In this episode of The Mailbox Money Show, host Bronson Hill and co-host Nate Hambrick sit down with Ben Kahle to discuss raising capital, building a successful real estate private equity business, and navigating today’s market.
Ben shares how he scaled to over $230 million in equity raised, the power of integrity and long-term thinking, key lessons from challenging deals, and why the people behind the deal matter more than the asset itself.
Ben Kahle is a partner at Wellings Capital, where he focuses on structured equity investments in self-storage, mobile home parks, and multifamily. With a background mentored by Paul Moore, Ben brings practical insights from years of capital raising and deal structuring.
Tune in for valuable lessons on syndication, risk management, and building sustainable wealth through real estate.
Get my new book: https://bronsonequity.com/fireyourself
Full Transcript:
Bronson Hill: All right, welcome to the Mailbox Money Show. I’m your host, Bronson Hill, and we’ve got a treat today. We’ve got my amazing friend Ben Khale, I think I’m saying that right, and he is with Wellings Capital.
He works with my friend Paul Moore over there, and so I’m looking forward to having this call with Ben. They do a lot of investing. They’ve raised over a couple hundred million dollars for different assets, including mobile home parks, self-storage.
They’re also doing some multifamily the last couple of years. And so we’re going to talk a lot about the market in this show. We’re going to talk about what investors are doing, what we should be considering.
And with me today, I have our Mailbox Money co-host. I’ve got the amazing Nate Hambrick in the house, the author of the 18 Laws of Leverage. Nate, good to have you with us.
Have you invested in self-storage or mobile home parks?
Nate Hambrick: I have, yeah. One of the books that changed my life was by A.J. Osborne, The Investor’s Guide to Growing Wealth and Self-Storage. I’ve read that book many times.
I owned it in three different versions, and that book was actually one of the reasons I got into commercial real estate, so out of single-family into commercial real estate. And so I do own some, and they’ve paid quite nicely over the years.
Bronson Hill: That’s awesome. I thought you were going to say you own it in three languages. I feel like Nate’s like the renaissance man of some new hobbyers, like I’m a state weightlifting champion or some new thing that I learned that I knew I should have known about you.
So it’s great to see you, brother. Awesome. Ben, we’ve got you in the house here.
Excited to have you, man. And welcome. Welcome.
Welcome to the Mailbox Money show. How’s your how’s your Monday going as we’re recording this?
Ben Kahle: Thanks for having me, guys. Yeah, it’s honestly a typical Monday. Been in meetings the last five hours.
So we’re just rolling.
Bronson Hill: Yeah, I feel like Mondays are like that. There’s this old show called or old movie called Office Space. Some of us have seen this movie where it’s like, you know, the person that’s typical being in the office and looks like someone has a case of the Mondays thing.
And it can feel that way sometimes. Back to back to back to back to back calls. Did I get that?
Well, that’s what a lot of operators do. So talk to us a little bit about your background. I know Paul has been doing this for many years and you guys have been working together for a number of years.
But tell tell us about how you got started in this and have you always wanted to be an operator of real estate, commercial real estate assets?
Ben Kahle: Sure. So I kind of grew up around my grandfather who was a mom and pop real estate guy in Maryland. He owns some townhomes and some small single story office buildings.
And he was the property manager landlord. And so I kind of always had this idea that I would like to do something like that one day. So when I was in college, I ended up getting my residential real estate license.
I was like a junior and I actually did a deal where I represented the buyer and the seller like a dual representation thing, which is not recommended really ever, especially for a 21 year old kid doing their first ever transaction. And it was with it was a buyer’s cell that I didn’t know before. The seller found me in a new agent’s advertisement.
And anyways, I did that and I was like, wow, this is pretty cool. And through that, I met Paul because I randomly met him, bumped into him in town and he was in real estate and has been since like 1999. It became my mentor.
I had no idea what real estate private equity was, no idea what syndication was at that time. So Paul really opened that world up to me. And then when I was finishing my senior year in college, which was 11 and a half years ago, Paul asked me to do an internship and I worked part time for him.
He was starting this new thing doing multifamily syndication. And that was really how how it all started. So, yeah, I mean, it’s been a lot of unexpected twists and turns going from having no clue to what this space is.
Nate Hambrick: And some of the skill sets that you developed along the way, because my understanding is your group has raised over a hundred million dollars. Don’t get me wrong. I’ve raised some capital, but that’s that’s on a whole nother level.
So what are some of the skill sets or lessons you’ve been learning recently that you think would be helpful for our audience?
Ben Kahle: Sure. Yeah. So I mean, I’d say we really started the current iteration of wellings in 2019 and so since then we raised about 230 million of equity.
So we have about 1100 unique investors across our funds and investment vehicles and gosh, so many lessons. I’d say the, I think raising capital in this might be an answer you might not expect. I think it starts with being a and doing in raising capital consistently over years, not just for a short period of time.
I think it starts with being a good person, and, and having integrity and being trustworthy. And I think Paul has exemplified that really well. And I think that’s part of the reason that we’ve been able to raise the capital that we’ve raised.
You have to know what you’re doing. I think maybe you actually didn’t know, I have to know what you’re doing, like going back like six, seven, eight years ago when it was, it was so easy to raise money. I’m sure you guys have seen a lot of these kind of stores unfold where, you know, people use social media or other mediums and connected with all these investors and they really didn’t have much of a track record.
And, and it didn’t end well and it’s, and it still is unfolding and it’s still not ending well. So I think, I think being a good person, I think knowing what you’re doing and, and taking the time to just, to just get the reps before taking other people’s money.
Bronson Hill: Well, that’s a good, really good point. I think a couple of things you mentioned earlier, you’re talking about you kind of fell into real estate or you kind of connection. A lot of times that’s how people get introduced to private equity real estate or syndications to somebody listening’s like, Oh, I heard about your podcast or have a friend that does this and now I’m an investor and I’m getting passive income and this is great.
And then also, I think, you know, for us, we’ve had deals, we’ve had losses on, we’ve had deals that have been real challenged. Some of it was interest rate rising or we didn’t have the right type of debt and so there’s things that we try to be very open about that, Hey, here’s what we learned. Here’s what we’re doing now.
That’s different, right? We shifted to go into these types of assets. Have you guys had any bumps along the way or anything that you can share that’s like, Hey, this really didn’t go.
Like we planned it or was everything kind of always gone up on the right for you?
Ben Kahle: Yeah, no, it definitely has not been always up into the right. I think so, and just for context on what we do. So we’re not an operator.
We are a joint venture equity provider to operators. So we’ll bring preferred equity or some form of like hybrid structured equity to deals. We have control rights, we can force sales, remove the manager.
And we hold back cap X kind of like a traditional PE firm might buy a majority stake in a company and they have control.
Bronson Hill: That’s kind of similar to what we do, but just how often do you like step in? Has that happened before where you’ve had to step in and say like, we’re taking over or you’ve got to sell. Is that a common thing or…
Ben Kahle: We’ve never had to step in and take over, but we have, we are in the process with one deal, forcing a sale, but it’s not like this, the operator wants to keep it. It’s just a matter of maybe expediting the process a little bit more than what the operator would have, would have had. So that was a preferred equity situation.
And that, and talking about it, like a specific example, I think in our world, it all comes down to who the sponsor is or who the operator is. I’ll use those terms interchangeably. It’s like the people matter way more than the deal, the team running the property matters way more than the asset type, the location, the underwriting, et cetera, because those people are really going to drive the returns at the end of the day and not just the sponsor team, not just the asset manager responsible for that property.
But if we’re talking multifamily, I’m talking about like the onsite manager that is making all of these micro decisions day to day that can make or break that deal in the long run. And it’s pretty crazy just getting kind of getting into the weeds a little bit. So that person is typically making $60 to a hundred thousand dollars a year base salary.
And that property could be worth 15, 20, 30, 40 million or more dollars. And if that person is not incentivized properly, if they don’t have the right team around them, the right maintenance people, the right leasing agent, that one person could sink the deal or make sure it could literally be a difference between hitting your projections or not. So I think the mistake that I think we’ve made in this, in the deal where we’re forcing a sale was probably relying too much on our preferred equity structure and the protections that come with preferred equity, you know, a certain amount of common equity in that first loss position and not emphasizing the sponsor quality as much.
Bronson Hill: And that’s hard because you have multiple layers there. You could have a sponsor, an operator that is a good operator. But like you said, it comes down to like, you know, maybe there’s 20 assets in the portfolio or more.
And who is that person who’s actually on site, who’s the local property manager is actually running that thing, right? And it’s a hard position to fill. It’s hard to keep people there.
It’s hard to keep the lower level, even the leasing people and the maintenance people, because those don’t pay that well. And, you know, people don’t show up certain markets. It can just be very, very difficult.
What’s something that you think most investors should be paying attention to right now in the market when it comes to alternative assets?
Ben Kahle: In the market right now, I don’t know if it’s anything different than the market five years and 10 years ago and five years from now and 10 years from now. I think it’s always going to be about the basics in commercial real estate. It’s always going to be about the people writing the deal.
It’s always going to be about the leverage and the type of debt that you’re taking on, because I think number one and number two risks in past investing always, no matter what the market cycle is, one is fraud. And when I say fraud, I don’t mean like fraud that’s going to send someone to jail, I mean fraud in the sense that they’re playing with numbers in some way, shape or form, which is actually very easy to do in multifamily. And so fraud and then leverage risk, which is what has really hurt a lot of groups the last couple of years.
People bought at the top of the market in 2020 and 2021 when fed funds rate was 0% and they had floating rate debt and everyone assumed that the music wasn’t going to stop because it hadn’t stopped from 2011 to 2012 through 2022 and early 2023. The music didn’t stop. The music kind of played and it got louder.
People got addicted to that easy money and then everything kind of stopped.
Nate Hambrick: Well, I was going to ask you Benjamin, because one of the cool things about what you do is you’ve got an amazing vantage point on money, right? Having hundreds of millions of dollars go through, you know, the portfolios that you’re a part of is you’re kind of like a chess master where you’re able to move different pieces. You’re able to see the way that money flows in a way that most people don’t.
What are some beliefs about money that you had that other people don’t? I’ll give you an example, right? So if you meet like your average employee, their relationship with money is going to be very different from a business owner or from a real estate person, you’re in this amazing vantage point.
What are some of the beliefs that you’ve developed about money that are unique since you do have such an incredible position?
Ben Kahle: Gosh, I don’t know if I have anything so special, guys. I mean, I’m, I’m kind of like a boring guy. I mean, I think that the, maybe what I would say kind of what comes to mine first is a long-term perspective when it comes to money.
And I think the best way to think about investing is with like a 20, 30, 40 year time horizon. And I think when you think short-term with your money and you say, oh, you know, I’m going to try to maximize my returns, I think that can really hurt you because you make decisions differently and you take on more risk to try to get that higher return profile.
Bronson Hill: I want to say something about that real quick. Just kind of enter into the, so we look back. And so for some of these multifamily deals, it was like if the deal didn’t work with fixed debt, right, or for a longer term agency debt, that should be a sign right there, right?
It’s like, okay, if it doesn’t work with long-term debt or if people are doing crazy things, there’s 30 offers for one property or it’s a million dollars hard day one, like those are just signs, right? Okay. Something’s a little crazier and like, you know, the amount of risk people were taking, including us at the time, you know, maybe the projections were 17% annualized returns, but you know, you could get a safer, you know, something with a fixed rate, maybe 12% or 13, maybe it’d be a lower rate of return, but it’d be much safer.
So you look at actually that spread of like, you know, four or five percentage points of potential return. And of course, if people can say whatever their sponsors can say, whatever they want on their return sheets, but like it was way more risk. It wasn’t like you’re taking on just the minimum.
It was like you’re increasing. We didn’t realize it at the time. And of course, anything can happen that’s investing, but, why do you think, I guess, let’s ask, I want to ask you this question.
What do you think is the next thing? Cause for a while it was like the interest rates rose kind of a black spawn event rose faster than it had in over 40 years. Is there anything that you’re watching that’s like, here’s something that could potentially be something that’s on the horizon that all of a sudden happens, like it’s a loss of confidence in the dollar.
It’s a debt thing. It is some other asset thing. It’s an oil, like what are some things that you’re looking at?
Ben Kahle: Hmm. Yeah, it’s a good question, man. I wish I knew the right answer to what’s exactly going to happen or what I think is going to happen.
I think when I think about housing, multifamily mobile home parks, let’s just use those as an example, I think a big risk factor that maybe a lot of people are not thinking about is legislative or political risk and maybe, you know, a lot of people are thinking about that, but you see the impact of restrictive zoning and rent control or rent stabilization in a lot of areas. And you can’t fully underwrite for that depending on your business plan for the property. And, you know, we’ve seen it happen.
Like let’s use New York state for an, as an example, you know, there’s, there’s been some actors out there, some operators who have gone in and bought mobile home parks and raised the rents significantly, like $300 a month, day one without doing anything with the property, that sort of thing catches the attention of state politicians that want to stand up for the tenants, which is in theory, a good thing.
But the fix that they often have is, well, let’s just cap rents. Let’s just do rent control. And it actually ends up hurting the people that they’re trying to help in, in various ways.
So that’s another kind of discussion. So I mean, answer your question. I think political or legislative risk is always something that it’s kind of an uncontrollable risk in some ways.
Bronson Hill: Got that. Nate, when you look at risk in like, I guess, self storage or a real estate deal, what are some considerations you look at?
Nate Hambrick: Well, I will say over the last few years, the amount of debt that they’re taking on has become more of a deal in the last, let’s say three years than it has in the past. But I want to kind of dovetail on what Ben said earlier, that it really is about the people, right? And you see enough deals, you realize it’s not just about the deal on paper, it’s the operator.
Right? Because it’s just like people in general, like there are some people that will die on that hill to make sure that they stand their ground and there are people that’ll give up really, really quickly. And so I think it’s, yeah, I think it’s really important to invest with the right people.
But to kind of answer your question, Bronson, deals that are a little bit more conservative have been a lot more attractive, right? I think you would agree with that. They’ve been a lot more attractive because the reality is, is you can become wealthy with a 13% IRR, like it doesn’t have to be off of the charts.
Like you just, like Warren Buffett says, rule number one is don’t lose money, rule number two is don’t forget number one. So actually, I was going to ask you, Bronson, right? Because you’ve been on the other side of this so many times, what are some beliefs you have about money that you have because you have the vantage point of having raised $55 million worth of capital and you’ve seen a ton of these deals?
Bronson Hill: Well, I think, yeah, the more you’re involved with deals, like it helps. I think you learn, I’d like to say you learn only in the sunny times when things are great and you’re like, oh, amazing. But you really learn when the tide goes out.
You really learn when you have something you kicked in the teeth and that quote from Mike Tyson, everybody’s got a plan to get punched in the mouth, right? So what do you do? What do you do?
And it’s been interesting to watch, you know, let’s say we had a deal that goes not as well as we’d planned or it goes, or there’s a loss or some terrible thing. You know, how do we handle that? How do investors handle that?
Because I’ve seen both how we handle as we try to say, hey, we’re going to own up to our part of this. Yeah, we thought this and this was our assumption and we didn’t do right. We just really have those conversations and just be honest and open about it, return the phone calls, everything.
And then some investors that will be understanding and some will say, hey, well, I’m really just pointing here’s what I thought, whatever. And, but whose responsibility is it? Right?
If there’s a loss, and this is interesting for Ben too, it’s like, if you have an operator that has a loss, is it, you know, how do you handle it? You know, like for us, we do some similar stuff where we’re operators, there’s something we’re not operating. And where we just said, yeah, really sorry if we know we wouldn’t have done this.
We also have invested in our own time, our own efforts, our own capital along in this deal as well. And, but I think for investors, this for anybody listening, there’s also a learning moment there, there’s a learning opportunity. If we blame, we don’t get the lesson.
Because at the end of the day, if someone is an investor and they wired funds, they hit send on those funds, there’s got to be some responsibility for the investor. And as an investor, the more responsibility that I take for that decision, the more I’m going to learn from that, and the more it’s going to help me if it’s just a blame. I watch some investors get very angry and they blame, but they miss out on those those lessons, the learning.
So I’d love to actually hear from you, Ben, what kind of question, what else have you seen kind of not quite a few deals you’ve done, and maybe people’s responses from deals that didn’t go well, and just as an investor, how do you evaluate and handle that, you know?
Ben Kahle: Yeah, it’s so true. I think we’ve seen a lot of the blame shifting happen, just in the commercial real estate space in general, the last couple of years. And we hear from a lot of our investors who have invested in other deals with other syndicators and sponsors, and they forward us reports and things.
So we kind of have somewhat of a pulse on what’s going on. And yeah, I mean, like for me and the way I think about things, I think the way Paul thinks about things, like if a deal goes bad, doesn’t hit return projections, it’s 100% our fault. We’re not the operator, but we went through a diligence process on that operator and we made the decision to invest with them.
And we could we could blame shift all we want. But it’s it’s our fault. And no, I think investors will appreciate or have appreciated or do appreciate when someone just says the truth.
They’re like, yeah, this is on me. I messed up here. And I’m going to own that.
That’s a hard conversation or a hard thing to do. But I do think that if you’re trying to be around for the long term in commercial real estate, your investor relationships and the trust factor is everything. And I don’t think many investors are going to want to stick with someone who’s continually blame shifting.
That’s just my opinion. I don’t know what you guys think.
Bronson Hill: I think it’s a great I think there’s something really here to, you know, investing and whatever we do, there’s just lessons or life lessons there. And it’s like, I think it’s a great life lesson. Like, you know, I think, you know, do you have any kids, Ben?
So you probably kids as well.
Ben Kahle: Yeah, one, one kid, one on the way.
Bronson Hill: Another one. Awesome. Yeah, my daughter’s 13.
I know you got a couple of young kids. It’s just that we think about these as lessons for our kids to how would we teach our kid if they went through something difficult. And it didn’t go as planned because that’s, you know, we know, that’s life that’s going to happen. So being able to take those lessons and learn it is really good.
And obviously, with investing, there’s more at stake. And this really, you know, notes years of people’s lives that they labor and they give, you know, it’s an inheritance or things like that. So there’s a lot at stake there.
But yeah, I was just going to ask and see for you, what would you say if someone’s brand new to this, and they’re getting started and they’re, hey, I think I heard about, you know, you guys, I heard about real estate, I should do passive investing. What are some things that you would advise people do before they send those funds? Like, what are some kind of steps that people should walk through with sponsors?
Ben Kahle: Yeah, that’s a great question. So we get a lot of folks coming to us that have not invested in commercial real estate before. And I have this mantra that I didn’t come up with, but it’s invest in what you know the best.
And like, that’s the way to, that’s really the only way to reduce risk, I think, in investing. The one caveat to that is index fund investing. I don’t think you have to really know what you’re doing.
You just just kind of do it. And there’s certainly an argument to be made that that’s, that’s a fine way to invest. You know, just putting everything in a vanguard total US stock market index fund.
But when it comes to anything outside of that, real estate, art, private equity, hedge funds, stocks, all these different asset types, oil and gas, like it’s what you don’t know that kills you. And I think if you’re going to go down the road of investing in a non-liquid asset type like commercial real estate, it’s worth knowing what you’re getting into and taking time to educate yourself. Like do the basics of, you know, reading some books, listening to podcasts, talk to a number of different operators, read through the PPMs and operating agreements.
And that’s probably not what a lot of people want to hear. Like, everyone’s looking for an easy button. But I think a lot of the investors that have gotten burned the last couple of years probably wish they spent that time on the front end to educate themselves, get exposure therapy and just, you know, see what’s normal and what sticks out.
Because it’s not easy to get a mid double digit return consistently. It’s possible.
Bronson Hill: It’s easy on paper, right? It’s easy on paper to do it, but it takes more time. Nate, I want you to touch base on this too.
So obviously, when you leverage your, you know, you’re the leverage expert, right? And your book talks about leverage. So how do you leverage?
Like, I don’t know how to do this. But I know I can learn, I can leverage someone else’s time and effort to do this. What are some things that you encounter when it comes to especially when it comes to wealth?
Like, how are you helping people to leverage? Or like, what do you tell people when it comes like, hey, I don’t want to operate this myself, but I want to make sure that I’m doing it the right way.
Nate Hambrick: Yep. Well, there’s a reason it’s the first law of leverage, which is stand on the shoulders of giants. And there’s two main ways that I do that, right?
The obvious way is to read books and watch podcasts and educate yourself that that way. One of the biggest hacks that I have for that is quit books early, quit podcasts early people fall into the trap of they have that listen to the whole hour with Alex Hermosio, they have to read an entire 11 hour book with somebody. My biggest hack for learning these kinds of things is to learn for for specific reason and quit early and often you’ll learn so much quicker that way.
And you’ll get the stuff that you actually are going to use. And then the second piece to that is the who not how there are so many different skill sets in my life. I don’t know how to do I still can’t build a funnel.
Can’t do it, I have lots of funnels. I have lots of them built for me.
I’m never going to learn how to do that probably right. I may never learn how to code, especially now that Claude exists, right? I’m going to have Claude code.
So I’m outsourcing it to Claude a robot, or I’m outsourcing it to somebody else. I’ve gotten really, really, really good at learning just enough to be able to either action it or hire the person that I need to do it. I feel like Bronson, you’re pretty good at that as well, because you’ve got lots of VAs and that kind of stuff.
What are some of the ways that you’ve been able to leverage other people to scale faster?
Bronson Hill: Well, it’s kind of, you know, what Ben’s talking about. It’s all about team. It’s all about getting the right person on the team.
And we just had an issue come up lately where we have a website issue thing where there’s some something we haven’t figured out how to do, right. And so I just went to my team and we’ve got an event coming up next week as well. So we’ve got a lot of things going on right now.
And I just told my team, hey, we’ve got this issue. I’ve got Catherine, who’s part of our team. She’s amazing.
And, you know, I just you could say you guys are all A-players here. You guys can handle this, right? I’m here to support you, but you can do it.
Right. So it’s kind of that like, there’s this idea that education, there’s a study they did, I’ll be brief on this, but they found these kids that were underperforming and they basically told their teachers, they put them in a class and they said, oh, these are these, these specific students, these five students, whatever, these are the high, these are these are genius level students in your class. And so what happened is throughout that year, the teacher had the expectation that they were really great students.
Right. And so what happened is they, they wrote those, those kids like actually rose to be much higher than average students. So it’s like we rise to the level of the expectations of those around, especially our leaders.
And so if we can have that level of expectation on team members and also the level of excellence, like when something is not excellent, if we have a breakdown in that, we’ve got to talk about it. And we’ve got to be like, hey, was this really our best? We’re not trying to blame, but we’re trying to say, hey, if we’re trying to come back to our values, if we’re, if we want to be excellent here and we’re not being excellent, we’ve got to own it.
I’m not to blame. It’s just like, hey, you know, if you need help, I need help. I have a breakdown.
I’m going to own it. You own it and increase this culture of like, we can actually talk with each other and call, like, encourage each other or say, hey, this wasn’t where we needed to be or we didn’t get this in time or hey, what’s going on here? And it’s not a blame.
It’s just, hey, if the goal is excellence, let’s get there. And so I think with Ben, I guess it’s a good kind of closing question here. How do you, is there any way that you can motivate an operator once you’ve already sent funds?
Is there any way that you can kind of use that same principle of kind of those expectations and that desire? And do you feel like that is even at all possible or just something that once you hit send, you’re kind of, hey, I’m just fully passive and there’s not much we can do.
Ben Kahle: Yeah. So when we first started off, we were investing primarily just as LPs and other people’s deals that were already kind of set up and we’d get some terms that were special and some, maybe some voting rights and some light ways. About three years ago, we really stopped doing that style of investing.
So now for every deal, we are crafting our attorneys and the sponsors attorneys are doing a custom joint venture agreement for every deal. It’s completely separate from any other investors in the deal. Like I mentioned, we have like forced sale rights, we can remove the manager in a lot of cases, we control the budget if they want to refinance and we don’t, we, you know, we have control over that.
So we have a lot more sticks, so to speak. We don’t want to use them. Like we’re going in trusting the sponsor, but if things aren’t going well, then we can step in and force a change in some way.
And so we really have a ton more leverage than, than ever. So you got more there.
Bronson Hill: Awesome. I thought it’s been a great interview, Ben, really appreciate you. If people want to connect with you and follow you and hear about what you’re working on, how can they connect with you?
Ben Kahle: Yeah, I’m fairly active on LinkedIn, trying to be more active. I think it’s an underrated platform. So if you just search my name, Benjamin, B-E-N-J-A-M-I-N-K-A-H-L-E, I’ll be on there.
And then if you want some just three eBooks that Paul put together, my partner, on self storage and mobile home parks, you can just go to wellingscapital.com slash resources. Wellingscapital.com slash resources.
Bronson Hill: Awesome. Well, thanks. I appreciate it.
Sit tight for just a minute and then we got to upload your episode here. Nate, let’s just kind of break down this episode. Tell me what was one of your takeaways from this show.
Nate Hambrick: Well, the last thing Benjamin said reminded me a lot of Justin Donald, that when you put a lot of capital in these deals, you want to make sure in the words of Benjamin, you have more sticks, right? In the words of Justin Donald, more exit plans because things will go wrong eventually. You need to be prepared for that.
And if you are putting enough capital in a deal, you’re positioned in a way that you can add those ahead of time. I found that really helpful. How about you?
Bronson Hill: Yeah, that’s great. And I think, really talking through, I like the structure. I think that was really good as well.
Just what’s the structure of a deal. If you can, obviously, you can always negotiate better terms. We’ve done that in a lot of our deals.
I want to negotiate better terms, but if you have those step in rights or some sort of preferred equity. That’s even a more preferable position. And then also, you know, just really, you know, continue to do the boring things. You know, it’s, it’s not, they say investing should be like watching paint dry.
It should be pretty boring. It shouldn’t be something that you’re seeing all this excitement, all these crazy, flashy things. And if you just have a steady return, it goes in line with what you said, Nate. Just that kind of slow and steady wins the race.
And I think that’s really a great thing to go for. So, really appreciate you guys all for you guys for being here. And then also to our audience for being here as well.
We do this because we really want you to make better investment decisions of all different asset classes. So if there’s things that you would like to hear people you’d like to hear from, let us know. We’ll try to get those folks on the show.
We’ve interviewed some amazing, amazing guests on the show. And, if you haven’t joined our investment club, you can check out the link below or in the description. And, we look forward to seeing you on the next episode of the mailbox money show.
So thanks everyone and appreciate it.
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