of relationships with legal teams and lawyers that we think do a really great job. We don't make any money by referring you to them, but we just think they're good firms. They're good, fair price. They do a very good job and they like working with our students and they give you guys significant discounts. We send you to them. Great question. Can Okay, on that note, I've got to wrap up here in just a second. I want to, you know, people are asking, I mentioned Black Card, I mentioned our mastermind group. If you guys want to learn more, okay, if you want to learn more, I'm not here to upsell anybody, but if you want to learn more about working with me directly and our groups and our programs, all that kind of stuff, in just a second, I'm going to drop a key. You guys can message a key phrase in the chat. And what we'll do is we will reach out to you. One of my guys will reach out to you or myself. And we're going to set up a phone call with you to answer some of your questions and give you more details on if you want to learn more about our programs working together. Okay. Does that sound good? So if you guys want to get on a call with one of our team, our 15-minute game plan call, we're going to walk through, try to point out some things on where you're at and maybe in the world and in relation to fund, if a fund would be a good fit for you, all that kind of stuff. If you're interested, okay, in just a second, I'm going to— we're going to drop a link, I believe, on YouTube potentially, because I don't know if we can mess You guys on YouTube, but Facebook and Instagram, we can just send you a direct message as well. So the the key phrase, if you guys want to grab, we I think got like twenty spots available for calls over the next two or three days. So if you want to grab one of those twenty spots in the chat right now, and what we do is we're going to hop on. We're going to talk about your fund. We can share about working with us directly. See if we're a good fit. If not, we want to refer you to to places to get more information just to help you out. That's our goal and our mission is to help. More and more people launch and scale funds. Okay, that's all we're here to do. All right, that's why we do this. And, uh, and that's what we have. We've had a lot of very successful funds and groups come through, work with us directly, and scale funds past $10 million. A couple funds past $50 million. A couple— actually, one, maybe almost 2 funds at past $100 million. I know one for sure passed $100 million. So that's what you— that's what we've done in here. And, uh, there we go as well. So If you guys are interested, in the chat right now, type in free call. Okay, free call is the keyword, key phrase. If you type in free call right now, what we'll do is my guys are going to comb through these and they're going to reach out and send you a direct message about hopping on a 15-minute phone call to answer some of your questions, to go a little bit deeper. Does that sound fair enough? So in the chat, free call is the keyword. Type that in the chat, and what we'll do is we'll come comb through And answer some of those questions as well on there. I know I think Josh is on here right now. Nikita, Kalichi, Drew are my guys. So look out if they message you and DM you as well. Josh, I'm not sure. I can't hear Josh. I'm gonna talk to Josh. If you want to go over to—I know YouTube. I don't know if we can DM people on YouTube. I don't think we can. So if you want to just go drop the link on YouTube, potentially that might give these guys an easier way to do it. Andy also can help us there as well. They can just drop a link and these guys can. schedule as well there. But free calls, the key phrase— I think we got about 20 spots we can work with where you guys can hop on with us and we'll, we'll just help 100% free. This is not like a secret sales call. We want to help your fund out. And if you want to learn about working with us directly, great, we can put— point in that direction. If not, no worries, we want to help you out any way we can. Sound fair enough? Okay. Um, so free call is the key phrase, um, as well if you want to work with us directly. Let me answer a few more questions on here. Okay. Yeah. About the program. Yeah. So we have a couple of different programs. I don't want to talk more about it on here, but you guys book a call again, free call, and you guys can learn more about what we do and work with us directly. I mean, we try to go all out. So we had a— on our top group, we've got a Slack channel. We do private calls, one-on-one calls. We build your guys' pitch deck for you. We have live events in Utah you'll be flying out to. You're going to work with our coaches, all that kind of stuff. We help. Our goal is to get you your fund launched quickly. Now, funds and syndications, it works for people that are already running one or people just starting out. Okay? If you're just at the beginning, that's okay. We have a whole course and all these videos to help get you up to speed to the place to start a fund. It was actually funny. I am— you know, some people will say, oh, Bridger, it sounds like chicken and egg, right? Once I have a fund, then I'll learn how to scale it, or I'll learn more about it, and once I'm ready to go. But the funny thing is, this is how my experience was, I learned about a fund first. And guess what happened? That little piece of your brain that starts to recognize stuff, you know what I'm talking about? When you buy a new car or you're looking at Subarus or I saw someone put an Audi RS3, baby. On there, you see an Audi RS3. I love Audis. We have an Audi. I have an Audi R8 right now and it's an awesome car. RS3. You have an RS3, you start seeing Audi, you know, Audi A3s and RS3s rolling around all of a sudden. Same thing happens with funds. When you start learning about funds, how they work, how they're structured, you'll start to notice things in relation to funds way more than you did before. What happened for me, it was the job I was working at in college I was like, the light bulbs went off. I said, we could start a fund inside of this business and we could help these people, these clients that are coming through. We could lend money to them and they could, it would help them a lot. We would make money and they would pay us. And I went and talked to the owners of the business. They loved the idea. I talked to my dad. He helped me structure and put it together. I had mentors. I pitched my dad for money. He said no. But I went out and raised money from investors. And that's how I got the idea for my first fund. I learned about funds first for about eight months straight. I sat down with my dad every Sunday night, and he taught me about funds. So if you're just sitting there like right now, like I don't even know the first thing about funds. Perfect, perfect. That's where you need to start. Start learning the game. You can't strategize on the game unless you know the game. If you didn't know that, if you don't know how rugby is played, how are you gonna strategize? on how to run a rugby team. If that's your goal one day is to run a rugby team, but you don't know the rules of rugby, how are you going to do that? Same thing with funds. If you don't know the rules of the game, how are you ever going to launch a fund? That's the first step. And that's where we help people. We have a number of different things that we help teach and help. That's why we have this channel. And then we have more. We have paid backend content to help organize it, give you guys the nuggets you need. Anyways, it's enough I'm going to say there. I love the RS3 though. Free call is the keyword if you guys want to book a call there. Josh, Nikita, I want to make sure you guys come on Instagram and check these guys out on Instagram. You guys there as well? Andy, are you over there? Can you make sure Josh and Nikita are just grabbing people on Instagram as well? We got a couple of people on Instagram here. I just want to— before I close it out, I don't want to lose them. The link's in the chat. Okay. The link's in the chat too? Okay. Andy dropped the link on the chat and YouTube. So click on that link. It'll just book a call there. Um, so you guys will see that. Um, oh, there it is right there. Boom, baby. Um, I love it. Okay. Um, perfect. And then Instagram, if you— maybe we just drop the link on there as well. Um, got a couple people on Instagram. And then, and then Facebook. Facebook, Instagram's easier though, so we can just DM each other. So if no one reaches out to you on Facebook or Instagram, send Send me a DM. Say, hey, I was on call. If they don't send you a DM in the next two hours, get DM me and say, hey, I was on the call. I didn't see anything. Where can I sign up? Or where can we hop on a call? And we'll we'll get the get the ball rolling. Sound good enough? Okay, free call. I see you guys. King Kevin on there. Can't DM on YouTube. Okay, awesome. Perfect. Okay, thank you guys so much. Good live call. We'll we'll be. We'll see some of you guys down the road as well. Let me know if you guys have other stuff we want to talk about in the future and questions I can answer. Okay, thank you guys so much. I think we got everyone here and we're looking good. Okay, time to sign off. You guys are awesome. Booked. I see some people that booked the calls. Perfect. Hop on there. I we're gonna try to help you out any way we can. You guys are great. Thank you so much. Love y'all. Have a great week. Go help people out. Go be a good neighbor. Be a good friend. Spread goodness online. Um, that's actually a goal I set last year was I did not want to say one negative thing online. It's very easy to comment on stuff and, and, you know, put out hate out there. And, uh, go, go spread some goodness out in the world. The world needs it right now. If you're on YouTube, hit that like button. Apparently it helps it. I don't know. It helps the YouTube thing, whatever. So So if there's a like button on there, I guess hit it. That's what Handy always tells me to do. So hit that on there. We'll see if we can get over 500 likes or 1,000 likes or something on this video. We'll see how it goes. So hit that as well. Thank you guys so much. It's been fun hanging out and I'll see you guys on the next live call. Okay. Bye guys. I'm gonna log off here. See y'all. Bye guys.