EP NNA 108 - How To Raise Money Like Wall Street Does With Joel Block

Foreign this is the no Closer show where you get the latest developments in distressed note investing and learn the secrets of how you can control millions of dollars worth of property. For panties on the dollar. Get educated and entertained by someone who has closed thousands of deals and lives to support you in achieving the same. Now, here's your host CEO of We Close Nodes, Scott Carson. All right, everybody. Hey, welcome to Night in America. Glad to have each and every one of you. I know we got a lot of people getting logged on here as we get rock and roll and hope you had a great week, everybody. It's excited to have you all here. It is a cool day here in Austin, Texas. It's funny, I'm speaking to friends in New Jersey and New York today and they're saying, oh yeah, it's like 75, 80 degrees and it's like 45 degrees here now in Austin. So I know those of you on the west coast, you're going to hit winter storms, so be safe, you know, as March rolls in now to week two, technically of the year, as we enter that first week of or the second, the last month of the first quarter, the year is literally flying by. But anyway, as this is your first time to know Night America, everybody. We've got or you're watching the replay. We're honored to have you. We've been doing these, golly, it's hard to believe since 2011 and this is the 11th year we've been doing them. Started doing them back in with GoToWebinar back in 2011 and just really excited about this. But make sure subscribe to the podcast if you'd like to catch up on all the replays. You can also besides checking out our YouTube channel, you can also subscribe to the no Night in America podcast and then also subscribing to the YouTube channel by going to WeClosenotes TV. You'll see the subscribe button. Hit the subscribe button and hit the little bell so that you're notified when we go live or when we upload new videos, which we're uploading several each week out there. But anyway, we also have a variety of after the podcast for you guys to take a look at. Check out the Note Closer show podcast, which is our megawatt blood torch and of course our Note Camp Live podcast. Release new episodes each week now. A lot of great stuff out to the market, guys. A lot of great happy starting to see some deals flow in, having some great conversations with different Wall street guys. And I thought what not better way to get rock and roll. I know so many people are looking to raise capital. They're looking to do things bigger and better. Especially all the doom and gloom that people are talking about with the market crash in different areas and real estate dropping or increasing makes for a lot of opportunities out there. And we're excited about tonight's topic. But we did have our masterclass on wholesaling notes this past Saturday. You can catch the replays by going to wholesalingnotes.com, you can purchase the replays there for the class. We went from nine to three and had a really great turnout for this. Includes over 70 pages, contracts and forms to go along with it. You can watch all the replays starting right now and then also made videos available for you to download so you can take them with you on your laptop or computer wherever you want to do. But anyway, covered a lot of stuff Saturday and if you want to grab the ticket and go to wholesalingnotes.com and grab the your access to the replays and it'll also give you a ticket to our upcoming Note weekend class on the 19th of this month as well. Our one day cliff notes version of Note Investing. But anyway, any questions about that stuff? Any questions about access our content? You always go to weclosenotes.com to check out all the different things that we have available for you out there. Tonight is a very special thing. This is very honored to have a very special guest. A guy that I call a friend who is probably doing more for investors out there than many other people that I know. Somebody who has got a ton of experience in this field of raising capital, doing it the way that Wall street does. You should almost call him your Gordon Gekko motivational speaker is what I would call him. But no, he's a featured guest tonight. He's been a hedge fund manager since 2012. He is the chief bottle washer and head honcho over at Bullseye Capital Group. He likes to say he's a hedge fund manager turned motivational speaker. Just a great guy who has a big heart for helping people take their business to the next level. It's over 31 years experience as an entrepreneur raising capital and taking businesses, whether it's real estate or other things, helping people put funds together. In the last few years he's helped launch over 75 funds at over 150 plus syndications and you can talk about billions of dollars raised his trainings and how he's helped other investors like you and me get started. He is a board member of the National Speakers association and been doing that for years. He is a. We'll let this slide. We'll let this slide tonight because he is a big LA Dodgers super fan out there. So he finally was able to see the Dodgers win a World Series here a couple years ago. But we won't let him. We'll hold that against him as well. But anyway, that was la, California home. And we were talking about our good Joel Block. And I think I, I think I muted Joe Block. But maybe the only way to keep him quiet is hitting the mute button. But I'm gonna ask him to unmute and then I'm asking start his video there. He says, I'm going somewhere else. There he is, as we call him, he is the. He's a hedge fund pirate, baby.

There you go. That's it, man. That's me. That's me. You know, I could tell you a story that, you know, I was sitting at Dodger Stadium, very intense game, and then a foul ball came, hit me right in the face. And. But that's not what happened. So I'm not going to tell you that story. But. But it'd be a great story, wouldn't it?

It would be a good story. You know, what is it is you get a full house there. Is that what that is?

Pretty much, yeah. Listen, the one thing that's not on your list of all those things is I started my career as a professional card player.

That's true. Yeah, that's so true.

Yeah, I was a blackjack player in a card counter. And so that's kind of become. There's a lot of lessons and that's kind of become part of what I talk about. I share a lot of lessons. I'm invited often to corporate events, association events, and, and they dig on learning how to, how to count cards. And then I kind of teach them what some of the lessons and strategies that come out of playing. It's, you know, it's called being an advantage player, which is somebody plays at the top of their game. They think in ways others don't think. They do things others don't do. They see things others don't see. And I mean, imagine everybody sitting at the blackjack table seeing the exact same thing, but only the advantage players get enough information, they have the situational knowledge and awareness to be able to professionally bet their hands, play their hands, you know, and everybody else just guessing. And if you think that guessing is the way to run your business, think again.

That is the truth. That is definitely true. Especially more so these days.

Yeah, I want to start with some. I know we're here to talk about how to raise. First of all, I know you call no night in America. It's only late afternoon in California. So I'm kind of breaking the rules just a little. So hopefully we're okay with that. You know, actually it's still light here and everything, so, you know, it's pretty bizarre. But, you know, I want to talk about predicting the future, because we're all in a business where you have to predict the future a little bit. And I've got this technique. I call it sweat. So what's the impact of that? And anytime somebody gives me a fact, I ask the question. Or the people at the boardrooms where I sit, I asked the question sweat. So what's the impact of that? So there's about to be a war, or now we're in the middle of a war. What's the impact of that? Well, I can tell you that there are traders on Wall street, smart guys, and they sit around a table and they ask a question similar to that, because, remember, I'm a professional investor, you know, Scott, so are you, by the way. I mean, you're, you're buying notes, and that's what you do for a living. And so we have to kind of look forward in time. So what's the impact of there being a war in Russia and so forth? Well, one of the impacts is that oil supply has to be affected. And so these, these Wall street guys, and I'm talking six months ago, this happened. This didn't happen this week. The smart guys did it six months ago. Is there's probably going to be a conflict. And if there is a conflict, what's likely to be a problem? Well, they produce a lot of oil. So what's likely to happen? Disruption in supply. So what's the impact of that? Shortages. So what's the impact of that? And they go on and on. And then finally they say who wins, who loses. And there are guys that bet long on oil futures, which means they bet that the price of oil would go higher. And guess what happened to those guys this week? They cashed in. So billions and billions of dollars got made oil futures this week. And I think you and I ought to have that discussion about notes, because what's the impact of inflation? What's the impact of the war? What's the impact of the supply chain problems on banks, on notes, on individual people, their ability to pay? I mean, we don't have to do it right now, live in front of everybody, but I will tell you that that's the kind of exercise that people would, would give their eye tooth to participate in between a couple guys like us. And maybe that's something that we talk about doing, because for the corporate clients, I have the, for the fund executives, I have the, the mastermind of hedge fund managers, which I have that you're part of. Those are the kinds of discussions we have. And I think that your audience would eat that up.

I totally agree with that. That's definitely something we got to have at a future date, for sure. Because I think there is a lot of unease. I think we've already seen that already for the year. Is, is they when they announced inflation, inflation going up and people really, what's the impact of that? How does that affect your dollar?

Money doesn't get made when things are going smoothly.

Right.

You know, maybe you make a little when things are turbulent and they're flying around, that's when all the money gets made. And the thing is, a lot of us have been through these, these patterns before. If you just came into real estate in the last two or three years, of course you would know that. But if you've been around the block like I have for a few times, I got a few gray hairs. And that kind of proves I've been around the block a few times. And I've been around the table, too, eating my share of the dinners and the desserts, by the way, just to be clear, you know, I've been around this block before and I know you know pretty much exactly what's about to happen here. And, you know, and there are people who don't understand what the pattern is. But I will tell you that now is when the money gets made. It's people who, you know, they, it's made by speculators who are smarter than other people that ask better questions than other people that are advantage players, you know, so let's, let's make our conversation about creating a couple of advantage players.

I love it. I love it. Definitely, Joel. I mean, you know, we look at a lot of different things out there. I think the biggest thing that first people probably need to do is digest what the news is telling us and really start looking at other factors out there. Would you agree to that, Joel?

Well, I'll tell you, first of all, by the time you hear the news, it's over, right? It's over. That's not first of all, they don't usually get it right. Yeah, there's usually a narrative or there's some fake news. Unfortunately, think that a lot of what we hear is distorted. They have a hidden agenda, you know, and I'm not one of these conspiracy theorists, and I'm in the world where we kind of know a little more than maybe some other people. Hedge fund managers, you know, in our group come to me and I kind of give them what I hear, you know, that's the deal. So I would definitely brainstorm with people. You trust people, you know, and get around people, you know. The smarter the people you can get around, the better.

Yeah, that's the truth. Amen to that. When you're looking at different things, what's kind of your go to for information? I mean, what are you doing to go up the food chain to get closer to that direct source of information? Or as. As we make the joke, you have that inside track. But Fox, we were talking about the movie Wall Street. What's the information that you know, that nobody else knows?

There is an inside track, and you're either on the inside or you're on now there's another inside, and I'm not all the way on the inside, you know, but. But I'm closer than most people are. And so I've got people that I call, I got people that I talk to. I'm on the phone all day long. I'm connecting on LinkedIn all day long. And I'm kind of getting a little bit of intel about what's happening in the markets. You know, I wouldn't say it's secret or confidential information, but it's not information that's widely reported necessarily. So, you know, I just hear what, what I hear. Number one, I would tell you that you have to improve the quality of your network. Your network has to work for you. You have to have a really, really good network. You know, not, say, give up your old friends. But if you want to be in this business, you need to start making better friends. You need to get around people like Scott's friends, you know, because he hangs out with people that are probably at a higher level than many of the listeners. And if they're. If that's the case, get around those people and learn from those people. And, you know, you just, you know, just take in as much as you can and be concerned about being able to deliver value back if you can. You know, networking up is hard because you don't have that much to give. So, you know, you may have to join a class or you may have to take a program or, you know, whatever you got to do to get into the loop.

You do it, that's the thing is if you want to up your income, you always take a look, as they always say, you're the average of the five people you sign yourself a month. You don't like your average, then you need to up the conversations and the networking then like you said. Yeah, attend a class, join a mastermind group, start, start finding those people that you want to hang out with or where those people spend time at to start networking and talking with those people. Like I said, you got to grow into that level. Most investors, after they start off that lower level trying to figure out their local rias and then they've got to.

Take it that I do want to say what not to do. By the way, don't call somebody like me and say, Joel, can I take you out for a cup of coffee and pick your brain. A four dollar cup of coffee at Starbucks is just not going to do it. That's just probably not the right angle. You know that you got to find a different angle than that. You got to be a little bit more creative and go from there.

So just saying so, but take them to the Dodger game, that would be one thing.

You know what a Dodger game now, now we're talking. Take me to a Dodger game in good seats and I'm yours all night. That's, that's for sure. But you know, not telling anybody. I need to listen. I got my own seats and everything. But that is a good idea, by the way, just so you know.

Well, that's the thing is if you can go. I think one of the best things that we've always done is go where the folks that have money are hanging out with, whether it's the country club or the Four Seasons or, you know, pay a little bit better for a more expensive seat at a game. I've always found that when you paid more for a seat, it was always valuable. Not just a better view, but the people that surround you engaging in conversations. And you know, I've raised money at professional sporting events as well before. When I've been out there just talking and rubbing elbows with folks. You never know who's sitting next to you on the plane at a game or on a train, I guess you could say, if you're in the vip, the first class.

I'll tell you, one of the smartest things I ever saw somebody do. And I want to talk about syndication and raising money. I mean, we're yapping here. But one of the smartest things I ever saw a woman do, I was speaking to an audience, a nonprofit audience. And at the end, there was a charity auction. And so they auctioned me off, you know, as to do whatever, you know, and then they got to keep the money. This woman bought a half an hour of my time and donated to the charity the amount that they would have out of 500 bucks, whatever, the thousand, whatever they're asking for me. And I get on the phone with her. I said, so how can I help you? She goes, you can't help me with anything. I just want to get to know you. I mean, you got to be kidding. And it turns out that she was quite impressive. She's a very impressive woman, and I've given her a lot of business. I mean, I've referred a lot of business to her because I don't do the kind of things that she did. And you know what? Very smart of this woman. You know, she laid out a few dollars and has gotten it back a hundredfold.

I know that's one of the things that you and I both have shared about having our podcasts. It is a little bit for our audience, but it's more so for us because we want to pick the people's brains and the interesting people that we're talking to.

In a lot of cases, for me, you know, there is. There. There's no way I'm going to have a guy on my show for 60 minutes, and we're not going to become friends. I mean, there's no chance that that's going to happen. So, you know, we become friends. I mean, I've had the most extraordinary men and women and people in all different industries come on my show and talk about interesting things, and I've learned a lot, and I've made some nice friends. So let's talk about money, because these people, they want to buy notes. They probably don't have all the money they need, and we're going to run out of time. I don't know how long this goes. I go on for three hours. But. But probably we can't.

Now. Let's dive into that. Definitely, if we go over an hour, we're good on that aspect of things. But, yeah, let's talk about that. I think there's a lot of people out there that the money question about raising capital scares them first and foremost. And I think, especially in times of disturbance, like we talked about, those that have the money actually have. Have the golden rule in a lot of cases, because there's so many things that happen in a certain area of being able to buy deals and have that capital available. But there's specific things that you need to do to protect yourself and raise it the right way versus the wrong way. And there's a lot of people that do things the wrong way and get in trouble or screw up the wrong ways. Right.

Let's not focus on the mechanics. Let's kind of talk about the concept. Maybe in the bigger picture, you know, the guy with the gold makes the rules. You know, I get. I get that's the golden rule. But in a funny way, the people with the gold right now are the most nervous of anyone because every day their money is worth a little bit less in a period of inflation. See, the last 40 years, we haven't really had any inflation in the United States. So there aren't that many people who remember what it was like. And so just like there's a lot of people who don't understand the real estate cycle, they also don't understand the inflation cycle. And they're about to get a big surprise. But what people of means understand is that every day their money sits in a bank account, underperforming, it gets to be worth a little bit less than the day before. And that is a serious problem. So where do people go? They go to hard assets, like real estate. Notes secured by real estate is about the same as real estate. They go to gold. More and more, they're going to cryptocurrencies like bitcoin, because that's a store of value. And so they're going to more and more places. And that's where professional investors are putting capital is into these kind of hard assets. The stock market is volatile. In fact, I predicted the beginning of January. We hit the top, and we're on the way down. And we are way on the way down. That's. And of course, I didn't know there'd be a war. I mean, we all had a sense that there was a. For the last eight years, this has been brewing. We didn't know that it was going to happen in February necessarily, but, you know, but it's here, here we go, and we're there. So this is a great time. If you have expertise in buying and controlling and managing assets, this is a great time to go to people that have some means and say, listen, I'm really, really good at this. Would you like to ride on my coattails? Because I'm an advantage player. I understand the market. I get it. What I don't have is the capital to buy all the things that I see and have access to. If you want to put some money in. We'll do it together, and then we'll share the profits. That's the concept. Now, how does, how do most people do it? I'm not quite sure how they do it in notes. And maybe you can correct me and straighten this out, because I'm not a. I don't have a lot of background in notes like you do. But. But I do have a lot of background in real estate. And in real estate, they'll get a private money lender, somebody with an IRA account that'll give them $100,000 or whatever. They'll secure it against the property has to be secured in order to, you know, be, be careful. So they, they basically become like a mortgage lender privately and, and then, then that's it. So they maybe make 100% loan and whatever, or maybe the person gives them some amount, they go get a loan from a bank for some other part or if not from a bank, some private lender, and they, they put this up. Well, that works fine if you're doing one property at a time or if you've got, you know, a couple of people that have the money, that eventually, if you're really good at this, you're going to run out of capital. Right. I'm sure you've seen that happen to people before. Where there are one or two or three sources. Many things could happen. One, hey, listen, I'm stretched too thin. I'm involved in too many deals and they haven't paid off yet. I got to turn my money over. It hasn't happened. It could be that, you know, there's. Maybe there's. That person gets busy, they go on vacation. Maybe their stockbroker called and showed them a better deal than you got, you know, and they put the money over there. So when you call them, the money's not ready.

There's.

There's all sorts of problems that come up with using these kind of people. They're not bad. They're not wrong with these people. But I wouldn't depend on these people. If you're trying to feed your family, I mean, that's what, you know. The bottom line is that if you put all your eggs in those baskets and those baskets end up dry, then your family suffers, and that's just not a good place to be. So what you want to do is you want to create a pool of capital, a bigger pool of capital where you can access the kind of resources that you need on a more ready basis. And then you're talking about, you know, you get What I always refer to as what's called a readiness premium. So in other words, if a note is going to sell for 200, you walk in and say, look, I got cash. I don't need to fool around. I'm ready to go. I'll give you 160 today. And they go kind of a little bit low. How about 165? I mean, you're going to actually make some additional amount of money just because your money is ready. And that's the readiness premium. So, you know, having a ready pool of cash is, is enormously valuable. And especially if you're going to go into one of these bigger outfits that's got pools of notes, they won't even talk to you if you can't show them that you have the money ready to go.

That's so true. I mean, when you look at some of the bigger banks or there's certainly lender note holders out there who have bought a lot of distressed stuff or even have performance stuff, many of them won't even deal with you unless you can fund a million to 5 million. And that's rarely. I mean, start even getting bigger up there. If you want to buy from the top 10 or 15%, you need to have $50 million. But they're a lot of people start off with onesie twosies and they're borrowing money from their friends or family or they're doing starting LLCs where they're funny parts.

Our conversation is not for the onesie twosies. It's for the people that are kind of at the next level that are ready to buy 10, 20 or 50 at a time. And they need somewhere between, let's say, 500,000 and 5 million. That's kind of the range of people we're talking about. So today's your first day in business. Keep working with Scott. Keep figuring this out. Learn how to do it. Get all the coaching you can get. Whatever you got to do to get coaching, whatever you got to learn, you learn it. Once you've done this a handful of times, you've started to develop a little track record. You've got a little appetite for this. You understand it better and you say, you know what? I can work on many more deals at a time. I have more bandwidth than, than just one or two, then you're ready to raise some capital. If you're one of those people. Actually, if you're one of those people, maybe we could even ask them to identify themselves in the chat. You know, do you have the bandwidth to, to do, you know, five or 10 or 20 notes at a time. Just put yes for, you know, that you could do it.

Yeah, there's. I can see folks on here. Larry's closing on those. A portfolio of 242,000. And second, really round around. Yeah, there's a lot of people. RJ, you live up in New York City there. There's a lot of opportunity up there for you. Honestly, everybody on this call has the capability of being able to do that stuff in the next six to 12 months.

So, you know, I kind of wonder, you know, where people get their money from. I mean, that's, you know, it's. Money's an invisible thing. It's hard to know, but. But I've been in the money business for, you know, really most of my life. And, you know, one of the things that I know is that it's. It's a little tricky, it's a little slippery. It's a little bit hard to see what's going on because a lot of things are invisible. But at the end of the day, you know, you have to finance your property. The bigger the deal gets, you know, the more you have to do it the right way. So here's how early stage people do it, at least. Certainly in real estate, maybe similar here, they find one of these private lender people or somebody to put up some money, and hopefully they secure it against the real estate. That makes them a lender, which is great. Or they just say, okay, tell you what, let's just be partners. Will be JV Partners. You put in the money, I'll put in the time, and that'll work out great. We'll share the money, you know, and that works great until it doesn't work out great.

Right.

And when it doesn't work out great and something goes wrong and you lose a bunch of money, then the person who lost the money runs to their attorney and they say, what just happened here? Well, I had a joint venture partner. Oh, joint venture. Boy, that's too bad. Those are pretty ironclad. They're pretty hard to really bust up. But did you really have a joint venture partnership? And the attorney's going to ask, when you guys did this, did you see financial reports? No, not really. Did you look at the property in advance to decide if you were going to buy? No, not really. Did you study the portfolio to see if those notes were going to work out? No, not really. Did you make any decisions? No, not really. So the attorney says, well, gee, that doesn't sound like you really had a joint venture partnership. Well, I know, but I got this document that says joint venture. That doesn't mean anything. I mean, what was the real substance of the transaction? Was it a piece of paper? What really happened on a day to day basis? Because what a lot of people do is they put these JV partnerships together and they look fine until they're not fine, and then now you don't have anything. And basically what you've done, if you have a person, and let's talk about active and passive. If you've got an active person who's responsible for handling all the affairs, and you got a passive person who put in money between the active and the passive. Scott.

Who has all the power, the active person. Who has all the knowledge, the active person.

Who has the control?

The active person.

And who is really easy to put out to pasture.

The passive person.

So for that reason, the government has created these rules. They're called securities rules. And those rules are designed to protect these passive people because you have such a tremendous imbalance of power of control of all these things that if something goes wrong, they give this power back to the passive person. And then you got the R word. And the R word is a terrible, terrible word. It's a very vulgar, very derogatory word. And it's called rescission. So basically, attorney just calls you up and says, look, we totally get it. Sometimes deals go south. Not a big deal, just give us our money back and we're going to be okay. And you go, well, what do you mean I don't have any money? You know, listen, I don't care about that. Sell your house, whatever you got to do, just give us our money back and we'll go away. Because you've committed a securities violation by taking money from somebody in a securities transaction and you didn't even think it was a securities transaction. Sometimes securities transactions, like if you're selling shares of an llc, that's for sure, securities. But there are lots of securities things where you can have one person be passive, one person be active. And it doesn't matter if that person is your grandmother, you know, if she gets mad and wants to sue you, that's a securities problem. And I've seen some mean grandmas, let me promise you, they run after you. And I'm not talking about the running after you with a purse, I'm talking about they, they get some wild ones out there, you know, so they'll pull.

Off their flip flop the chilapa and hit you upside the head with it.

Let me tell you something, I, they Hit you with the purse on one side and the cane on the other. No joking aside, though, this is serious conversation. So we show people what the right way to do this is. And, you know, there is a right way to do it. Let me just put it like this. Think about Wall Street. You know, do you think that Wall Street's put their deal together with joint ventures, they take money from a guy and they hopefully nothing goes wrong. This is not how professionals do it. Now, I don't fault anyone for. For doing what they have to do to get started in their business. But, you know, you just run off a half a dozen or a dozen people that are doing better. They have some means, and they need to protect those means. Like if something goes wrong, everything that they work for is at risk. And so you want to make sure you're putting together a structure, a fund, a syndication, you know, whatever the structure is that you're going to put together. And the one thing that Wall street is great at, what it's the best out of anything in the world, is the ability to take an asset and slice it up like a loaf of bread. And here's what you can't do. Let's say you want to buy a note for 500 grand. Your private lender only can do. Let's say, you know, 250. We go, well put to 250 together. Well, how do you do that? Very difficult to do that. How do you secure two people and have them be even? It's very difficult to do that. You know, real estate just doesn't lend itself well to two people being even. There's usually a subordinate and a junior, you know, I mean, a senior and a junior. That's what they try to do. But Wall street has ways of slicing up an asset like a loaf of bread, and you buy as many slices or shares of stock as you want. So let's say that you say, listen, I'm going to buy a fund. I'm going to build a fund for the purpose of buying notes, and it's going to be $5 million, and I'm going to go get 100 grand from 50 guys. And you say, okay, listen, each share is, let's say, 25 grand. You got to buy two or four or six shares minimum. And you go out to people and you say, how many shares do you want? And somebody says, I'll take four. Somebody says, I'll take 10. Another guy says, I'll take six. And they can put it in the IRA. They can put it in their pension plan. They can buy it personally, they can gift it to their grandchildren. You know, it's enormously flexible. And you've done this absolutely correctly. And there's an attorney involved. And I'm not an attorney, by the way, just to be clear. I'm a CPA by my training, and I've been in business for 30 years, and I've done probably about 40 of these deals myself in the past. And my syndication hedge fund symposium program, which you're an alum of, you know, has spawned you. You said 75 funds and 150. I want people to be clear. Those are not my deals. Those are deals that we helped people put together. And probably, cumulatively, our graduates have probably raised a billion dollars, which is incredibly impressive because we're not talking about going to, like, you know, Fidelity and getting some giant hedge fund to give us a billion dollars in one check. You know, this is a lot of people getting 100 grand, 200 grand, 300 grand at a time. Takes. Takes a little effort to get to a billion dollars. But, you know, we've done this for a long time, and we put a lot of people in business, and we made a lot of people a lot of dough, and that's been. Been great for us. So bottom line is that you can absolutely have a fund, you can absolutely have a bankroll of cash that you can go out shopping with, but you have to do it in the right way. And, you know, and I would encourage people, they can get their readiness premium, they can get participation, they can get fees on acquisition and, you know, dissolution, distribution, all the different things that happen. They get servicing fees if they're licensed properly. And there's a lot of places where they can make some money because they can be the vendor of record for their own fund. And it's not a bad idea, by the way, for you to be your own client. So, you know, there's a lot of things that work about this, and we're only talking kind of surface level, but, you know, I'd like to kind of whisper in the people's ears who really know what they're doing. In fact, I'd be curious if we could ask people to put it in the chat. Does anybody operate from a. From a proper syndication or fund structure now, or are you kind of winging it? You know, and I don't need you to incriminate yourselves and say you're winging it, but, you know, just, you know, just say yes if you're doing it. Listen, it's not for me to assess whether they're doing it right or wrong. But I will tell you, if something does go wrong, it's not pretty and, you know, and that's it. So I would hope that people would do it the right way. And the bottom line is that the fund pays for its own legal expenses. It's kind of an insurance policy for the promoter. And, you know, if you're good at what you do, then you should really handle this in the right way.

Let's talk a little about that. Your promoter is the individual that is putting the fund together, I guess you could say, in terms of professional investor who has the experience and the knowledge of investing in asset classes, that is then put together a fund. Let's define what the fund is. I know we know it as a pool of money, and you've raised it by selling shares, but is there legal documents? How long does that take?

Let me kind of start at the top. Okay. There's. There's two different structures. There's syndications and funds. A syndication is a project. It's like if you find a shopping center for $35 million, it's got a bad note on it and that, you know, that happens, and you can pick it up for $15 million. You might syndicate that note and just do it as a project. And you go out to some guys and you say. When I say guys, I don't mean men, by the way. When you go out to some folks, I'm an old guy and I try to remember about that because people don't like it too much as they used to. But you go out to some folks and you say, listen, you know, let's each put in $1 million and we'll buy this thing. And I think we can fix it up and sell it for 30 million, double our money in a year or two or whatever the business plan is. That's your syndication. A fund, on the other hand, or just to finish the syndication, when you sell the property, give the people all their money back, and now you're back, you keep your profit and you're back to scratch. Zero. You have nothing. You just now, then you come up with another deal and you got to go out and start over again. And you raise your money and it's for that next project. That's great. Projects are fantastic. Funds, on the other hand, are ongoing businesses. So you set up a fund, people commit to, say, five years. You can buy and sell, buy and sell. So you buy an asset, take the profit, you give the people their profit, but you keep the principle. And then you Go buy more notes. So you're not constantly in fundraising mode the way you are with a syndication, that model now, by the way, it's possible that you put 50 people in your fund and 10 of them, you come across this $35 million special deal and you call 10 people and you say, hey, would you like to do this one deal kind of as an offshoot, doesn't have to be in the fund because maybe it's not right for the fund. But funds tend to have a theme. So we're going to buy residential mortgage notes under $500,000 in the Southern part of the United States, let's just say. Or we're going to buy commercial notes in excess of 20 million. Whatever, whatever. So you have to kind of create some parameters around you. Find you just. People aren't just going to give you permission to go buy anything you want because you might buy a Harley motorcycle, you know, I mean, who knows what you'd buy? You know, I mean, if they just said buy anything you want and, you know, don't mess it up, that's not a formula for success. And part of the reason why our people have been so successful is that we kind of help them to be focused. And a lot of people want to do a lot more things than we recommend. And sometimes they push back, but for the most part, try to get them to. To focus.

Well, I think that's a board thing, especially you helping me with my fund that we're going through, helping to narrow down that niche, narrow down that focus. So you have it kind of crystal clear about what we are focusing on. So it is not kind of what's available in a broad, faster. It's more like what's really your bread and butter. And let's talk about that bread and butter. Investors don't like to invest in just anything they want to understand.

There's a couple of things they may go. You know, I pretty much get how residential mortgages work. I don't get how commercial mortgages work. So I don't really want to be involved in that. So that's the reason why you specify is because the people you go to, if you think the people you go to are going to want to be involved in bigger, more stable assets like commercial shopping centers. And I don't know that they're necessarily more stable, but in fact, I think they're highly risky in a certain way. But if that's what they like, then that's what your fund should be. If you think that the people are going to like Residential projects, then put together a residential project. So you kind of think through what your deal is. And. And you have to stay true to whatever your. Your theme is.

Yeah, that's. It's important they're sticking to. But the ability to take an asset that doesn't fit in with what your fund is and then do as offshoot as a syndication.

Yeah.

So, you know, it still allows you the opportunity to do. To do.

Of course, if you're doing all residential and then you come across a shopping center and you just don't put that in the fund. You. You do that separately. So having these structures, they're not mutually exclusive. You know, people say, joe, what do you prefer? You know, syndication or fun? I said, what do you prefer, putter or driver? You know, and they go, well, that's a dumb question. Depends on your situation. Well, I said, well, your question was dumb, too. Depends on your situation. So, you know, of course, I don't mean dumb in a bad way, but I say that the certain circumstances, a fund is better, some circumstances, a syndication is better. Don't focus on that. That's my job. My job is to tell you what the right structure is going to be for you. That. That's something that I can help you with.

That's the thing I want to bring up. I want to hit that nail on my head, because I think you take it for granted quite a bit. But I think it's also what makes you so unique in helping people is a lot of people have talked to a securities attorney and put together a private placement memorandum, and it's legalized, but it doesn't have a lot of good operating wheels on it when it comes to the business side of things. And you really done a great job of kind of bringing the operations, the business side, to the legal side and putting that together.

Well, that. That's why the attorney and I work together. You know, you could go to an attorney and you could get this done. And there are a lot of people that just go straight to an attorney. But attorneys don't work in the field. They don't work with investors. They don't see the real estate. They don't typically leave their office and get involved in projects. And. And so what ends up happening is that I can't tell you how many people have called me and said to Joel, we got a problem in place, but we're ready to go. Oh, that sounds fantastic. So how are you doing? Well, it's not going that great. Well, what do you mean, not going that great? I said, well, we haven't raised any money. Well, what's the matter? Don't you know any investors? No, no, we've showed it to a lot of investors, but they don't like the deal. Well, what's the deal? And then when you find out what it is, the attorney's job is to advocate for you. But sometimes they have to kind of make things fair for the deal. And attorneys are not great at that because they're trained to, you know, make it free. At my job as a businessman is to make the deal work and say, okay, look, we have to make it a little more investor friendly. The attorney wants to tighten the screws a little bit, but we have to loosen that screw a little bit. Like, for example, you don't want investors selling their shares to other people. So the attorney might say, no sale of shares or transfer shares to other people. You know, I would say that's probably a little too onerous because what if grandma and grandpa want to do some estate planning and they want to give shares to their grandchildren?

Right?

That's an acceptable transfer. Now you don't want them selling the share to the next door neighbor because that could be a cantankero, cantankerous, you know, mean spirited, who knows what, you know, that you don't want your deal. And so there is a reason that you'd want to make sure that you have control over that and then you get to approve the sale or not. But there's, every single deal has something. And I've just seen attorneys just lock down deals so tight that nobody wants to invest. It's such a great deal for the promoter that it's a bad deal for the investor. And you want to make, you want to make there be some balance. If you don't create some balance. So the attorney and I, we balance this. But on the other hand, you know, we have a really, really strong operating agreement that, that we've developed over many, many years. And that's what our, our clients get the benefit of, is us helping them do this. I mean, it's not a coincidence that a lot of our people have been very successful and it's worked out. You know, it's probably a little more money than you could probably find a guy in the Yellow Pages, but the guy in the yellow pages isn't going to get the job done the way you need it to. You know, you can, you can try. But here's the problem. You're not going to find out something'. You're deep, deep, deep in the deal and Then it's too late to turn around.

Yeah, that's a key factor there is. Once it's already gone, once that ship is sailed, you can't really turn it around a lot.

Once the first person signs the operating agreement, you know, you're kind of stuck. You can't change it around easily, you know, Then you have to get everybody's permission to change it, you know, and so if you forget to put in a fee, if you forget to do whatever, you can't go back to the investor and say, oh, by the way, I forgot to put brokerage commission into the end of the thing. So that's very important to me because I'm going to make a lot of money from there going like, no, you have to get this stuff. You get the first crack at it. And that's, that's what we help people do, is to make sure that they understand what they're doing, do it right, because they get one thing and then they're stuck with the documents for years once the deal starts. I can't. Part of the reason I fell into this years ago is that people call me and say, joel, I've been syndicating for like five years. I'm not making any money. Well, why not? And they would tell me. And I said, well, did you charge this? And this and this? And they forgot everything. Well, no, the attorney didn't tell me about that. Well, of course they didn't tell you about that because that's not what they're thinking about. They're thinking about lawsuits and things that attorneys think about. So, and I'm not criticizing attorneys. I mean, half, you know, the documents are all written by attorneys, but I give them a template of instructions, include all of these things into the deal. That's the way that he and I work together. So I help you do all the clarification, all the thinking. You know, we design all the stuff and then we give the instructions to the attorney for him to write down just right.

Well, that's. That's one thing you've said, is that, hey, if you're collecting a fee, just disclose it. That's the biggest thing, whether it's a sales commission or asset management fee or servicing or cost associated with, instead of you off sourcing it to somebody else, making sure you're the vendor of record for that specific, you know, line item. Basically, here's.

Here's another thing that's really important. There are a lot of really smart people out there. And by the way, sometimes being smart is a curse. Just, just by the way, you know, and they come up with these totally creative ways of doing things. They're so creative that no one can understand what they are. And, you know, they got this new way. I'm going to be doing it, we're going to do this and this. That's how investors want. Because when they turn it over to their attorney or their accountant, and both the attorney and the accountant studied these things in college. They studied them for their professional examinations. They understand how this stuff is supposed to work. I mean, everybody, every accountant has seen this, every attorney. They don't all know how to write these documents, but they certainly have looked at these kind of documents before. And the client says, would you look this over? They look at it and they go, well, I don't understand what this is. Do you want to pay me $10,000 to read every word? No, I'm going to tell you what, we'll pass on this one, we'll go to another one. And the problem is that the person who gave the investor the deal, whoever that promoter, sponsor, syndicator, is fund manager, you never get feedback that says, you know, your document was so stupid that we don't even want to read it. What they say to you is something like, oh, God, I really want to invest in your deal real, real bad. But I just remembered my daughter's getting married and I need that money for the wedding. Or I totally forgot my kids are going to college and I have to use that money for college. They'll come up with some ridiculous excuse, but they never tell you the truth. The truth is that when you have a bad deal, people don't flock to it. They just don't. So you have to create investor friendly terms, and that's just a mandatory part of this business.

Now with the terms, are we talking like preferred rates of return, different rate of returns about what somebody invests with? We talking some profits on the back end. What are we talking about this for everybody that's on here, that's what I.

Would call industry standard. When you use a system of hurdles and waterfalls. So a hurdle is a preferred. In other words, you have to exceed or jump over 8% or 7% or 9%, whatever you pick, you have to exceed this or you don't get anything. As the syndicator, because we get the first money. And you know what? That's fair because they're putting in the money, you're putting in the time. Time is valued differently than money. So they get paid something for their money. And then after that, then we'll Share. Well, we have a couple other little steps in there that we've added to make it a little more fair to the promoter. Because I think that the way that is, if something put it like this, if somebody says we're going to do a 70, 30 deal, you get, the investor gets 70%, the promoter gets 30%, let's just say. And there's an 8% preferred. Well, if there's an 8% preferred and then you split, you're really getting closer to, you know, I don't know, you're not getting 30, you're probably getting 25, 23, 22, and they're getting closer to 80. You follow me?

Yep.

You want to be very careful. We've done the math. We thought through this carefully. I've been doing this for a long time. There is a much more fair way to do it and that's, you know, that's kind of how we operate. We have a very, very clear way of doing this that is much better than what most other people do.

Now, somebody asked online here, do the funds always need to be with accredited investors or can you raise capital from your friends and family when you're starting off with.

So in 2012, the government changed the rules and made it much more flexible so that non accredited investors could participate in a, in a better way. Non accredited have always been able to participate a little, but they made it possible for us to advertise for accredited investors, which is something that we could never do. And by the way, somebody like you, Scott, who's really good at Internet marketing, this will be something that will work for you. Not everybody has advertising sense. Marketing sense maybe, granted other things, but you know, that's, that's it. And that's part of what we have. The mastermind is we talk about techniques, we talk about approaches and how to do things so that everybody kind of learns from each other. You're one of our great marketing guys, but they have other people that are doing some other really cool things that are really working for them that we share those ideas. But so here's how it works. If you want to talk to non accredited investors, that's fine. You can have up to 35 of these non accredited investors come into your deal and then you can have accredited, the ones that make over 200,000 or have a million dollars net worth, you could have those people come in too. And you put them all together. And what we do is that's called 506B and B stands for before crowdfunding. I don't know what it really stands for. But that's what I call it before crowdfunding. Actually, it doesn't stand for anything. It's the way the tax code, it's the way the legal code, it's written with numbers and letters and it gets the more letters and numbers the more confusing. And the more confusing it gets, the higher your billing rate. I think they do that on purpose, you know, so you pay them.

But that's a good. But the way you put it there with the 506B before crowdfunding makes it.

Pretty understandable, makes it easy to remember. That's, that's. Unless I'm all about remembering stuff.

Amen to that.

506B is the rules before crowdfunding. And so those are you can have up to 35 non accrediteds and unlimited accredited. That's the old rules. Then the 2012, they introduce these new rules. These are called 506C, these C standing for crowdfunding. So these are the crowdfunding rules. So under crowdfunding you're allowed to advertise for people. Now in the old days, there was no advertising. It was kind of a stupid rule really, because when you think about what they did, the government got it right this time. They said, advertise all you want, it doesn't matter who sees it anymore. In the old days, if a non accredited person saw it, the whole offering was contaminated. But now it doesn't matter who sees it. The only thing that really matters is who writes the check. Of course that's the only thing that matters. It's not like there's anything wrong with anybody seeing it. But that's how the old rules were. So the new rules are 506c the crowdfunding rules that you can advertise, but you can only take money from accredited investors, not from non accredited. So the strategy is you get your non accrediteds into the deal first, you close that round and you open another round to advertise for accredited investors. And that way you get the best of both. You cannot do it the other way around. Because once you've advertised, you cannot ever in the future for that particular fund take in non accredited investors. Because the supposition is always that, well, what if they saw the ad and they came in through the ad? You're violating the rules. So you can't take that chance. So the answer is, that's the way it works.

Start off with a 506B, friends and family. Yes, basically 35 non accredited, unlimited accredited. Once you figure out that windfall, what kind of amounts are you seeing people raising in that 506B?

You know, most people, you know, will raise between a half a million and probably 2 million. You know, that's kind of normal. My experience is that average investors will put in somewhere between 50 and 250 into these kind of deals. These are people that have discretionary capital. Maybe it's pension funds, retirement funds. Those retirement dollars are really good because they're long term dollars. They're not dollars that people need anytime soon. So that's, that's a really good thing. And then they can close that round, they can open a new round and they can keep going. Some people are really, really good at raising capital. Some people really struggle at it. And that's, you know, I would tell people if you're great at raising capital and somebody else isn't, be partners together. Because one person can run the business, the other person can be more involved in raising capital. Not 100% raising capital, but, you know, they're better at it. So, you know, you're only raising capital in certain windows. You're not constantly raising capital. And you know, and your job as the fund manager is to make sure that you're able to deploy the capital that you raise. So if I gave you $5 million and you didn't know what to buy, this is not a good idea for you, you know.

Yeah, that's the big thing. I think a lot of people are control freaks and trying to do it all versus delegating things off to bringing a team together to partner up with it, to take one of these things on and grow.

I think of this as a team sport.

That makes a lot of sense there. Now somebody asking us online here, what's the average cost that you're seeing somebody put together? A5, A6B then to a C and then going from there.

Let's put it like this. Let's say it's a $5 million fund. It's about one point. And you know, and listen, you know, you're going through the process, you know, you pay it in stages. It's not all paid on the first day, you know, and then as soon as the, the fund comes together, you know, you're reimbursed for everything. And that way the fund picks up a tab for its own legal. But the fund doesn't exist today and therefore, you know, it can't pay for its own legal. So you advance something once it's funded, then you get reimbursed and then the fund that way has picked up the tab and that's for the attorney, for me, you know, for everything that you need. It's, you know, and we put a lot of energy into making sure you get it right.

Well, that's the beauty of it. You guys have done. Put together a few of you, you've known, I won't say loopholes, but, you know, what works, what doesn't work, what's attractive, what's unattractive, and then also, too, what protects you, the promoter, when shit goes wrong in some cases.

And I'll tell you another thing that almost no one ever thinks about. Attorneys write these documents, and they do their best to write really good documents. I'm talking about all attorneys, whoever they are. But the real question to ask is, has the document ever been litigated? Has another attorney gone to court and battled over this document? Because they will find loopholes, they will find mistakes, they will find some soft spots. And so, you know, that's. And that's every single document. So our document continuously gets better over time. And that's a question that you want to ask is, you know, what's the litigation history of a set of documents? No one ever thinks about that, but. But that turns out to be quite important.

Yeah, Larry Hoffman says that's a gold nugget there.

That's a gold star right there, right? Yeah, that. That's a big one.

Well, let's talk about that, because the attorney Russ does is very experienced. And you want to talk a little about Russ and how he helps put these things.

You know, Russ. Russ has been my attorney for 20 years, and he and I have done a lot. He comes to my symposium. He. He educates investors. And I only give him a little bit of time because, frankly, you know, I think people would start leaving if I gave him too much time. Because, listen, the truth is, you need an attorney to put all this together for you. You cannot educate you to become an attorney in our symposium. And so you need someone to help you to become, you know, educated in this. And then the bottom line is that we just want you to kind of understand the securities rules. We want you to understand what securities are, what the do's and don'ts are, so you don't step in the mud, make some big mistake. That's the kind of thing that we're really focused on. It's not about turning you into an attorney. I mean, there. I know there's a couple of attorneys that do programs are three days long or two and a half, three days long, whatever it is. And they give you all this legal stuff. And you want to, you know, you want to just go out and take a bullet when you're done. We give you a couple of hours at the most, because that's enough to kind of understand the landscape. And the rest of the time that we spend is really about raising capital, about structuring the transaction, about how the investors get paid, how you get paid. It's really the business side, because that's the part you have to kind of understand, the business part, because those are the decisions that you get to participate in. You're not going to participate in the legal decisions. The attorney has to make those decisions for you. You know, I mean, I have a pretty good sense about it, so I give direction about my opinion about these kind of things. But ultimately, the attorney calls the shots on legal matters, like how arbitration happens and how voting happens, how certain things happen. But we're going to give them a lot of input, and I'll tell you how to organize yourself around. And that's.

So over the last couple years, you've had the hedge fund symposium online through Zoom. You usually do it in Las Vegas, and you've got one coming up May 1st through the 4th. Right? Back in Las Vegas again. Right.

And you'll be there, right?

I have it on the calendar already scheduled in. Yes.

Excellent. So it's. The last one we did live was two and a half years ago, you know, in October of 19. So we're really itching to get back. We have a strong, we attract a very strong crowd of people. You know, that's not to be in any way demeaning to people who are just getting started. Put this on your goal sheet and make this one of your aspirational goals. But this is not for beginners. This is for people who are already kind of along the way, people that have already raised their hand. For example, Scott, in your, you know, in that chat that you just asked, those are the kind of people who probably could, could raise a bunch of money. And, you know, we can do a whole separate program privately and talk about how that works and, you know, really kind of the details of how a fund structure works and how they'd be benefited. But the symposium is really, it's a two and a half day. It's almost like a survey course in college in two and a half days about how this all work. And, you know, and then people, they get it, and a large percent of the people end up saying, hey, listen, this is something that I want to do. I need to have one of these structures. And I want to make that happen, and then we help them make it happen. And that's it. It's a very, very cool things. You know, what I would suggest is that if people are interested in this sort of thing, we do one of a couple things. Just put in the chat. If this is something. If you'd like to have a conversation, you know, a further conversation with me or, you know, if Scott can coordinate something for a few people, we can all, you know, get together and put our heads together.

You know, you and I talked about it for our WCN crew members. I know that we talked about in the next Monday or two Mondays doing a call together to talk with them about. But Larry said, yeah, Larry, you're a great source. Somebody brand new, but who's already closing on stuff and raising capital, having very good success and talking with investors. Yeah, definitely.

Yeah. You know, I'll tell you what. We're not going to make any kind of a pitch. I mean, it's not like that kind of a deal. But I will tell you this. If you indicate in the chat right now that you're interested in participating, whatever the special offer is, we'll reserve that special offer for people who put something in the chat. So, Scott, collect and keep the chat from this call. And if anybody puts anything that wants to participate at the symposium, you know, then, because there will be an offer that we'll make that'll be a little better than the normal. And if people just put in there that you want to have a conversation, and either I'll call you or Scott will call you, and we'll make it happen. And by the way, there's a link to my calendar. You're welcome to get on my calendar, and we can talk at your convenience. You know, we're already probably about halfway through. And the next week I'm going to an event, a real estate event, and I'm expecting to sell the majority of the rest of the tickets. So we really kind of have to get anybody who's interested involved here pretty quick because it's a small event, 50 people. I just keep it very small. And people say, gee, why don't you get a big auditorium? Because this is such a powerful tool that, you know, we don't want to give the tool to 500 people. There aren't 500 people that are qualified for it. I mean, there's. You could see on this call there's a dozen people, half a dozen people that are really right. This is a special skill for people that are really kind of at the place where they're ready. And that's really what we're looking for, is to take people who are ready.

Yeah, definitely see you guys in there that have commented. We'll make sure and make an email introduction. Or you can go to bettercapitalnow.com and go ahead and book a time on Joel, Slot there to ask questions and kind of go that route.

I think the best thing to do is get on my calendar, go to that ask question bar, and let's talk. Because this is something that could really change the trajectory of your career, of your business. And it would help you to think about things in a new and better way. It would help you to really move things forward for you, your family and everybody around you. And it's good for investors. I mean, investors like these kind of deals because it's sort of a set it and forget it kind of deal is you put the deal on, you know, the investors give you the money and then you just handle it for them and you're doing what you're supposed to do. And, you know, and that's, that's the beauty of it. Let me just say one last thing, Scott. You know, some people will ask sometimes, hey, have people ever heard of these private placement type deals? Like when I talk to people, they ever heard of it? Ironically, the private securities market, where we're talking about selling these private shares, doing these private placements, raising money this way, the amount of money that moves into these deals is bigger than the entire United States stock market. Why? What asset do you think is held in private placement that makes it bigger and more valuable than the entire United States stock market? Tell me if anybody gets it right, Scott. I'll give you a hint. It's not Bitcoin. Because this is how, Scott, I'm going to tell you. This is how almost all the real estate in the country is held. Most real estate is held in these private placements. So I'm not talking about people's houses, but the investment real estate. Every shopping center, every industrial park, everything is apartment buildings. They're all held this way. And the aggregate value is enormously greater than the stock market. So people, everybody knows about these deals. People are in these deals already, and that's where they're putting their money. And so when you go to people and you say, listen, when you put some money in my deal, they go, you know, my money is already in these private placements. They're already doing it. And so, you know, if you don't know about this, you're kind of behind the eight ball before you ever get started.

Yeah, it's one of the great ways to really leverage a lot of the knowledge and attract some bigger funds and more knowledgeable funds for you to understand the value of it. And honestly, it's a lot less headache too, when you're dealing with more sophisticated people out there. They're not calling you about stupid little things. This is a great way for you to take it. Buy it off a bigger piece of the pie and make bigger profits and do it the smarter way. I mean, that's why, Walt, we talk.

About in the symposium how to manage investors, how to manage expectations, how to raise the capital. We actually have like some role playing where we actually practice pretend working with investors. And I'm kind of standing over your shoulder kind of giving you hints about how, how to be more successful than we learn from each other. It's, it's very, very smooth and you know, and I'll, I'll even put something else out. If somebody buys a ticket right now, they'll get a special bonus. I haven't thought about what it is yet, but I will give somebody a really cool special bonus. Something that other people, you'll like.

Joel's bonuses, I'll tell you that. Right?

Yeah, I promise it will be something great. But if somebody is seriously interested in joining us at the symposium, and we'll probably have 40, 45 really high quality people there.

Yeah, exactly. When I've been through the ones online there, it's all been really great people and learn stuff from everybody. It's been a part of it. And that's one of the great things is the communication of talking with people and vice versa. People see deals all the time that don't fit in their symposium, don't fit in their fun, and they're like, hey, I might have a deal for you that doesn't fit in ours, that would fit into yours. It's really kind of a cool thing, potentially 50 plus, I'll say bird dogs, but people that have their focus. But also, hey, I doesn't work for mine. But hey, check out Scott, check out Joel, check out Larry, check out Tony, check out RJ's fund. I think they'll be a better fit for you. So it's a. I don't think you talk about that a lot.

You know, the other thing is that a lot of people are out there looking for deals and they don't have any money and, and then they get, they see something that they want, they can't buy it. They get all frustrated you know, the way I look at this is if you're not ready, don't even bother. I mean, you know, get your ducks in a row, go out, go out hunting when you've got a, you know, all the bullets in your gun and you're ready to go, and then you're going to get those readiness premiums. It really, It's a strong deal.

So, yeah, I mean, that May 1st through the 4th in Las Vegas, once you're registered, we'll send over all the information on the hotel and stuff like that, where it's being located at. But guys and gals, you know.

Scott, I got one other thing. Can I share my screen for a second?

Yeah, let me stop mine. Yep, go ahead.

If people want to, they can actually text the word asset to the number 72,000, and it's the same service you use, you know, so text the word asset and it'll put you on our list. We have a giant library of videos, like 150 videos on syndication. You know, people writing questions to us. Like, every question that's been asked here tonight, there's a video about it on our, on our site. And this puts you into the, into the flow. So, you know, we don't send out a lot of emails. This is not really. We're not really strong marketers in that way, but. But we do produce enormously good content. And if you would like some, we are happy to share that with you.

Yeah, exactly. Joel, thank you so much, man, for coming on tonight and sharing insights and value and experience on stuff. Man.

You know, I'll tell you, Scott, I'm not kidding. We need to do a sweat exercise and start predicting the future so we can look at some of these notes in advance because, you know, whoever your, your private client, I don't know, whatever you have, however you organize it, that would be a great exercise for them to sit in and participate in.

Yeah, let's talk. We'll talk this next week once you get back from your Salt Lake City. Well, let's put something on.

Salt Lake City.

Yeah, yeah, let's. Let's talk after you get back from there, and we'll definitely put something on. I think it'll be really good.

Sounds like a plan. Thanks for sharing this. I hope some of your folks got some value.

Yeah, I think they did. I know I did, as always. So, guys, take advantage of it. Book a. Book a call with Joel, and if you're wanting to up your game, now's the time to do it. Do it now. Don't wait till later and be happier when the sooner you start things that one of the biggest mistakes I did early on is numbers is I did start a fund sooner on. That's one of my biggest mistakes when I should have so. And I didn't have the right advisor at the point trying to put one together for me. So I wish I'd called Joel a whole lot sooner. But. Yeah, hindsight's 20 20. Learn from my mistakes. So you don't make the same one. So go out there, take advantage of it, and hopefully we'll see you in Vegas. May 1st the 4th, everybody. Thanks. Y' all have a great evening. Thanks, Scott. See you later, Sam.