How do you buy multi-family properties without any money down? Here to discuss seller financing is our guest Cody Davis.
Cody is a Real Estate Consultant and Commercial Real Estate Investor, joins us to share his journey from a gymnastics career to building wealth through real estate. At 19, Cody entered real estate with $3,000 saved from coaching gymnastics. Intrigued by success stories, Cody obtained his real estate license, setting the stage for a remarkable journey.
Nine months later, Cody’s interest in multi-family properties grew as he observed older individuals thriving in the apartment deal space. Influenced by reads like ‘Rich Dad Poor Dad’ and ‘Deals on Wheels’ by Lonnie Scruggs, Cody delved into the mindset of real estate investing. His breakthrough came with seller financing during a deal in central Washington. A 12-plex caught his eye, and within 45 days, Cody closed the deal with zero dollars out of pocket.
In this episode, Cody talks about seller financing, shedding light on the intricacies of this strategy. He delves into the concept of long-term fixed-rate notes supported by real estate, providing a foundation for understanding financial mechanisms. Cody shares insights into his journey to financial freedom, illustrating how he navigated challenges and seized opportunities in the real estate landscape.
Further, Cody discusses financing a property without relying on equity partners, offering a unique perspective on individual empowerment in real estate ventures. He also shares his experiences and lessons learned from the world of hotel and motel conversion, providing a comprehensive view of diverse investment avenues.
Join us as Cody shares insights and advice on building a real estate portfolio. This episode isn’t just about buying properties; it’s a masterclass in turning minimal investments into substantial financial gains. Tune in now to discover Cody’s approach to success in seller financing and creating wealth through strategic real estate ventures!
Get my new book: https://bronsonequity.com/fireyourself
Full Transcript:
Bronson Hill: So how do you buy big multifamily properties 10 units 20 units 30 units? Without any money down literally sell a fine seller financing.
How do you get those kind of deals? Well, my guest today is incredible. He’s 23 years old. Got nearly 200 multifamily units where he put little or no money down on any of these. He’s built a huge portfolio and he’s got a strategy on how you can go and get. And I’m actually looking to get more property.
This is the way I’m looking at doing it locally where I live in Los Angeles. And so you’re really gonna love this interview I got so many takeaways from it. And again when I find people that are doing things different than other folks. I think it’s just important to learn and I think right now especially these days with higher rates. This is an awesome strategy that most people don’t know about.
All right.
Welcome to the Mailbox Money Show. We’ve got Cody Davis with us. Who’s just the guy I want to grow up to be like at age 23. Cody you’ve done over 150 multifamily units actually close to 200 now with owner financing. And I think it’s absolutely amazing what you’ve accomplished.
Congratulations on your success I know we’ve known each other for a couple years. Give us a little bit your story. When did you start doing this? How did you get into it?
Tell us a little bit about how you got here, man.
Cody Davis: Yeah, so I got started and thanks again for having me on today. I really appreciate it.
I got started at 19 years old. That had been just getting out of a gymnastics career. I’ve been doing gymnastics Parkour for about a decade at that point and I’ve been coaching for a few years. I’m not exactly making a ton of money, but I had saved up a whopping three thousand dollars. That was when I got into being a real estate agent.
Somebody on the internet messaged me on Facebook. And said hey, you should get your real estate license and drop out of college. And I’d never met them before so I did what any rational teenager would do and I listened. I left college and got my license and realized that I didn’t have any clients. Didn’t make any money, but fast forward nine months. I had been watching all these really well-off individuals that were two to three times my age. Selling apartment deals they’re selling multi-family and I started peaking interest.
And I had read Rich Dad Poor Dad at the time. I read Deals on Wheels by Lonnie Scruggs. Those were great books for just getting the mindset and then learning about and chose to private money. And out of that, there was someone who broke her to deal over in Central, Washington. It had this thing called seller financing. It was a really good deal its the best one I’d ever seen. So I looked up seller financing on the MLS and found a 12 plex. Called them up and about 45 days later I closed on it with zero dollars out of pocket. That was my first intro, but I bought my 12 plex as a first deal with three thousand dollars.
Bronson Hill: That’s a bit. Let’s just talk about that for a second. So for those that aren’t familiar usually people approach, I’ve had 1,500 one-on-one phone calls with Pennant Worth investors. And a lot of people who have money they want to invest. So they invest in our deals.
They invest with operators like yourself. You’ve basically approached this very differently saying I don’t have money. And I basically approach an owner saying. Hey why don’t you just give me terms where I can take over your property with no money down? Why would an owner do that? Like why would they do something like that?
Cody Davis: There’s a lot of different reasons why they would do it. And all the reasons on the internet are wrong. A lot of people say that it’s about the tax benefits and they can break up their basis. Their gain over X amount of years and while that is true. That’s not the reason people do it. The reason people do it is there becomes a moment where they have more money. Then they have time. And the number one reason is they want to be able to pass that on to the next generation. Who’s asking for help.
And nobody’s asking for help right now. It’s not just the next generation of younger people, but it’s just people that are the next generation, real estate investor. They’re getting started, and I’ve seen this happen for folks twice my age, people that are younger than me where they’ve repeated this strategy, and it’s worked, and then, in addition to just passing the torch, a lot of people get to the point where they built this massive portfolio.
I am thinking of a couple, and they’re in their 70s, and they’ve been doing this for 50 years, and they managed the portfolio for their parents while they were building it, and now they’re getting to the age where they’ve got kids, their kids don’t want to do it anymore, but they own half the town.
Yeah, and so, well, they don’t want to give their kids all the property because they’re gonna not know how to manage it properly, they don’t want to give the kids a bunch of money because that can do a lot of bad things if they don’t know how to manage it, and so what they want to do is pass on a note as the asset, which is going to produce income every month, that has sufficient collateral that they can’t mess up, if they blow all the money, they get it again on the first, and, um, so they want to really just pass on a long-term fixed rate note for as much money as possible, that is supported by a piece of real estate, so that their kids can live happy lives and never have to worry about money.
Bronson Hill: So yeah, so let’s talk about that, that’s super cool. I love that you just broke down, even done so many of these, now you become really a world expert on this. It’s just people, it’s all they do it for tax purposes, but it’s not why they do it.
They’re doing it for a legacy, they’re doing for the long term. So if somebody has a note on a property like this are the terms like super long term, or is it more kind of like a five-year type of thing, or is it 30 year? What’s the kind of the term?
Is there some condition that maybe you can’t sell at a certain point or I mean, what is it? What does it look like for them?
Cody Davis: Well, every deal is deal specific, and it does come down to their goals, but what I found is the older, in this contrary to popular belief, the older they are, the more likely they are to sign a long-term note, and even if they don’t have kids, I found that to be the case. I’m working with a gentleman over in Central Washington, he wants to do a long-term note, and just if you look at statistics, he won’t live long enough to see the end of that note, it’s just, it’s too long for a 10 or 20 year kind of thing, right, and he’s probably not going to live another 20 years, he’s, he is older.
He’s in his 80s, and he wants that note to go to a foundation when he dies, so he’s working on it, setting all that up right now, he wants to make that a charitable thing, and just live off the income until he passes, because he doesn’t have kids, and he said if he did have kids, he’d want the note to go to them, but he doesn’t, so I found that to just be true, as they get older, they want longer term deals, because what are they going to do with the lump sum of cash?
Bronson Hill: Right, so it helps them to to drag it out. Now, we have some things in common Cody. We’re both from something northwest, from Seattle.
I think you’re, you know, about an hour south of Seattle there, um, and, and so you source just this deal, you mentioned you source this deal in Central Washington. I know there’s different ways you source these deals, but you’ve done this, I mean, this is, you’ve done this over 10 or 20 times now, right, with multifamily, a lot of single families. Like, how do you source, are you doing direct, uh, mailers? Are you just, is it all word of mouth? Like, how are you sourcing these deals?
Cody Davis: Well, I don’t own any single families, I will say that. Good for you, man. But yeah, I started with 12 and trying to go up from there, but the marketing is really simple, I didn’t have any money to spend on marketing, so I did it all myself and did everything for free.
I would go on Google Maps, I’d find big roofs, my thought process was, if they were a bigger roof, it was more likely to be an apartment building than it was to be a house, and so I would just find the big roofs, go on county assessor, figure out who owned it, everybody’s phone number is on Google, nobody is safe from that, and, uh, so I found phone number, call them up, and the one big difference is, I’m not calling to buy their property, I’m trying to buy them a coffee, and I want to learn how they got to where they’re at.
So i’m trying to book a meeting on that phone call. And so that way I can go up and and learn all the best pieces of their strategy. And omit the worst and I do that with enough people and that’s how I built my strategy for buying a whole bunch of multi-families.
Bronson Hill: You know, it’s an amazing strategy for a lot of reasons, because first of all when you call, I mean, these people may have people calling them, whatever, but you’re just saying, oh, hey, like the first person thing somebody’s trying to identify with someone they don’t know is, who is this person, what do they want, right? If you’re not like, hey, I want to buy your thing, or I want to pay whatever, you’re not approaching that from that at all, your base, base to, hey, I’m a young person, and I’m looking to learn. I’m looking to grow, and it’s amazing how people that, as they get older, they’re, that’s a real flattering thing.
So, hey, how did you get where you are? I really admire that, and so you get the meeting, and then, so it’s helpful for the business side to help grow, but I’m sure you’ve probably had some conversations where you’re like, when I’m 70 years old, when I’m 60, when I’m, like, I actually really got a lot out of that. I mean, we probably just gained a lot both from the business side, but as well as just the lessons, right?
Cody Davis: There’s some remarkable lessons that i’ve learned just from business personal life, you know. How they operate snd how they manage relationships and manage teams, it’s staff. I couldn’t have learned in a book and that nobody can learn in a book.
Bronson Hill: It’s real life experiences. Can you give us one story or a couple of maybe a story or two, just of people you’ve met and things that, like here’s something that being 23 and, of course, younger than 23, that you’ve like, you’re just a lesson, you’re like, man, as I get older, this is something I definitely want to do or something I don’t want to do.
Cody Davis: Yeah, I met up with a gentleman who is one of the first people I ever met with, and in Moses Lake, and he’s a developer. He goes out and builds apartment complexes, he’s built homes, and he’s building a ton of stuff right now for himself, for other people. And he sat me down one day, put me in the truck, drove me around, and we drove by all his properties, and that took a couple hours. And he said, Cody, the richest people on planet earth are developers, until they can’t finish their projects.
So if you want to build a lot of wealth for yourself, for other people, so that you can live and give, then you need to buy cash-flowing-based multifamily. And once you have your multifamily cash flow, go play developer and flip enough buildings to where you can start building in cash. You’re immune to market cycles, and then you can skyrocket your net worth without the risk of everyone that’s playing that game. And so that’s exactly what he did. He started with a sixplex.
He bought a seller-financed 10 down, his first deal was nine thousand dollars out of the pocket way back when, and he got chased off the property with a shotgun. Really erased his tenants and all that, and so he was just learning the ropes way back then. But he and his wife lived in one of the units at this rundown sixplex, and eventually got in another place or another place and built a cash-flowing portfolio, 40 rentals, got into building, built a cell, built a key building cash.
And now I’m working on buying some of his stuff, seller-financed, some of his new construction, because he got to the point where he could build in cash, but I’m going to be emulating exactly what he did and built my portfolio up for cash flow, and now get to play developer so that I can go build the net worth up relatively quickly, because there’s some cool games you can get from doing ground up, but do it without the risk of the debt.
Bronson Hill: Yeah, that’s amazing. Development is, it’s always, we’re looking at the development stuff now, some senior housing stuff that looks really interesting. And it’s interesting, these stories of people, there’s so much wisdom out there from people. That’s what I love about conferences and meetups, or even just meeting people in life that have done things. It’s like, I have a friend who’s 85, and he’s got a net worth, I think, of at least three to five hundred million.
And he told me about this deal. He said he does a couple things. One of the things he does, one of the best things he’s done is, he said there’s three times in his life. 85 years old, three times in his life. They’ve just been giving land away, like stuff is so cheap.
So, he ended up getting 2,000 acres near Sea World in San Antonio, in, I think it was the 80s or 90s, and the aged guy, he got it for 10 million, so he put like, he found his half of it, got half down, sold 10 shares of 500k each. He had some money, and then they just literally subdivided that off. They hired somebody to help kind of subdivide it and sell off pieces of it over the next, I think it was like, the next 10 years. They made a 20x return on their money, right?
And it was just simply from, it was there, it was available, and being ready and being open. So, yeah, it’s just, it’s great to have, and I’m sure that person that you mentioned has become a mentor as well. So, you can always reach out and, hey, check in, and they love hearing what you’re doing, and I’m sure. So let me ask you this. Um, obviously, you started this, you know, only, you know, you’re 23, started at 19.
You started just a few years ago. What would you do differently, or what’s something maybe you’ve learned the last year or two where you’re like, man, if I just had focused on this, I would have been able to go even faster? Or do you feel like it’s all just been like, I really wouldn’t do anything different?
Cody Davis: I’m grateful for the way things played out because I learned lessons earlier than most, and not just earlier in life, but earlier in the business cycle. I made a lot of mistakes because I made a lot of purchases. And there’s times where I structured things, equity partnerships, where I should have structured it as debt. And I had the right in all of those to buy out other partners, and I have done that, but it costs more money. Right.
I was looking very short-term approach versus a long-term approach on my debt-equity structure. And so I’d negotiate these great seller finance notes, and instead of borrowing the down like I did on my first three deals, where it was truly 100 percent debt in a cash flow, I could have continued to do that. But I started with equity partners with buyout agreements, and then that put me in a position where, to buy them out, I needed to refinance, and my mortgage went from 10,000 a month to 15,000 a month.
And for rates, they were still lower than that could have worked, but that’s not a solid business model of could have. I should have built it off of I can keep the existing debt I negotiated, and the real estate would have just bought those people out. So I would have structured it as just debt for down payments more often than equity.
Bronson Hill: Yeah, it’s really interesting too because, sometimes can negotiate seller financing. I know now, there’s people even for single family doing assumptions and subject to and other things like that. But with seller financing, a lot of these groups, places may want you to put some money down. What are some different ways that you are structuring that now with debt where you’re putting zero down, meaning you’ve got your seller finance. The seller is financing 70, 80 percent, whatever, and then you’ve got that remaining 20, 30 percent or 10 percent, wherever that is, what are some different options you found that are favorable to not you have equity partners to do that?
Cody Davis: Yeah, well, if you’re going to do it strictly as, you have to encumber either that property or another property that you own or take a personal loan. And regardless of where you collateralize it with, if you do a first with the seller in a second on that asset, there’s an equation that I learned along the way. And it has to do with what’s called a rate factor, and it’s the equations: your principal and interest on an annual basis divided by the loan amount. If you’re 100 leveraging a deal and you got to look at your total cost of capital, and we’ll talk about this and then jump into that, actually how. But let’s say your first mortgage costs 100 grand, your second mortgage costs 30 grand a year.
You have 130,000 debt service on the price. It’s a similar equation now to your cap rate, so you just make sure your cap rates higher than that. And you can do 100 leverage on your deals. When it comes actually financing that, I like to do second position and they’re usually around 12 to 14 percent interest. That’s where I found investors are happy with that deal.
I have a clause or if I can’t pay them, then I’ll sign over the ownership in the LLC. That way they feel comfortable with the deal, they know the underwriting. If I can do that, let’s say there’s a no further encumbrance clause like on a commercial loan. But sometimes sellers don’t want you to further encumber the property. Then I’m going to do it as an equity partner with a buyout agreement, which makes it functionally the same as debt. But they’re just backed by ownership day one.
So, if someone puts in 100,000, and similar to a syndication where you may have an IRR and you try and double some money in five years. You can have the same metric backed by a buyout agreement and the asset. So, if I put 100 grand in your deal, you could have the right to find me out for 200,000 in five years. It’s functionally the same as debt with a balloon and a payoff, but it doesn’t validate your clause on the note.
Bronson Hill: Gotcha. So, there’s a way you found a structure where the person has either ownership or some sort of recourse in if its decision as a seller. So, it sounds like you’ve become really good at finding ways to make things happen, and I’m sure just through networking and research and asking. I’m sure there’s probably been times you beat your head up against the wall, “How can I get this done? How can I find the money? What can I do?” Just trying to find ways to do it.
Cody Davis: Yeah, and you can do seller first, seller second. And that’s another thing that I’ve looked at before. One of the first individuals that I learned from, bought a 15-plex. They had a house and one rental house, and they bought this 15 with zero money down because the seller of the 15-unit financed 70% of the purchase against the 15 in first position and 30% against that house in second position because they had a mortgage on their house. Right, so they basically put a second against the home and they bought it 100% seller finance, but they moved the collateral against different assets.
It doesn’t always have to be a transfer of money, and a lot of the times. These people don’t need the money. But you can just break up as many of the notes as you want if you do a first against the asset. Second against something else you own. If they truly don’t need cash, another thing you can do on your seller finance note is have the seller finance at first position at 4-5%.
Then they can finance the difference at 10-12% in a second against the same asset with a short balloon. Yeah, and that gives you time to go in, and the pitch on that is, “Hey, I have this amount of money if I want to fix up the property. Can you finance the down payment by using the cash to fix it up? And then I use extra cash flows to pay you this down payment in two years.”
Bronson Hill: Yeah, that’s great. Yeah, it is amazing, too. I love just going back to your approach that you actually—I may even use that locally in Southern Cal where I live—is just, “Hey, let me get coffee,” because it puts you in connection with great people. And you’re not approaching it from you, but you’re just really trying to learn who they are, what’s important, and what they’ve done.
And it just, those relationships are incredible because, you know, I don’t know. I think we’re, we’re just, even in our area, generally, people are very disconnected and they’re always looking for ways, I mean, generally, people are looking for ways to give back to others, especially the next generation, as you said. Let’s talk a little bit. You mentioned you’re doing a hotel conversion now. Talk about the hotel conversion, what that looks like, how that’s working. Is your first one? So talk to us about why and how and, and your partner is going to teach you some stuff there too and all that.
Cody Davis: Yeah, so I ended up full-calling guy and he’s got a nine-figure balance sheet. He’s been in the game for a couple decades and he doesn’t have a ton of partners, which is my favorite part.
He did it himself, and so he got started with final apartments and then he got a lot of hotels. More recently, he’s been converting some of the hotels he’s picked up and some of the motels he had picked up along the way into apartment buildings because it’s a higher and better use in today’s market. And so I cold called him, we met up. He was less of a coffee guy, more of a tequila guy, so I got to watch him three shots and then we talked about real estate. But he just converted a 40-unit hotel that he bought next door to this property that I had bought, and it was a 24-plex motel, two-story walk-up in Moses Lake where I bought most of my rentals.
And he talked to me about the conversion process, and I let him know that I had an off-market opportunity and that it was seller finance, that I need about 300 grand down and told him about the terms. When you’re buying it for a million dollars, there’s 24 units, and the seller finance payment was only 4,100 dollars a month for 21-24 doors. It’s a really good mortgage, at least in Washington state, and we’re going to get 800-950 bucks a month in rent per unit.
So he offered help in financing the total down payment. And so I’d sell her financing for 700,000, and this individual that I met up for the first time with a few years back, we just kept in touch. We reconnected, know about the deal. He financed the 300 grand down and we went into that on a partnership with the plan of getting it fixed up, and on appraisal, it should be worth about 2.3-2.4 million. We’ll pull out the original capital, and he’s willing to finance any deal that I find similar to that up to 8-10 million dollars.
Bronson Hill: Wow, amazing. So he, so he’s gonna, so instead, he’d become like he’s going to partner for you on things, and like you said, I think you were saying earlier, you brought him in because, uh, he’s had all this great experience, he’s done these conversions before, so he’s someone that can kind of help you along the path as well. That’s really incredible. Have higher interest rates really impacted you negatively or not really?
Cody Davis: Not for acquisitions. If rates were still in, I’ve got some buddies that still hold some of their notes in the threes and fours fixed for 10 years, and the same market, and if I had access to that, the only difference in my business would I would I’d be more liquid. I would have ripped some money out of the portfolio, but because of that, I’m capped on my cash-out ability from conventional lenders, so it’s forcing me to stick with my cellophania status.
However, as far as an acquisitions business goes. Nothing has changed because I’ve never bought anything with a bank.
Bronson Hill: Yeah, amazing. Never bought anything with a bank. I love it. So, so your credit then, you have all this stuff. I mean, you’ve refinanced, so you have developed a lot of credit through that and the asset and things like that. Has that been any issue, being young and getting some of these properties financed, or not really?
Cody Davis: It was for the first couple years, but now that I’ve had from raising my tax returns for three years. Going on four, that has helped out a lot. It’s just time in the business, and so that’s when folks are trying to get started. They need to negotiate long enough debt products so that they don’t have to refinance in the first two, three years.
That’d be a big mistake if people are trying to do this model as their first business venture into real estate. Someone like you, and you could go in, do a three to five-year note, and you’d probably be fine because you can refinance it, but I mean my first deal is a 30-year fixed-rate mortgage. So, I’m just gonna hold that. But having a long enough runway really helps with the bankability because I look at some of my old emails with lenders, and I got shut down so many times up until I was about 22. They keep shutting you down.
Bronson Hill: Then they start taking. It’s amazing too. Like just it’s like a catch 22 with certain things. Like until you have experience, no one wants to give you a shot. But how do you get the experience if you don’t have the experience, right? So, you have you just kind of have to keep trying and keep doing different things to get there.ferent things to get there.
Cody Davis: Oh, yeah, and that’s why I’m doing these private meetings with owners, meeting up with them for other individuals can go a really long way. Because it gets you access to debt products you can’t get with conventional lenders. And then, if you’re doing a business model like you are, where you’re putting 10 down, but you’re syndicating the equity, if you get the same upside, maybe increase the asset value 30 percent, when you put 30 down, you double your money. When you put 10 down and you 400 the money, and that’s where someone is trying to implement your model, having access to this debt without a KP can go a long way. And we can go a long way for the IRR because you’re doubling the returns people are getting.
Bronson Hill: Yeah, that’s amazing. I love what you’re doing, managed on your YouTube channel here. It looks like you’ve got all kinds of good stuff happening here. You got a big following, and you’re doing some great stuff, man. Well, I just wanted to really appreciate you for coming on today. This has been an awesome episode. I’ve been really looking forward to having you on for a while, just because a lot of people say I don’t have the money, but not having the money is not, shouldn’t be the issue. You’d basically built this huge portfolio without really, without partners. I mean, you kind of partnered along the way, then buying them out, and really without having the money. And so it’s amazing what you’ve been able to develop.
How can people follow you? I know you have your website multi-family strategy. You’ve got your YouTube and you’ve got a course that you’re doing. Talk about your course and some ways people can connect with you
Cody Davis: Yeah, the course is 200 videos. It’s recorded. It’s how I built my business before I met my partner, Christian. When we teamed up, I had 30 battles, but I bought this all the zero down. And so we just recorded the how-to and the analytics and the outreach. That’s at multifamilystrategy.com. But the folks should follow us on YouTube.
It’s Cody and Christian Multifamily Strategy. We post a lot of videos there every week and, um, like I mentioned earlier, everybody’s phone numbers on Google. So if you Google “Cody Davis real estate phone number,” it’ll be on the first page if you want to shoot me a text.
Bronson Hill: Awesome, man. Well, hey, appreciate you, brother. Appreciate you being here again. Thanks for adding so much value. I’m really, I was saying before we started recording, I can’t wait to see where you’re gonna be in like five or ten years, man. You’re gonna be like the nine-figure guy and you’re like, “Yeah, I just like own the world now.” What kinds of…
Cody Davis: Well, we’re gonna pay off all our stuff first. So before we go conquer the world, we’re gonna pay off our debts.
Bronson Hill: Yeah, yeah, that’s awesome, man. Well, thanks for being here brother. We’ll have to have you get on again in the future.
Thanks for sharing all the wisdom, value and I encourage everybody to check out your channel and your course as well.
Awesome. Thanks, brother All right.
So great interview with Cody.
The best thing I got out of this was, when you have, uh, you know, instead of just identifying properties and saying, “Hey, let me make me make an offer. Let me make an offer here. I’m gonna sell their financing,” take them out to coffee, get to know them, hear their story. A lot of these people have many properties. They love to give back, and if you can be someone who truly is interested in learning and say, “Hey, I’m just, I want to figure this out. I want to learn.”
Can you help me? Anybody you can connect me with, whatever. This is what I’m trying to do, you know? They may actually have an opportunity for you. Hey, I’m trying to pass on some of these things, and just by learning and being curious, it will open up to new things. So there’s this saying by Jim Rohn: make yourself valuable to valuable people. So what you’re doing is you’re going and you’re meeting with people that are valuable people.
They’re high net worth. They’re people who have a lot of property, and you’re trying to find out really what they need. And good networking, as Joe Polish, my friend, actually the book is on the shelf right over here and in the corner, it says, “What’s in it for them.” It’s a yellow book.
And it’s when you’re talking with somebody, always trying to think about what is really in it for them. And if you’re able to create a win-win, you’re able to create a solution for them that can help them. It’s amazing what will open up. So I’m actually helping to use this to really do some stuff locally, different places, to help expand our portfolio. And also, with the debt situation, you can actually come up with some pretty favorable debt terms for people that want to work with you. So there’s all kinds of reasons why people would want to work with you as an individual. So thanks for taking the time to educate yourself. This video is great. Hope you enjoyed it.
Stick to your comments below or share this with a friend, and we’ll look forward to seeing you in the next episode of the Mailbox Money Show.
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Consult your financial legal and tax professionals and use your own common sense before making any investment decisions. Thanks for joining us and be sure to tune in next time for more Mailbox Money.
