#131 How To Create Generational Wealth And Legacy, ft. Don Wenner

Welcome to the Passive Income MD Podcast where we talk about creating your ideal life through multiple streams of income. I'm your host, Peter Kim. If you enjoy hearing about this stuff, make sure to hit subscribe so I can bring it to you every week. Now let's get on with the show. Hey everyone, it's Peter. And I'm really excited to talk to our special guest today and I'm going to go ahead and read his bio over here. This is Don Wenner. He's the founder and CEO of a company called DLP Capital. Many of you might have heard of DLP Capital. I've been an investor for several years. They're a private real estate investment and financial services company. They're focused on making an impact by acquiring, developing and building relationships housing leaders and organizations. So that's kind of a mouthful, but they do so many different things. We're going to talk about a lot of these things today. They are been part of the Inc. 5000 fastest growing companies. They've been for 10 consecutive years. They've closed over 20,000 real estate investments totaling over $6 billion since they were founded in 2006. Just been a rapidly growing company that is doing the right things. And I'm just really excited to talk to Don today. They've done well in different parts of the cycle, which I think considering today's economic market and where we're at today, should be an interesting conversation. So, Don, excited to have you here. How you doing?

I'm doing awesome. Thank you so much for having me on. Can't, can't wait to chat with you.

Hey Don, I mean I've been investing in DLP for a couple years and people probably heard of you, but. And I probably butchered this intro but maybe just in your own words, can you just tell us a little bit about DLP and what you're all about?

Yeah, I'd love to. So we consider ourselves an impact investment company and we're focused on making a positive impact on a few really big, big crisis in America. Most obvious being, you know, the affordable workforce housing crisis, which is kind of the underpinning to everything we do. So we manage private investment funds, serving individual investors and then we go out and we deploy capital into developing brand new workforce housing, build for rent, multifamily improving existing housing communities. And then the actually the biggest side of kind of what we do today is lending money to other sponsors and operators doing, doing the same. And then we do all the vertically integrated things you might expect of construction management and development and brokerage and management. Then we also do some unique things that you might not expect to support that, such as, you know, helping the operators that we lend to and partner with to grow and scale their business and helping them with hiring and developing talent and putting discipline into their organizations and mitigating risk and scaling the impact we're each able to have in the communities we invest. It's been a lot of fun. We have about 300 corporate team members headquartered here in St. Augustine, Florida where I'm talking to you from today. This is year 17 of DLP, year I think 8 being headquartered here in St. Augustine. Originally started in Bethlehem, Pennsylvania where we're still located, our northeast headquarters today. And then I'm a father of three boys, 10, 9 and 1, all here in St. Augustine. My wife Carla, married 12 years now and very, very, very blessed.

I mean it's amazing to see how DLP has grown and what you've built. And again I want to talk about kind of the different things you do and also how you think about this, where we're at in the economic cycle. But just I wanted to find out a little bit more about your story. You mentioned you've got a, there's this family life, you've got a wife and you've got three, three sons you said. But was real estate always something that you planned to go into? Like how did, how did that happen?

No, you know, I think, I think maybe it's more common today, maybe that people go to college or go to school thinking they're going to go into real estate. At least for me that was never, never I never even thought about. So I grew up to two parents who had me at 16 years old. My mom ran a home daycare in my home growing up. So I'm the oldest of five. There were always generally six other children in my home at all times. And then my dad was a prison guard most of my childhood and so none of them had real estate backgrounds, none of them business backgrounds, et cetera, nobody in my family. So I actually moved out of my parents home, my mom's home at as a 17 year old I went out on my own and was determined that, that I would, you know, support myself and waited tables and such and but knew from the eighth grade that I was going to be a financial advisor. So in the eighth grade a financial advisor came in and he showed us this little chart, this little laminated chart that showed financial advisors made more money than doctors, lawyers, accountants in all the jobs your parents want you to get. And the way he Described it, or at least as an eighth grader. What I took from how he described it was to be successful in this business, you had to be really good at math and you had to be entrepreneurial. And I said, well, that's me. And I'd been an entrepreneur from about five years old. I was employing literally my friends through middle school and doing a lot of entrepreneurial things. And so I thought that was going to be me. So I started shadowing financial advisors in the eighth grade, ninth grade, ended up going to Drexel, studying finance and accounting. Had all my licenses by the time I was 18. Second, I could get licensed or, you know, was old enough. And while I was doing all that, I would wait tables. And this guy came, kept coming to the restaurant I worked at on the weekends, asking me to come work for him. And he was in the security business and didn't really know what that meant. One day, went and sat down with him. He was in the ADT security business, home alarm systems. And he convinced me that if I came to work for him As a 19 year old, I would make $2,000 a week selling alarm systems. That sounded pretty attractive at 19 years old. And I said, why not? So I knew nothing about it, but my first paycheck was $5,280. And all that tells you is that I knocked on a lot of doors. That was literally and figuratively what I did. I knocked on a lot of doors, and that was one of my worst paychecks. So I was making 5, 6, 7, $8,000 every two weeks as a 19, 20 year old in college, full time. In fact, I was most of that time going to two colleges at the same time so that I could take more, more classes than what Drexel, where I was going, would allow and to get credits at a lower cost. And then that gentleman, his name is Nathan Robinson, he lives in San Diego today. He was a real estate agent as well. And this is, you know, 2005, 2006. And he convinced me that if I could sell alarm systems, knocking on doors, I could sell real estate. And I said, well, I'll give it a try. And it took off really, really, really fast again because I knocked on a lot of doors and, you know, kind of grew from there. But up until the day I got my real estate license, I had thought about it for a while, week or two prior. Ever when he brought it up, never up at that moment ever thought of real estate as something I was going to get into. And that was, you know, 17 years ago.

Now that that's a cool story of how you kind of built that whole thing on your own, kind of bootstrapped it, made it happen. And then somehow like fast forward today, obviously it's grown into so much and I know there's so much to that story. Like how did you get into, when you started developing certain areas, multifamily construction, like, how did that actually move, you know, you move into that area and then why, why did you do that?

You know, in the, in the beginning it happened, you know, fairly, just organically. Right. So, so I learned early on that business is simply about solving people's problems. That's all we're, we're doing. Right. So my marketing message when I got into real estate from literally day one was your home sold in 68 days guaranteed or I'll buy it. And that was in 2016 or 2006. I was a 20 year old, you know, and that was my market message, unfortunately. Or unfortunately, depending on what you want to look at. I look at it, fortunately, the month I got licensed as a real estate agent was the peak of the market. So the market started going down, home market was slowing. So that led to a lot of motivated home sellers, you know, responding to my, you know, kind of door knocking essentially, and us helping solve their problems. So in addition to doing that, which, which, which I'll come back to, I was helping, you know, I'll call small time real estate investors find homes to buy and flip. And those were back in the days when everything was 100% financing and I was helping a guy named Jack as a real estate agent buy a house to flip. Had up until this moment, I had never thought I was going to become a real estate investor. Still. I just got started as a real estate agent a few months earlier and I'm sitting at a closing table, which we've probably all been at, right? Buying a house or selling a house, sitting at this closing table at a real estate office. And across the table from me is this 82 year old lady named Eleanor. And Eleanor was the seller of this home and she had just moved out of the home, moved into a senior living home. And I'm representing the guy who's going to buy her home. And we're sitting there, I'm making small talk with Eleanor because my buyer hasn't shown up. 10 minutes go by, call him. Doesn't pick up. Try him again. Doesn't pick up. 20 minutes finally go by. I get a hold of him and he says, and I said, jack, where are you? I'm at the closing table. He says, don, I'm sorry, I can't get my loan, my hard money loan. I'm not buying the home. Sorry. Click hangs up on me. So I tell Eleanor that my buyer can't buy her home. And she breaks into crying, hysterical. She's telling me she's gonna get kicked out of the senior living home she's in if she doesn't have the money. And so I'm sitting there, and I'm not at all exaggerating, you know, here I'm in my, my office here, and you see there's a window out, out here when I was sitting at this conference room looking out a window, kind of sitting next to me like this. And across the street is PNC bank, which was my bank at the time. And so I literally made the decision on the spot and I said, I'll buy your home. And I walked across the street to PNC bank. I withdrew $72,000, which was the price of this home, which was most of the money I had. And I bought this lady's home. And that was my first home flip. I bought it, hired a contractor, renovated it, and did a flip. And then, you know, realized, you know, it was like, well, it was a lot of work, but it wasn't that, that difficult. And because of my marketing message of your home sold guaranteed or I'll buy it. And kind of the market slowing down, I started having a lot of Eleanors who would contact me, right? People who were moving out of their home due to, you know, age or some sort of financial distress or somebody passed away and now the kids are handling the home. And I started stepping in and buying these homes and renovating them and selling them. And that's what I did through the downturn. And then very quickly we got started doing a lot of them. I couldn't find enough good contractors. So we said, well, let's start a construction company. So I hired my best contractor that I was hired and brought him in to run my construction company. And we started self performing. And then the bottom of the market, we said, hey, it's the bottom of the market. Let's start building a rental portfolio. And we started building a portfolio of multi family and still single family and doing some ground development. And I needed to manage it, so I started property management. And, and so kind of each, you know, business line we've been in, there's been a number of other ones across the years. Just came from, you know, kind of a next step and running into somebody's problem and saying, there's got to be a way to solve it. There's got to be a solution here. For years I did, we ran a national short sale negotiation company. And for anybody who was around real estate back in the 2008, 9, 10, 11, you might remember that term, short sale. It's when somebody owed more on their home than it was worth and you get the bank to take less than what's owed, a short payoff. And I remember for years, and I'm, you know, I'm 20 years old, 22 years old, 23 years old, and I'm negotiating to handle short sales around the country before banks even had departments to do this. And I would talk to real estate agents, I would talk to real estate attorneys who would tell me what I'm talking about doesn't exist. Banks do not take less than what's owed on their mortgages. I'm making this up. They couldn't understand it. I don't know how many times I heard, I've been doing this for 25 years and you don't know what you're talking about. But I figured there had to be a solution. There had to be a way that when I knew it didn't benefit the bank to let it go to foreclosure, Seller doesn't want to do that. There has to be a solution. Right. So just kind of having that mindset, that curiosity and that desire to solve problems has led to us kind of moving into a lot of different business lines over the years.

I mean, now that you've been involved in so many aspects of real estate, from the lending side to the construction side, the multifamily, and obviously it sounds like you saw it through that recession, through this latest cycle. I think a lot of people are curious about hearing from your opinion, like where we are in this cycle. I think a lot of people kind of know now at this point, and then how should people should be thinking about investing in real estate or. That's a big question. But, you know, people should be thinking about how can they invest their money smartly during this time, especially in real estate.

Yeah, yeah. It's a question everybody should be asking.

Yeah.

And, you know, so the first thing I always like to say, and I don't want to start off as sounding like I'm this, you know, just eternal optimist or just pie in the sky, not in reality when I say this, I'll temper what I'm going to say in a moment. But, but this, this market is, is extremely different than 2006, extremely different. I understand that there's some things that feel similar, but it's very, very different. So right now we have the greatest under supply of housing in much of the country. We have a tremendous under supply of housing. Back in, you know, 2006, 2007, we had a great oversupply of housing in a lot of markets. So the fundamental supply and demand today is very, very different. The fundamentals of rental housing today frankly couldn't be stronger. So rents are still growing and they're growing really strong. People talk about slowing down. All these articles come up all the time about it. In most of the country, at least where we're investing, rents are up 9 to 10% in the last 1212 months. The rents are up 7, 8, 9% so far, year to date. So rental growth is strong. Demand far exceeds supply for workforce housing, for affordable housing, for the type of things we do. So I'm giving you perspective on the market through the lens of housing, right? There's other asset classes within real estate, outside of real estate that have different dynamics per se, but for rental housing, we have great under supply of housing, incredible demand. So no problem with occupancy, no problem with getting our target rents, virtually no problem with collections. So first thing you look at is when people apply, are they struggling to be able to afford the rents, Are people able to qualify? So we require three times income to our rent. Very little problems with people qualifying, very little problem with delinquency. And across our portfolio, we self mandate ourselves to invest in housing that is and will remain affordable for the local workforce. And so generally speaking, what's considered affordable is, is that your, your rents are less than 30% of the area median income. Our rents across our portfolio are about 18, 19%, meaning people's incomes are five times our rent, which means the majority of people who live there can afford, live in that area, can afford our rents. Right, which is a really important fact. So all the fundamentals of being able to get our places rented, get people to occupy them, to pay their rent, frankly couldn't be better. The concerns or the things that are an issue today are really financial market driven. It's the rising interest rates and what the additional cost of the debt is, but then also the rising interest rates and the fear that that's creating how it's taking a lot of capital out of the market, making it harder to get financing, harder to refinance properties. In turn, that means makes it harder to sell properties, creates less liquidity in the market. So those are all the negatives on the positive side, because there's less money out there, because it's harder to get financing because there's less people competing for every deal means there's better opportunities to buy. There are people in distress, right? There are deals where people can't get refinanced and don't have money come to the table to, you know, they took out a bridge loan for 80% financing and now they need a permanent loan and they can't get the same amount of leverage that they received when they bought the property. That creates a panic to need to sell a property, especially if, say, that loan's maturing right now and the lender won't extend, as an example. So there's lots of different situations like that that are creating great opportunities. And that's why the first part of our investment strategy is raising capital from individual investors into evergreen investment funds. Is the first really important point to how we invest is that the money. We don't want to ever be in a position where we have to sell properties at a time that's not ideal to sell properties. Right. If property values do go down, we want to be in a position to be buying, not selling. Right. Because they're only going down for, you know, relatively short amount of time. So all in all, fundamentally couldn't feel better about the market. But there's going to be distress that's driven by a fear and B, by the financial market constraints coming out of, you know, higher interest rates, coming out of fear, coming out of a lot of what's going on in the stock market. You know, a lot of, a lot of the money in real estate is actually public money investing in real estate. So a lot of these public equity funds and mortgage pool REITs and even banks are illiquid right now due to the value of their companies declining so significantly this year.

I mean, when somebody comes to you as an investor, I'm sure there's a typical or close to it, like an investor profile, meaning that somebody that it seems to match well with you in terms of what their expectations are or what they're looking for. When somebody comes to you as an investor, again, what should they be thinking about and why would they match well with what you guys do in terms of what they're expecting? Is it more of the cash flow, more of the big buildup in terms of appreciation or value? A long term, short term? Like, what do you usually tell people when it comes to that?

You know, I'd say that most people don't need to be convinced Today that, you know, rental housing, multifamily housing as an example, is a good investment strategy. Most people are pretty, pretty comfortable that that's the case. Most people have a good understanding that rental housing is a safe place to be, that there's a shortage of housing in America. You know, back when I got started, you know, I'd sit down with somebody in 2010, right, they say, who wants to own apartments in North Carolina or Florida. I'd rather own this office building in New Jersey. Right. That's a lot safer, right. So I don't need to kind of usually convince people of the value of the strategy now today, but what they invest with us for is, you know, a consistency in returns, consistency in distributions, consistency in performance. And I think what's really important is, is to think about with us. So if you, you know, if you don't yet know a lot about housing or investing in real estate, maybe you do need to get that learning curve. And, and you know, multifamily housing is, is, is one that has been proven again and again to be one of the safest places to be. Even from 2000, you know, the last downturn from, you know, 2006 to 2011, right. The rents in America and most of the market these were in, didn't go down. Rent stayed flat or in a lot of cases even went up. Even in that, when all you hear about is the drop in values of real estate, you know, it's proven to be a very recession resilient asset class. And so I, I think, you know, once people understand that and they, they like the asset class, the reason they choose to invest with dlp. The first thing I always tell people is in, in all, especially when you're in a recessionary environment, the best managers, the best companies, which is, means the best managers really. Right. The best leadership teams in any industry, right. This, this applies most part to even, you know, public companies. Right? All industries, the very best companies. Which means the best leadership teams tend to grow and earn incredibly outsized returns and pick up market share and doing really, really well in volatile times while most companies, you know, struggle. And, and I always tell people what's important is, is who, who, who the management team that you're investing with, who do you bet on is going to perform well and make the right decisions when things are uncertain, when there's fear, when there's stress going on, somebody I'll leave nameless. When Covid hit, he's a big time real estate owner, very big public personality. And when Covid hit, he did the, he proverbially, you know, hid under his desk. And what I mean is, you know, he stopped all distributions to investors, fired 80% of his employees, went on, on social media and recorded an hour long dissertation about how the world's essentially ending. Went into forbearance on all of his loans. Fully panicked, right. Didn't know what to do. And so did, you know, so, so just kind of hid, right? You know, during COVID we didn't stop distributions for a single day. We didn't close any of our properties for a single day. We didn't stop communicating to investors. In fact, we started doing about three to four times as much communication. Our cash flow went up every month through Covid. Even with the fact that we couldn't evict people and all the challenges that we never could have predicted, never predicted. Government basically telling residents they didn't have to pay their rent, right. But we continue to perform and we continue to work through it and give clear communication to our investors of what's happening and what are we doing and how are we working through it. And it turned out to be incredible. Two of the best three deals I ever bought in my life or the first two deals I bought during COVID And you know, we first deal we bought when everybody was afraid to Invest. We paid $63 million for this community in South Carolina. We didn't plan to sell it, but we sold it 14 months later for well over 90 million. We turned a $10 million investment into a $40 million return. And we looked at that as a great time to buy. And the next investment we did, we did nearly as well on. We look at today as a time like that, there's, there's great people afraid and panicking and that means there's opportunities, you know, to buy, opportunities to invest. So you know, people investing with us, invest with us because you know, we're going to give consistent returns. We over delivered on our returns in every fund and every investment in every period. It's not just because we, you know, are lucky and certainly luck is a component, no doubt, but we, we purposely go through and we, we set expectations that we're confident will exceed. You know, our, are in our funds. We, we set expectations to our investors and then we hold the standards to what we invest in much higher return profiles than what we tell investors. That way if things go half decent, we're going to outperform. And then, you know, I think in addition to great performance, what people want in investing with us is great communication and great service. And we try to do that, you know, really, really well and really, really, really actively. So yeah, So I mean, that's people. Yes. And then last two things I think that are important are, you know, very, very tax efficient is why people invest in a lot of our funds. You know, last year in our biggest fund, we generated a 45% return to investors. That's not the target, it's 10 to 12%. But we didn't have any taxable gains. And so I think that's pretty awesome. But then I think the last thing that's really important and unique is, is all of our funds are evergreen open ended funds. And what that means is the funds are going to likely be here in five years, 10 years, 20 years. We don't have a period that we're going to or forced to wind down the fund. So we're never forced to have to sell properties at a time that's not good for the market or not ideal to us. But you as an investor are never in a position where you're forced to have a liquidity event when you don't want it, but at the same time where you're never forced to have to stay in an investment when you want to get out. So we're able to give our investors liquidity where they're able to choose when they want to leave based on a wide variety. It could be because you're not, you don't believe in the strategy or you don't believe in us, or it could be, you know, you want to exit because for tax reasons or, or because you have another great opportunity or whatever the case is, you control your own liquidity versus us controlling it. So it puts you in a better position and it puts us in a better position to buy now when, if property values are down, we're going to be heavy buying and not selling. If property values are really high, we may be selling and buying less. Right. Gives us the ability to do what makes the best sense based on what's going on in the market.

I mean, I think that's something that people have been really concerned about lately is like the risk. And you talk about opportunity. So I would love to hear from your standpoint, like for your company and all the things you're involved in, where's the biggest risk that you see right now and how are you planning for that or trying to mitigate that?

Yes, it's a great question. So I mean, everybody thinks about risk a little differently, right? And so where I look at risk is what's my risk of Losing money, right. What's my risk of principal loss? So I, I say this knowing I'm incredibly biased, but, but I believe the risk of principal loss with what we do is, is incredibly low. You know, on a scale of 1 to 10, I would put it at a 2 with only thing being 1, maybe cash and an FDIC account. So I think, I think risk of principal loss is extremely, extremely low. I think the, the risk of losing money is extremely low. The, the real risk, I'd say if somebody invests with us, if the, if doomsday happens, right. Which is something, people kind of ask me those questions. If 2008 happens or, or whatnot, property values drop by 50% tomorrow. What does that mean to investors? Well for starters that means I'm not selling anything at that time. But I'm very confident even in that environment I'm going to be able to rent out my properties and generate great cash flow. So if you're in a fund with us and we're not selling anything, but we're generating for you double digit returns from cash flow, that's probably not the worst place you're going to have your money. If the world's ending, kind of we're in a doomsday situation, we're in an incredible, you know, recession. Probably the place that can generate for you good cash flow is probably one of the better investments you're in. Right. If property values drop by 50%, a lot of other things are going bad in the economy as well. And I still believe we're going to be one of the safest places and one of the best performing places you're going to be in. But what would happen in that case is illiquidity. So one of the things that makes our funds in every moment through today has made our funds really attractive and in any normal or reasonably normal market environment is liquidity, is that we can give you liquidity. You're not stuck in our funds for years. You can get out in our lending funds, 90 day notice and our equity funds every year. So that's one of the big selling points of our strategies. But if property values drop by 50%, we're not going to be selling things. Our loans aren't going to be paying off. But we're still confident we will generate really solid cash flow. But we may have to sit and wait for 12 months, 15 months, 18 months to the world settles down and we can liquidate assets or create liquidity. So I think that's the biggest risk is illiquidity. And we would Never allow ourselves to be in a position where we're forced to have to sell things at a 50% discount in a time like that. So I think that's the biggest practical, semi practical risk, I guess.

No, that's, that's a great answer. And I think for a lot of people that are listening to this, especially with everything that's going on right now, risk and thinking about principal loss, money loss, they've worked really hard to create that income. Everyone listening to this has spent a lot of time and energy and sweat and time away from their families to make, you know, that income and do that. Last thing they want to do is, you know, lose that and they want to protect that at all costs. And I think that's common, the sentiment today. And of course they wanted to grow. But of course protecting that downside seems to be probably right now for people at least listening to this, the most valuable and most important thing. So I like to hear that you've at least been thinking about that. So people, you know, for just so we know, for people that are listening to this, like, you know, you're involved in so many different things, but let's just say as an like investor coming into your world, I want to kind of get like a kind of quick overview of all the different things like you're involved in from not just real estate, but I know something that's actually piqued my interest a lot is all the stuff you do in like health and longevity, like all these different types of events now and like wellness type stuff that you're involved in. Is there any way to get like some sort of quick overview of the different opportunities and then the other type of communities that you're involved in as well?

Yeah. Thank you. So I'll frame that and start saying so, you know, I'm extremely, you know, blessed. Probably every, every person on this meeting is extremely blessed. Right. If you, if you're living here in the United States at this point in time and are in a position that you can be on a webinar like this learning and, and, and, and so forth, you know, probably we're all in the point, point something 1% of the, the most blessed people in the world. And in so many ways, and in my experience, I'm a part of a number of groups like Tiger 21 or R360 different groups. And I've had the ability to meet so many incredibly successful people from a wealth creation standpoint, from a business standpoint. And what I have heard more times, unfortunately than not is gentleman is 63 years old, does what's called a portfolio defense, where he shares his whole life story and shows his financials and his income and his wealth and worth $200 million, $500 million, but out of shape. Health issues, kids hate him, unhappy in his or her marriage, all these issues going on, right? And I often hear the regrets that I wish one of my kids were younger. I invested time building relationships. I wish you, I would have taken care of myself. I wish, you know, this and that. And so I kind of determined early on in my, you know, observing really successful people in all different walks of life that, you know, real success comes from, from achieving your goals in all the areas of your life. And so we built this concept we call living fully at dlp. And we consider living fully is when you're achieving your goals across the eight Fs of life. So we determine them or call them faith, family, friends, freedom, fun, fulfillment, fitness, and finance. So we kind of categorize life across these eight think of as a circle and eight Fs around it. And I think, you know, living an amazing life is when you're, when you're hitting what you want to in all those areas. So I don't think, you know, I don't believe in the mindset. And look, we're blessed to be at this time because if I grew up 40 years ago, earlier, maybe it was a mindset. I had to be in the office to do my work, right? So I had to choose the work life balance, right? I had to choose to be in the office or be home, right? And it was a lot more difficult. Today, I believe it's about work life integration. How do I integrate all these priorities into my life? So, so we decided early on that, you know, we realized a lot of our investors struggle with this. A lot of them have achieved success financially, but. But not in all the other areas of their life. And, and I've seen so many really successful people who built a lot of wealth, but they have these issues and these problems and haven't put the same focus energy they put in their career. So we started this group we call our Prosperity, Family, wealth and Legacy membership. We just started providing education and training and resources and doing these events for a lot of our investors to help them in these other areas and teaching on, on how to run effective family meetings. And we built this tool we call a family compass. And doing things people have never done with their family before. Come up with family core values and a family mission. And how many, how many people in this Meeting know, know what your, what your husband or wife's dreams are, right? What would they say their dream is? And, and, and figuring out what are your hundred year goals, right. And 20 year goals. And you know, we call it living and leaving a legacy. And, and so we just started helping, you know, people invest in these areas and build, build better communication. And when I heard and learned the short shirt sleeves to shirt sleeves in three generation concept, the concept that most first generation wealth creators have their wealth lost by the second or third generation and most people think of that, oh, they made a bad investment decision or they didn't protect the money from taxes. That's usually not the case. It's almost always a parenting issue. It wasn't a financial planning issue, it was a parenting issue that the purpose of the wealth was never determined. There was never any communication about it. The children didn't get education on how to manage the wealth and how to steward it. There wasn't any, any real communication. So we started investing in this a few years ago and really just, just wanting to know we can make a difference and, and felt, you know, that I've gained this knowledge, we've gained this knowledge we could help a lot of families have, accomplish more in their families but also make a bigger impact in, in the, in their philanthropic efforts and, and just live a more fulfilled life. And so, so it's, it's grown over the years and I was bringing in incredible experts in a lot of different areas and building a lot of cool tools to help our investors and their families and so forth. And the next kind of iteration of that we have coming up here in, in San Juan, Puerto Rico in a few weeks. We're doing a whole event on longevity, health and wellness. And one of the, not one of the best book that's yet been written on the topic is a book by Tony Robbins and Peter Diamandis and a guy named Bob Harari called Lifespan that came out a couple months ago. It's been the number one selling book in America I think for a number of weeks now. And the author of that, the main author of that book, Bob Harari, MD, PhD, he's, he's, he's, we got him signed up to come speak at our event and then we got guys like, you know, David Sinclair and all these different kind of experts on the cutting edge of, of longevity and health. And people have realized that aging is a disease and you can now reverse aging and, and it's just such cutting edge cool stuff. And all of a sudden this became like this Symposium where we've now gotten like 20 different world renowned, Nobel prize winning type experts coming to this event and coming to lead and talk about and be on group discussions together. Guys like Mark Sisson who's the founder of Primal Health, Primal Blueprint, Primal Kitchen, who's one of our larger investors, all these incredible experts and brand them together to kind of talk about not only living longer but, but living a more fulfilled life. Right. It's not just lifespan but healthspan. And and so we encourage our investor, we tell invest not only do you want to come to this I've been saying for years I'm my goal God willing is to live to 150 and say that. Everybody gives me that response. They laugh.

I keep telling everybody unhealthy in a good. Yeah, yes.

But I keep telling people once they come they're going to also believe they can live to 150 and if not, if not longer. And I tell people not only you should come to event, bring the people along with you who you want to be here with you also living to 150 and that's what you're having a great, you know, health span and living a long, productive, enjoyable life. It's, it's pretty cool. So that's, you know, so we do all these different topics. That's the kind of next one. It's a big topic with, with how much the world is changing and you know, medicine today and science. So yeah, so that's a little bit of what we do and what we, what we focus on and we welcome anybody to join us. We do a lot of education on these areas of family wealth and legacy and longevity. We don't charge, you know, for it. We just like to provide knowledge and resources and provide value to as many as we can.

Well, we're definitely going to leave links to some of these cool things you're doing both wherever you're watching this, there are going to be some links either below in the show notes, whatever it might be. I mean the reason I, you know, felt really connected to DLP from the very beginning is that your focus on using real estate as like a vehicle right to get. It's not about real estate itself or necessarily just about wealth. It's kind of what it creates for you and for your loved ones in terms of your life living a full, productive, enjoyable life. And I think our community really hangs onto that because they're, they're trying to create this passive income so they can live the life they want right with the people that they love. And so I love that that's part of your message. I love hearing your story. I'm sure going to be people are going to be talking again in the future and I know so many people are going to want to connect with you and I'm sure they're going to be able to do that. Where's the best place for them to reach out and find out more about what you're doing?

Yeah, absolutely. So in our main website is dlpcapital.com you can see all of our upcoming events and education stuff we do right there by clicking on the Events tab. You're welcome to reach out to us and reach out to me and email me. My email address is easy. It's don DLPCapital.com but you know anybody on our great investor relations team, if you don't want to talk to me, you can reach out to info dlpcapital.com and any of our great investor success managers would love to talk to you about the educational stuff we're doing about our investments. But anyway, we can bring value to you. We really love the opportunity.

So awesome. And before we end dlp, can you let people know what that stands for? People will remember it.

Dream, Live Prosper is what DLP stands for.

Awesome. Well, I think that's a great way to end this talk. And Don, thanks for the amazing work you're doing and for really serving our community. So hey, thanks so much, Don. Let's talk again soon.

Thanks, Peter. Appreciate it.

Bye. Enjoy the show. Let me know by dropping a review and the podcast app you're listening to us in. And if you haven't already, make sure to hit subscribe. Are you part of our community yet? Join thousands of physicians who are also on this journey to creating their ideal lives through multiple streams of income. You can join us on our Facebook group Passive Income Docs and you can always learn more at our website, passiveincomemd.com thanks again for allowing me to be a part of your journey. See you next time.