Ep 265 - Week 38 Live Progress Update

Hey, everybody. Flip and Danny here, founders of the Freedom Real Estate Group, family of companies. And welcome to another episode of our.

Podcast, which is called Freedom through Passive Income.

That's right. And welcome to another live, live, live episode. And I don't even know where we're at at this point. I think. I think we're back in fl. Back in Florida or back home in Florida. Boy, I've said it before, I'll say it again. No moss grows on us. But welcome to this is week 38.

That's right.

That means there's only 14 more of these live episodes.

Yes.

Until next year. Right. But this is our live review of this last week. And obviously we're back here in Florida. We threw what we thought was going to be a planes, trains and ottaw situation last Saturday to come home. Because at 2am no, actually at midnight, we started getting text messages about our flights being delayed.

Yes.

And then at 1am they got delayed a little further. And then at 2am they got delayed even further. And finally at 2am our first flight was delayed five hours, which means that we would be landing in our first stop at the same time that we should be landing at home. And so then I got up and I was on the computer for a while, and finally we realized there was a flight an hour earlier that we could have been on all along. That was just fine. It was hunky dory. And so we ended up getting up early, just crazy, driving in smoke air. So it was worse than fog and smog. It was horrible driving for an hour to get to the airport. And we just got to the airport, didn't even put gas in the rental car. We just said, here you go, we're out of here. It was crazy. It was crazy. But because of the smoke, we didn't get to do the gondola. We talked about it last week. We were gonna ride the gondola up, like 2 miles or whatever, however high it goes.

2.4 miles.

2.4 miles. But because the smoke in the air from the California wildfires, there was no gondola for solar.

Yeah, I was a little bummed about that because as fearful of heights that I am, I was excited about that particular trip. And I knew it was going to be freaky. But I knew when I was done that I was just gonna be so glad I went and it was gonna be such a great experience. And I was looking forward to just the view and pictures.

Yeah. And we stayed at a resort and spa. I think last week we told you where we Were at. It was a very interesting room.

Yes.

The room said during the winter months that if you're cold, open a window. And during the summer months, if you're hot.

Wait, wait. No, if you're hot.

If you're hot, open a window because there's no cold air in the hotel.

Yeah.

And then vice versa. During the summer.

No, in the summer, if you're hot, open the window because you need.

Yeah.

I can't even remember what you said.

It involved opening a window to solve your heating and cooling issues.

Yes. That's the bottom line.

And so the morning that we flew out, by that point, by like o' clock in the morning, it was 70. No, it was 83 degrees in our room. Oh, and the dogs are joining us for. That's if you hear that noise. But it was 83 degrees in our room at this resort and spa, so. Boy. And just miscellaneous.

Because I had the air on, but the air was actually heat.

Yeah.

Pumping out heat. So it's getting hotter. It said cool.

It said cool.

It said cool.

Yeah. It said cool.

Yeah.

Yeah.

It was an experience. We don't mean to be complaining. Our lives are, like, incredible. We are so incredibly blessed.

Yes.

But as a result, like, I'm really tired like this. It's been hard to kind of jump.

Back into it because I'm just.

I'm a little worn out from the trip and kind of the chaos of everything, so.

But let's talk about the fun stuff.

Yes.

Deals.

Let's get back into real estate.

Actually, we found out that this one was. It was. It was. Everything was signed before we went to Tahoe.

Yeah.

But we have a strict rule. If the money is not in the account.

That's right.

It is not closed.

Yep.

And so it wasn't until after we got back Monday or Tuesday or. I can't even remember what day it was.

I can't remember.

I don't even remember. I don't even know what day today is.

Thursday. Cause we're live.

My watch says Thursday. But it was at some point this week that we got the message. We got the message from Tiffany. Actually, no, we got the message while we were in Tahoe. Because I remember.

That's right. Because the boxer. You were at the atm when I saw Tiffany was talking on my boxer. And I went, ooh, what's that?

Yep. So the funds hit the account. So our little 8 unit from the original 56 unit that we bought, we've peeled that off.

That's our second successful exit.

That's correct.

And so that's one of the things that you look at in this space. And I'm glad we're talking about this because now let's just jump back into real estate. Now my energy's up.

There you go.

When you're in the world of multifamily or any just space in particular in which you're new, you want to see everybody's track record. Right. And even though we've got a very good track record and everything that we've done multifamily is in commercial, is a new space for us. So it's not that scary for us or daunting because we've been in real estate for so long and it's just more doors, that's it. But track record still matters. And so it's been really nice that our 48 of the first 56 back, our 48 unit refinance in 21 months and now our 8 unit is now sold. So that's two successful rehabs and exits. Both incredibly profitable. Far more of a home run than I expected for our very first deal. So that doesn't mean they're all going to be in a home run. There's going to be tougher deals and in this market you're going to have to navigate it. And so we've got Serena Gordon. We just. That's the second one we closed on the 16 unit too. So that's really the first one I'm gonna call a package. So it's one deal, not two, even though it was two exits. Serena Gordon. No. Then Lake Forest. That was our second 384 unit in Daytona Beach. And then the 129 unit in Mississippi was our third. And then the 48 unit, Serenity Gordon was our fourth. And then 16 unit, we just closed.

Just closing that one too.

Yep, yep. So that is now the smallest of. And the reason that we went ahead and went forward because we're looking for bigger stuff is because our partner, Ken, he's got like, I don't know, I don't know how many, a bunch of properties right in this area. And he's been wanting, like, he's been wanting this multi family unit for a really, really long time. And one of our team members, Eric, is the one that actually grabbed the deal and said, hey, I've got this deal. And Ken was like, whoa, I've been.

Trying to get that deal for years. Exactly.

So we did the acquisition part of that deal and Ken went ahead and took care of the rest of that deal because it was somewhere where he's got a portfolio anyway, so it was a good win. Win for all of us. So we just got that close. Congratulations, Eric. Congratulations, Ken.

Congratulations.

We love, love, love that we got to put that one across the finish line. So we're just incredibly happy to have such great partners in this multifamily game. It's just so, so, so much fun. So that's deal number five, I believe.

Yep, I believe so.

Okay. So that's deal number five. We're still chasing lots of other deals and we're getting our fun launches and things like that, but it's super exciting to have.

And then we have one more. And that's all we're gonna say about that.

Yeah, we're not gonna even talk about it. Yep, yep.

But this week we got back. We're trying to. It feels like we're running in taffy, but so anyway, so we did. Starting to do a lot more work on the funds.

Yes.

And I'll let you.

Yeah, yeah. So we're doing. Yeah, yeah. So we're doing a ton of work diving in. I'm usually juggling so much that the funds have not been full on focus. When we got here, our marketing teams, they're getting ready to go. They're ramping up. Right. And I've got to keep pace with them. So I just said, hey, everything off my plate, funds, that's what I'm working on. That's my focus for the next two months, really. And I'm kind of racing and racing against myself, setting goals to make sure that I can hit them and really focus. It's been very helpful to put the blinders on. Right. When you just say, hey, this is what I have to do, and this is the highest priority right now. Everything else has to wait. Well, it's kind of weird, and there's a little anxiety with everything else kind of waiting and being put on pause. But I've got such a great team around me that Jody is taking care of most of it.

I know.

Thank you, Jody. So that's been fantastic. We did hire a videographer. He's actually coming here to Florida in October. And then we're planning an Ohio trip so we can start recording a bunch of things that we're gonna be putting out on social media. That's super exciting. And then we did some forecasting. This is probably one of the hardest parts about building especially multifam business, because the money really comes down the road. Right. We are going to really get paid off and very well paid off in three, four, five years. Right. But this building a business that doesn't have a lot of income coming in during the first three is very, very difficult to navigate. So I worked on some forecasting this week to really look at that and just say, hey, with everything that we've got going on and the marketing teams that we're hiring and what we're ramping up with these funds, what does it look like? And they're big, big numbers that we have to figure out and navigate. So I'm meeting with our CEO this afternoon and our. Oh, Tina. So, Aaron, Tina, you and I are meeting this afternoon. I'm meeting with one of our other partners on Friday. Our other partner, Arianne and Chris, they've already kind of watched a video that I had and provided some feedback. And then I'm meeting with another investor who has $100 million fund next Wednesday. And we're just trying to answer some really difficult questions and make sure that we're not missing anything. And what are the upsides, what are the downsides, what are the risks? And all those things are very, very important questions when you go into anything. And that' I get super, super thankful about the people that we're surrounding with. Because us doing it alone, we've always just continued. We've always made mistakes. Right. Building the five companies, we've made mistake after mistake after mistake. But the more people we surrounded ourselves with, the more ability we had to ask questions, the better we got at not making mistakes of things that you just don't know. You don't know. Right. Until you do it. Until you have somebody else that says, I've done this before. I've been through this. Here's what you're missing. So it's really great to be in the space we are now because I can create a forecasting sheet like that and then have five meetings with people that can pour into it and go, you're missing this, you're missing this. This is smart. This is smart. Here's another idea at the end of it, have a really good game plan going forward. So I'm super, super excited about that. And I just wanted to share.

Yeah.

Because I think that's smart. And for those of you who are in similar situations, do that. So, yeah, I think that's all I have.

That's it?

Yeah.

Okay.

Yeah.

Well, make sure that you head on over to our website, freedomcapitalinvestments.com to join our investor club. And we also have the swag on there. And also, if you have a deal that you want that you heard about or whatever. You can submit that on there as well. But we like to end all of our episodes with Invest Smart, Live Happy. Bye everybody. Nothing on the show should be considered specific personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions and information on the show are not guaranteed. All investment strategies have the potential for profit and loss.

Sam.