https://youtu.be/n7sYoIqPjjI

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Introducing the new remote investor, incubator and ecourse we had the mastermind and we are going to break off from that being mostly an accredited investor group. And I wanted to create something that was helping out the little guy get started guys getting their first properties. And we’re calling this the incubator group. Get More details at simple passive cash flow, comm slash incubator, but basically what we’re doing here is we’re getting a group of professionals looking to build your network with others starting this journey to financial freedom, the ecourse that’s going to company this group is going to have eight modules in a closed membership site plus two bonus modules and download kit all geared toward educating the remote investor in this group. We’re going to have biweekly zoom video calls and if you join up, you’re going to get all past turnkey rental recordings. Now these calls are designed to ask whatever questions you have and hear the other questions from other investors in your shoes. And we’re going to run this like a bootcamp style. This is going to be five month program, we’re going to walk you through the best practices for tax and legal as you acquire your first remote rental. We’re even walk you through the due diligence and offer process we’re going to have staff membership coordinators for extra support to get you over the sticking points and to connect you with the right people in the group. Even if you’re shy. One of the biggest reasons for join is access to our ever changing Rolodex of top turnkey companies, brokers, property managers, insurance companies. Hey guys, we’re basically spoon feeding this to you if you’ve been on the fence and it’s time to get your first rental property go to simple passive cash flow calm slash incubator and by the way, for those accredited investors, we are looking for new members go to simple passive cash flow comm slash journey

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and join the flagship simple passive cash flow mastermind there. After the pandemic to new world out there having a network around you is so much more important. shoot me an email Lane at simple passive cash flow if you’re unsure if the incubator or if the credited mastermind group is for you, but let’s get you connected Other people and don’t go it alone. Hey everybody, this is the July 2020 monthly market update, where we go over the latest headlines and I add in my commentary on what’s been going on in the world of real estate and the macro markets. You guys can check out past episodes at simple passive cash flow calm slash investor letter. But let’s start with the giveaway real quick for everybody. I call these the easter egg. You guys can get access to the COVID-19 response folder and I’ve been kind of adding things to this over the past few months in there you’ll get the Small Business Administration loan docs, sample landlord repayment agreements so that you can make deals with your tenants small business owner guidelines and great medical paper done by University of Hawaii while on COVID-19. Get all that and more by texting the world symbol 23146651767 and also Introducing the new incubator group for newer investors looking to get their first few remote rental properties or turnkey properties, we pretty much guide you through the process. And we put the group around you that’s doing the same thing so you can build your peer group network. Learn more about that at simple passive cash flow, comm slash incubator, and we are also doing an August 1 full day workshop. We’re doing it virtually since you know, we’re kind of coming out of the pandemic here. Some people are still afraid of going out in public so you guys can join in. It’s about from 9:30am to 3:30pm Pacific. You could check this out by going to all our events section at simple passive cash flow calm slash events. If you guys haven’t met me before, my name is Lane Kawaoka prefer still got my professional engineering license, and I have a podcast it’s simple passive cash flow calm and on Spotify, Google Play YouTube, all of the such if you’re not part of our community Check us out on Facebook, great group on there. And I also have a local group here in Hawaii. But let’s start with a couple teaching points. So here’s a little table that I found outlining why all we do passive investing and not wholesaling or flipping. And this is why I love house slippers because they all pay my taxes for me, they definitely pay their fair share of the taxes here. So on the left side, you see some of the the taxes that are put forth for rental buy and hold investors, how you can get around the self employment tax which is can be up to 15%. And how you don’t have any depreciation with wholesaling flipping, no bonus depreciation there, you know, we’re writing off almost a third of the building in year one, which can be huge tax write off negative k ones. You learn more about that it’s simple passive cash flow, calm slash cost, say CLS t SDG and second teaching point here. This is the difference between the idle and the PPP loan, I am currently applying for this, see what I’m getting, I think I’m gonna be able to get a 3.75 fixed interest rate with a 30 year term, but I don’t think I need it, you know, I mean if there’s no really sense of taking on that if you don’t need it, so I just kind of did it for the process and kind of let you guys know all about it. And so here’s a little table. Again, if you guys are catching this up on the podcast version, we also put this on the YouTube channel. As you can probably just google simple passive cash flow on YouTube and you can find our channel a lot of cool stuff on there a lot of things that aren’t don’t find the way to the podcasts or the website or put up on the YouTube channel. Because apparently that’s how people find things to say the least that’s how I learned a lot of my stuff these past few years just googling it and YouTube in here, we get into it. I’m going to kind of go through this pretty rapidly. A lot of news, but yeah, let’s kind of start off with the big elephant in the room which is still Coronavirus. This is a article about been checking that’s done by the New York Times, which is the Coronavirus vaccine tracker. And they update this pretty frequently. And they actually have one approved vaccine approved for limited use now before the last time I checked this last month, they had a bunch in phase three and phase two, but nothing approved. So, you know, good news moving forward. I think Fauci was kind of alluding to something like this coming on the way I I kind of looked at it the way his commentary went, but a good news. I mean, we’re getting there. And I think it’s happening a lot faster. And I hear of all all, all kinds of investing, and venture capital, this government funding going to folks expediting this tech scene, one of the big news for those still picking up single family home rentals, or loans in their own name. You know, I think a lot of us are kind of getting on the bandwagon of being more of a passive LP investor, where the nice thing is you don’t need to get the bone in your own name. That’s sponsors are for to kind of Get the net debt in their name and to run the deal. But if you’re still, you know, picking up deals on your own and getting those Fannie Mae Freddie Mac loans which you get 10 years in your name 10 in your spouse’s name, it looks like they’re saying that the debt to income requirements are going away as a qualification criteria. So if you have been falling out lately, debt to income ratio, I mean, there’s a few ways to get there. I really don’t know how to calculate exactly but it’s taking a ratio between how much your debt payments are every month and then how much you’re able to income you’re having. This is going away and I know some guys who have large mortgages because they live in places like Hawaii or California where you really shouldn’t be buying a primary residence in my opinion, you guys can check out my commentary on that at simple passive cash flow, calm slash home, very controversial topic. So I’ll let that go for now, especially for the younger folks out there trying to build their net worth over a million dollars, I would say stay away from home ownership. Use your money to invest your debt to income ratios was really bad because you have this large house that has a big debt payment but very doesn’t bring any income. I mean, that there should tell you right there that it’s not a good thing for your balance sheet. But apparently this dti requirement is going away. And of course, the comments that happen on our Facebook pages are different places or you know, the world is ending, you know that it’s the return of the Ninja loans. I don’t think that that’s the case, these lending standards loosen up very slowly. And this has been happening over the past five years. I’ve been tracking it very closely. And I’m not getting too excited about this, but it’s just a general movement towards opening things up. And this is just a different way of stimulating the economy as opposed to lowering rates. A little report for you, those of you guys living in Southern California, Los Angeles multifamily market is not doing too well. Listen. And a month after California Shelter in Place Order went into effect. La multifamily data started showing early signs of headwinds, the average rent collected by 10 basis points or contracted by 10 basis points on a three month basis as of March. So if you guys are looking on the YouTube, you guys are seeing the charts up there. Yeah, not looking good. And this is why I don’t invest in primary markets like California in first place, invest for cash flow. The next headline we’re talking about the stimulus for is here, the House of Representatives passed the moving Florida act. I don’t know how they keep coming up with these cool names. So it’s an infrastructure we’re building plan. More than 2300 pages if you guys would like to read it all this explaining exact detail how the $1.2 trillion is being spent. Wedding encompasses all types of infrastructures such as air, air, rail highways, bridges, transit systems, alternatives. Your automobiles, broad, broad brand and all types of energy schools housing, water. Now, when I was still in corporate America, I was spending the 2008 stimulus funds, which seems very similar to this. That was the High Speed Rail back then. And I’ll tell you the money doesn’t really find its way into the system into many, many years later. I’ll be as far as 2012 to 2014. So what is that three, four years later? So, but it’s still saying should that act pass the Senate, which is unlikely based on the comments from the Senate leadership, and those of you guys who are not aware the house controls is controlled by the Democrats, that senate is controlled by the republicans and a lot of heavy spending acts just don’t make it through the Republicans. But some of the highlights, I mean, not saying that it’s going to it’s going to be like this exactly, but this is the trend right and this is how you can kind of see where the puck is moving towards like Wayne Gretzky says. So The same new markets tax credit, national funding would increase to 7 billion from 5 billion the rehabilitation tax credit application percentage, which increased to 30%. This is the one I’m excited about the renewable energy production credit will be extended through 2026 instead of 2021. We don’t know if that means your solar panel cells will be still getting you that credit. But um, you know, that’s the way they’re pushing and think how this impacts a lot of us especially in the mass, right, we talk about, you know, how to mitigate our taxes a lot. You know, one of the big ways obviously is you know, bonus depreciation by going into good deals that do cost segues, that’s number one. But for those with a active w two income, and don’t have the real estate professional status, their only options are land conservation easements, and oil and gas deals to also active w two income now, you know, I don’t really want to go into details on that. But you know, like the land conservation easement rents are becoming much, much more controversial and oil and gas kind of sucks these days, right? I mean, if you’ve been watching the news, well, you went like negative on the futures or something like that. So the only third waves, you know, these solar energy credits and but 510 years ago, there was this big thing where you could spend money frivolously why I don’t want to see that word. But people were basically using this as a loophole to get write off on taxes. And this looks like potentially one coming so I would be on the lookout for this to Procter and Gamble sells their headquarters in San Francisco and moves across the beta Oakland, which is a trend towards moving to less priced areas. On CBR. He came out with a great Report. Here are some of their findings turnover, which is defined as the percentage of total rented units not renewed each year. I repeat that again because it took me a few times to really grasp it. So turnover is The percentage of total rented units not renewed each year fell from 47.5% in 2009 to 42.1%. April, the lowest level in 20 years, the decline in turnover has has accelerated due to fewer tenants moving because of COVID-19 economic downturn, turnover up rises each spring, but declined this year due to lockout mandates and economic concerns. So the way this really plays out, I can say like, you know, through our across our 3500 unit portfolio, right as landlords you’re kind of I was a little stressed out, you know, April May collections. Obviously, they turned out fine. I’m more than impressed what happened and I’m even more like bullish on multifamily workforce housing, right, because I think we saw the strength through a pandemic, but what they’re saying is, you know, people weren’t moving out because people were shocked at literally sheltering in place and they weren’t looking for a new place to say and landlords and in US included you know, we’re very accommodating towards people you know, but I think turnover should probably pick up here is south and west regions typically typically have higher turnover rates by and by property type Class A assets typically have higher turnover rates. So people have been asking, you know, after the pandemic, what are some changes that are going to be designed into houses and apartment? Now I don’t know if this is the case. I think this is just an article made to satisfy a consumer reader need but this article is design changes for life changes created by john burns group, first thing that they’re citing is you know, people are going to work from home so flex spaces that can accommodate the home officer for like Nokes are going to be kind of popping up or they they won’t I don’t you know, I don’t know, who knows in like six months, maybe everybody’s forgotten about this endemic thing. I can tell you maybe like six months ago everybody was sort of freaking out about, you know, workplace or school shootings and they’re saying things like, oh, they’re gonna they’re gonna design all these buildings with curved hallways and bullets. It’s hard to kind of shoot people if you have curved hallways and obviously now nobody cares about that stuff. It’s just times of change and you will have forgotten people forget very quickly. But anyway, getting back to the article here so there’ll be also changes in the kitchen design, the fewer people are going to want the great big open rooms that the to include the kitchen with more now one in the kitchen to return to having some separation to hide the smells, mess and noise, grow garage configurations. Now that families will not be able to have fewer cars per person opening up the garage to multiple configurations. Front Entry, the public entry will still need great street appeal and allow for secure package drop off and I guess, you know, Uber Eats or Postmates But the festival also need better drops on air for shoes, packages, leashes, etc. These are called mud rooms will migrate from colder climates to provide a buffer between the outside and inside. Another thing that’s emerging is home management centers. So this is where all the technology is stored, like the Wi Fi and all the other appliance tech items. You know, think of like your your battery for your your Tesla home battery system, you have solar power cells, some people will say the laundry room will kind of hold this type of stuff. And then as far as bedrooms for space efficiency of the guests back bedroom and their home office will likely be the same space for many families. For more other families. They would prefer a small bedroom for sleeping only with the square footage devoted to other spaces, so others will want a larger bedroom that will accommodate even more uses, including TV and watching and this has been happening the last 2030 years where previous Yes, the larger bedrooms but now the bedrooms are smaller and then the square footage is being transferred to living areas.

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If you’ve been following my

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journey I’ve been selling my initial real property and transitioning into syndication deals lately for more purely passive investment strategy. One critical part of my portfolio is the American Home preservation fund, or what folks in the we call HP for short. George Newbery once apartment owner, operator and mentor to me, is now sponsoring the podcast is private fun, which by the way, also accepts non accredited investors cuts the middlemen out and allows you to invest directly with him to fight the mortgage crisis in America. join him by purchasing distressed mortgages while getting a double digit annual return paid monthly. Find something else better out there. Well, let me know. Feel good knowing that you’re helping families stay in their home after buying their underwater note at a huge discount. Invest as low as $100 by going to HP servicing comm slash investors and if you want the free bernsen book, please send me an email Lane at simple passive cash flow calm.

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Well, that’s like

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this article came from Wall Street calm sort of alternative news source but very great, great insight. So they have on the left side here the cities with the biggest percent increases in one bedroom rents. Number one was Cleveland, Ohio of a year over year change of 16%. Indianapolis was next, Columbus, Ohio, Rochester, New York, Chattanooga, Tennessee, Cincinnati, Ohio, Philadelphia, Pennsylvania and St. Louis, Missouri, rounded out the top eight, a lot of Ohio this there. And then on the right side here the 17 most expensive us rental markets, who you don’t want to live in to San Francisco, California, New York and Boston, San Jose, Oakland are the top five in there also la Seattle, San Diego, Santa Ana, Honolulu, Hawaii and number 12. And then but the important thing is important things that I want to point out are the big movers are San Francisco number one cent San Jose number four, the most expensive ones. They almost drop off San Francisco drop 11.8% median asking rents from a year ago in San Jose dropped 8%. Now this is something I’ve been hearing just from my buddy’s living in the Bay Area that rents are dropping and this supports that entirely. You can see number five there Oakland, California went up four and a half percent even though it’s in the Bay Area, but it looks like there’s a lot of people are just running away from the San Jose’s and San Francisco to go to Oakland and you know, that was the last article we just talked about right Procter and Gamble moving headquarters from San Francisco to Oakland. I get to go wanna stay wars are pretty feeling pretty dumb right now moving from Oakland to San Francisco, but I’m sure they have the money. I think that’s all that’s all been syndicated and their model building the equity for that Golden State Warriors with all syndicated by big, passive investors. So that was interesting. I found that out when you know, I think there’s like that one guy who kind of pushed one of the players during the Toronto Raptors game and then they said he was like one of the passive investors in the deal. But john burns comes out with this summary image for the U haul report. And the U haul report is something we we love to watch this because the U haul report captures where the trucks are moving in one way trips. We like the U haul report over the fan line report because the U haul report is sort of the budget way of moving and as workforce housing Class B and C no regular blue collar folks or folks like myself who are cheap. This is how you Move your butt over to the next place you’re going to live. And then you hopefully have some beer and pizza for your buddies to help you. So the places that they’re moving towards the places all in red are in the Bay Area in Southern California. And the green dots are Seattle, Portland, all pretty much all Texas, a lot of Florida a lot in the south southeast. And they are moving away from getting the California’s and I think believe that Chicago and all the Northeast, it’s all right up there. Thumper came up with a lot of great data here on where bedroom rents for tracking some of the big takeaways here when we kind of talked about this, but again, yeah, I mean, declines in your your kind of more big city areas. Of course, as an investor, you’re always looking at the sub market. You know, for example, if you’re investing in, you know, like Dallas, right, I mean, Dallas is made up of a couple of dozen sub markets, so you can’t just frankly Look at Dallas for data. Great place to start, but you got to dig in. That is if you’re more sophisticated investor. If you’re not well, you should probably just passively invest because this probably ain’t the game for you. I’ve caught on got screenshots of all the data here. So if you guys want to check this out on the YouTube channel, you guys can check it out there. But I also put this all my our Facebook group and then if you guys want to find me on Instagram, I’ll usually post it on there. If you guys are first time homebuyers and rental property owners, don’t do it alone. Make sure you join us on August 1 for the full day workshop, you there’s a URL to register. It’s a little bit hard to remember but you can find it by just going to simple passive cash flow comm slash events. Also having a afterparty in Honolulu, if you guys can make that and, you know, people are always asking, you know, like they’re getting confused by all these masterminds and groups. We have kind of two programs that we the flagship Group is the mastermind and accelerator which is you guys can find information at simple passive cash flow calm slash journey. Now, this one’s sort of becoming the accredited investor Group, a lot of people are, you know, they they’ve had a little bit experience with single family homes but they just want to invest as a passive investor and want to build their network with other credit investors and learn how to get syndication deals, whereas the incubator group is more of a way to get your first rental property get your feet wet, especially if you’re a non accredited investor. And there’s gonna be probably a lot more hand holding and granular level tactics and steps to follow in this group that will help people and this is kind of my my way to kind of help people get started. I mean, when I got started, there was really nothing I had to kind of fumble through it myself and I got lucky I work with the right people. The moving on on the monthly report or real page reports as apartment demand rebounds, rent cuts disappear in most market. So there’s a nice little chart kind of showing the actions From March, April, May June, on new lease volume has changed and the executing new lease Oh, this is kind of funny slide. Well, it’s not it’s a bunch of bankruptcies but so chapter 11 bankruptcy for 24 Hour Fitness you know you I think you’ve been hearing that these guys weren’t doing too well and I think the COVID-19 and all the negative laws against you know, do you need to wear a face mask or disinfect and they just couldn’t stand business. So they’re closing 132 locations 41 in California and 26 in Texas, and then about a week later GNC files for chapter 11 bankruptcy plans to close 1200 stores. Now I don’t know that those two are related. Probably not. That’s just a kind of a bad joke, but also at&t to close 250 at&t mobility and Cricket Wireless stores, too. That’s pretty much the end of the monthly report. Usually we try and end with something I guess that was the joke. That was the joke guys, you know, 24 Hour Fitness closes, therefore people can’t get their supplements. Well, they don’t need their supplements anymore, apparently. But now I’m going to roll into my personal report what I’ve been kind of up to this last month and I split them up into six sections based on the Tony Robbins six needs. And this is the way I check myself every month that I am scoring points where it counts, because if not, what is the point? The first category here is kind of how did I get growth? How am I working on something getting better? So we closed 140 unit Class A apartment in Lake Dallas. It took forever to close this deal because it was a HUD loan. So HUD loans are probably a higher level on the Fannie and Freddie loans. There. We had a 35 and a half year amortization period. When you add it up with the other loans. It was like a 2.9% interest rate. So pretty amazing. And this was a class asset. So something I don’t really have to worry about and through pandemic, yeah, this thing cash flows. Number two contribution. How did I leave the world a little better place? Well, this is the incubator group. And this is the group for those looking to pick up their first few rental properties. I wanted to find a way to fight back against the evil real estate empires out there that will trick people to come to these conferences, teach them how to raise their lines on their credit cards, and kind of swindle them into crappy real estate education that really everything can be found there on the internet, including my own and charges guys like 20, Grand 30, Grand 40, some even 50 or $100,000. With after it’s all said and done with all the upsells. Now financial freedom is not for everybody, but you know, for those willing to put in the work. I think that You know, it can be attainable by everybody, especially for those, you know, hard working guys and gals in, you know, corporate America. You know, a lot of our folks are hard working doctors, lawyers, engineers, I see no reason why you can’t get financially free in less than 10 years if you’re able to save at least $30,000 from your day job. So, if you guys are new to the group, check out the incubator group. We are starting the next group on August 18 or August 15. So if you haven’t, this is an application only. So check that out simple passive cash flow comm slash incubator number three significant so I found this little meme out here says little Wolf, leading the pack and this is the way I’ve kind of found significance for the stuff I do. This is why I work 12 hours a day even though I don’t need to. It’s because a lot of people out there they read, listen to a podcast or to read a few books and get this idea There’s something better than just going to their work every day. And Little do they know well most people don’t realize how much they’re getting screwed over by mutual funds were taking about a third of their profits whether or not the price of the stock goes up or down. And for those who do realize this, they start to come into this world of real estate investing but you need the people and you need the insight and and the stuff that I do is not really that hard is at least what I think. I mean, it’s just stuff I picked up along the way and it’s not too hard to kind of just help people along the way give back and know that’s what the incubator group is and this is why I feel special, I guess. The hot it I have a little uncertainty in this time. So of course the whole Corona virus thing has been a stressful thing for myself and everybody. I, you know, oh, here’s the Coronavirus tracker and I had a screenshot of last month’s where they were at you can see how much things have changed over the past month in terms of where the vaccines Are you know will it be a V shaped checkbox U shaped L shape? correction? Well, nobody knows. Um, but you know, I, from my perspective, I don’t really care because

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here’s everybody’s most for the most part paying at places I I’m investing in and, you know, I know a lot of times this is just a storm if you can get out, he can survive through it will be stronger at the end. And it’s the people who are investing in things like hotel investments or short term rentals, Airbnb stuff, or Yep, you know, those, those kind of sexy boutique, the luxury type of developments, you know, those are people getting killed right now. And this is just a fat cutting time. For my opinion. This is where the workforce housing shines the best. How do I get some certainty this month? Yeah, I’ve been the trade lines have been chugging along. I mean, I think I make I make probably like 100 or 200 bucks every week or two by two In this, I know I’m up to like $11,000 total doing this, if you guys haven’t heard of trade, what the heck trade lines are. So you can add somebody to your credit card as an authorized user. It sounds a little crazy. But look, I mean, I’ve done my risk analysis. And to me, I think it’s a good amount of risk, I have found ways to safeguard myself by putting alerts on the credit cards, actually not even activating the credit cards. And then making a nice little side change on the side. And I think a lot of people like this because you just get a notification on your phone that you sold a trade line that might be 100 or $300. And it’s like, it’s easy money. And, you know, I’ve heard somebody said that, you know, when that $200 trade line gets sold, they take 100 bucks and they give 50 bucks each to their kids. And everybody’s having an awesome day that day. So you guys can read more about that simple passive cash flow calm, straight line. And last but not least, how did I get a little love and connection this month? Well, I went on a trip, I actually left Hawaii amongst the pandemic and I went to Huntsville. There we are on the left filming some apartment tours, some of the assets we own down there. And we went to Dallas met a lot of you guys out there. I think there are like 25 folks that came out. Unfortunately, we all couldn’t take a tour because there were some restrictions on how many people could visit but we all got to meet a lot of you guys in person. That was cool. And then you know, went up to Cleveland checked out the the Rockefeller and all these cool places got to spend time with the wife and that’s it’s all about go and travel Onix business expenses to some new podcasts and articles I put out this past month people really liked the David McElhaney Cast they were recorded before the pandemic all happen. But a great commentary from a different perspective. I’ve been kind of falling more family office, and more industry type of influencers. To me a lot of podcasts these days are just done by guys who, you know, want to syndicate stuff or really have no experience doing what they’re doing. So I’ve kind of frankly stopped listening to podcasts you pay for what you get. And it doesn’t take much to do podcasts. I can do on number two legacy. So this is a cool, there’s a little download with this one. So if you go to simple passive cash flow, calm slash legacy, there’s a net worth tracker on there, but a whole bunch of ideas, especially for those of you guys building your estate trusts, which, you know, we try and help folks in our passive investor accelerator for the accredited guys, or a lot of that is you know, just little ideas. You have that you have From your network number three, the cons of the birds, I’m really not a fan of the birds. You know, it’s all the kids doing it, which is great. If you don’t have a net worth of at least half a million dollars, you got to take some risks. Number four, why would you do a bridge loan and apartment syndication? There was a I did a video on bridge loans. Number five, I had Benjamin hardy who wrote willpower doesn’t work. And then he has his personality isn’t permanent, which he actually sent to me a couple of weeks ago. So that was kind of cool. Great. I think that was a pretty good podcast. I mean, I’ve been doing a little bit more like, like a donor lifestyle podcast here and there. Because let’s face it, like you know, once you’ve listened to 100, something podcasts a simple passive cash flow. There’s not much to this passive investing thing. And I mean, it’s more about enriching your life.

Unknown Speaker 33:55
And then, you know, same thing, the workplace culture and the young professional advice from Peter YAHWAH. It’s the reason I’m brought him on board was because a lot of investors that listen to this podcast are, you know, older and they have kids. So I was trying to bridge the gap between, you know their kids, and at least I was trying to. And then last but not least, it’s self directed IRAs to invest your retirement funds. If you guys need a referral to like a QRP, solo 401k or self directed IRA, let me know. Um, you know, there’s a myriad of these guys. And everybody kind of uses the same few ones. For the most part, there’s really no real reason to kind of waste time betting stuff down from a list of 100 you know, stick start with this top three and just go from there as my opinion, some of the barriers that I’ve been working through so I came home and the State of Hawaii wants to quarantine me 14 days. So I think I’m on currently day four. I’m in high spirits. I have lots of fresh juices and pre made meals. My unfortunately my co2 tank that I make gobs and gobs of soda water, every day is is down. I might have to sneak out of the house and refill my co2 contain this slide I usually put what I bought, which are doodads things that you burn your cash on. But I don’t know about you guys, but this pandemic, I haven’t been buying too much stuff from Amazon. I don’t know, let me know if that’s the same thing with you guys. And some of the lessons learned. So I read this book, everything is F by Mark Madson. It’s a kind of a philosophical book, that he uses the F word a lot. And it’s kind of comedic In my opinion, if you like that type of stuff. He’s low on the word, raw and rebellious type, kind of the message of the book. It’s a book about hope, by the way, despite the name, everything is F. I think a lot of us realize like there’s a lot of media out there and it’s designed to kind of put you in a tailspin. span and keep you glued to the screen. And it’s a book that kind of keeps things in perspective. And ultimately, we’re all here to find the truth. Right. So we are doing another book club, I think on October 31 is the next one and we are reading what would the Rockefellers do? And you guys can sign up for that at simple passive cash flow calm slash lane hack. And what we do is we just hop on a call once a quarter and talk about the book and one last easter egg for you guys, if you guys want to download and I just revised the 2020 buy and hold analyzer for single family homes in Excel or Google Sheet format. You were the people the reason why people like it is like I put down all the expenses you should have for your rental property. And there’s some footnotes and some guidelines what it should be. So that’s a $1,553 value all for you for free. Just have to text simple to the word simple 2314 6651767 check out the other too much good stuff on the website and remember, this is just a infotainment podcasts. And we’ll appreciate you guys kind of supporting the show for this long and if you guys have any other questions shoot me an email at Lane at simple passive cash flow calm and if you haven’t gotten on the phone yet, let’s set up a call and let’s get to know each other better. And I will see you guys next time bye.

Unknown Speaker 37:38
This website

Unknown Speaker 37:38
offers very general information concerning real estate for investment purposes every investor situation is unique. Always seek the services of licensed third party appraisers inspectors to verify the value and condition of any property you intend to purchase. Use the services of professional title and escrow companies and licensed tax investment or legal advisor before relying on any information contained here in it. Information is not guaranteed as an every investment there is risk. The content found here is just my opinion and things change and I reserve the right to change my mind. Above all else, do your own analysis and think for yourself because in the end, you’re the only person who is going to look out for your best interests.

Communications expert and Someone Else’s Dad podcast host releases a must-read for 20-somethings new to the workplace.

Peter Yawitz founded Clear Communication in 1991. He specializes in communication and marketing strategy, training, and one-on-one coaching for global organizations in a variety of disciplines, including financial services, manufacturing, economics research, technology, consumer products, and marketing. He helps people understand different audiences, break down barriers, and communicate effectively and clearly. He conducts seminars on effective communication around the world. The questions he has received from global participants of all ages and levels became fodder for Advice From Someone Else’s Dad, this book, and all the information at his website www.peteryawitz.com. 

Born and raised in Manhattan, where he still lives, he received an undergraduate degree from Princeton University and an MBA from the Wharton School of the University of Pennsylvania.

-Millennials in the workplace

-Workplace dos and don’ts

-Resume and interviewing tips

-Workplace culture

-Multi-generational communication in the workplace

-And of course, …hilarious dad jokes

Upcoming book Flip-Flops and Microwaved Fish available everywhere on now.

Transcription:

0:01
This is a story about a dude named Lane he moved to the mainland and bought one place to stay. And then one day he went try to rent them out. And then he became one real investor May.

0:16
Hello simple passive cash flow listeners today we have Peter yachts who is the writer of flip flops and microwaved fish available on amazon.com It’s, um, it’s, I think it’s on like the top shelf, right? The virtual shelf. Almost

0:33
one of the things on your top shelf, it’s on my top shelf. Actually.

0:38
I don’t I try not to get crazy. I have a lot of friends who are authors and when their books come out, they start to check the ranking daily and I that would only make me crazy. So I really don’t look at it too much. It’s like googling yourself. I don’t want to do that.

0:52
So I’m not. So Peter is also a podcaster. He has his podcast is called somewhere His dad. And we, we kind of started this we’re talking off air and Peter’s like, what the heck do you want to talk about on your investing show? And here’s where I’m coming from. For the folks who are listening. We’re not gonna talk too much about real estate investing, per se, but

1:19
stay tuned anyway,

1:20
right. So if you only want to hear about turnkey rentals, or how to analyze syndication deals, or something of that sort, you could probably skip this. But a lot of people that listen to simple passive cash flow or higher net worth, and we have a wide range of folks here, and you know, we have a lot of firstworldproblems and don’t want to sound too whiny. But things like whatever, what is our kids going to do, what kind of legacy we’re going to leave behind? So Peter is an expert in navigating the do’s and don’ts of workplace culture. And it gets Peter wants to kind of go over your your background, your formal background a little bit so people have some contexts and

1:59
you know, where we’re coming from.

2:00
Sure be happy to. I’m a native New Yorker. That’s I think that defines me in many ways. I don’t know what that means. But it just defines me that I’m a native New Yorker. Sometimes people say to me, wow, you’re one of the few who actually grew up in Manhattan. And I and I want to say, Well, I bet there were more people who grew up in my hometown in your hometown. It’s just that people come to New York, and they don’t meet a lot of natives. They meet people who come from different places. So that I don’t know that just informs me, that’s who I am. I spent I’ve spent most of my career working with financial services, people, helping people ident and groups identify their messages and who their audiences are and how to make that match. So that’s, that’s pretty much the background. And I wrote the book, which just came out in January, because I just find we’re in an interesting time. We’ve got four generations of workers in the workplace. And people my generation, I’m a baby boomer, we always had those millennials, those news kids all you know, they’re so entitled they want this they want that, and we were never like that. Of course we were like that at some point. So I in and then I work with the millennials, and they Yes, they they kind of know what they want. I mean, they want to have a good work life balance. But a lot of it, they don’t know how to communicate effectively. They don’t know the basics, because they spent a lot of time texting, let’s say, and they don’t know how to approach people. I mean, one of the things that scares them to death is small talk. Oh my gosh, have you ever? You know, I go into an office building. And if you sit in an elevator, everybody is there looking at their phones, not that you have to have a big conversation on the elevator, but no one wants to talk. No one wants to make eye contact. You just want to check your own thing. Leave me alone. So I’d have some fun exercises that I do in these seminars with these kids to keep them engaged and give them tips on on small talk, among other things.

3:44
Yes, that’s what I call like a binary skill set. Right? Like I think that’s what’s kind of helped is Are

3:49
you insulting me Lane?

3:51
I call it a

3:54
like so engineers are usually horrible with people, right but a lot of my investor base that are in engineers that make over 100 200 grand a year. You know, you call salaries, your high performers. They are analytical people, yet they are good shooting people. And they’re more on the sales side as opposed to the technical side. So if you can be good at things that people aren’t such as a seven foot basketball player that can drain threes, you know, you are going to rise above your competition, as you kind of mentioned.

4:28
Well, I, you know, I guess that’s why I’ve developed a niche for myself that’s been successful is that I recognize that there. There is that need. And you know, I work with anybody who’s technical. It could be engineers, it could be economists. It could be financial people. There are even people in technology. They are technical experts. And it’s interesting when they have to talk outside of their comfort zone or not, not technology people, not economists. And what I say to a lot of people when they’re on working with them on making a big presentation is remember This audience is not studying for the test. They don’t have to know all the nitty gritty. That’s when, even when they’re writing, I joke around they say that’s why God invented attachments, you know, save all the nitty gritty for attachments and make sure that when you’re writing something in an email to me, it just just the fact just the basic stuff, what do I need to do? Well, I hadn’t Why is this going to benefit me? So I really tried to inform people and, and challenge people to think about what their real messages are and who their real audiences are, and how to match that appropriately.

5:31
Yeah, one of the last couple of years when I was working in corporate America, we did this colors training, and it sounds Oh, yeah. But I realized that my green person which like I’m like, Don’t give me any fluff, just tell me what it what needs to be done or whatever. But you know, the takeaway is you you learn that other people are different colors, and you may need to talk about what you that’s all there is to

5:54
it. Yeah,

5:55
right. Yeah, exactly. Well, there are a lot of those those tests and I think they’re interesting, but it’s really, to me, that’s the moral of the story. For those tests, there is your green or your blue or red, it doesn’t really mean anything. It just means how you prefer to work with people and recognize that people are different and people have different styles. I do a take off on that in my book. I call it the sea creature assessment test, or scat. And I don’t really have a test but I but I bring them down. Are you a minnow? Are you a shark? Are you a bloated whale? And just the point is, you can label your stuff, whatever, but the dangers of those tests are one that you label yourself and you say I’m sorry, I can’t do that. I’m not that type of person because I’m a green I’m not a red and greens don’t do that. And that’s just not right. And the other thing is, if you just label four types of colors, you know green, yellow, red, blue, let’s say there are gray areas to use in a color. There are some people are greenish blue, and also then in different different tasks or different environments at home. You might you might be a green at work, but you might be Be a total red at home. And I’m not even talking about what those things mean. I’m just, you know, pretending I know what those colors mean. So and the other thing that I found is that, you know, I did an MBTI, the Myers Briggs a long, long time ago, and I defined myself I Mo, whatever. And then I did a little short test. And I came out completely different. And I was I so something’s wrong with the test, something’s wrong with the test. I don’t either. They changed it. And the

7:22
point is that I’ve changed,

7:24
I’ve changed, I might approach things differently. Or maybe the examples I was thinking about when I was answering the questions are different in terms of how I respond or how I deal with people today. So I, you know, I think those tests are valid, but I think you are absolutely right, that the moral of the story is that we’re all different. And to be an effective communicator, you have to recognize that there are differences and flex your style a little bit to deal with those people who are different.

7:49
And so we got quite a range of investors listening and you know, some are older with kids. What are some of those? What are some of the takeaways that you can Kind of impart on you know, parents who the other million few million dollar net worth get their dang kid is just screwing around in high school and college what what is some things that they can do to make sure their kid just doesn’t become another Trust Fund kid and squander all their money and?

8:19
Well, as a parent of older kids than than teenagers, and I’ve gone through that, but believe me when I my kids were not trust fund kids, I think, you know, parents have a responsibility to instill basic values. And I think that that’s the important thing when I you know, I’m just a data point here, but when I hear how my kids reacted to different people, or how they responded in a very tough situation, and I hear that that makes me proud more than anything else. So I think that you can nag your kid to do whatever you feel you want them to do, but you know what, the kids are going to make their own decisions, and don’t hold the money. say if you do this, then you’ll get To get your trust when they’re going to the kids are going to come out. Okay, I just think it’s important for you to instill decent values in the children. The other thing that I see when I talk to companies and certainly I see this in more in colleges where I did not exist when I was in college is that parents are more involved. And at school, they make allowances for that for in colleges for them to be able to find out what’s going on or talk to a counselor. But in the real world, I’ve heard stories where parents want to come to their their children’s performance reviews, or they want to be their advocate for raises and I think you got to step away, back off. That’s a term that my wife has used probably more than any other term to me. And I know what she means by that. Yeah,

9:45
that’s a helicopter

9:46
pilot, right that once you can go look at their car. Yeah. When

9:49
I we were not we were not helicopter parents at all. But I certainly if the back off is when you go a little bit too far and say things that that you shouldn’t say. So I think that let kids make that mistakes that i think that’s that’s another piece of advice. And you know what if they buy my book, if they buy my book or you buy my book for them, I think that they might get some tips on how to manage life at work, we’re all going to mess up at some point in your first job, but usually it’s not going to be a terrible mistake. It’s just a process of learning. You know, parenting styles are different, but but to me, I’m always impressed when I meet young folks who are polite, and I don’t have a sense of themselves and have a sense of what what good values are, means a lot to me. They don’t really listen to me, I’m just someone else’s dad.

10:35
I mean, I think the advice that I like to impart and when we talked about in the past investor accelerator a lot is like, Look, we don’t trust these kids are going to create the trust with different payment amounts, you get 25% at 25 50% at 65. With pending drug tests approval.

10:53
True Okay, so that’s the carrot is like

10:55
a drug free. That’s the carrot.

10:56
What’s the other care but what’s the other carrot? You know, if you’re a traitor One kid, maybe the carrot is not something just not being on drugs, maybe the carrot is well, what have you done for humanity at age 25? Or what steps have you put in place to do something good for other people? And then I’ll release the money if I see that you’re doing something? Well, right, right.

11:17
But the chocolate trouble is like, you know, once you’re gone away from the world, and you have this document, that archaic document, it’s, you know, it’s it’s hard, unless you have a trustee that’s still alive to administer the document for you, you have to go binary things. Is it a positive or negative drug tests? You know, have you have your child created X amount of net worth or X amount of cash flow, you know, created wealth the right way, you know, just building up assets with a lot more liability, just like how most people are, but I don’t I’m not an expert. I’m

11:51
just kind of just I’m not an I’m not an expert either. I’m not an expert either on how to manage your trust fund. And I have to say that I don’t have a large client, well maybe have client base, but I don’t talk to them about that about how they’re managing their kids. But I have heard many stories of, you know, friends of friends who have trust fund babies who did not do well, because they never really had responsibility. But I don’t want to I don’t want to pass judgment on that because, again, I’m just talking to a couple of data points.

12:18
A lot of my clientele are first generation wealth. So they’ve kind of built both the wealth up themselves, they don’t want to see it go away. And at the end of the day, their biggest goal is they just don’t want their kids to have to work for money like how they did have to go to interestingly $80,000 a year job because they had to had to go work for a big four accounting company and sell their soul and get coffee for everybody else for a couple of years. They want the they want the kid to struggle and to build skill sets. And maybe getting coffee is one of those skill sets amongst the other things that they make you do in the beginning as the new guy at work, but they They want the individual to kind of not really have to work for money and to do something that they’re passionate about, like you said that benefits humanity. But it’s it’s hard, right? I mean, there’s a fine line between working for the benefit of, of the world not having to work for money and not doing anything.

13:19
One thing to work for anything. So I’ll say another thing. And let me say another thing here about that. And again, I’m just throwing data points out as part of my podcast, which is you can find it my website, someone else’s dad calm, and webchat is someone else’s dead calm slash podcast is that I answer questions along with a co host about workplace issues. And we have a lot of fun doing that we talk about some issues in the workplace. And then I also interview what I call an exciting young CEO, someone who’s maybe under 35, who has started a business or starting a business from scratch and has developed his or her his or her own culture, because they wanted to find a good workplace. For people that want to want to be part of it and be part of this excitement, and I’ve had the experience of talking to a couple of young people who have started nonprofits or NGOs, and I think they’re, you know, there are a lot of young people that I know who of course have to pay the bills, and they, they want to get jobs to, let’s say, repay their loans. But at some point, they do want to work for a nonprofit or feel they’re doing something good with their life, you know, the old existential crisis, and one guy particular set. And so they said, Oh, but I’m wasting my time working at this consulting firm or working at this bank or working even as you said, in one of the big four accounting firms. And this guy said, all those skills that you develop in the early parts of your career, you think, okay, it’s a two year investment banking program, whatever, you will develop skills that are absolutely valuable to people later on in your career. If you want to go into nonprofits, because people who go directly into nonprofits just don’t don’t necessarily have that training. They go in and the first thing they have to do is try to raise funds and then they try to if you know follow what everyone is doing and, and without a lot of training. I know that again, I’m not contradicting anybody here but I think in my experience the people who want to do something good for the world certainly need some basis basic skills to and they get through university or you can get it through an internship but it’s really helpful to get some kind of management training verse or deep technical skills training before you go out to try to save the world.

15:24
I totally agree. I mean, my my first five, six years working was for a heartless company that had the acronym better not start a family and I learned a whole bunch of stuff like managing crews are twice, triple times my age and right how to compose emails where I’m trying to cover my butt. For our last discussion, Peter, you said this valuable things that have helped me out today, and luckily, I got out of that stuff as quickly as possible, but this

15:53
Yeah, Case in point too, right? Yeah, exactly. I have that same type of history and Now I get to be an outsider. And I certainly don’t go back and say, Well, when I had this job back in 1987, because that dates me, but also it doesn’t really help anybody because things have changed so much. But I’m embedded in many companies and I see how people work. And I see what’s effective and what’s not effective. And, you know, one of the things I really have to do as a consultant in any consultant really hit you have to listen well, and understand what a client’s issues are before you can go in and say, Well, this is what you have to do because every situation is a little bit different.

16:28
So the someone else’s dad podcast is some of that come about because you know, he never really listened to your own parents and it’s got to come from somebody else or is that just by coincidence?

16:39
Are you talking about my parents? Are you talking about anymore? My kids not listening to their dad? Listen, I think I just thought it was a funny title. And, and it really came about because I do so many young people, trainings, scanning sessions. I’ve I’ve been very lucky with with very big global clients and drink In the summertime or in the fall, when they have their big new hire orientation, I am asked to come in to talk about communicating at work or Welcome to the world of work, even if it’s just sold as something like, how to Peter’s gonna talk about good email etiquette in business, it could be anything. But during the seminar, I try to give them a lot of information. But I also have a little couple of side talks about what does this really mean? You know, when I see somebody coming in late, what might I think about that person? And a lot of people will say, well, you might think that you Hello, well, you might think that they’re not they don’t take you seriously or they’d have bad time management skills. And I could say that’s absolutely right. That’s my first impression and I don’t even know you. So what are you going to do to combat that if you do show up late? So I just take a lot of questions and because I’m older than they are and I I take this persona of dad and that’s really came out with a title advice from someone else’s dad. So the the website came first and the dear dad column and then there are some fun videos on there which I have done several and I’m actually starting up again, because they were very popular, where I just come in to a situation where young people are trying to manage a situation. And dad comes in to give them advice. So I have that and then the podcast and then the book came next and then the podcasts came after that. So trying to do a whole multimedia multimedia dad project

18:24
switching over from the older crowd with the kids. I’ll have a lot of investors that are I call like the new Volvo rich. Amazon will pay these guys 200 grand a year out of college. A lot of these computer engineers are younger, younger dentists, younger doctors. What are some of the do’s and don’ts for those millennials entering the workplace since I’m technically not a millennial anymore?

18:49
Well, no, you were still a millennial. It’s the next generation which is Gen Z. So you’re not your you will always be a millennial generation, or I’m a year

18:57
older than I look.

18:59
Nobody used You said you were 34 right? Yeah, yeah. So 34 I mean, the millennial generation today is like age 27 is 26 or ish, to about 38. That’s the millennial generation. But that the new the people who are I’d say born after maybe 9897 98 and are into the workforce now they call them Gen Z’s which is a completely different generation because we those are the people who grew up with an eye you know, an iPad in their lap in the car so everything that you know they’re not they are total digital natives because they didn’t know anything before. They didn’t know Blockbuster Video that didn’t exist.

19:39
Are you a non accredited investor looking for opportunities to invest passively? How about a newer investor looking to get a bit of a track record and confidence from your spouse he’s a little bit skeptic of what you’ve been listening to the last few months and could use the reinforcement of double digit returns paid like clockwork in the form of monthly dividends. The American Home preservation fund or HP is currently open again and is looking to bring new investors with them. I have been investing with them since 2016. And originally I use it as a means to pay for my regular expenses. I started with $60,000 as my initial investment and that paid my car payment completely for me every single month, he collaborates with existing homeowners to keep them in their homes via restructuring or selling the depths. Unlike their competitors, it’s a way to make great returns while feeling good about making a social impact. After investing myself in the fun, it was awesome when owner George Newberry saw the impact simple passive cash flow was making and eventually approached me to become a spokesperson of the company, you can start investing with as little as 100 bucks. And if you want a free birdsong book, please send me an email at Lane at simple passive cash flow calm. For more information about investing with hp, go to HP servicing comm slash investors So how are the millennials Harlow, millennials and Gen Z’s as they enter the workforce? How are they viewed? And what are their tendencies?

21:09
Well, I think it’s unfair to characterize every every person in one generation as something. But I will see what the question you asked me, What should they prepare for as they enter the workforce, and I’m going to talk about skills that I think are really important that they’re not, they’re not taught. And number one is I what I mentioned before is because I’ve been consultant, the most important skill that they should think about when they enter workforce is how to listen better. And I bring that up for a couple of reasons. The first is it is you can never be a good employee unless you have demonstrated that you have heard what somebody else has said. And that doesn’t mean you can’t take notes when someone’s talking to you, but it’s really important for a manager to know that my message was heard. So if you just look your notes again, just to make sure it’s like if someone said okay, in other words, what What you want me to do is this and the deadline is this and let me ask you one more question. So I know exactly what’s going on. That’s very hard for young people to do, because no one’s no one’s really trained them to do that. And the second thing I just want to mention about that is that it’s very hard to listen. It’s hard to listen for my generation, because I’m just a human and we’re, I’m distracted by all sorts of things. But for the younger generation, let’s say Gen Z, for example. They’re distracted by their phones, and it’s new stuff popping up every day that is distracting them. It could be a YouTube video, it could be Tick tock, it could be their friends texting them. They are so used to having this in their hands, that it is the natural thing to go to. But there are other things that distract everybody there. There’s the environment, it could be too hot in here. It could be that you lane remind me of my you know, my hated uncle Max, you look just like him. And I just I think about that. Or it could be that I’m nervous or because somebody is I’ve had this question many times. What happens when the person I’m talking to is totally hot? How do I pay it? Well, alright, listen, we’re only human things, these things distract you. But you have to learn how to remove some of those distractions and pay attention. I think that entering the workforce, you should recognize that that is an important skill that does not come easily to people because there are ways that we have faked going about it. Like I’m looking at you right now lane and you are no you know what I said that, you know, you look up all of a sudden, you’ve got your computer screen in front of you. I don’t know what what’s going on in the other side of your of your life there. But we know socially when I’m when you’re talking to somebody you like, what do you do show me that you’re listening? Just show me do it? Yeah. Oh, yeah. Yeah, good eye contact, nodding your head. And now Have you ever faked that in your life? Oh, yeah. No, no, yeah, we all have I mean, it’s just natural. But then you do the bogus thing where you pretend you’re listening or you show you’re listening by saying, Oh my god, yeah, you’re right. Mm hmm. You fake that one? All the time, all the time, right. So but, so we can we can also ask bogus questions. Like the easiest Bonus questions like, wow, tell me more words like, Oh, that sounds tough. What happened next? Easy. I’m not listening to anything but I am. I know what to ask a question. But in business, you can’t get away with all the fakery you have to be able to say. So in other words, what you’re telling me is this. And I could ask you right now, I could do a test for you, as a leader, what did I just say? And I’m not going to do that, because I don’t want to put you on the spot. But that is something that honestly, every young person should be prepared for that. Not that anyone’s really going to be doing that but it’s a great skill to master.

24:34
Yeah, and I think a lot of like, the, the tendency for a lot of younger people is like, I don’t want you know, this is all Bs, right? Like all these like soft skills. It’s kind of like man, like really do I gotta do that. I would rather measure my level of success by something I do really well, such as coding, right or some technical skill. So maybe the trend these days is most people are kind of hitting up this You know, less less nonsense, or seemingly nonsense and just be really, really good at one thing, a single task or a technical person. And just like in an investing, you need a degree and everybody’s aching. if everybody’s trying to go down the technical route, you need to try and do the other side.

25:19
Mm hmm. Well, let me ask you if you know from a personal perspective, have you ever hired somebody to paint your house or to you know, paint your apartment or fix your plumbing or put on an extra bathroom, you know, just hire somebody to do something for you, you must have done something like that we bought even at age 34, you must have done or you know, picked a clothing store, there has to be something so if you’re dealing with someone who has, as you say, these binary binary skills, or someone who only knows how to fix plumbing or only knows how to paint houses are so close, if you believe Okay, I don’t care. If there is a customer service aspect of it. I just want to know they can do it. Okay, that’s fine, but I think most people would want to know There’s a human side of the story. Meaning if I am talking to an insurance agent that is going to insure my home or my car or my business, I want to know that the person has demonstrated to me that he or she understands what I’ve just said, and why the solution that he or she is going to provide really suits me. And so I think that if you just want to be a coder, and that’s all you want to do, you don’t have to talk to anybody, I’m not you. If you think that’s all you need, you just get business coming in the door, or you’re coding for somebody, fine. But if you’re hired as a coder, or you’re putting yourself out to be hired as an independent coder, and there are other people who are doing the same thing, how are you going to distinguish yourself and I think part of it is just, again, the ability to listen, and the ability to demonstrate great customer service, and that doesn’t come naturally to people. So these soft skills that people might poopoo, as you say, I think are absolutely relevant if you just want to have any human interaction in the world.

26:55
And I think like maybe it’s just an age thing, but when I kind of got out of college, I had the same thing, right? Like, oh, engineers were kind of the most important people because without us, nothing gets created, right? We solve problems. The salesman on the marketing side, they just sell the stuff, the hard work that we do. Right? It’s not like one is more important than the other is what I’m saying. And without that guy selling it, nothing happens. No, no money,

27:21
you know, what I’ve dealt with? I’ve dealt with people and for instance, in the financial world, but it could be the same thing. I mean, let’s say, you know, I’ve worked for years with research analysts and institutional salespeople. And it’s the same thing with a with an engineer and a salesperson. There’s, you know, let’s put a Venn diagram here, right. So on one side of Venn diagram, just like this circle is going to be the engineer. And if you just want to be an engineer or coder and don’t want to talk anybody you’re on this side of that circle, and same thing if you’re a salesperson and let’s say the quintessential bad salesperson, I know how to smile and dial and say Hey Lane, how you doing? You know all that with a good deal out there personality, but I can I don’t know Anything that I’m talking about, I’m just gonna just smile and be Mr. personality. So the best engineers are the ones who understand the product, but also understand how it suits a specific client and could potentially sell it. And the best engineers, the best salespeople are the ones who are very good with a personality side, but also have demonstrated they understand the product. And so it depends what your goals are. But I think it’s a great these are good skills to be able to think about. And master if you want to move any place in the world. I mean, look at and there’s nothing wrong with nothing wrong with I mean, I have to say, just like my son, for instance, is, is moving up in a company and they said, All right, you’re at a place now where do you want to be on the technical track or the managerial track? And you know, for my generation, it was always you just move to the managerial track because that’s what lockstep is. And unfortunately, in some organizations, that means that you end up with a lot of technical people in management, who have not been trained to be very good managers. So So, but I think in this case, they’re saying, okay, you’re right here, which trajectory do you want? And they’re both good trajectories. And he said to me, I would rather do the technical stuff because I like doing the work. And that’s fine, that’s fine. But I just hope that they trained with some management skills because even as a technical person, you’re still gonna have to lead projects rather than just run the company you’re going to have to lead you’re gonna have to build business that way too. So I no matter I so I can I hear anyone who just wants to be as you said, a technical person or a coder but I still think no matter which track you are taking, it’s important to end up I don’t you like how I play with my fingers. I just do it all the time. Play my head here, this or this? No, we’ll do this. Okay.

29:42
Yeah, I think like, I laugh whatever, whatever, like a managerial side, you know, whatever. Sometimes it switches to an error, right? But I think the person needs to realize what is it in their, in their in their sphere? What is the need? What is it has more competition. Just like you know you don’t you don’t go build like office space when there’s a lot of office. Not not much demand for office you do residential. It should all like some market as we call. Call him.

30:14
Yeah and no, absolutely, absolutely right. And going back, and I say the

30:18
Yep, go ahead, going back to your whole arm. I got another analogy like in the NBA. Who are the gunslingers? It’s the it’s the swing men. It’s not the guys who are seven feet in the block, or not the shooters it’s the guys who can do both. Right? It’s the lebrons it’s like the Jonas’s those are the guys who transcend the game. Not saying that everybody can do that. But the market rewards those type of people.

30:44
Yes, absolutely. So yeah, here’s another thing that goes along with the listening is with Gen Z. And we’re talking about the digital natives how they just sit there and doing this. It’s so much easier for those for a young person to text or to use. Lack or even email. But with other managers, they really do like face to face interaction, especially if something has is very detailed. And I want the the facial expression to match the message. This is critical. Now, this is critical, you know, I hear this is critical. I want to have see face to face because we have to make a decision right away. And rather than going back and forth on email, it’s just hard to do it that way. And I sometimes have hard time getting young people off their asses to go and talk to somebody.

31:26
Well, I mean, I’m, I’m kind of in the middle writing in your chair. Yeah,

31:30
I’m kind of in the middle. Sometimes for younger people, the reason why they just want to text is because the older person who might have a higher position, they don’t listen. And in a lot of times in business these days, it’s more of a collaboration than top down approach. And, you know, older people can’t Texas faster and you got to read everything. So even you know, all the voices get heard in that format. So I think it works both ways. And I don’t know I mean, I I left one of the big reasons why I left corporate America is because I just didn’t like the whole hierarchy of, you know, seniority based.

32:07
Alright, you know,

32:08
let’s just remember to that it remember there are gray areas, there are companies like that’s what I’m finding with some of these young people that are starting their own companies. Yes, there is a hierarchy, I founded the company. So I am the president, and you are director of sales. But I what I found in some of these and against a small sample size is that everybody is respected. Everybody knows that he or she has a specific role in the business that’s going to affect its success. And I think one of the frustrations for younger people and younger generations that could be the gen Z’s or the millennials is that people are turned off as you were when they feel I’m just a cog. And there’s I’m have no there’s no what’s the incentive for me to work hard. Aside from a paycheck, or aside for then I’ve got to play all the political game and what’s what’s really in it for me, and I think the best companies are ones that I’m going to motivate you, I think Better by telling you that what you’re doing is critical to the assignment that I’m working on. And so it’s like I’m including you on the team rather than just saying, Hey Lane, would you just do this for tomorrow morning? Or c ob or it’s what’s in the first first thing on my desk in the morning? Well, that doesn’t make you feel very good does it? And I just like you’re just giving me an assignment and say, I’ll say Yes, sure. I’m going to give up my life just for you. Or Peter. I’m going to be here please can you change this color

33:27
button? Can you change this color this button this next week? I’m gonna do that.

33:33
Yeah, I can see I can see the anger just rising up from your face when you people ask you to do that looks like below your skill set. Yeah, this is a shade of orange that I really don’t like I think you’re the right person to play with the shade until until you get it right and I approve. Right? It’s not the kind of that you had to deal with.

33:51
No, I was I was more in the in the field and doing real construction projects. But at the end of the day, you know whether you’re coding or building buildings, are in Wall Street. I think it’s the same problems, right?

34:03
Yeah. Well, you know, go back to real estate, I have a couple of real estate clients and I actually, I’m when I enjoy all my clients, I really don’t have any that I don’t enjoy. I love the projects that I get to work on the people that I get to work on really all over the country, and all over the world. So when I get to a real estate company, it brings back, you know, brings back the bad memories that when I was an associate doing all the grunt work, but I certainly still speak that language pretty well. And, again, I don’t want to over generalize, but so the frustrations are some of the real estate firms that I’ve worked for our other skills like writing, you know, there’s a lot of writing that that people in real estate investment have to do for their investors and it’s it can be very dry every time. I used to joke around. It’s like a drinking game. Anytime someone talks about a property and they said, This property is extremely well located. You take a sip of something because like every property in real estate parlez is extremely well located. I just watch out for that, but I find that it’s hard to make things interesting. I mean, I help people write them to make it less dry to be able to hit the main points clearer to be able to speak in conclusive statements rather than nitty gritty stuff. And if a table can suit my understanding, instead of a paragraph of data, and even in terms of market rents and historical rents and trends, I’d much rather look under the table and then have you give me a conclusion at the top of that table, so I know what I’m looking at. So I don’t just look at the numbers raw, it’s much easier for me to look at things that way. So I have a lot of fun with it brings back memories and I’m still looking for that extremely well located property for myself. So a lot of us are, you know, on the way to financial freedom picking up a rental property every year. We’re so great.

35:45
What I would, what I will probably tell a lot of people is it takes a lot longer than you think. I mean, I bought my first rental in 2009. And this stuff is important. I got kind of in a bad state in five years working in because I realized that I wasn’t good. Gonna be working in corporate America much longer, but it takes a lot longer than you think Peter book will hopefully make it a little bit less, a little bit more workable, because it’s always going to take longer you do the math, you say you’re going to be financially free in 10 years, it might take you 12 or 13. Or you might change the job here there.

36:18
Sure. And, you know, I’ve got to tell you also, you know, I go back to you know, my first job working in corporate real estate there they were investing I think when I joined maybe four, four or five pension funds and I was assigned I don’t know why a lot of the dog properties some of the some of them were all in one proper one one funds, some of them were scattered around but I guess they saw something in me I don’t know what I’m not sure that was right anyway, to go and fix the bad properties. And and I have to say that that was a great learning experience for me. You really learned, okay, what not to do in the future and things eventually turned around. I only stayed at that one job for two years. But it was it was Very frustrating because you think you buy things that are at the right price, you know, the market is going to be strong, you see what the, the catalysts are going to be like there’s going to be an off ramp off of a freeway that’s scheduled to be in construction in two years. And that gets delayed because you know, that’s going to be a huge boon to the property in terms of location. But these things take time. And, you know, I was there to fix things fast, because we had to present to our, to our investors. But you just have to, I think, also for this is my advice to people who are reporting is to be honest with honest with things like, you know, it happens, it happens that there’s going to be a delay, which is going to play our lease up, or there’s going to be a delay that one of our blue chip tenants was acquired, and there’s going to be a consolidation. So not everything is rosy, not everything is beautifully well located. Things just do happen. And it’s nice if you put contingencies into your models, but I think all the investors are going to know Okay, that’s interesting. So that happens. So what is our backup plan now and what is the new pro forma based on that and you know, from my perspective, Investing for other on behalf of other people the first pet you panic that they’re going to pull their money and it happens if you have several years of bad performance but who is going to expect things to be rosy all the time? You know there has to be a balance of there’s a there’s good there’s cycles that we deal with and if something happens okay it’s not anybody’s fault it’s just things that people would didn’t anticipate what are we going to do to fix the problem for our for the asset for the portfolio, etc and it’s important to be able to articulate that very clearly. Well, so I’m Peter again your book is flip flops and microwave fish available on Amazon and anything if you else for the book and Barnes and Noble Barnes and bn it said Barnes and Nobles also if anyone still goes there, but bn calm which is still vibrant, actually listen to this is one of its top four independent books and independent meaning that it’s in this website offers

38:53
very general information, spending a

38:54
lot of time traveling around every investor

38:57
situation

38:59
services Like third party

39:00
appraiser inspectors, I want you to learn a lot of properties you attend title and later attack.

39:12
Any tips

39:13
on how to get information is not guaranteed changed investment

39:16
there is based on the content found

39:18
here is just my opinion, really fun change. And I reserve the right

39:21
to change my mind. And I

39:23
think you’re on analysis a younger soul because in the end a lot of the person who’s going to look out for

39:28
your best one about things and needed some clarification. And my questions are really all across the board. Alright

39:34
guys, we’ll make sure you check out the website at the events page. And hopefully I can meet up with you guys on my next travel out there. And we’ll see you guys next time. All right. Thanks, Lane. It’s been an absolute pleasure.