Single Asset Fund Challenge Day 1

Boom! Here we are. We are live. Single asset funds. Day one of this challenge. Welcome in everybody. Good to have you here. My name is Bridger Pennington. We're going to talk a lot today about doing a single asset fund, how that would be put together, how you guys could go out and look at doing single asset funds. It should be a pretty fun time. Welcome on. We got a live group here today. This is a live call. This is not prerecorded. It is May 6th, 2025. We are doing this. Okay, so welcome in. How these calls are going to run the next few days. We're going to— I'm going to use the chat. We're going to have people live quite a bit. We're going to do giveaways. We're going to bring people on live from the audience. I want to walk through deals with you. I want to help you through your deals. We have guest speakers coming on today. I'm going to talk about our best-selling offer that's coming on in a few minutes today. We have 3 guests coming on tomorrow and more guests coming on the next day on Thursday. This should be a pretty fun 3-day virtual event. So welcome in. Good to have you here. Let's do this. In the chat for me, number one, just say hello for me. Say hello in the chat. Let's make sure it's working. You guys can see me. You can hear me, it sounds like. Say hello in the chat. Here we are in the studio. What's up? Going on? Okay. Good to see y'all. Number 2, I have a poll that is live, so go hit that poll real quick. How much capital have you raised in the past? The poll is live on Zoom. People that are on other platforms, you're welcome to join us on Zoom. But I'm curious. I want to learn about you guys. This isn't about me. Today's about you. I want to focus on you and what you've done, where you're at, and how we can get you to the next step. So, on the poll, how much capital have you raised in the past? I'm going to give you about 10 more seconds to answer this question. It's on Zoom. If on the bottom of your screen, there should be something popped up that's a poll, open that up and click $0, $0 to $100K, $100K to $1 million. Should pop up for you. If it doesn't, it doesn't, but should pop up. 74% of people have answered. Here we go. I'm ending the poll in 5 seconds, 4, 3, 2, 1. There's the poll. I'm going to share the results so you can see them right there. So 40% of people, roughly 39%, have never raised a dollar before. Totally great. We're happy to have you here. We're going to talk about raising your first dollar, how that's put together. It's scary. Where do I go? Who do I talk to? How do I structure a deal that people would like? How do I even put this thing together? Do I need to raise dollars? Can I do creative finance? Can I do a debt deal from a bank or maybe an SBA loan? We're going to talk about all that and how they work together. So people that have raised your first $100 grand or $1 million or $10 million, there are different thresholds in the capital raising game. We're going to talk about all those today. It should be pretty fun. Let's do one more poll. And actually, well, come on, we're going to do a little Giveaway of money. Mason, I was talking to Mason, my co-founder, today. He's like, let's give away some money on today's call. So let's give away some money. How these work, I'm going to train y'all real quick on how we give away money. And you might ask the question, why? So we're going to do a fun giveaway in the chat here. It's fun to give away money, but more importantly, it's for you.

Okay?

Your time is very valuable. So welcome on to today. If you sit there and just listen, maybe you're driving, whatever, you will remember about 0% long-term about what you hear today. At least psychologists tell us that. If you just listen to something. If you take notes and you actually pay attention, you will remember about 3% to 5% long-term of what you hear today. However, if you use your body, your voice, and you engage, that number jumps to 15% to 17% of the content you will remember long-term. So during this stuff, I'm going to do giveaways. I'm going to have fun. I'm going to ask for participation. The reason for that, number one, it's fun. It just keeps me, keeps us all alive and having fun on here. But number two, it's more for you. Your time is extremely valuable. I don't take that lightly. Coming on a call today, I'm not here to waste anybody's time. I want to move fast. I want to move quick. And I'm going to ask for engagement so that you remember more of this stuff long term. Does that sound good? So if that sounds good, type a, maybe type yes in the chat if that sounds good. Okay. We'll do some giveaways as well. Make sure you type to everyone in the chat, not just hosts and panelists. Cool. I love it. Thank you for participation. This is awesome. Let's do this for $100. Okay. For $100, type in the chat, let's get started. Type in the chat, let's get started. I'm going to pick somebody random in the chat for $100. You got like 5 seconds, 4, 3, 2, 1. Wow. We got a lot of people. I'm going to scroll through.

Matt Hiltner.

Matt Hiltner.

There you go, Matt. Matt Hiltner, I just picked you. You got $100 to Amazon. Send a message to bridger@funlaunch.com and just screenshot Matt Hiltner and we'll send you a $100 Amazon gift card.

Boom.

We're like 3 minutes in and we're already giving away money. Okay, so welcome in. Today's going to be a good call and we're going to dive in. So let's do this. Can you share my screen for me? Let's make sure this is working. Let's get started. People aren't here. They're not here. Let's get going. We're already giving away money. We're already going. So today we're going to talk about the next 3 days. Doing your first single asset fund challenge. We're going to talk about number one, what is a single asset fund? How do they work? How do you structure them? What's the difference between a single asset fund and an SPV or a syndication? Why would I even consider doing this? What is the path this would lead on? And we're going to walk through all that. Sound good? Okay. Furthermore, today we're going to talk a lot about, well, this concept. This might cue up our conversation today. This is something that I think is pretty important. I've been doing this a lot recently. I like to watch what people are doing, not what they say they are doing. I watch what people do, not what they say they do. So, for example, you guys, you probably know these figures. The question at hand is what do all of them have in common? OK? Grant Cardone, Cody Sanchez, Tai Lopez, and Pace Morby. What do these folks all have in common? I was just actually with Pace just a few weeks ago at a private little event. What do they have in common? Well, number one, these guys are all guys and gals are all people online. They all teach something online. But what if I told you they are all launching funds? All those people and a lot more online are all launching investment funds. Here's some of the funds they do. Grant Cardone obviously has Cardone Capital, $4.5 billion fund, Cardone Capital. Cody Sanchez has her private equity funds. Pace Morby is raising a $100 million fund right now. Tai Lopez, they raised a multi-hundred million dollar fund. to buy Pier 1 Imports, RadioShack, etc. And that fund, we'll see how it all plays out. There's been some bad news, some good news on that fund. We'll see how it goes out. But that's pretty interesting. Why are people that teach things online all running funds? There's this interesting path that they go on. Furthermore, Alex and Leila Hormozi, they're running a private equity fund with Acquisition.com. This is a picture of us, actually. They came and we went into Bear Lake. We were kind of friends before they became famous. I don't know. They're famous now. I don't talk to them anymore.

But before they were famous, we hung out.

Actually, here's a picture of me flexing on Alex, trying to look good. You know, there, me and my dad, we were in Bear Lake. We brought him on our boat. We hung out for a day. We've done a couple of Zoom calls, but they actually joined one of our Funnel Launch programs. And actually, we talked to them a number of times about pre-acquisition.com, how this would look. This is Russell Brunson. I was with Russell Brunson a few months ago. ClickFunnels guy, talking funnels. Did you guys know he is buying businesses at scale, doing a private equity model? Kind of interesting. Okay. Again, these are all people online, but watch what they are doing, not what they say they're doing. Actually watch what they are doing.

Okay.

They are all starting funds. So the next 3 days, we're going to talk deep about funds, specifically about single asset funds. These are funds that you actually can start earlier. This is the general path that a lot of people go on. A lot of people self-fund. They do deals by themselves. So, they self-fund deals. Then previously, we had a lot of people jumping to like a full-out fund. This kind of middle piece is what we call a single asset fund where you do one deal at a time and you pull capital together to do that deal. So, maybe you're going to buy a business. That would be private equity. Maybe you're going to go buy real estate. That'd be like a real estate fund or a single asset fund for real estate. Some people call these syndications, SPVs. We're going to clear up all that.

Cool.

Conversation today on what is what, why, how I would structure them, how we put them together, how to go out and raise that. But this natural progression happens. And then a full-out fund is where you're buying multiple deals together. So self-funded, maybe you're buying a duplex. A single asset fund, you pool money together to buy a 16-plex or a 32-plex. A fund would be, hey, we're buying 20 deals over the next 18 months that are all 32 to 72 units. Does that make sense? This path and all of these online marketers are all on this path right now because of how lucrative it is. It is one of the best business vehicles on planet Earth. Is that making sense? Give me a little— give me a yeehaw in the chat if that's making a little bit of sense. OK, so my goal for today is for you to consider launching a single asset fund that you should think through considering moving on this path and moving up and following what all these successful people online, what they are doing as well. This natural progression. This is for business owners or investors who want to scale. And really anyone that really wants to just do bigger deals, that wants to go to the next level. It's kind of like, you know, there's a lot of groups online that do seller finance or maybe trading courses or they, you know, seller finance for buying businesses, which are great. Previously at Fund Launch, we've, you know, we help people launch full funds, but there's kind of this big gap. of, okay, Bridger, I've done a couple deals. I've done some seller finances, or maybe I trade in my, you know, I trade options and I'm not quite ready for a full-out fund. What do I do in the middle? And for a long time, it was this big jump and this big leap. And finally, we said, well, what if we help people put together single asset funds and talk them through this? So, we started having people like test this out the last few months. We brought people together and They were blown away. They said, "This is phenomenal. It's building me a track record. It's getting my feet wet, and it's preparing me to enter this new world where I'm doing bigger deals. I'm actually becoming like a titan of industry in my certain area or certain part of the world that I'm in." Is that making sense? So this is what we're the progression that we're helping people go on. We've helped a number of people do this. This is Jason. Now he was doing a full out fund, but look at this. He says our last investor invested fifty one million dollars because they loved our team. This takes us to sixty million of a hundred. million raise for a real estate fund. Now he's more on the end of this on the full fund size, but pretty cool, pretty cool result. This is Heather, kind of more on the beginner side. Within a quick and painless 6 months, we became confident managers of a $15 million private credit debt fund where they were actually issuing loans. So some people are doing hard money lending. We helped her and her team put this together. This is Kaloa. This is another big one. They raised their second $100 million deal to go buy huge. This is the Waldorf Astoria in Park City, Utah. So, I live in Utah. We actually have been to the place. I had lunch at his hotel. It's a beautiful hotel that they have up here. They're building a second one right now. Really, really cool story of what they've done. But we've also helped smaller people do their very first deal. They're buying a business for $200,000. They're entering their first fourplex at, you know, $900,000 and they're pulling money together. They're doing a fix and flip, a rehab. We helped One guy go from 4 houses a year to 72 houses a year.

Okay.

So what I want to do the next 3 days is give you the blueprint, the plans, how it would look, how it would feel, answer the questions before you go dig the hole, literally or figuratively, and go build the house. I want to show you the plans. I want to show you how it's put together. And actually, I'll answer any question you have. Like, we're going to go deep. I want to bring people live from the audience. I want to talk to you. I want to walk through deals. We might even heck we might even call a few live deals and actually do them live with us. Yeah, does that sound cool? So now briefly, why do I have authority to talk on this? This is thirty seconds on me. It's not here to talk about me. This is here to talk about you. But I think it's worth knowing why I have credibility to talk on this topic. So number one, I have an amazing family. This is my beautiful wife. We grew up on the same street together. She is awesome. We live in this little homestead right now. We have eleven chickens. Last week, well, we had, we were going to have 16. Last week, we had a fox come and kill 5 of our chickens. So we're living on a little homestead in Utah. It's awesome. I love it. This is my son, Jonah. We just had a brand new baby, Paris. I'll talk more about family later. Family is the, it's amazing. I love my family. It's so awesome. Furthermore, on the business side, I ran 2 funds out of college called Blackbridge Holdings that did extremely well. We sold those. We had a competitor come and buy those. So I've gone full cycle on a fund and exited those in my 20s. Now, I currently run 2 funds over here. I run Ugly Unicorn. This is a crypto and blockchain investment fund. We manage roughly $25 million in this fund. We're a long-term kind of Warren Buffett approach to crypto. Furthermore, we just closed this. This is Fund Launch Partners. Maybe move my corner there so they can see the bottom. We just raised $30 million for this fund. We are now investing into our favorite people that come through Fund Launch. Last year we reviewed, get this, we reviewed 1,200 funds that came through Fund Launch or other means. 1,200 funds. And we did deals with 6 of them. Of those 6, the average commitment size was about $1 million that we've committed. This, the next 18 months, we want to do another 19 deals with an average commitment of about $1 million. So which brings me to Fund Launch here. Fund Launch is a full incubator. To help you launch a fund or a single asset fund. We have 100,000 members. We do live events. It's been a phenomenal business that we've ran. Got about 60 employees with Fund Launch. Okay, so this is— I have some authority to talk about funds because I currently run 2 funds. I ran 2 funds here and now we've helped hundreds of people launch their funds. Furthermore, if you want to go follow us, this is me and Mason online. This is my co-founder Mason. Go find us on Instagram. We put out tons of free content on all this. Okay. This is our previous events, Fund Launch Live. Furthermore, I'll mention this later, but this is my dad and my brother. My dad here co-founded a $28 billion family of real estate funds from a guy from North Las Vegas in Utah, in all places. This guy, my dad, is phenomenal. You guys have heard him in the past. Anybody heard John before? John's a phenomenal dude. We'll tell his story in a minute. This is my brother as well, investment funds attorney. He was formed at the largest law firm in the world. for investment funds, now is running his own fund as well. None of us went to Ivy League schools. None of us. I'm actually, I'm a dropout. My dad graduated college with C's and B's. My brother graduated. He's the guy that went to law school. But we've all figured out this unique game of funds. And I feel an obligation almost to share this with the world. I was lucky enough to have a dad who taught me about this game and how this game is put together. And to share that story briefly, when I was 22, I pitched my dad for money. My dad has never invested in any deal or fund I have done. I pitched him over and over and over and over again. He always said no. He said, I'm going to teach you how to do it though. Finally, actually, this whole story. So I've told this story for years. About last month, he wrote his first check ever into this fund right here, $250,000 check into Fund Launch Partners, which is a teeny check for him. I mean, this guy, he ran— their funds today are 10 times bigger than Cardone Capital.

Wow.

to put it in perspective of how big their funds are. He's now retired and has a lake house and stuff. But isn't that kind of cool?

Okay.

So I share that and I'll share that story more in a minute. But I've got a unique situation and I've shared this for years of we have a unique spot. None of us went to Ivy League schools. None of us worked on Wall Street. But we have this unique information about funds and we want to help more people launch their funds. So the agenda for today and the next couple of days. So we're going to talk about what and why are single asset funds. We're going to do a one-on-one hot seat with someone on this call, and then we're going to bring on Oren Klaff, the author of Pitch Anything, and to talk capital raising later today. Does that sound like a good plan for today? Give me a yes in the chat if that sounds good. Sound all right? That's the plan. Now, the next 2 days, we're going to bring on— we're going to start the same time every day, 1:00 PM Eastern each day. We're going to bring on 3 expert guests to discuss their SaaS deals live tomorrow and the next day. Furthermore, we're gonna actually call deals live with you. So I'm actually gonna call deals. We're gonna do deals live and talk through them to give you more of a sense of how deals work. Now, sound good? Sound like a decent— thanks, you guys in the chat. This is the big question, though. So what's the catch? Bridger, why are you doing this? Is this a pitch fest? Anybody wonder that before you come on a call like this? Are they just gonna pitch me the whole time? Like, what is it? OK? So let me just— I'll be transparent with you. Does that sound fair? What is the catch? Why are you doing this, Bridger? What's Funnel Launch? Like, what's the catch? Where's the pitch? Like, what's going on? Our model at Fund Launch is this. We give away tons of free content. We have our YouTube channel. We built a whole platform called AltStreet with 10 free courses on funds. We have 100,000 members that have taken one of our free classes. We just give away the knowledge for free. Okay. What Fund Launch does is we help implement it if you would like. So if you want legal— a legal team to help you, if you want 15 consultants to help look over your shoulder and make sure your pitch deck works, That's what we do. So we've incubated over 300 funds through Black Card, which is our top group. We help people implement and launch their funds if they would like. We have plenty of people that just watch our content for free and go launch their own funds, which is awesome as well. Okay? So the next 3 days, my goal is to give you tons of free content, as much as I can. I want to answer every question. I want to go through everything and just teach you everything I possibly can.

Okay.

Tomorrow afternoon, we've been working on a thing for the last 3 and a half months. It's so cool. We've never talked about this before. This is the first time publicly announcing. We will pitch for about 15 minutes tomorrow afternoon of a new— we're going to open up a new category for 50 members if they want to join, and we help implement launch their— to launch their single asset funds. You hire our team to help you launch it. We're only looking for 50 members. Today's call, we had roughly 1,400 people registered for today's call. Which means I'm only looking for 50 people to join us. That's less than 3% of the registrants for this call will actually join and we're going to work with. And we can only take that many. We have capacity. So, for 97% of people on this call, it's just value and education. Okay? So, of the 3 days, we're going to go for, we might even go for 2 hours, 2.5 hours. I'll stay on and do Q&A as long as you need. Today, there's no pitch, nothing. We're just going to teach. Tomorrow, we're going to just teach all day. We're going to do 1 pitch for about 15 minutes. That's it.

Okay?

And then it's just teach. And then day 3 is just teaching all day. Does that sound fair? Is that me being transparent with y'all? Okay, that's the catch. We're only looking for 50 members to join us and help us move this mission forward, and we'll help them go launch their single asset fund and implement. Training and tools are all free. I actually, I really don't like the course world. Like, we just give away all of our courses now for free. All the education is just pretty much for free. Not all of it, but almost all of it's for free. We help with the implementation of just putting it together. Sound fair? Is that kind of cool? If you're wondering what's the catch, there's the catch. All right. So, our mission at Fund Launch is to democratize Wall Street, to make high finance accessible to all. Maybe move the screen there so they can see it. That's our goal. And we do this in 3 categories. We educate, we incubate, and you allocate. So, we're—

and we—

this education is pretty much free is what I'm saying here. This live training is free. Our mission is to democratize Wall Street. I believe more people need to understand this game. how this game is played and how this is put together. Sound good? So that's the plan. So if you're cool with that, for today, tomorrow, and then Thursday, I'm going to invite you to lock in, be here, put away the cell phone, put away Instagram, be here with us. We're going to talk fast. We're going to go through a lot of content. I want to give you all the tools that you can go and launch this thing and be extremely successful because I believe we need more people to understand this game. If we don't, We might be slaves to a few funds. There's actually specifically 3 funds right now that are taking over the world: Vanguard, State Street, and BlackRock. We need more people to understand and play this game. Sound good? All right, let's do this. Type in the chat for $100, then we're going to kick off and we're going to go quick here. For $100 in the chat, type in— let's do this actually. Hold on. Pause. We're going to gamify this for a second. I want the first person I'm going to say a phrase. The first person who types in the phrase, it has to be spelled correctly, gets $100. So this is a speed challenge. Once we get this challenge done, we're going to then move to the next spot here. And while we pull this open, let's pull it up right here. If you have friends or people that should be on this call, pull up— oh, where'd it go? Coming back here. Hold on. I'm going to give you a phrase here in a second for $100. You guys can pull this open and win $100 on Amazon. I guess that slide isn't there.

All right.

No worries.

Okay.

The phrase is, you can share my screen. The phrase is democratize Wall Street. Okay. Democratize Wall Street. First person to type that in the chat.

Wow.

That was quick. That was quick. Let me unshare my screen for a second. Let me pull it open. First person to share, to type that in. Let me pull this open here. Hold on. What's going on? Glitching out of my screen. Give me one second here. All right, here we go. Wow, we got a lot of people on. Democratize Wall Street. Here we go. I got to scroll back now. Okay, I'm seeing Peter Privian. Peter Privian. Democratize. Oh, it's not spelled correctly, Peter. I'm sorry, bro. It's not. Maybe share my screen. I can you can see it here. It'll be it'll be infinite screen for a second. But Sam, I see that Sam won right here. First person to type it in. So Sam, congrats! We got $100 coming to you. Congrats, Sam. There you go. Send a message to B Bridger at FunLaunch.com. Okay. All right. Let's dive in. Ready? You guys good to get going? So share my screen here. There are three funds taking over the world. They are. Vanguard, State Street, and BlackRock. This is why I believe we need more people to launch funds. They own— they are the top shareholders of 495 of the Fortune 500 companies. Okay? Right now, we're seeing real estate being rolled up. 1 in 7 homes were purchased by Wall Street in 2021, 1 in 5 homes in 2022, and 1 in 3 homes 2023. We are seeing mass consolidation around the world right now. TV, news, food production, excuse me, accounting, And that are all consolidated. And we're seeing new places being consolidated as well. Food franchises, real estate, social media accounts. Some people don't realize many social media accounts that you followed are actually owned by the same people. The same backend people actually are buying up these social media accounts and they're running them. If this is pretty prevalent with the 2020 presidential election, Michael Bloomberg bought roughly 100 social media accounts. They were mostly meme accounts that they bought for their campaign. And the meme accounts just kept running as normal. But they would subtly put in things that would benefit and favor Michael Bloomberg. There was rumors last year that Disney had purchased MrBeast in a private deal for, I think, $6.5 to $7 billion that no one knew about. And then they came out, they refuted it. But how many social media accounts that we don't know? These are private deals that we don't know that they're just running But someone else behind the scenes is pulling the strings and making things happen. If you look here, this is the media giants that own pretty much every piece of media on earth. You can see them here. Here's another way to look at it. I'm going quick through here, but Disney bought 21st Century Fox. They own all of these brands. They're owned by just a few people. What we're seeing right now is mass consolidation around the world. Here's food and food production lines. All these brands that you think are different are kind of owned by the same conglomerates. Okay? I believe we need more people to launch funds. What's the catch, Bridger? The catch is I believe we need more people like this to figure out this game of how funds are built. And that's why we call ourselves the Wall Street Rebels. This is the biggest game on earth that's happening right now. Now, the next question is, well, let me share a quick story. Is that okay if I share a story with you guys? I got into college. I grew up in Utah, of all places. I grew up, my dad, drove a car with a dent in the door. Okay. And I mentioned my dad earlier. This is my same dad. Drove a 1999 Ford Expedition with a dent in the door for like a decade. We weren't poor, but we weren't rich by any means. We just lived in a normal household.

I go to—

I serve a 2-year church mission for my church, the Church of Jesus Christ of Latter-day Saints. I went to Taiwan and I preached the gospel door to door for 2 years. If people always ask, like, is it hard to raise capital? I'm like, Nothing is harder than knocking tens of thousands of doors or talking to people on the street. Like we talked to 200 to 300 people a day, every day for 2 years. No girlfriend, no college, no work. That's all I did. If you ever— so if you ever see church missionaries out, give them a high five, honk at them, give them a wave because it's tough work. Like it is hard to sell religion door to door and it gets you really used to rejection. I'm like, oh, capital raising is easy compared to like sweating my guts out in Taiwan in Chinese, trying to tell people about Jesus. It was crazy. Okay, so I come back home after 2 years and I get into college. I was very ambitious. I feel like I, you know, 2 years had gone by. Most— some of my friends that didn't serve missions, they were now ahead of me. And so I was like, I feel like I'm behind.

I got to catch up.

I got to get moving. So I'm in college, I'm doing school, and at the same time, I'm like, I got to start businesses. I talked to my dad. I was like, Dad, who are the people that make all the money? And he's like, people that run businesses. And I was like, cool. And so I'm like, I'm going to start businesses. So the first 2 years of college, I started 6 different businesses. Not kind of, not business ideas, like full-out businesses that I launched and started. I started a Chinese tutoring business. I had 6 tutors that were tutoring kids. Like we kind of grew this thing. I quickly figured out there's not a lot of margin in tutoring. It's kind of a bad business model. So I pivoted. I did online marketing. I went on YouTube and like, okay, you should do funnels and online marketing. I was like, cool. So I got into that world, started building funnels and ads and Facebook groups and stuff. And we actually did decently well in college where people would pay us $2,000, $3,000, $5,000 to build out their funnels. And it was really cool. That's how I met Mason, my business partner. I then did wholesaling. I found on YouTube someone was like, you should do wholesaling where you get a contract of a house, you then get it, you assign a contract to somebody else, you make the difference. So I made, I did 2 wholesaling deals, made $5,000 per deal. Anybody done wholesaling before? Give me like a— give me some love for my wholesalers in the chat. Anybody else done that before, by the way? You're on YouTube like, how do I make this work? Finally, my dad calls me and he's like, Bridger, you're kind of like a chicken with your head cut off. I have a business partner that I think can really help you out. And I said, sweet, I'll go talk to anybody. And so he goes, go meet with this guy. Go meet with this guy. I pull up to his house. My dad's business partner lives in this Beautiful, gorgeous mansion. White, you know, beautiful white house, basketball court, cars in the garage, you know, wine cellar. Like, it was like this crazy house. I walk in, I sit down on the couch with him, and we start to talk. And I start asking about business and life and what should I major in in college? And he goes— and I finally ask him, how did you get all of this? Like, how did you do this? And he says, you know, years ago, Bridger, I was a lot like you. I was trying all these different business ideas. I was doing landscaping, then I was doing epoxy floors, then I was doing wholesaling, then I was trying an MLM where I'd get a downline. And he goes, I actually made okay money. Like, I was, you know, kind of going around it. But then he goes, then I met this one guy who ran a private equity fund. And he was one of the wealthiest, youngest people I had ever met in my life. You ever met somebody that has like a different tier of wealth?

Yeah.

They just talk differently. They act different. And it wasn't like from a family. It was like him. Like, he made this wealth. And he said from that moment on, he goes, I didn't care what was going on. I was going to figure out what the words private equity meant or fund management meant. And I was going to figure out how to play in that game. And he goes, this was the secrets of the ultra-rich. The ultra-wealthy families of the world, they try to get their kids to get into the world of hedge funds, private equity, venture capital funds, this game, single asset funds. Or come home and run the family office, which is essentially a fund or a fund for a family. And he goes, I set on this journey. And he goes, we, a few years ago, we launched some funds and they've done pretty well. At the time, we're managing $8 billion of real estate, which is pretty crazy. That's twice as big as Cardone Capital is today. This is years ago. Like I mentioned earlier, today their funds I think are 10 times bigger now than Cardone Capital. They've since retired. My dad's retired, all that kind of stuff. But pretty cool. And so I talked to the guy. I'm like, you know, I've always been told from webinars like this, find a mentor, find someone that you can, you know, that can teach you the game. And so I asked him, hey, can you mentor me? I'll show up to your house. I'll bring you coffee. I'll be your driver. Like, whatever you need, dude, I will do it for you. I'll work for free. He says, Bridger, go talk to your dad. Your dad knows way more about this than I do. And I said, no, my dad's kind of broke. You're rich. I want to learn from you. And he says, Bridger, sorry to break it to you, but me and your dad make about the same amount of money. And my chin dropped to the floor. I was like, huh? Like, come again? He's like, yeah, me and your dad are pretty much equal business partners in this business. I left the dude's house. I drove straight to my dad's house. I was like, Dad, what the heck? Like, why are you driving a car with a dent in the door? Like, why do we like— Like, why haven't I been able to order a soda at Chipotle for the past decade? Because it's too expensive and we're always saving money. We go out to eat. No one orders drinks. You guys know that? Like, nobody ordered drinks. We're saving money. You know, that was my whole life growing up, which is great. And I love my parents. My parents are phenomenal people. But like, hold on, you're managing $8 billion of real estate. What's the catch? Anyways, my dad kind of laughs and he goes, Bridger, yeah, you know, we're doing okay. My, you know, my partner likes to spend his money. I like to save and invest my money. But yeah, we're doing all right. To make a long story short, my dad started teaching me about investment funds, how they're put together. I'd go to his house every Sunday night and he would teach me some of these frameworks and how to approach investors, how to structure it, how to do it the right way, how to make it compliant, how to make sure it's buttoned up. And like anything in life, when you start to learn about something, you start to see or maybe even attract that thing in your life. I started to learn about funds and I started to recognize opportunities around me where funds could fit in. where the only thing stopping something from growth was just capital. While I was in college, I was working in— I was working a job and an internship at the same time. At the internship, I saw an opportunity where we could launch a fund for the business I was interning for. I was the intern and we talked to the owners of the business. It was kind of a small business, so we all knew each other. And I said, what if we did a fund for this? They loved the idea. I took the idea home. I talked to my dad. My dad liked the idea. We started to build out this whole entire fund. I'm 22 years old. I was pretty excited about this. And then I hit this wall. Crap. How am I going to raise money? Who's going to invest in me? I haven't graduated college. I don't have a track record. I've never done this before. Who in their right mind would give me money? And then I had a great idea. My dad. Right? Like, my dad's apparently rich. He loves me. He likes the business idea. I'll go pitch my dad. So it was a late Sunday night. I went to my dad. I said, Dad, how would you like to be our first investor into our fund? And my dad kind of smiled and laughed and said, Bridger, I have the money to invest, but if I invest in your fund, it would ruin the experience of you raising money on your own. This is a crutch that you'll never be able to recover from. If your dad invests in your first deal, that will kind of taint your career. Furthermore, your first investor is your hardest investor to find. You got to overcome that hump on your own, and it'll build you confidence and help you in the future. It was a tough love moment between me and my dad. My dad said no. I walked out. kind of with my tail between my legs. And like I said earlier, my dad, for 8 and a half years later, never invested still in a deal property project ever. Like, no, I'm not investing. You got to go figure this out on your own. So, I went out. I hit the streets. I talked to everybody I knew. At 22 years old, I raised a whopping $49,500 in a private, kind of like a single asset fund. I'm going to talk through the structure here in a second. Pulled this money together in a small group and we started But it was enough. Teeny little bit amount of money, but it was enough to get started. We started doing these small short-term loans and they actually did well. They started paying us back. Our first group of investors got a 64% return on their money. So, small amount of money, but good return. We leveraged that little track record. Like, hey, this is doing good. We talked to the people there. We said, let's scale this. We then went and raised a couple hundred thousand dollars. So, not much bigger. We raised a few hundred thousand dollars, like $300,000, $400,000. We then relaunched Fund 2 and we started to do more of these loans. Then we raised, we got to $600,000, then $1 million, and we started doing these loans. We did 219 loans over about a 3-year period. Our returns were 62%, 47%, and 36% cash-on-cash return to investors. After 3 and a half years, we had a competitor come that we were kind of kicking out of the market, came and gave us an offer and actually bought out our whole business and paid back all of our investors plus their return.

Wow.

It's pretty cool. So we exited that full fund. We then launched— people started to ask us, how did you launch these funds? We launched Fund Launch. Now I run Ugly Unicorn, $25 million fund, and then a $30 million fund with Fund Launch Partners that we've raised. That's equity raised, by the way, not leverage. Equity raised. We've raised roughly $45 million in our little tenure here, and we're still going. I am in the game actively right now. I actively run 2 funds, and I teach this stuff with you guys to help more people figure out this game. Why? Maybe back to my slides if you can. Because we are the Wall Street Rebels. I believe more people need to launch funds. We need to combat these huge, crazy funds that are launching. We need more people like us to play in this game. And at anything, just understand the rules of the game. Because if we don't, we might be slaves to a few companies that kind of control everything. Now, you might argue, Bridger, you're part of the problem. You're helping people do funds. Maybe. And maybe so. I'm okay. I love capitalism. I'm okay with 10,000 funds independently competing with each other and driving prices lower for consumers. I'm okay with that. I'm not okay with 3 funds owning everything. Like the World Economic Forum says that you'll own nothing and you'll be happy that they're going to own everything, that you guys won't own anything. I'm not okay with that world. I believe more people need to launch funds. Yeah, we can protest. We can tweet that we're mad about something. Or you could use the same tools that the most powerful people on earth have used and wield those tools to help democratize Wall Street for the benefit of everybody around you, yourself, your family, and your community. That's why we need more people to launch funds. Yeah.

Following along?

Can I get a hurrah in the chat? That's why I do this. That's why we do events. That's why we do webinars. We're doing a 3-day challenge here to help more people figure out this game. And at minimum, maybe you never even launch a fund. At minimum, just understand the mechanics. Understand the game that is being played. When you go to Las Vegas and walk down the Strip, did you know that one firm owns, I think it's 75% of the hotels on the Strip are owned by one firm? We do not live in this world, this fancy world that everyone thinks is, you know, happens. You know, Sycamore Partners on Wall Street, a private equity firm, they own Aeropostale, Nine West Shoes. They're last year trying to buy Kohl's Department Store. They own Staples Department Store. They're all owned by one firm. Mass consolidation is happening around the world. OK? So, back to my slides, if you can. How do we play in this game? Like, what is— how do we even do this? Well, we're seeing a huge rise in what we call the emerging fund managers, that more managers are actually doing extremely well and you actually have a place in the market. Younger funds here, and this is another emerging fund managers are outperforming larger funds 22 out of the last 28 years. Emerging hedge funds perform about 250 basis points better than seasoned funds. A lot of allocators say they will invest in first-time funds more and more. 33% are saying they will invest in funds. This is at family offices and what they will invest into. And the reason for this is because emerging managers, people like you, we can actually find fractured small markets that are inefficient that we can make good returns on. And they all know the stats. Once you get over $1 billion in your fund, it's much harder to get a 22% return on $1 billion than it is compared to getting a 22% return on $100,000. Much easier on $100,000. You're flipping a house. You're in an inefficient market. You're buying an HVAC company. A billion dollars? You got to buy some big things and work in that space. Does that make sense? There's a huge space for what we call the emerging fund managers. Furthermore, the opportunity is so ripe right now. We are seeing this baby boomer wealth transfer where $84 trillion in assets are being passed down to younger generations. And by passed down, I don't mean inherited. Yes, some of it goes to kids or grandkids. A lot of it, these— this group is selling. Baby boomers right now are trying to sell businesses at mass. They are trying to— they've ran a, you know, a mom-and-pop store for 30 years and they're trying to— someone please come run this business. I want to retire and I'll even give you a discount. Just take this business and give me a little bit for retirement here. There is a huge amount of money being passed down because, and furthermore, baby boomers are dying. Silent generation are dying. It's hard to say, but there's a lot of wealth there that's now, it's got to find a home somewhere. Those businesses got to find a home somewhere and it's being sent to younger generations, which is pretty darn cool. Okay? So that's our mission to democratize Wall Street. Let's dive in for a second. I'm going to skip around a little bit. You guys cool with that?

Yeah.

Maybe I'll talk about this for a second. Why choose this path? And then we'll dive into actually structuring how to put one of these deals together.

I—

this is a real building. It's by my house. I walked by this building one day, or excuse me, I drove by and it was there. This used to be just a plot of land. Have you ever walked by a building and you look up and you're like, how did they do that? Like, who did this? You ever done this before?

Like, How?

Hold on. Who actually built that skyscraper over there? Who are the people? Like, you know, this is a beautiful building. You see the landscaping is brand new. Like, who did this? Like, how did they do it? How do I get to know them? You know, like, can I copy what they did? You start to see, if you start looking around, like, you are to notice this was a fund that was put together to go build this office building. I know some of the owners. I'm looking out my window right here. I said, there's a bunch of office buildings right outside my window over here. I know the owners of those office buildings and they did a single asset fund in this, in this path. They followed this path of doing single asset funds and full-out funds. This is the biggest game in the world. This is the, this is the game that everyone is getting to play into. This is all the online marketers, the people, they're all getting this game to do bigger deals, okay, to play in this game. So let's, let's jump forward a little bit. I'm going to come back to these slides in a minute. Okay. I'm going to jump down to why are we playing this game, right? We mentioned playing big. Well, let's actually get to some tactics here. Sound good? So how do you actually put one of these deals together? Now I'm going to share, there's, you know, nomenclature out there, syndications. People call them SPVs, single asset funds. Like, what do we mean? Okay, what is actually going on on these deals? You guys cool if I go a little advanced here?

Yeah.

Sound good? So how would I put together one of these syndication deals? I'm going to talk about the differences between syndications and funds and single asset funds right now.

This is—

what I'm about to show you is what I would not do. Okay? I'm starting with what I would not do. Now, you can do this. People do this all the time. I'm going to explain though why I wouldn't do this. And you'll probably see some of the flaws here in a second. Sound good? So, this is an example of buying a new business. We're going to go buy a business. There's a business for sale. We're going to go buy it. We need $500,000.

Okay?

So, we're going to— we're finding some partners, some investors, some people. We're going to pool together $500,000 in an LLC. This is what some people do. All right? In a syndication structure, they pool together an LLC. And as you can see my gold box here, we're going to go— the LLC is going to go buy the business. We're raising $500,000. Me and you are, let's say we're partners. We're putting this deal together. We're the sweat equity. So, we're going to retain 20% of the LLC's ownership. Is for us as sweat equity. And we're going to bring in partners, not investors, but partners to help fund this. And we're going to have an operating agreement with business partners to bring in the $500,000. Okay. So the first person we're going to bring in brings in, let's say, brings in half the money.

Okay.

They bring in $250,000 and they're going to get half of the available equity. Is that making sense? We already took 20, so there's only 80% left. They're going to take half of the available, which is 40%. Okay? We're then going to bring in some other capital, some other partners on this deal. Now, there's an understanding that us in the blue box, we're going to run the business and manage it, and they're kind of passive. But on paper, they have to be business partners. If they're investors, this becomes a security. And now you have to register it with the SEC. And so, a lot of people, and this is why I don't love this structure because it's not buttoned up. This is a syndication. We are all business partners in this deal. We then go buy this business. Okay? $500K, we got together, we go buy the business and then we run the business. When the business makes money, the money flows back to the LLC and then it gets split between the business partners. So, if we, this year we made $100,000 of return. 20% goes here, 40% goes here, 10% goes here, 5% and 10% and 15%. You guys following along? Making sense?

Okay.

Now, this works. People do this all the time. I know I'm poo-pooing on it a little bit, a little bit of poo-poo on this model, but it's actually not a horrible model. But let me explain though why I don't love it. Anybody done— type a yes in the chat if you've done one of these deals before, or maybe invested or been a partner in one of these deals. Type a yes in the chat.

Anybody?

Have you ever been a part of a deal like this? They call them SPVs or LLCs, which is fine. You know, it's not bad, but it's— let me walk through why I wouldn't do this. And maybe some people in the chat, you can tell me if I'm right or wrong. We'll see. Okay. Number one, well, yes, maybe move my thing so they can see your problems here. It's a little hairy with compliance. These people are not investors. They are partners. They have to be partners. If they're investors, it looks like a security. And if you're selling securities, you need to go register with the SEC. So, because of that, these partners can nudge you out of a deal. And furthermore, lawsuits are way more prevalent and easier to walk away from. For example, so if everyone makes money, everyone's happy. But what happens if things go bad, Bridger? Well, in this scenario, let's say this 40% partner here, okay, this red box, This person didn't pay their taxes last year. This happens all the time. And they call us up, hey, Bridger and Sarah, we're partners on the deal. Whoever's on the call, we're partners. Hey, I didn't pay my taxes last year. I know we're in this deal. I got an IRS judgment against me. Can we sell the business right now or the property or whatever? Can you please sell it right now? And we say, well, it's not ready to sell. We're still adding employees. We're buying stuff. We're still building this. It's like it's not even close to being ready yet. Well, I need money now. I'm going to pull out my capital. I got to get my capital out right now. And you go, hold on, wait, this is going to hurt the other members. You know, we're mid-business. If we sell it right now, we're going to have to sell it at a, you know, a really big discount and it's bad. Well, and then they get a little more angry. No, I need my money right now. The IRS is coming after me. I need my money now. In an LLC scenario, they can kind of put their elbows out. Your partner. So, they're, hey, I'm a business partner. I'm going to open up debt. I'm going to do something over here. I'm going to squeeze. I'm going to put a lawsuit on this. I'm going to put constraints on this and kind of squeeze people out of this syndication or joint venture or SPV. Is that making sense? Anybody in this chat ever had this happen? If they want to admit it, type a yes if like that's happened to you or you've seen that happen to a buddy. I've seen this happen a number of times. That's some of the problems that can happen with an LLC or an SPV or a syndication. So, let me share the flip side of this. Okay? This is where people do like a syndicate. I would say you should do a single asset fund. And let me explain why.

Okay?

So, here, and I just threw them up on the screen here, the differences kind of between a single asset fund or an SPV. Both are accomplishing the same goal. You're combining capital for a deal. Syndicate and SPV, just vernacular, by the way. You can get problems with investors. Also, vernacular-wise, syndicates sometimes are called masterminds or meetup groups or to combine something, right? When you call something a syndicate, like on Star Wars, they have these syndicates of like the bosses, if you guys watch Star Wars. So, the word syndicate sometimes or SPV is It's so broad, it's a little unclear on how to work. Furthermore, like I mentioned earlier, a lot of problems can arise in syndicates and SPVs. On the single asset fund side, watch, I'll explain in a second. It's accomplishing the same goal. You have a clear structure with investors, and we use the GPLP structure to accomplish this. Okay? I know we're— is this cool? You guys still with me? We're getting into a little bit of tactics here and kind of getting into the details, but I just want to— That's why we're here, right? To get into tactics. So let me explain now what a single asset fund would look like.

Okay?

This would be more of the GPLP structure. All right? Now, before I dive into this, people used to do more of these syndicates because they were cheaper, they were faster to set up. And that was the case. Single asset funds used to be more expensive. They were very expensive to launch. It was $20,000, $30,000, $40,000 to launch. Nowadays, they're almost the same amount of money to launch. Lawyers and teams and ourselves included at Fund Launch, we've gotten very efficient at launching single asset funds. Both are about the same, but this one gives you way clearer structure with investors, which is kind of cool. So cost is about the same and time is about the same. You can do one of these in about 2 weeks, which is pretty cool setup structure. So how does the GPLP structure work and why would I recommend this structure? So let me explain this first. What is the GPLP structure? Similar thing. If we're going to buy that business for $500,000, We're going to set up a limited partnership or a fund. We're going to bring in limited partners or, you know, in air quotes here, investors. Okay. We're not bringing in full business partners. We're bringing in limited partners. They're going to put their money into the fund. I use my little pool here, my little swimming pool.

Okay.

I made this slide myself. All right. Pretty proud of this slide. You can give me compliments later if you'd like, but it's pretty— it's a pretty well-designed slide. We got our little pool there off Google Images. All right. So we got a limited partnership. Investors are putting money in the limited partnership. We have a general partner. This is me and you. This is the team that runs the deal is here. That's me and you. We're the general partner. We manage the limited partnership and we go and buy the deal, right? We make investments. Let me move my screen over and maybe just take me all the way off. Make me full screen because this slide will take up the whole thing. Sorry, make the slide the full screen. You'll see the investments down here. We're going to go buy the business. So again, limited partnership is the fund. We have limited partners or investors putting money in. We have the general partner, me and you, that manage the investments. Whenever the investments make money, just like before, it flows back to the limited partnership and we split it between the general partner and limited partners. This is all governed by an LPA and PPM agreement. Okay, this is, this is the documents that tell us, we call it the Bible lovingly, All the rules, the contracts, it, it's— it used to be much more expensive because these documents are thick. They're like 50 pages, 100 pages each. You want this when you're setting up a deal and you're putting capital together. You want to make sure it's buttoned up. You want good legal docs. You want to make sure things are done in the right way.

Okay.

This structure allows you to do it in the right way.

Okay?

The last thing you'll add here is a management company. We'll talk about this more in a second.

This is—

so over here on the left, this is you and your team. Over here, this is the investors. And then you're all putting money into a limited partnership. So in that same scenario, that let's say one of these investors comes to you and says, Bridger, I forgot to pay taxes last year. We got to sell the real estate property or the business because—

Oh, no.

Man, just like before, right? Same concept. I need help, blah, blah, blah. They call you up. Please. In this structure, they would call you, please sell. And you say, well, the real estate property is not ready to sell yet. We're still doing value-add. We're doing renovations. We can't sell it right now. Furthermore, my fiduciary responsibility, which is a fancy way of saying like my core objective is to do What's best for the fund as a whole. I don't serve individual investors. Because what about these other 3 investors over here? I got to do what's best for the fund as a whole. I don't serve individual investors. In an LLC, if a big investor pushes you around, you got to kind of work with them because they're your big investor. They're your partner. There's a, there's kind of loose legal agreements. In a GPLP structure, you have a fiduciary responsibility to do what's best for the fund. Is that making sense? There's a great scene on— you can put me big in full screen now. There's a great scene on The Big Short. Anybody seen the movie The Big Short? This is a— watch it on— watch the clean version if you can. It's a movie about 4 fund managers that shorted the real estate market in 2007, 2008. Phenomenal movie. There's a scene in there where Michael Burry is sitting there and their fund is down. Like bad. He has a huge— it's a $1.2 billion short on the housing market. He is paying premiums every month. He pays like $9 million a month just to keep the short open. And so every month his fund is just bleeding and bleeding and bleeding and bleeding. And there's a scene where one of his investors comes in and is yelling at him. Like, he goes, Michael, give me my money back. Like, we got to get out. And Michael goes, no. The housing market's about to crash. I'm watching all the economic data. You've hired us and our other investors want us to stay in. Essentially, what he's saying is, I don't serve individual investors. I do what's best for the fund. And what's best for the fund right now is we stay in our position and we ride this thing out. And then, as you know, the housing market crashed. He, you know, made one of the greatest trades ever on Wall Street. He shorted the housing market in 2007, 2008 and crushed it for his investors. If you go back to my slide here, Michael Burry was only allowed to do that because he had a GP-LP structure put together. And it protects him against investors. It protects investors against him. And furthermore, it protects investors against each other from suing and putting each other. Now, this is all put together in a Bible. Does this mean you can just do whatever you want? No, you got to stay within the parameters you agreed to. But it makes the contract sound and makes it compliant and up to board and buttoned. You guys following along?

Yeah.

One of the reasons you would also do this structure, okay, this management company right here, this survives and continues on. So, I have some friends that have done a bunch of SPVs and syndications and they're like, Bridger, I got all these random agreements and I got 20 deals going on and all this stuff and it's all separated. What's cool about the GPLP structure, When you go to launch your next deal. So you've done, you know, let's say this is the first one. You had your general partner limited partnership and you had limited partners putting money in. You go launch your next deal. You keep the same management company. It keeps the same track record, the same team. It allows you to build and become a professional investor in a very buttoned-up way. Let's say you launch another deal. Okay, we're going to open up a new general partner. New limited partnership with new investors that put money in, but it's the same management company. Is this making sense? Then you launch fund 3. Okay? You do another deal and it's all owned by the same management, which gives you a track record. This allows you to build something over time, build a firm that actually scales into something. Y'all following along? So back to, back to this thing right here. The reason I say go self-fund it and then do, you can do one deal at a time through a single asset fund. It's buttoned up.

It's done the right way.

There's protections. And then it allows you to get ready to do a full-out fund one day. And a full-out fund, you know, this is the top dogs. This is the number 1 asset class. I think I can go back here on Forbes. The number 1— man, I've got to go way back. I missed some stories here. The number 1 category on Forbes of the billionaires list is finance and investments. There's a funny saying. You guys, you probably heard, you know, most millionaires were created through real estate. You guys heard that before? There's one for billionaires. Most billionaires were created through private equity and investment fund management. This is the biggest game on earth. The wealthiest people on earth do funds. Now, there's a few outliers with technology. You got Mark Zuckerberg or those. There's a few outliers. In general, if you look at the Forbes billionaire list, finance, investments, and fund managers. are the number one category and class of billionaires. This structure, because it's so scalable. This little structure I just taught you, this is how all the big funds run. This trillions of dollars is raised through this little structure right here. 99% of the world's capital that's raised privately is raised through this little thing right here. Isn't that kind of cool? You happy you came on today? Hopefully, you'll maybe learn something right there. And that's why I would do a GPLP structure for this. Now, Back to bring this all together. You can do this for just one deal at a time. You just do one deal and it makes your LPA, PPM agreements much simpler. So, you could launch one of these instead of spending, you know, $30,000, $40,000, $50,000 to set up a fund, which we can do. We've done that for 300+ people in Black Card. With a single asset fund, you're spending just a few thousand dollars and you can do one of these in a week or two. A full blind pool fund. If I go back to this, this, you know, that long-term slide, a full fund, you know, it can take a few months to put that together. A single asset fund, a couple thousand bucks and some legal fees and maybe a week or two, you can have this thing running up and running. That wasn't the case 10 years ago. Now it is the case. Isn't that kind of cool? Okay. So, all that being said, is that helpful?

All right.

What we're going to do, I'm going to bring on 2 guests and I actually want to talk about them. They're actually doing a few deals right now. They've been considering doing an SPV or a GPLP structure, and they've got a bunch of questions. I want to bring them on. Is that cool with you guys? If we bring on some guests and actually talk through their deals live? They're maybe in your shoes right now. So, I'm going to bring on Lindsay and Sean. If you want to queue them up. While we're doing that, we're going to do a little giveaway here. And so, give us a second. We're going to queue them up. Pull up my screen here. If you have a friend or someone else that should be on this call, if you're like, hey, if you— maybe there's someone in mind right now, like they should join this call. This is a link that you can bring them on the 3-day challenge. So you can invite them for today. We're going to still go. We have Oren Klaff coming on in about just a few minutes, author of Pitch Anything and Flip the Script, bestselling author. It's going to be phenomenal. So if you want them to come to the 3-day challenge, you can send that QR code to them or screenshot it or whatever. We're still live today and then invite them tomorrow. Furthermore, we're going to do a giveaway right now and then we're going to queue up Sean and Lindsay. Sound good? Okay, so I'm going to leave this live for the giveaway. Let's go in the chat for me. Type in the chat. What should we do? What should we do? We'll just do— I'll pick somebody random. Okay? I'll pick somebody random in the chat here. So, in the chat, type in single asset fund. Type in single asset fund in the chat for a $100 gift card to Amazon. And then we'll have Lindsay and Travis live. We're actually going to talk about their deal specifically. We'll pull up the iPad and we're going to go in here. Sound good? Single asset funds. Let's pull up my Oh, let's pull up Zoom. You guys can see it's going to be infinite screen, but I'll go like this. Let me go down. Okay, keep going.

Sorry.

Do it one more time. 3, 2, 1. Keep going. Single asset funds. I'm going to scroll through here. Let's pick somebody. Boom. Chris Patetti. Did I say that right? Chris Patetti. Chris, you got $100 coming your way. I'm just picking it live in the chat. You guys can see it live. There's Chris. Sorry, Robert, you were close. Nicholas was close, but I picked Chris right there. Congrats, Chris. Good to have you guys on. Okay, let's do this. I'll come back to my screen here and I am waiting for my team to bring on Sean and Lindsey. Hopefully they're live here. We'll see if they work. So we'll give them a second. Let's talk about their deals. And I'm actually going to pull up my iPad so we can talk through their potential deals live right now. So are they ready to go? Got them in the back.

Okay.

Let's pull this open. Let's get the iPad out here. Let's walk through some of theirs. So, I— now, Lindsay, so I brought this up yesterday. Lindsay's actually on our team.

Okay?

See if our iPad works here. Lindsay's actually a member of the Funnel Launch team. So, she's got a little inside scoop. But I wasn't aware that she was doing deals, which is kind of cool. So Lindsay yesterday was like, hey, I was looking for somebody to bring on. She's like, I'll come on with my husband. I said, great, let's bring them on. So Lindsay, Lindsay and Sean, they're in California right now. They mentioned they have a few deals going on. Okay. And just start talking when you guys are here. I think I see them. You guys live? Hello?

How we doing?

There they are. Can you turn that up for me just so I can hear them? Keep talking for me.

Turn up the microphone. Unique New York. How now, brown cow?

Hello, try again.

How now, brown cow?

Hello, hello. Your hair looks great.

Your hair does look great.

Yeah. Can you hear us?

Check, check. I heard him for a second there.

Check, check, check.

Keep— just keep talking. Let's see if we can hear you here.

Rub the baby buggy bumpers. There we go.

I can hear you now. Just turn that up for me so I can hear. Just a little quiet. Is it quiet on your guys's end or is it just me?

No, all good.

It's all good on our end. Looks like folks in the chat too can hear.

So let us know.

Okay.

Check.

All good. All good.

Okay, cool.

Good for everyone but me. I know. What the heck? If you can just maybe turn that microphone so I can just hear them or turn that up if you can. Okay. I can barely hear you. So I'm going to— I'm going to all shut up here. But Lindsay and Sean, welcome on.

Good to have you here.

No secret here. Lindsay's on our team at Funnel Launch and then said, hey, me and my husband are doing some cool deals right now. I'd love to get some thoughts on it. I said, great, let's do it. So, maybe let's talk, first off, you had 3 deals. We're not going to talk about all 3 today. Let's talk specifically about, you have a real estate deal right now that you're working on. Give us 30 seconds on this real estate deal. What's going on? And give us a little background on you guys.

Yeah, yeah, absolutely. So, Sean Travis, former firefighter here in LA, now full-time entrepreneur. Running a couple deals here. One of them that we're talking about today is the real estate. We have a duplex in Orange County, which is sitting on a massive plot of land and can be built out extensively. And we want to raise capital to do that. So obviously, with most construction loans or hard money loans and whatnot, you need a lot of monthly payback time right away, even while you're building. So it can be very capital intensive before you're even guaranteed income. So we're looking at a GPLP structure to raise the build costs and then be able to pay out with the waterfall once the profits start coming in.

Really cool. So what are— and what are the build costs? Give us some numbers here.

Yeah. So they're actually the prefab ADU units, which are beautiful. You can't even tell. They look like stick builds. But we put 2 2-bedroom, 2-bath units for a total of $368,000. So we're raising $300,000.

Really cool. So, $368,000, that gets you how many units? One?

4 more.

That gets you 4 more beds.

Sorry, 4 more bedrooms. So, 2 more units. So, turn it into a fourplex.

2 units. Gotcha. Dang, that's amazing.

So, turn it into a fourplex total.

Yeah, that's really cool. So, $368,000 and you wanted to raise $300,000. Are you bringing the other $68,000 or do you have debt or something?

We would bring the other $68,000.

Yeah.

Okay.

You'd raise that and then you'd bring your own $68,000.

Cool.

All right.

Let's— yeah, let's talk about this. This is sweet. So, you've obviously got this deal ready to go. You found the deal. Now you're to the point of like, how do we put this together? What do we structure this? So, we can go in any direction you guys want. What— maybe what's holding you back or what questions do you have? What would be something that's like— and I'll be just fair. I think I talked to you guys yesterday. This is the first time you're really raising outside capital before bringing in partners and things like this. It's a huge leap, like doing this the first time, even if you have everything perfect. It's just it always is a jump, like like anything in life. There's just like this leap. So maybe walk me through. We can go down different rabbit holes here, but what would be something that's stopping you, holding you back, maybe confusing, maybe something we can talk about?

Oh yeah, I mean there's always the ethereal, you know, doing the unknown or just scared. Yeah, but um, you know beyond that, yeah, I think Lindsay actually wrote down some questions here.

Yeah, I think for us, primarily, one of our primary questions is when we are reaching out to a few investors, because we do have a few active conversations right now, is what's kind of the due diligence that is kind of suggested that we should be doing on these investors, right? Make sure we're not getting into bed with anyone that we shouldn't be. Is this kind of, I don't know, standard where there's like a process? Should we be doing background checks? I mean, what is— What does that look like?

Yeah, that's an excellent question. What I would say, so if you're going to do an LLC, like I just mentioned, and these people are coming in as partners with you, I would treat them like partners, right? So the same, like you just said, there's, you can do background, you can ask references, all that kind of stuff if they're going to be an LLC partner with you. However, if you're doing the GP LP structure, they are limited partners and they're limited in their liability and limited in their control. You don't really need to do as much due diligence. What happens here when they join, you would have them, you know, answer what they call KYC and AML questions. And you can have an admin or somebody can help you. We can help you do that too. KYC stands for know your customer. And AML is anti-money laundering. This is what banks do, all this kind of stuff. And there's a lot of services that you can pay $15 and just, they just run them through a checker here. All this checks is, are they a politically exposed person? Is it the mafia's money? Is it, you know what I mean? Is there, you know, are they, you know, secretly a front for some Colombian gang or something?

Right.

That's all that they check. You can do that really quickly. But in a GPLP structure, no, they're limited partners. Just bring them in. That's great. If they pass KYC/ML, bring them in. In an LLC structure, I would vet them and really, you know, you're becoming, you're becoming a partner with them. So you want to be really careful with who you're partnering with. That's why, like I just mentioned a few minutes ago, why I would push most people to do the GPLP structure. Does that make sense?

Absolutely. Yes. Especially when, you know, you have a property asset that they could leverage against. Yeah.

Yeah. And a lot of people do this just because they don't know the difference. But yeah, an LLC, people, they can put their elbows out. They can, if everyone's making money, it's great. But it's always when things go south or sideways or the economy moves, what do you do next? And what I've seen, it's funny, a lot of deals go bad, not because the deal was bad. It's oftentimes because the partners start fighting with each other. It's actually a really good deal, But the partners start fighting, and when you do a GPLP structure, um, like we mentioned just a few minutes ago, that, that protects everybody from each other, from other investors, etc. That's what I'd push you into.

Yeah.

Okay, got it.

What else?

Anything to double-click on? Is that making sense?

No, that definitely makes sense. Thank you. Um, so let's say, hypothetically speaking, just because we might be receiving capital here Pretty soon, and this is kind of the deciding factor, right? Whether we go kind of the LLC route or the single asset fund route is, I mean, what happens if we're doing a $300,000 raise here and we only raise like half of that, right? I mean, what, or we don't raise at all. I mean, what repercussions are there, if any? I mean, what are the next steps? Like, what should we look out for?

Yeah, good question. So, $368,000 is what you need to close, right? Do you guys have any hard money down?

I mean, just with the current mortgage, but nothing else.

Oh, because you own the property already.

Correct.

Yeah.

Yeah. You already own the property.

Yeah, yeah.

You already own it. So, that's great. So, you already have the property. So, walk me through the scenario. If you get $175,000 committed, again, not called, but committed, And for whatever reason, things change, whatever happens, you can't do the deal. Um, you can just, just not call the capital. You can just say, hey, we're not calling the capital, right?

You don't get to play that day. Makes sense.

Yeah. It's like, hey, we didn't, we didn't invest it. Nothing happened. Uh, you know, so in a, to a GPLP structure, and even with an LLC, you're getting capital commitments. So people are committing the capital, but you're not calling it yet. Meaning they've committed it. They've signed a document that they would put money in. And the documents are pretty good. There's penalties if they don't put money in and stuff like that. You got to make them, you know, there's a penalty if you don't put money in. So you have to commit. But then once we're okay, we got it all figured out. We're to the point where we've, we've got $300,000 committed to the fund. Great. We're going to issue a capital. Let me make this bigger. Uh, a capital call, and we're gonna call the capital in. Uh, it's all the capital's due May 28th, and you have wire instructions, and everyone wires into the fund, and the money sits there, and then we're gonna put the money right into the deal and get the deal happening. And now again, so then if you didn't raise the money, you would just say, hey, we're releasing you of your commitment. And then, uh, you know, we're, we're gonna wait. We're not doing the commitment right now. You're released of that commitment. We're gonna follow up later. That'd be it. Is that helpful, Lindsay? Does that make sense?

Yeah, no, definitely. Um, and I know like with like we were planning on investing kind of the $68,000 of our own money, but I mean, is it required that we actually put skin in the game? Or like what if we actually get the entire amount actually fundraised? I mean, what's kind kind of really what investors want to see? And then also too, on like the 2% management fee, obviously with like a standard investment fund, right, where you can kind of take a performance fee, management fee. I mean, is that applicable here? Is it suggested?

Yeah, good question. Let's start with this first one. How much of my own money should we put into the deal? What I always say, it It's first off, it's up to you. You can do whatever you want, uh, which is nice with funds and stuff. Like you can build it the way you want. You actually have a lot of leeway on how you want to build it, which is kind of cool. What I would tell people though, I try to put in, uh, if, if I was an investor coming to you, I always ask like, hey, what's the skin in the game? How much are you guys invested in this? Uh, you want to make sure it's a significant amount of personal capital. Or, you know, you could call it liability. So, you'd say, hey, we're putting in a significant chunk of our personal savings into this deal. Like, we're in this. What do you want to tell an investor is like, we're all in. Like, we're in on this thing. So, it could be $68,000. It could be $100,000. It could be $10,000. Furthermore, it could be zero. In your case, it could be zero because you say, hey, we've already done the duplex. This is our land. Like, this is our build. We've already— our skin is already in the game. You know, we're aligned with you to make this thing work. What you want to show is investor alignment, meaning I make money when you make money. You make money when I make money. We're all rowing in the same direction. There are some deals. Can you guys see that green okay? Is that green all right? Is it big enough?

Yeah.

Okay. There are some deals out there that I've seen where, you know, it's not aligned. You know, the manager makes money if X happens and the investor makes money if Y happens. And that's not good. You never want people swimming in different directions. So, as long as you can show, hey, we're aligned, I've got a significant amount of my personal money or liability, or I'm in on this deal, my success is also bent on the success of this deal. If you can show that, I think you're good. So, it could be $68,000. It could be $10,000. It could be zero and maybe just say, Hey, we got our own money already in the deal right here. That's kind of what I'd say. Does that answer that question, Lindsey?

Yeah. And those were my thoughts too. I'm like, especially too, since we've already purchased the property, that is kind of the skin in the game or the risk that we've already taken. So that's why it was kind of like a question for both of us. Like, are we expected to put more upfront?

Yeah. Well, and furthermore, it depends how you write your docs, but you could also say like, Hey, we're putting $0 in.

Mm-hmm.

But, you know, and if we all make money, great. But it's always good to answer the question, what happens if things go bad? Hey, well, if things go bad, guess what? We still have a property here that's going to be worth something. If things, whatever, for whatever reason, just don't work out, we will, you know, you guys get the first money out. The $300,000 or $368,000 is the first money out of the deal. So, if we ever sell this duplex, the first money out would be the $368,000 to pay you guys back your principal. So you're essentially, you're collateralized against this right here. That's one way you could structure it to say, hey, yeah, we got skin in the game. I've got, I don't know how much this is worth, but a million-dollar property here that's essentially backing your investment. That could be one way to put it together.

Yeah.

Yep.

Yeah, absolutely.

Also, as I'm going, yeah, people drop stuff in the Q&A chat if you want us to dig deeper into something. This is cool that you had another question there, Lindsay, and I forgot what it was. It was like a sub-question.

No, it's just the second part was the management fee, right? Instead of doing now, let's say, a standard syndication or LLC structure, I mean, typically with the investment fund model, I mean, you're taking a management fee. I mean, is that— would that be still applicable for like a single asset fund? And then also too, for something like this, since this would be Kind of our first cap raise? Is it suggested if we can do it?

Yeah, management fee. So, for people that are new, I know you know all this, Lindsay, but for people that are new, there are 2 types of fees generally charged. One's called a management fee and then another one's called a performance fee. And you can bucket them different ways. There's waterfall structures, but generally speaking, those are bucketed that way, management fee and performance fee. A management fee typically is like, hey, we're going to charge 0.5% per quarter on the capital raised. So if you raised $300,000, we're going to charge 0.5% per quarter for 2% per year. And on that capital, just for keeping the lights on. Big funds do this. You'll see. And then a lot of times, and then also on the performance, once we sell or any money we make on top of the principal we are We're going to split 80/20, 80% to the investor, 20% to the manager. That's kind of— so people will call— if you've ever heard of a 2 and 20 fund, that's what people mean. 2% management fee, 20% what they call carried interest or performance fees. So back to the question. If I was in your guys' shoes on a deal like this that you're adding ADU units here, Unless there's some hard costs that need to be covered, maybe the fund just covers them, I would probably not do a management fee. Management fee is one place where investor alignment gets split a little bit. You're getting paid when sometimes they're not getting paid, but it's done to keep the lights on and to run the firm. So, if you need capital, like run the process, run the deal, then a management fee might make sense. You also could say, hey, No management fee. We're just, we're working on performance. We're completely aligned. When you make money, we make money. We're going to split that. And this is just one example, 80/20. So you guys get 80% of the return. We get 20% once principal is paid back. Once we pay back your $300,000, we'll split 80/20. That's kind of how that would look. If I was in your shoes on a small deal like this, you already own this piece, I would maybe structure it that way.

Beautiful.

One other idea, though, I'll give you. You could do— sorry, we're getting messy on here. We got the iPad is getting messy, but we'll just roll with it. One thing you could do is bring in debt investors. Meaning, so this would be— I'll put like a line here. This would be— and we're getting a little ugly here, but this would be what I would call an equity investor. They're investing like in the deal and they get compensated on the up or down of the deal. If you— if it pencils for you, you could say, hey, investors, we're raising $300,000 and you're going to put money in and we'll pay you 8% interest per year, 2% per quarter. It's like, it's like you're loaning us. Just lend us money. So, hey, we're asking for investors that want to lend us $300,000, and we're going to pay you 8% interest per year, no matter what. So, 2% per quarter, you're going to get paid until we repay your principal. And so then you guys can go use that money however you want. And, you know, if it goes up, you guys get to keep all the performance. If it goes down, though, you're tied to paying this. So, that debt's kind of a two-edged sword a little bit. If the property goes well, then you guys would probably make more money on the debt side, taking a loan from investors. Or if you see it equity, you know, investors make money up or down, right? If it goes down, well, they lose money. That's part of being an equity investor. If it goes up, they can split the 80/20 on it. Does that make sense?

Yeah.

Absolutely. Yeah.

So, that's another option. You could raise, you know, some debt.

So, you just structure the GPLP and the LPs are Debt instead of doing the 80/20.

Yep. Yeah, your docs would be, hey, we're getting a loan to Sean and Lindsay. And that's, you know, that's what we're doing. And that loan is collateralized by the real estate on the land. It's a collateralized loan. You know, your loan is backed up by this. And so, we're promising to pay you back your money plus a return. And we can pay it off whenever. And anyways, it'd be pretty cool. Yeah. Now that structure, you could— I think you could get away doing an LLC on that one because you're— you two are the only partners. You're just bringing in a loan. So there's no threat of other partners. But still, to build a track record and keep doing this, I would still probably push you to do a GPLP structure just because it builds you that longevity and track record. It's just more buttoned up and it gets you used to this GPLP structure as well. And so you can play bigger on later deals.

Yeah.

That's the game plan.

Yeah, I like it. Let's see. I'm looking in the chat here. Any questions we missed? Let's see. Can you charge any fees for capital raised? A fee to like the investor or a fee for someone to raise capital for you? So, I'd be careful here. Something I'll just note, I guess maybe I'll dive into a tangent. If, you know, if you're raising capital, if you raise it yourselves like Lindsay and Sean, you have a thing called the owner's exemption. Which allows you to essentially sell securities and raise capital. If you have somebody else doing it for you and you're going to pay them a fee or commission to do that, they are now selling securities. They have to be licensed to do that. So, generally speaking, I would just— you got to raise the money yourself or they got to be in your, you know, on your team when you're doing that.

Yep.

Let's see. We've got a few minutes left here. Any other, any other questions or tangents we want to get into? What else? What isn't clear? What's kind of in your brain like, oh, that would, you know, that's not clear on how this would look or be structured or put together. I don't know.

Yeah. One of the things that kind of breezed over with the equity play is with the NOI, right? The net operating income of the property. Do we pay— everything goes back to the $300,000 first and then the profit, or is it still the waterfall structure?

Good question. You can decide, which is pretty cool.

Okay.

So, in a fund, you just write down, you know, in your LPA and PPM, you know, any net operating income that comes to the fund, we plan on maybe reinvesting that back in the property, right? We're going to keep adding cool stuff. We're going to keep investing that until we're ready to do a, you know, distribution. Most of the time, You're paying back the principal first, the $300K. You're paying that down first, and then you're splitting 80/20 above that. So, a lot of times, if you had a net OI that was just distributive income, you would pay this back first, and then you would split later. That's how most funds run, but you don't have to do that. You can write it in your docs, hey, we split it 80/20 per year. You can write it how you want to write it.

What's the—

And then maybe when you sell the property or refinance, then you pay out the $300,000.

Yeah.

Okay.

Yep. Gotcha.

That's how they get exited out. So there's, hey, there's cash flow. We're splitting the cash flow. And then once we refinance or once we sell the property, that's when all the, you know, other stuff's paid out. So what's cool about funds is you can organize it how you like. And as long as you just got to be straightforward with people, tell them exactly what you're going to do and then follow through on what you're going to do. Be honest, you know? Okay, this is the plan. We're going to do this. We're going to pay our NOIs back. And it's, which is pretty cool. That's why the GPLP structure is awesome. You get to, you get to write The Bible. That's what we call it, the Bible. You get to write it, which is so sick. Like, you get to write the rules, the regulations, all the laws, the covenants, like all the stuff that happens in the Bible. But once it's written, you got to follow it. That's the, that's the deal. Like, once the Bible is written, you got to follow it. So that's, that's why it takes a little bit of thinking up front and making sure it's done the right way. But then just follow through what you say you're going to do.

Yeah.

I'm excited for you. Where are you guys at in the process? Like, how close is this? What's the timeline? Is it stuck or is it moving? It sounds like it's decently close.

I got to get through a parking permit thing.

It's the silliest thing.

Yeah. So it's in Orange County. I know a couple of people were asking in the chat in Costa Mesa specifically, but the city ordinance randomly put up for a duplex, you have to have 7.5 parking spots, which doesn't even make sense. So I'm going through that. But as soon as that's cleared, I mean, it's— I got the builder. I got— yeah, I got everything in alignment. And they're already— they're pre-permitted actually because they're ADUs. So—

Well, what a cool thing. Like, well, and you guys are in California. I don't know when that law passed, but you can just add ADUs to like any property because to solve the housing crisis. So we have a guy in Northern California, he has a full fund. They've raised like $50, $60 million to essentially do this model. They're buying properties and adding prefabbed ADUs to them. And it's like this hot market right now in California. People are making— I mean, last I talked to him, he was crushing it. He's like, because it's just— it's such a cheap value add. The property is now worth this because our cap rates and the NOI like doubles. It's a pretty cool thing what you guys are doing. If you can get parking permits figured out, why do they want 7 spots for a duplex? That is— yeah, like what? 7.5. 7.5. And what is half a parking spot? What does that even mean?

Yeah, exactly. I think it's the city's way of trying to push back of too much overbuilding. That was my thought. Red tape. But I'll figure it out. I'll just— and literally, I told the city, I was like, so I'm going to make all these parking spots and then I'm going to destroy them to put the property on. They're like, yeah, that's fine. You can do that. So you can destroy parking spots to add ADUs, but you need all the spots in order to add the ADUs. I'm like, Cool regulations.

Oh, crazy! Hey, we got a we got a smart group on here. Anybody have any suggestions for Sean on how to get around that, or do you already have a plan?

Yeah, let us know.

People type in the chat if you got any any any maybe creative ways. We can bring someone on live too on how to work with that. It's a city council. Is that what it is?

Yeah, it's a yeah, it's the city. Okay, Dwayne.

Oh man, and they want them like paved. You can't do like a grass parking spot. It's got to be—

yeah, 2 of them have to be covered, you know, because of our sheer weather over here. And then, um, yeah, and then they have to be paved.

Dang. Oh, that's crazy. Um, somebody said, Sean, we're in Costa Mesa, let's talk. Uh, 1.5 is for the handicapped. Oh, okay, man, that's so strange. Make it a barbecue, pour cement, and then demolish the same day. Cover with solar, pave or gravel. That's interesting.

Yeah, even with the covered parking, we have to literally just build it up and then demolish it for the builds once it gets approved.

That is so strange.

Wild. But yeah, it's a great location. It's like right on the Newport Beach border and like even just like the rental income for the area is just Phenomenal. So we're just trying to really push this project through.

That's amazing. And these prefab units too, it's what a cool thing that's now come out over the last, what, 5, 6 years? You can just go get these units and pop them onto spots. Maybe you don't have to share your, your supplier, but I'll just pull for people that aren't aware. Like, just share my screen for a second. This is just kind of how some of them look. I don't know which ones— oh, sorry, I'm not plugged in here. Um, how some of them kind of— I'm just on Google Images here— how a pre— they're almost like, I mean, it's kind of like mobile homes, but they're really fancy looking, cool mobile home parks.

Oh yeah.

Like, not mobile home parks, but like the same idea. Like, you can see these modular buildings. I'm not sure the ones you guys are putting together, but they're actually really fancy and like really nice. And you can add to the back of these properties. Some people group them together like this in like modular things.

Um, yeah, I don't know if we can share screen. I don't know if that's too complicated, but we do have like the, the deal up. But—

Oh cool. Yeah, maybe if you, if you're— yeah, if you're welcome to share it. Oh, and then we got Oren Klaff backstage, so we'll bring him on in just a minute. So yeah, but go— I think you try to share screen, see if it works.

Yeah.

Can you see that?

Oh, there it is. Yep.

Perfect. Yeah. So I mean, this is the smallest version, but it literally looks like a home.

Yeah.

Yeah, it's pretty crazy. And this is another model. And then, I mean, these are 1,100, 1,200 square feet. Some can be 800 square feet. I mean, these are, these are their homes. It's, yeah, it's pretty amazing.

So the lot size is how many square feet?

Yeah. And then I have like roughly 6,000 square feet of just open yard back here. to plop something down. There's a road that dead ends into here, so you can make this a pedestrian gate. But yeah, so lots of options and they are gorgeous and they're quick. They're 2.5 months essentially start to finish. Yeah.

What a cool thing. I love it.

Yeah.

Well, congrats. And we can spend more time offline walking through once you, once you have that approval, how to actually get the investors now and get them in and tied together. From our whole conversation, though, I'd say A GPLP structure would protect you guys like crazy from talking. We talked briefly yesterday too. I think the more I've thought about since we talked yesterday, I would I would push you to do a GPLP structure, build that track record, get investors used to that. Do it just for one deal at a time. It protects you against them, them against you. It's awesome, and I'd push into that. But again, people in the chat too, you can do LLCs. You can do other stuff. I just shared the con. I think the cons outweigh the pros on those, but we can get you guys going. So if you guys chat, if you guys can give a Travis and Sean, or excuse me, Lindsay. I said I saw Travis on there. Sean and Lindsay. Hey, Hugh, a bunch of love in the chat. I don't know, drop an emoji or drop some love for them in the chat. You guys are awesome. Kudos to what you're doing. And let's get you going. Let's get this deal funded and get off and get on the races.

Thank you.

Thanks, Bridger.

Thank you so much for coming on.

Yeah.

See y'all later. Well, pretty fun. I think I want to bring on more, more of you guys the next few days. We can just talk through your deals. I had to Cut things a little short because we got Oren Klaff on right now. He should be live in the backstage. So let me cue up Oren Klaff before he comes on live. So, Oren, anybody heard Oren Klaff speak before? Maybe you've been on our webinar. He spoke at our event at Fun Launch Live. I believe that was last year. He's been on a few of these. Type a type a yes in the chat if you've heard him before or or read his book. Okay, some of you know Oren. Okay, Oren is phenomenal.

Okay.

Phenomenal speaker. His books changed the way I approached raising capital. We did actually 2 events with Oren at his studio last year. It was really fun. Oren's become a friend of ours at Funnel Launch. It's been great to just be a part and mix our communities together. So, if you don't know who Oren is, let me cue him up for a second here. I'm going to share my screen. Maybe— I wish I had a slide. I do not. I'm going to pull up Oren Klaff, though. He's got plenty of stuff on Google here that we can just pull up. This is Oren Klaff. But I'm gonna go Oren Klaff's books, okay? These books are phenomenal. Pitch Anything is the first book he wrote, and it really dives in deep on the structure of a pitch. It's a lot of just meat on how pitches are put together, how to structure them. I've structured pretty much every webinar presentation I've done off of this thing, Pitch Anything. I have probably pitched, I was trying to calculate the other day, I think I've done, roughly 300 to 400 pitches for investors in the last year and a half to 2 years. I mean, we have— I'm actively in the game raising capital doing this, and I've used his books like crazy. And then furthermore, the follow-up to that was Flip the Script. Really great book on— well, and Oren can tell you more about it— getting in the right rooms, engaging investors, bringing them to the table. I know a lot of people have the question, how do I raise capital? You can put me back to full screen. So, how do I raise capital? How do I approach investors? How do I do this on a on the beginning, like the very first deal? So with that, we're going to bring Oren to the stage. I think he's ready, right? So if you guys can give maybe drop some emojis, give some love in the chat for Mr. Oren Claff. We'll bring Oren live here. So come on live, Oren, and let's talk about deals, capital raising. Let's have some fun with Oren Claff today. So drop some love in the chat for Mr. Oren.

Hey, great!

Thank you, Bridger. Thank you very much. Adam just told me to go to lunch, but then you know I was at. Heading out the door. And then I heard a quick introduction and I was like, oh, I better come back over here and see what's going on.

Better get back. You know, Mr. Oren is packing out his cool studio. Every time we bring Oren on, he's always got some, something crazy. Oh, I was about to fly and do something fun. And I'll find, I'll step into your meeting with you guys for just a few minutes. So good to have you on, Oren. Good to see you again. We haven't talked in a few months. Good to have you on, brother.

We have. Good, good. Let me see. I'm going to make sure my microphone is working and, uh, let's see, get my speakers on. All right.

There you are.

Cool.

You should be good, Oren.

If people, you haven't seen, you haven't seen the studio in a while. I think we got it. So that's, that's right behind me. Uh, we got it. We got it ready for you.

We got the—

Wow.

That looks beautiful.

Yeah. The full NASA setup. So yeah.

I love it, Oren. Give us a, for people that don't know you, give us 1, 2 minutes on Oren. You know, give us where you started from, where you came from. Give us a little background on what you do now and where you're at.

You know, my father was a poor Black sharecropper, uh, in, um, no, that was a, that was a, sorry, that was a movie. Did you say movie quotes?

Uh, as many movie quotes as you want, bring 'em on in.

Uh, uh, so I mean, I currently, I manage money for 300 family offices. Um, over the last year, put about $25, now $30 million into a single portfolio company. Uh, we raised, you know, all that money, from ourselves, from myself, my colleagues, and from doing exactly the things you guys, everybody listening wants to do to raise money. And so that's my specialty is, I think it's a new term that I'd love for everybody to know is over the top. And so everybody thinks where you get money from is venture capital, private equity, banks, the SBA, family offices, right? And then if you have to get money from somewhere else, that's somehow like embarrassing or because you can't go to the institutions. And I'll finish about your question in a second, but where do you think institutions get money from? The money that's at BlackRock, that's at the venture capital firm that you fetishize, that's at the private equity firm you wish you had a connection so you could get into. They get money where I get money from. They don't like me or you, Bridger, or us because we go to their wellspring. We're in their feedstock. We're in where they get money from, which is families, individual families, $250,000, $350,000, $500,000, $100,000, $75,000 at a time. I can talk more about that.

Yeah.

But really that is, you know, so my background is not hey, I can't get into private equity firms. I can walk up Sand Hill Road. There's 350 venture firms. I can just take one of the guys I know with and just go door knocking. They're like, oh, hey, Oren, come on in. Didn't know you're in the neighborhood. I don't want that money because it comes with so many problems and restrictions and waterfalls and attachments. It's so restrictive. So, I don't go there. I go to where they fish for money. And then I just do a better job of getting that money out. So, that's My background.

Well, let's double-click on that for a sec. Most people on this call today, uh, we did a poll earlier, haven't raised a dollar before, never raised a dollar. And then the other big majority had raised less than $1 million total in their life. So, this is family and friends, first time raising capital. And I want to tee this actually before we get in though. Sure. I got to show Oren my studio.

Nice.

We put a, we put a, we put a camera up top for our studio. Not as, not as cool with my name back there, but there you go. There's my, uh, my lightsaber behind me.

How about that? I was just about to say, does that mean— Grab it and just—

Yeah, there we go.

If you have a bad idea, the lightsaber comes out.

Yeah.

Or so for someone on this call. Yeah. Let's— first time I've got a deal lined up. We just had someone too, Sean and Lindsay, which are awesome. They got their first deal lined up. They've done all the due diligence. They're ready to go. They're about to make that leap to like actually go ask people for money. They're actually going to go, who do I talk to? How do I approach them? Maybe Oren, what would you tell that person? Maybe you can share personal experience around your life the first time getting over the hurdle of like, oh, I'm going to ask someone else for money. That seems so hard and embarrassing. And what would you tell that person?

So, you know, we, you know, Bridger and I, you and I can spend, you know, an hour and a half going through, you know, we have 45 slides going through it, but I'm going to try and, you know, accelerate that process. Number one, When you think about going out for money, you're like, what am I going to say? What is my pitch? What is my presentation? How am I going to be the most convincing possible? How do I tell them about my asset? How do I tell them about the thing that we're investing in and how much time and heart and energy and relationship and integrity and forthrightness and numbers and our own money that we have in and everything like that?

Right.

inward focus. How do I make this thing as authentic and as beautiful and as compelling as possible? But I think step one is you have to look outward and say, what else are people looking at? And how does it fit in all the things that they're going— getting peppered with online, in person, at work, from their wealth manager, from their bank, and how do I fit in everything else that's being run around, right? So it, it can't look exactly the same, 'cause if you're new, right, and it's just as good or a little bit better, but you're new, the, the, the investor has to pick the things that the same or as good from somebody who doesn't have that thing.

So now, why you versus the competition? I, some people don't even realize that there is, this is a competitive game for real dollars in the real world.

Yes.

Super competitive. Right. And the answer is, uh, the, the answer is, I think, very simple. Um, people want to know that you understand the moving forces. We've talked about this a lot of times, like what is happening? What do the tariffs mean? What does China mean? What does AI mean? What do the ADUs mean? What's happening in California? And what in the holy bananas is happening in Washington? Now, you don't have to be right, but if you don't have some perspective on all of that, how can I give you $500,000 to go manage money when you don't understand how the pieces are all coming together? Right? You— and the last thing, you don't have to explain to me or Bridger how all the pieces come together. I just want to know that you know. So in order to be different, the conversation is not about your asset, is not about the local market. You know, if it's real estate, it's really, uh, your understanding of how all the pieces in the economy are coming together, and you have a thesis. Of what's going to— because things are constantly changing. So what's going to retract and what's going to advance? It's that simple, right?

To use an example for Lindsay and Sean, and I— it's funny, you don't know this, Oren. I've pretty much into every pitch I do, I use exactly your vernacular. I say tectonic plates are shifting right now. I use that vernacular. And so if I was pitching Lindsay and Sean's thing, And maybe tell me if I'm right or wrong here, Oren, you're the expert. I would say, hey, right now in California, tectonic plates have just shifted. 18 months ago, California passed a new law that allowed us to put ADUs on any property that's owned. This is a gold rush that's happening only for right now. So, it's timely. It's like right now. We have a property right now on 123 Main Street. That's a duplex that we could add 3 more units with minimal cost that'll make the ADU, the, the after— the ARV value go from here to here. And we're uniquely positioned to capitalize on this because of X, Y, and Z. Let me explain.

100%. Then I'll come in and I would say on top of that, Bridger, this has happened 3 times in the last 25 years, right? Where you have a federal and state regulation that cross each other to multiply. Like Godzilla, you know, not only has fire breath, but also has lasers coming out of his eyes, right? And now he can really stomp, right? Light things on fire, shoot things down, shoot planes out of the sky. So this has happened 3 times. You know, it happened 25 years ago when, you know, whatever. It happened 17 years ago when X, you know, and it happened 10 years ago at the pandemic, you know, whatever the case is. And now It's happening again for a 4th time. When these thing shifts come around, what happens is you see developers and the big, you know, a little bit of conspiracy theory, you get the big guys who own everything. They take a huge digger. The pandemic is, you know, they, they sunk into $10, $15 million, $25 million builds. Everything shifts in the regulation. and they eat it and they lose those projects. If you're in one of those projects now, again, you're going to see them lose it, right? It's shifting for better or for worse to the little guy, nimble, able to exchange, you know, do, do on-the-ground work. So you have the actual entrepreneur doing the actual work because it's very detail-oriented. And you're going to see, you know, $1.5 trillion created Yeah.

Oren, well put. Now, back to this question of, you know, someone nervous raising capital. I think this is from your book, and I want you to build upon what I'm about to say.

Yeah.

For a long— at the beginning when I started out, I remember being so nervous to pitch, which everyone's nervous. That's a natural thing. Number 2, I felt like they were doing me a favor. Like, please, can I— like, please just put $100,000 or $50,000, $20,000, you know what, $5,000, whatever it is, just— and please do me a favor. And I had a mentor, and I think I read this in your book as well. If you're raising capital like that, you shouldn't be in the capital raising game. You should have, number one, a deal that you're confident enough that you think is phenomenal. And number two, you're doing them a favor. You've done the work. You've put it together. You pulled back to Lindsay and Sean. You've pulled all the deal together and I'm actually doing you a favor by bringing you this phenomenal deal. And all you have to do is just put money in and I'm going to work it and do it. And that mind shift changed capital raising for me forever from I'm doing them a favor to, you know, or sorry, they're doing me a favor versus I'm doing them a favor. Anything you'd add to that, Oren?

I'm going to comment on something that maybe is the next book. And everyone, you know, you'll see on the internet or every once in a while somebody will tell you like, the way they run some part of psychological game, right? Whether it is in dating, whether it's in real estate, whether it's in capital markets. And you're like, how in the world is this even happening? We have talked about it. The first time I ever saw this happening in business, we were in the middle of a deal. Talked about this last time. I needed the closing so bad. My partner's super wealthy. We were just seeing another deal for him. I needed the commission. I was down to fumes. And he sent to everybody involved in the deal a one-line email, just in the subject line, all caps, 3 words, lose my number, all caps, in the middle of a deal that, that, you know, wasn't going well for us in the first place. And, uh, and I just saw my commission disappear. Uh, you know, as I told you before, just my, my head sunk in my hands. I'm starting to breathe hard. My heart rate goes, you know, from 75 to 130 instantly reading just 3 words. And I'm like, I'm cooked. And then I started hearing ding, ding, ding, ding. You know, I'm like, oh, here's all the— no problem. Like, we just deleted it from our phone. Get— and, and it was so sorry. Sorry to delay. We're closing. We'll close today. We'll wire before the 2:00 PM deadline. Like, what, what anti-gravity reverse universe am I in? Right. And that, that's kicked off a lot of the things that, that I'm in today. In the same way, if you're a young guy or gal and you say, yeah, I just walk up to people and I say, I only date people who do hang gliding. That's my only thing I ever say to anybody. How would that ever work? That would never work for me. But for me, the lose my number or I only date people who do hang gliding is this. If I go to raise money, I just go, today, I'm not here to raise money. It's the first line. It calms everything down, right? So if you go to raise money, the first line is, I'm not here to raise money. Okay. So—

But you are there to raise money.

But you are there to raise money. Of course you are, right? So, so I think you can say even for the couple, Sean and what was her name that I saw?

Sean and Lindsay.

Yep.

Sean and Lindsay, the reality is, right, they're trying to raise— I don't know their situation. I didn't see enough of it. The reality is if they had to sell everything, you know, if they had to go, um, you know, knock off a 7-Eleven, if they had to go talk to debt, like they could put the money together. It would be very destabilizing. It would require begging. It would require, you know, ruining some relationships. It would require, you know, taking the bus, whatever, but they could put the money. I mean, It's not $500 million. And so the reality is what you're doing is you're looking for a better class of investor than you currently have, because that class of investor is you and your dad, right? And your dog and your car. But hey, look, I'm not here specifically to raise money. The business plan that we have is capitalized. What I am looking to do is to top-grade or improve the quality of investor that I have. And that's what I'm here to talk to you about. Are you better than the current source of capital that I have? And if you are, right, you're going to see the classic move, you know, from, uh, um, not Romancing the Stone, but Indiana Jones, right? On your behalf, right? We're going to grab the idol and we're going to put down a sandbag and put you in the better position in the deal. If you are a higher quality investor than I currently am working with, you could get access to one of the nicest deals you've ever seen. And that should calm everything down from, I'm asking you for money. Even I get nervous if I have to walk in and do an ask. Is that Is that digestible? You know, you know the people listening, Bridger. You know yourself.

Very digestible.

Yeah.

Very digestible. And I think something you're so good at as well with that line, I'm not here to raise money. I'm increasing the quality investor, but also playing the long game. Let me talk about this. In capital markets, I used to think very short-sighted. It was a yes or no on a pitch. And I'm going to— I didn't mean to, but sometimes I would burn bridges with people because I pitched them so hard. And it was like, oh my gosh, Bridger's just trying to, what, you know, he's just trying to rake me down for capital. And I've now pivoted that a lot to a much longer-term game in capital raising where I think the long term. And if I present an opportunity to somebody and they say no, it's not a big deal at all to me. Great. I've got plenty of investors. I have abundance mindset. I'm going to see you in the future. We'll bring, you know, more deals down the road. That mindset, and I think you talked about this in your book of the long game of playing out? Obviously, you mentioned again, relationships. Let me talk about that for a minute.

Yeah. Let me— so what I do is ninja bananas. Okay. Come to some of my presentations and what Bridger and I will do together and that kind of thing. It's, you know, you said like the presentation I'm currently giving, right? When investors see it, they're like, what in the world am I even— See, because they think they're seeing like me do it for the first time. I've done it 600 times in a presentation I put 400 hours into. Okay. So that extreme, there's like, when I hear people, you know, I'm trying to, you know, I'm currently, you know, prepping for a 5K. You know, I hear like David Goggins.

Yeah.

I ran 100 miles this weekend and I'm driving to like, that's what I'm doing. And that's what Bridger's doing in the pit. Don't try and, you know, that is— That is a— we do it for fun, not because it's a good idea. It's sort of— it's, it's not here. We're not here because we, um, you know, because, uh, it's easy. You know, we're here because we thought it would be easy. And, and, and so we just started getting into the details, and I love pitching. It's not the way to start. This is how you actually raise money as a professional in Manhattan and Silicon Valley. You go, hey Bridger, I've got a real estate project that I'm working on. I know we're just starting to get to know each other and everything. Here's, you know, we're continuing to raise successive funds for it over the next year. Here's the plan. You can clearly see the pro forma. You can see our background. You can see the investment rationale, right? Take this, look at it, but lock it in your desk. I'm going to come back in 6 months. We're going to pull this out. Let's go over the pro forma. If we hit the milestones, if we hit the OKRs, if we hit the KPIs, if we're on schedule and we're on budget and everything like that, then come in with us. You have lots of visibility on it. If we miss, then come in and underpay. But if we hit it, come in and overpay. But you have lots of— that's how money is actually raised. And I think you're referring to that as long— So if you talk to people—

It's not some fancy whiz pitch deck that's just crazy. Like, it's very factual. It's very tactical. It's longer term. I love it. It's, it's, we do what we say we're going to do. Yeah.

This, what you're seeing is people who love doing this, right? Who have been doing this for years, you know, read books, write books, get into the details and just like, like as much as you're watching hockey or football, you know, like, like, you know, and you know all the stats and you know what your team is doing. you know, or you have some kind of hobby. This is not— we are not doing this professionally at the level we're doing. This is hobby, right? This is a weekend beer league. Like, we love doing it, but, but it's not safe. It's not recommended. And it's not a, you know, a way to get in shape. It's nothing. It's just extreme. Now it's fun and, and it, it gives you somewhere to go, but the right way to do it is give people visibility on your, uh, um, on your programs, on your ideas, on your investments, and then come back to them and go, see, this is where we are either in this deal or thing. Now there are people like, you know, Sean and, uh, you know, who want to get funded this week, this month. There are things that can be done and we should spend the rest of our time talking about it. But just be aware that when you're going, hey, we're going to do it this month, You're moving into extreme sports. Okay? It's not Instagram. Like when you see me raise money, I'm coming to a meeting. You have to come to some of my presentations. There's 25 investors on the presentation and somebody will say something. They go, I'm sorry, what did you say? Right? Say that again. Right? I dare you. Say that again to me. Right. Well, you know, what's your IP moat? I'm like, did you just ask me what my IP moat is? Are you a venture capitalist? Right. What are you? You know, did you have a career in venture capital? Well, no, but so why are you throwing around venture capital words? Like, are you fake? Right. Well, listen, man, there's 25 serious people on this call. One of them is not you. I can't continue with them. Like, it's so— it's a 100-mile marathon, right? So you can do these things.

You're doing the crazy stuff. But I want to bring all this back. To bring it all back together, what you're saying is play the long game, do what you say you're going to do, follow through with what you're doing. And, uh, and it's much more casual than people anticipate.

There's— what I am saying, there are things you can do that are more, um, immediate, as you know, but don't— but, but understand that you're moving into a territory that is aspirational, that is more exotic, that is not what, what the If in your submarket, if there's going to be $240 billion raised in 2025, whatever thing you're doing, $239 billion of that is going to be raised sort of the normal long-game approach, and a billion is going to be raised, pew, pew, pew, pew, pew. So it can be done. It's fun, and we can get into it now, but it is—

So big caveat of like how this game is. Yes. It's the big leagues. Yeah. It's a serious game.

Yep.

It is. You can do it, but be aware you're moving into something that is more a rarefied skillset. And don't feel bad if you didn't like raise money from investors that you just met in 30 days. That's like something that the people do who are very, very, very experienced. Now we should get into how to do that because it's absolutely possible.

Yeah. Let's touch on that for a minute. So The beginning phase of, and maybe a question people would have, and thanks for your time, Warren. Today's been awesome.

I'm sorry. What did you say to me? What did you just say to me?

Am I a venture capitalist? Kick me off my call.

I'm sorry. There's 499 serious people on this call, Bridger.

All right.

I'm going to—

I'm not one of them. I'm not. I'm getting out. One of your favorite quotes from your book is, and I've used this once or twice, uh, to set the frame in the room. If you come in and someone's like, hey, I only have 15 minutes. You go, fine. I only have 12.

Yeah.

I'm good. I only need 12. And like, because they're trying to frame the room on you. And I love how you do that. It's awesome. If they say, I have 11, you go, great. I have 9. I'm good. I'll do it at 9. You know? So, I love that frame of the room.

Investors always want to lord over you with time, with money, with bigger names, with other deals they have. Don't let them do any of that. They cannot do anything without your deal. Their money is sitting there, you know, with whatever administration is currently in, just, you know, shaving thin slices off of it and, and, you know, killing. They got to put that money to work at 9%, 10%, 12%, 13%, 14%, 18%, or it dies. Don't be fooled that they have more than you. They have less than you. You have a deal that can actually return a 14% ROI, right? They can't do Anything without your deal.

Yep. I love it. So let's talk, you know, someone on this call, let's go to the top of funnel.

Yeah. That's like—

It's like, Oren, okay, I get you're in the meeting, you're closing, but like, man, I don't even know where people are with money. Like, how do I even get in the vicinity of people that even could think about having money? You know, my family, my friends, we're all broke. So how do I get in those fancier rooms? How do I, And define room for us. What would you tell someone like that to start working this almost and think of it, like you said, as a career, a long-term game? You're entering a bigger echelon here. But the first beginning stages of that, what would you tell somebody?

This is, you're just going to go, you know, everybody's just going to go like this.

Duh.

When I explain this, you have I'll use an example and you can relate to these RIA, registered investment advisors, right? And they manage lots of capital, right? And this is an example of where the money is.

Wealth managers.

Wealth managers, right? Being a wealth manager is super hard. All right? You've got compliance documents, you have assets that you've invested in, that are doing poorly, that you have to explain why. You're looking for new assets to invest in. You're dealing with client deaths, client births, paperwork, right? And you don't have the 8 to 20 hours a week that it takes to read the news, Bloomberg, and the Wall Street Journal, the macro voices, and get some understanding of information for the clients. So RIAs are always looking for credible information that they can push for free to their clients that's beyond the stuff they get from their head office.

Okay.

The information they get from their head office is this, right? Like, it's the front page of USA Today. Is USA Today even a paper still? Well, you know, whatever. It's the front page of CNN Business.

Yeah.

Right? It's like volatility in the market, European defense stocks increasing in value, concern about the market did it on Trump tariffs, right? And they barely get that quality of information from their head office to push their clients. Their clients are constantly getting bombarded by other RIAs who want their business. So an RIA is looking for something credible and interesting information he can put in his own email or presentation that he's giving that is rich, more rich than the other RIAs have. So, so what is that? That's an affiliate. You're looking for people like Bridger and me who run these big groups, right? I guarantee you, I know he's— Bridger's in the same situation as me. Hey, I gotta do a presentation. you know, to, you know, a group of 100 people on such and such topic. It now takes 10 to 15 hours to prepare new fresh information for that topic. If I pop in and I go, I have a 3-minute presentation on what's really happening with China and the tariffs, you know, based on my, you know, 50 hours of research and I have 3 charts, here's one of them. Bridger's going to go, hey, man, can I have you? present, you know, at minute 10 because it fills 3 minutes with excellent data. And now you're in front of investors. Does this work? I mean, I would say I've raised $15 million over the last 8 months doing exactly what I just said.

So you're taking, yeah, data, something valuable, small nuggets, and supplying this to RIAs, wealth managers. That they can use to present. And then a lot of times you're saying they'll reference you and/or bring you on. You know what? You just present it with us or be a source for us or a reference. Very cool strategy.

So RIAs are tricky. So you're looking for, you know, it's better for somebody who has, um, I'll, I'll tell you a quick, I'll tell you a quick, uh, good example story that has $2 million at the other side of it. RIAs are just a little bit tricky. They do want the information. They're hungry for it. But they don't like their AUM to go out of AUM into a real estate project because now it's no longer managed capital.

Yeah.

Stay in their ecosystem. So, they're hungry for the information. You can see how the information works. And there's a lot of them and they'll take it. They're more resistant to letting the capital out of their ecosystem. But here's a perfect example. So, if you look at this place behind me, right? I built this place. We do events here. Bridger and I have done events. here. And so I let a friend of mine run an event here for 2 days. It's just for entrepreneurs learning AI, nothing to do with investing. Right. And there are about 40 of them here and they're using the place behind me and the video wall and everything. And then he goes, look, his name's Peter. Peter goes, I need you to present on day 2. I'm like, sure, whatever. Then day 2 comes around and I'm busy. I'm like, Peter, do I have to present? He goes, please, like everybody knows you. They're in your facility. They know Pitch Anything. I go, I didn't prepare anything like for entrepreneurs. I don't have any presentation. He goes, please, can you just show the deal that you're working on? Just run through it for 35 minutes and then I'll explain like why it's content and why you do it that way. And that will be the content. So I'm like, great, that I know. So I run through the deal to these entrepreneurs learning AI, and they watch it diligent. And the last slide pops up and he goes, text me if you're interested. So I'm like, hey, text me if you're interested, because I'm just reading the slides, right? And then I walk off stage. Great. And he starts to explain. I go back to my desk, you know, 30 feet away. Ping, ping, ping, ping, ping, ping, ping, ping, ping, ping. So a room full of entrepreneurs that, you know, may have money, may not have money, a lot of them young, who knows? somehow have $2 million because I was in front of them with the deal. You want to put your, your information in front of people in a way that adds value to the group, and they will find their way to you. So I'll summarize it like this, and you can follow me. The search cost is too high to go find an investor. Right. The, the, um, going to your accountant, going to your lawyer, going to, hey, I got this deal. Can you introduce me to someone? The friction and the search costs that is so slow. Um, so tough. You wanna be in front of audiences. I'm gonna land the plane here, right? You wanna be in front of audiences. You listening to me, probably with the maturity of your presentation, the maturity of your experience, only have raised a million dollars. Need to organically like get your way in front of those audiences. But at some point you become like me. I just pay to be in front of the audience right now. I don't have to like worm my way in. Can I do a presentation? Because my presentation is so good, I can get in front of— if I can pay to be in front of 3 little old ladies in Vons supermarket, you know, and give the presentation, I'll do it because it, you know, it's so compelling. So I'll do it anywhere. So you want to get a piece of content that's meaningful for me or Bridger because it's on something in the economy we have trouble explaining. And then you start to build your audience and your access from that. And that can happen very quickly.

I want to touch on 2 things that I think are Phenomenon you just brought up. Number one, wealthy groups or groups of the people you want to pitch are already assembled.

Yes.

You don't have to go rebuild these groups. They're already together. They're— wealthy people like to hang out with other wealthy people. They already are assembled, which is great for us. And so what you're saying is insert your way into those groups. And a great way to do that is with some free content and/or free value on a certain topic or subject. That would benefit the audience. Oh, and by the way, yeah, shoot me a text if you want to learn more. So, that would dovetail the second point of value, meaning free content and/or training, is I've found one of the best ways to raise capital. It's, you know, when I— we have a blockchain investment fund.

Yes.

We manage about $25 million. We just come in. People call us all the time. They're like, hey, come pitch us. They literally tell me that, hey, come tell us about your fund. And I go, no, we're not like, we're not talking about that. We're just going to train you on blockchain and crypto and what's going on in the market. And we come in and we train them on what's going on. And then we just say, oh, and by the way, we have a fund. If you want to learn more, shoot us a text or call us or whatever. And it's so interesting. I love the quote and see if you can build on this, but this could be another tangent. But when you ask for money, you generally get advice. And when you ask for advice, you generally get money.

Yes.

That's an interesting thing on, on that. Maybe you wanna build on that. We'll, and I know you gotta run here soon. We'll wrap, uh, we'll wrap here with one or two more.

There, there's, there's so much there in what, in what you're saying. Um, uh, the, it, when people are building content, I just wanna make sure. So, so what happens is it, you, you have to make sure your content follows the, the following, I think, formula or algorithm, right? Um, so. What is what is um what is what is a commonly known topic, right? So alignment. What what do people? So the first part of your content is what does everybody care about? Because if you bring in something so esoteric, you know, Ethereum, you know, fractional gas, you know, from Japan, you know, in a low gas yen carry trade. Interesting, right? But not in alignment with what people care. So number one, get alignment, and that could just be tariffs or the con— number 2, the second part of the algorithm is it has to be interesting. You know? Yeah. Like we all care about that, but here's something interesting. And they may know or not know that, but at least they agree. It's like, this is a more salacious, you know, uh, or, or deeper part of the topic. And then in the third part of the algorithm, you have to be able to deliver insight where people go, aha. If you just hit them with the insight, they're like, smart guy. I don't know, you know, maybe too smart, right? Maybe too specific. Get in alignment with the general topic, get into the interesting part of the general topic, and then deliver the insight, the reveal. And they're like, boom, that guy I wanna hang around with. So that's, that's the content algorithm. For sure, you come in and you ask for money, you get advice. You come and ask for advice, you get money. I think that's a really clear way to think about it. And so I think we're talking about where is the knife's edge of people? Everybody fetishizes cold traffic. I'm going to run an ad.

Yep.

I think if you looked inside of the cold traffic engines that I run, that maybe you run, you talk to Adam, you would get the hell scared out of you. I'm just like, how detailed they are, how technical. These cold traffic engines look like technology companies and they're expensive. And they're high risk. And that is something. So I would say stop fetishizing cold traffic and work your territory. I think you'd be much, for whatever reason, you know, Instagram and the internet, you know, it's like, you know, $30 to $30 million, you know, 30 clicks to 30 million. Stop looking at that. Right. And, oh, sorry. Did I just kill your funnel?

No.

I'm sorry. You can cut that part out.

You're, uh, I love what you said. It's very true. Look, the people fetishize this cold traffic. I'm going to bump into some random guy and I'm going to raise $10 million, which I guess could happen. But almost always it's the people you know. It's the warm leads. People that already trust you. And so work your territory and/or expand your territory. Start planting seeds for people that might invest with you 3 or 4 or 5 years from now.

One more thing. So people come into my current deal and they go, hey, we're thinking about putting in $500,000. I'm like, no, no, sir. $100,000. Because I don't want to go into the hairy cat fight to talk this particular person across the data room into $500,000. And I just use my experience detector. I go, no, $100,000. Put in $100,000 and let's go from there. So don't try and get people in at a million. if that's not where your experience is. Why go and try and raise $3 million when you've never raised $150,000 in one spot? Take your sights down to what you can actually manage. It's much easier to get $10,000, $100,000 than $1 million. Take it down to something you can manage. And if somebody comes in super hot and you're like, oh, I got a live one, that's just a live wire. And your vision, you're going to like, capture it and do some magic and you got one. They, they, um, I would take them down to a size that is high, high confidence. You're not looking for opportunity in capital raising. You're looking for high confidence.

Hmm.

So if somebody looks like a million, but you know you can actually close them at $100,000, I do that all day long. Because guess what? They get in and I treat them incredibly, they become a customer of my equity, right? I treat them like a customer, and then I invite them to stuff, and then they come up from that $100,000. So you're not losing anything, but your probability of getting something goes way up. So take it down into bite-sized chunks that you can manage. Work your territory, add, add some value, do the hard work of having some insight, bring that to the table, and I think this thing is going to spin A lot quicker than you might imagine.

I love it.

Oren, well put today. Great having you on. I'm gonna share my screen one more time. I highly recommend Oren's books. Go find— oh, there we go there. Flip the Script and Pitch Anything. I've read them multiple times. Phenomenal books. Go check him out. Oren, what's another good way for people to find you and follow you and work with you? And is the book funnel the best? Where should people go?

Go to pitchanything.com. and get on the newsletter. That newsletter is— I just pour out, yeah, the heart and soul of how private equity, which is what you guys did, really works. What's really happening in private equity. I don't sell anything from there. I don't have any products. I have a book. It's $12 or I make 50 cents. I have nothing to get from you. I pour my heart out. Matter of fact, the last thing I'll say, Bridger, is like, you know, like our colleagues hate what we do because they're like, hey man, why are you teaching everybody the game? It just makes the game harder to play if there's more people in it. Right? And so I love just showing how private equity really works today for real. And that's how I get, you know, invited to this. And then I meet investors and That's— I'm doing exactly what I say you should do.

I love it. Oren Klaff, everybody. Give Oren some love in the chat. Give him some kudos. Go pitchanything.com and then go find his books as well. Oren's an amazing dude.

Go follow him. Is this a good time to go through my prepared notes?

Yeah, yeah. Good time to start.

Yeah.

Pull it all out. Thank you, Oren. You're phenomenal. And we'll see you later, Oren.

Thanks, Bridger. All right. See you later.

See you, brother.

Bye-bye. All right. Wasn't that great having Oren on? What a great dude. I love having Oren on. Always fun stories and things to share. We could probably bring on— maybe we'll bring him back here on day 3 or something. We could talk for hours, I'm sure. All right. There is day 1. We've— we hit about 40% of what I thought we would hit today. So where we're at, we're a few hours in right now. If you go back to my screen, Well, I asked the group what we can do. Maybe share my screen for a sec. We can keep going or we can delay some stuff for tomorrow. And actually, I'll stay on. I can answer some questions as well about day one. If you have a friend that wants to come on same time tomorrow, same place, we can go through. I've got a bunch of other stuff and maybe I'll just— I was like, dang, I thought we'd get through a lot more today. But I think it was good. We shared some stories. We brought some people on. We brought Sean and Lindsay on to talk their deals. We brought Oren on. We got more people coming on. Talked about Star Wars. Syndication, single asset funds, how to structure them, problems with LLC structure and more of the GP-LP structure. So let's do this. People on the chat, what do you guys think? Everyone still awake? Still alive? Let's do this. I'm going to stay on. I've got some, a few stories and things that I would like to share, but I'm going to share them tomorrow. We'll talk about red ocean, blue ocean. We got a bunch of other cool stuff here. Seller finance, debt. We'll talk about some of that tomorrow. But I do want to stay on and just answer some questions. So, Pending items, things that don't make sense. I know there was a bunch of good questions that came through on the chat, so I'll just let's stay on for a few minutes. Sound good? Yeah, I'm still here. Keep going. Let's just do this. I'm gonna pull let's pull the iPad open. iPad of truth and justice here, and let's go through a few things. What's holding you back? What would stop you from doing a single asset fund? What's something that's unknown? What's something that's maybe scary? And if it's maybe. We might be talking about stuff tomorrow. I'll just queue it up for tomorrow. But a lot of it I want to answer now. Sound good? All right. Please, how is the management entity organized from a legal business perspective relative to the GP and LP? Good question, Mark. So let's go back, maybe share my slides here. So asking about the management company. So this is great. This is a— So what are these in the United States? This is how this works. You have a limited partnership. That's the entity. It's a limited partnership. To have a limited partnership, you have to have at least one limited partner and one general partner. Okay? The general partner is actually an LLC. So, the GP, most commonly, it doesn't have to be, but most commonly it's an LLC general partner and an LLC management company. Okay? This LLC acts as the general partner of the limited partnership. And this management company LLC acts as your management entity of all of the deals that you do in the future. You and your team are owners on the general partner and the management company. Okay? The limited partnership is managed or the general partner is this entity over here. And then we have a limited partner that's in the limited partnership. Does that answer that question? Good clarification.

I love that.

Maybe on the chat, it's just coming in too fast for me. Maybe just scroll up so it kind of pauses. Yeah, there we go. Sweet. Let's hit some of these. How can a C corp— from Chris— a C corp leverage fund strategies? Should founder create a non-LLC and trusts? How can a C corp leverage fund strategies? I typically create new entities. This management company will survive. And so that could be your maybe existing C corp, could be the management company here. And then every time I make a new general partner though for a limited partnership, and the general partner, nothing happens here. There's no— doesn't own a desk, doesn't own a pencil. There's no rent. Nothing happens here. You are just the general partner. It keeps the liability separate. The management company, this would get the office space. This would pay the interns. This would pay the rent, the management company here. Let's do this, by the way. The chat is getting a little too crazy for me. Drop your question in the Q&A. So there's a difference. There's a chat and there's a Q&A. Pull that open for me just because we can. It keeps it more organized for me. So there's a Q&A button at the bottom. Yeah, that's awesome. Open that up for me.

Okay.

What time does this— oh yeah, scroll down to the bottom ones here. So, and if you've already dropped your question, maybe re-drop it in the Q&A so I can see it again here. And then if you can make it a little bit bigger for me, that'd be awesome. I can see it here. No, it's not going to get bigger. Okay, maybe I'll pull up my— well, we'll go. How do you anticipate future problems? Economic, government, terrorism? If I had loans on multiple properties during 9/11, your PPM, do legal costs? Yeah, that's a great question. Let me share my— sorry, I'm squinting at the screen. It's kind of small. Let me share my iPad here. How do I, you know, underwrite for like crazy stuff that can happen? Where are we at here? Okay, you guys can.

Where do we go?

Where?

All right.

Huh.

You still working here? It's funny, it's not pulling up. Give me a sec here. I'm going to pull up my Q&A bucket here.

All right.

Well, I had it. I had it pulled up early. I don't know where it went.

Hmm.

There's supposed to be a bunch of stuff on this page. Well, it's like it's all glitching out for me. All right, I'll just draw it out then. Unless it reloads. So to answer this question, how do I anticipate? I guess we got a little loading bar here. Let's let it load for a sec. How do I anticipate? Maybe I'll do this. People always ask, what are you using? I use ProDrafts on my iPad here. Okay, we'll let it load for a sec. There are things, there are risks in every business, and there's risks that you can control and risks that you cannot control. And so, and it's good to understand both. And so you, number one, you put a lot of times act of God measures in your, or, you know, big overarching things. And a PPM essentially just tells someone every way they could lose money. Hey, we could lose money if there's a war, we could lose money if there's an earthquake, we could lose money if there's tariffs, we can lose money if there's a, you know, whatever. Okay. That's what a PPM generally is saying. So, excuse me. That gives you a little bit of context. Now, there are— those are things you can't control. There's things you can control. And so maybe I'll try a different, different version here. Let's try this for a second. So make it just way faster if I can just pull it open. Boom, here we go. Okay, let's go back to the other thing then. My iPad's being wigging out. This is kind of how I underwrite for stuff. So I look at— give it a sec here. What are things that I can control and can't control? Both are important. So I make a big list of all the things I can and can't control. So take real estate, for example. I cannot control interest rates. Okay? I can't control the economy. I can't control a war in Russia. Okay? These are all things like— but they're still important. And I'm going to run through a sensitivity matrix. You can do this on Excel. How sensitive am I to that thing for a worst-case, base-case, and best-case scenario? So, for example, if interest rates go up 1% or down 1%, how does that change the return of my profiles? You know, in a worst base or best-case scenario. Is this kind of making sense? Actually, I have a full slide deck here. Let's do this. We're just pulling out the slides. I think they're right here.

Yeah.

Okay. So, you can see my screen, right? So, for example, let's take multifamily real estate. These are things I can't control. These are things I—

maybe move my face on there.

Things I can control. Give you, we'll give you a second here.

There we go.

So let's take Fed funds rate. I can't control that. Still important. Let's say there's a 1% change in Fed funds rate and that would make these IRRs 2%. That stands for internal rate of return. Let's just call it the return of your, you know, multifamily real estate. So if there's a 1% change in interest rates, I mean, it really changes my IRR, meaning I am very sensitive to the Fed funds rate. You guys following along? So that's a risk. And maybe it's like, oh shoot, I don't know if I want that risk. Someone in Washington, D.C. can change the Fed funds rate and it nukes my IRR. Okay, let me use another example. Let's take rehab costs. This is something you can control. So Sometimes prices go up and down. So let's say there's a 5% change of cost plus or minus. Well, in that scenario, my IRR doesn't change that much. So I'm not as sensitive to that change. And I'll put that on my pro forma. We talked about a pro forma. That's just a fancy Excel model showing all of the variables, all the risks, and how we're going to make money or lose money. Does that kind of make sense?

Yeah.

In a more simplistic term. So I love using this format. And I, it's, if you're going to raise hundreds of thousands or millions of dollars, it's worth sitting down and running through all of these scenarios. You might sit there today and go, man, Bridger, this sounds like a lot of work. Yeah, it is. Raising capital is a lot of work. Running a risk control matrix is a lot of work. Managing other people's money is a lot of work. But if you do it well, you can get paid $5 million. I heard a mentor, he was online. He's like, he was talking to a guy and he's like, man, this sounds like so much work. Oh my gosh, I can't do this. And he goes, well, if we do it right, we're going to get paid like $80 million. So do you want to do the work or not? It's like, oh, if you put it in those terms, yeah, I'll work. I'll work to make $80 million. Like, they were building a business. They were going to try to flip this business in 2 and a half years. They had all these plans. Like, man, that sounds like so much work. He's like, well, if we do it, the market cap goes from here to here, and we will make $80 million if we do this correctly. I was like, oh shoot. Yeah, let's do it. OK? Running a fund is a lot of work. Let me go back to the slide though, back to this risk control return though. This is a really useful thing. Hedge funds can do this with entry prices, debt margin, options, diversification. See how sensitive you are to diversification. You know, if you're buying one position, you have an infinite downside, you know, and your average is 8% and your upside could be 200%. If you have 20 positions, You know, it mutes the volatility in your fund. If you have 80 positions, you know, it really mutes the volatility. And you can find that there's kind of an apex where you find relatively low risk for high return. You're trying to find alpha. Private equity has the same thing and go here. So hopefully that helps on that question. Okay, let's pull up the Q&A again if you can, maybe, or maybe stop sharing my screen. I'll pull it up on my, my chat here. You stop sharing mine. Okay, we'll pull some of these live. Thanks, great answer. Great first session.

Cool.

Some of these, by the way, if I've already answered, I'm just going to keep moving on. I'm trying to raise $100 to $500 million for an industrial commercial residential mixed park. I am currently working on acquiring the land. Should I acquire the land with a GPLP? Since the land will be used as collateral, can LP own any assets since it should be Avoid any liability. Should I use SPV under the LP? Yeah, good question. So this got a little more complex. You're obviously doing a pretty large deal underneath the GPLP structure. If you're doing a— this is a multi-asset fund. Let's go back to my slides here. Let's see if I have them. Yeah. So right here, share my slide again. So here. Question is underneath here on a big fund, you'll set up multiple SP, like, you know, essentially just entities underneath to manage all the assets. If I go, let me show you a bigger version of this. This is how like, this is more not for single asset funds, for multi-asset funds or bigger funds. You have parallel funds here. You have a, so this would be like same as before your fund. You have a holding company and then This is just an entity that owns one property. So it separates the land from the assets. If you want to do that, you can do that underneath your GPLP structure. So go back to this, your GPLP structure. You could, you could set up, you know, LLC, LLC, LLC that owns 3 different properties underneath there and they would all be owned 100% by the limited partnership. It just rolls together, keeps things a little bit separated. Yeah, good question. Go back to full screen for me.

All right.

Other Q&As. So it's 3 different LLCs. 2 LLCs. Yeah, 2. The limited partnership is a limited partnership. That's actually a legal entity structure.

Yeah.

Cool. To bring investors into the fund, what kind of depositor insurance protection is available to them against cybercrime, fraud, IP theft, bank run, highly unlikely, but a slim event. In your deal, you can have insurances to cover a lot of that. So like a cybercrime or something, there's cybersecurity insurance. There's— so you can add D&O, directors and officers insurance, E&O, errors and omissions assurance. You can do a cyber insurance if that's something, if you're really worried about getting cyber or hacked, or you can do ransom insurance on your fund as well as a manager. So that can help there. There are some, you know, generally speaking, the risks are on usually the deal, right? You want to obviously button things up. Key man or key woman risk is a big deal. You want to have multiple parties that have good internal controls. So one person can't wire money. It takes 2 or 3 individuals to move money at any time. Always good practice. Good practice to make sure that you have a third-party administrator or auditor that checks your numbers and checks your books. With a GPLP structure, way easier to do that, way more buttoned up. So, for example, in my fund, to move any amount of, in our crypto fund, we have to have 3 people on separate devices with biometric keys to move any amount of money. So, if you kidnapped Bridger and put a gun to my head and said, send me $5 million or else, I'd say, I'm so sorry, I can't do it. I literally can't do it. I have to have 2 other partners on different locations, on different devices with biometric keys to move money.

Okay.

So you just have protections like that in your fund. Always, you know, multiple checks and balances anytime you're managing money. Yeah. All right. What to focus on? We talked about sensitivity matrix. Yep. To raise money. I think we already answered that one. When raising capital for a single asset fund to purchase a multifamily property or business, do I utilize a call function to bring in the cash at closing, or do I bring in the cash first while I look for a good buying opportunity? If the latter, what do I do with the cash while I'm waiting for a buying opportunity? Good question. It's a great question. Let me— let's go iPad. Let's get the iPad out. iPad of truth and justice here. All right, let's see if it works. All right, I'm going to zoom in. Okay, let's go iPad here. We'll move over. All right, here we go. So there's a little bit, especially on your first deal, sometimes of a chicken and the egg. So we're going to talk about, you know, you've got a deal here and deals expire, deals have timelines. So let's use the example of like you're buying a business. Okay? This business is $1 million. This is totally what is going to happen to a number of you. And it's happened to me and it's okay. Okay. You find the deal and you're like, oh my gosh, this is awesome. I love the deal. I love the business. We've got to close in 30 days. And you don't have any money. So, you, you know, get the horses running. I mean, you talk to everybody, you try to go find money and You can't find the money. There's no money. And/or you couldn't lock up the deal because you couldn't get a hard money. And so, the deal, this deal is now gone. And so, you had some people kind of queued up for this deal and say, ah, sorry that we lost the deal. Okay. Let's keep looking for the next deal. And you have the next deal. And then you start finding this deal. And then this deal, you know, they want, you know, $100,000 down. You don't have that. So, you're like, okay, give me a couple of weeks. You go back to the money and then, you know, from your previous people, you didn't burn bridges. You kind of queued them up and said, hey, you know, I'm looking for deals. Whenever I call, you got to answer my phone call because we got to do deals quickly. You come back and, ah, shoot, we lost this deal. It's lost. Okay. We found a third deal. Now I'll call it 3 deal. At this point, you've talked to enough people. You know the game that you know, and these people are kind of queued up, ready to go. And you go, okay, people, we got a deal here. You call, you know, you ring these people up. Hey, we're closing quickly, and you know, we got 30 days and bam! And you fund. Oh, we lost the we lost the iPad here. There we go. You fund the deal. You close, and you're so excited. Oh, I'll change the let's go to green here. You close. You're excited.

Boom!

Like checkmark deal is. In and now you're closed. Now you can go run the deal. There is a little bit of this chicken and the egg. You need money to close on a deal, but you need a deal to close on money. And that's, that's okay. This is part of the process. This is what we help you guys figure out. So there's, you're kind of queuing up money while you're queuing up deals. Um, tomorrow we're going to talk about the Fund Launch Formula. We're gonna talk more about this in depth, but this is kind of what you're doing, um, until you're ready to close on a deal. Now, the specific question from, I think, Al. Was should I just have the money waiting? Should I set up a you know the fund, have the money sitting like literally in a checking account, and then I go find a deal? The answer is you could do that. It's possible. I would advise you probably against that. I would have the money either now you could have the money committed. Meaning you've had someone sign, they signed a letter of intent that they are going to put money in once you find a good deal. But for liability's sake, I would keep the money in the— I'm calling this the investor up here. I would keep the money in the investor's pocket until you're ready to like fund the deal. Does that make sense? Maybe you call down a little bit of the money, but generally speaking, the liability is good with them. You don't have any counters or the moment you take someone's capital, it's It's kind of a big threshold and launch point. So, I would just queue them up, say, hey, I'm looking for a deal actively. Once I find, you know, I'm going to look at 100 deals before I find one that I like. I'm going to scrutinize deals. I'm not just marrying anybody. I'm— oh, it looks like our cord's bugging out a little bit here. I'm going to find one. So, be ready. Have your money ready to go. I'm looking soon. We're hoping— that's kind of how I would plant on a first-time deal. Good questions, y'all. Let me pull it open here. Have you done any funds to use money on real estate deals in Mexico? From Juan. The structure I talked about today is primarily for United States investors. that are pooling money together in the United States. Now, once they've pooled money in the United States, they can then go invest in Mexico.

Okay?

The answer is yes. We've had a number of people in our group do that. I've never done it personally, but I've had a number of people in our group go out and they raise money in the United States, they pool it together, and then they go invest into a deal in Mexico. Now, one thing to note, anytime you cross a border, you now have to comply with Mexican tax laws and Mexican security laws. And so, it's sometimes you're going to have an extra cost to hire a Mexican attorney and a Mexican tax professional that can help you navigate those waters.

Yeah.

Good questions. Zach, myself and my team missed out on 6 distressed multifamily deals last year, $80 million in acquisition. And we don't want that to happen again. What is your recommendation on the platform? Great question. If you've got a good, Zach, it sounds like you do, good amount of deal flow you're looking at, you found some good deals. Couple of things you could do. So back to the iPad here. Like we kind of mentioned up here, I'll redraw it though. Number one, you build out your single asset fund and you have a limited partnership and you start You start raising money from investors. And what you're doing, you're not taking the money, but you're getting, you're having them subscribe to the fund. They're committing capital. And then your job, hey, the next 12 months, we're going to go and find, we're going to do a search and we're going to find a distressed property that we can buy. This would be what's called a blind pool fund, meaning they are blind. They don't have a deal that they're going into directly. They're a little bit blind. They're trusting in you over the next 12 months to find a distressed deal. And you say, hey, we missed on 6 last year. We're seeing them all the time. We got to have you guys subscribe and commit. And then once we're ready, we got to close quickly.

Okay?

That would be the one way to do it. Or is that making sense? Hope that makes a little bit of sense. When I, when I mention a single asset fund, a single asset fund is where you've already pre-identified, we have the property at 123 Main Street and we're going to put money in directly to that deal. And that would be a single asset fund. We already have the asset here and we're trying to, you know, money's coming directly in. Okay. Those are kind of the differences. Blind pool funds, a little more expensive to launch because there's a lot of variables, more variables. We don't know the name of the address. We don't know what we're investing into. So it's more blind pool. A single asset fund, a little bit faster, a little bit easier to launch because, hey, we're putting money into 123 Main Street. The risks are somewhat known of this deal. Does that make sense? So you could get— I would start queuing up investors to either subscribe or commit to this or— Up here, I would verbally queue them up. So you have investors, you verbally start queuing them up. Hey, we had six deals last year. We're we're I'm we're anticipating we see probably another five to six this year. When we see one, we got to close on it quickly. You know, you walk them through everything that you look at the parameters. Is your a num is your you know you do you have a phone number I could ring if we got a good deal? Like and are you somebody that can close quickly with us?

Right?

Yes or no? Okay, I'm building out a shortlist of people I'm going to call first. When I have a good deal and we got to close quickly, I'm building out a shortlist of people I'm going to call really quickly in a single asset fund. So both can work, Zach. Maybe you could lean into whatever one feels better for your team. Both work. Either you queue them up or you actually officially subscribe them to the fund. Both could work though.

Yeah.

Yeah, Luke, thanks for dropping that. Yeah, if you have questions, send them to bridger@funlaunch.com. Yeah, thanks, Zach. All right, team, uh, this is the— let me go back to my slides here. Let's see, give me one sec here. Let me pull this open. So tomorrow We talked this morning already about you know funds. What's going on with people and funds? I'll let's go full screen. Here we are. If if today was useful, by the way, what I'm going to do, I'm going to challenge y'all to invite someone tomorrow to come. So tomorrow at one p.m. Eastern, we're starting. I would invite them to come. Furthermore, you can see my tag there. I'm on on pretty much every social media platform. If this was somewhat useful, today was totally free. Everything's free. I mentioned this earlier. What's the catch? We're doing 3 days of free content. We will pitch.

We have—

we're opening up a new group for 50 members tomorrow for 15 minutes. That is it. The rest of it is just pure value. We're teaching, we're helping people, we're bringing on people live. Like, that is what we are doing.

Okay?

So if you have somebody— this was today, it was pretty fun. We did a hot seat. We brought Oren Klaff on what and why single asset funds. Tomorrow we're starting at 1:00 PM Eastern. We have 3 expert guests coming on to discuss their deals and how they put their deals together. We're going to either today or tomorrow, we're going to start calling on deals live and actually walking through deals. Okay. I mentioned already, what's the catch? This is not a pitch fest. This is just— we believe in providing tons of value upfront. I mentioned we're looking for 50 people that want us to help implement their fund with them through a single asset fund. That's what we do at Fund Launch.

Okay.

This is not for everybody. We had 1,400 people registered for today's call. If you have a friend That you think would benefit from this. Okay, you can bring them, send them the link for tomorrow, invite them. Furthermore, if this was useful, take a screenshot right now or maybe take a little video with me. I'll wave at you and tag me on Instagram or social media. I'll repost this. We want to bring— I want to help as many people as we can democratize Wall Street. That is our goal. That is our mission. We want to make high finance accessible to all. If you know somebody in your category, it's like, man, they should be on this. I have a business partner. Tomorrow, we're going to deep dive into three different people's funds. We also have Dr. Ben Hardy coming on to talk to us as well. It's going to be a phenomenal day. Tomorrow should be phenomenal. I'm so excited. We're starting at 1 p.m. Eastern. So if you can move that, move my thing, move move me over so people can see the tag there. Tag me at Bridger underscore Pennington right there in the bottom corner. You can see it. I will repost all your stuff. So on Instagram, for example, go. You can make a little thing right here. I'll wave. What's up? Good to see y'all. And we'll bring some— we're going to bring down the house tomorrow. It should be pretty fun. We'll see you guys tomorrow at 1 PM Eastern. Today was a fun call talking about Wall Street being consolidated. I didn't have time to get to all these fun— we're going to talk about a lot of cool stuff tomorrow. We're going to talk about these guys who pulled together a bunch of different brands. Anyways, we're going to have a fun time tomorrow. With that, today somewhat useful? Was that all right? Got some value out of today. All right. Tomorrow we'll be back at it. We're going to go more in depth, more tactical, and looking through different situations of buying a business, scaling up hedge funds, a crypto fund. We're going to talk about buying real estate, getting to the next level and trying to answer this question: how do people go out and do this? Like, how do they go build, you know, a huge commercial building like out of nowhere? So pretty fun, y'all. With that, we'll leave this live. The chat, we'll leave the live for just a few minutes. My team is on bridger@funlaunch.com. You also can find us at funlaunch.com/demo if you want or tag me on social media. We'll leave this open. We can chat with you guys for a few minutes if you have questions, queue things up. We'll queue up content for tomorrow. That should be awesome. But with that, great day 1. Y'all are amazing. Way to come in. Way to play all out. Way to be here. Oren Klaff was fun. We had, we had a The Travis is on. We had Lindsay and Sean Travis on talking about their deals. A good time today. With that, my voice is dying. I gotta go. I gotta go get some something on my throat to get ready for tomorrow. We'll see you guys tomorrow, 1 p.m. Eastern. Book it on your calendars. We will see you there. With that, signing off. See you tomorrow. Bye bye.