Welcome to this episode featuring Beth Azor, affectionately known as ‘The Canvassing Queen™’ and the founder of Azor Advisory Services (AAS), a leading commercial real estate advisory and investment firm based in Southeast Florida.
With over thirty years of experience in managing, developing, redeveloping, and teaching commercial real estate leasing agents nationwide, Beth Azor has become a powerhouse in the industry. As the Principal of AAS, Beth currently owns and manages six shopping centers in Florida, while also consulting with and brokering deals for prominent clients such as Phillips Edison & Co., Brixmor Properties, and DLC Management Group.
In this enlightening episode, Beth shares her insights on the importance of mentorship and prioritizing investments in real estate, offering invaluable advice on achieving success in real estate investing. She delves into overcoming obstacles, including navigating deals with utility companies, and provides a comprehensive understanding of ground leases and triple net leases.
Join us as Beth Azor discusses the considerations for investing in retail assets, drawing from her wealth of experience and sharing real estate deals and lessons learned along the way. Whether you’re a seasoned investor or just starting out in the world of commercial real estate, Beth’s wisdom and expertise will empower you to navigate the market with confidence.
Tune in now to gain invaluable insights from ‘The Canvassing Queen™’ herself, and embark on your journey to real estate success!
Get my new book: https://bronsonequity.com/fireyourself
See Full Transcript:
All right, welcome to the Mailbox Money Show. I have the amazing Beth Azor here, and she is talking about retail, retail strip centers. Really, I mean, I’ve kind of really awakened that right now, I think, is actually a great time to get involved in development projects of different types, if you can make sure the debt is secure, and if the project is something that makes sense long term.
She’s got some real home runs. She’s been doing this for many, many years, and so I always love talking to people like this that are in a specific niche, and again, when it comes to retail strip centers, like they have very specific parameters of what they do. And so as an investor, it’s just so good to get with a general partner that knows exactly we do this, we buy here, we do this.
If an operator is all over the place, it doesn’t make sense to like, what are you focused on anything at all? Now, we can do a little more of that because we partner with different operators, and we have a fund, and so we’re kind of in different assets, but we always have someone who’s really like, this is our specific niche we do in this market with this parameter. So it’s great.
So really great stuff talking through just how that actually works. You get a lot of education around investing in development, construction challenges that come up and just questions you should be asking some real tips on that, on how to move forward. So let’s jump in here.
All right, Beth. Welcome to the show. Really excited to have you on the Mailbox Money Show.
Beth Azor: Thanks for having me. I’m excited to be here.
Bronson Hill: Awesome. Well, it was great meeting you. I know my partner, Stephanie Baldrini, who we work on the Advanced Investing Summit each fall together, it knows you very well and speaks the world of you.
And we had you share at that event, and that was just a really fun event to have you there and have you share some of your knowledge. And I was like, I got to get you on the show here. So so give us a little bit of your background.
I know you have done a number of strip centers and retail is really your genre. So give us a little bit of your background and how you got started in real estate and kind of how you got to where you’re at now.
Beth Azor: Sure. So I’ve been doing it for 38 years, actually, in the retail arena. You know, I didn’t start when I was 10.
I’m actually 63. So I was a leasing agent for a company and the boss, who was eventually became my partner, kept saying, you should invest. You know, you should invest.
You should invest. And the first time he asked me, I was 26. I said, no, I don’t have any money.
And he said, what are you doing with all your money? You’re making like 80 grand a year. I said, I’m spending it.
And then two years later, he asked me again, we’re going to buy this shopping center. You should invest. And I said, I don’t have any money.
And he’s like, you’re crazy. You know, you’re married. Both of you are making over six figures.
What are you doing with your money? I go, well, there’s a Jaguar out there. And we went to Hawaii.
He’s like, you’re an idiot. Then the third time he came, I was 32 and he said, you know, you’re going to be leasing this property. You definitely should be investing.
Don’t tell me you don’t have any money. And I just kind of looked at him and he goes, you’re an idiot. And he took me down to a local bank and he cosigned a note for me for $50,000, he said, on one condition that from that point forward, any commissions that I made, I put 20% aside in an investment account to be able to take the opportunity that might come in our future to invest in more deals.
So obviously I said, sure, I’ll do that. And I invested the 50,000. I leased the heck out of it with higher rents than we thought were possible.
We reified out of the deal. Six months later, I gave the money back to the bank and we sold it. That was in 1992.
We sold it about five years ago and my little $50,000 investment. Uh, gave me over seven figures of income in distributions.
Bronson Hill: That’s incredible. I want to stop for one second as you’re sharing your story here. I think your, your journey, it’s great that you had someone in your life that really became a mentor for you.
They kind of say, Hey, you know, you’re an idiot. You know, obviously in a loving way, you know, with like one, this is something, but this is really what most people do. And I, my background was in medical device sales for 10 years.
And it sees physicians. It’s almost similar to like athletes where there’s this pressure of like, I’ve got to show up with a certain car, like, for a physician, what kind of doctor does a card is a doctor drive? What kind of house do they live in?
What kind of vacations and some people are feeling if they’ve got to do all these things, whatever. But they don’t realize if you make, you know, 200 K a year and you’re spending 200 K you’re not wealthy, right? You’re not actually growing your assets, you know?
And so this mentor came around for you and said, Hey, I think your priorities here are wrong. Then there’s this quote, it reminds me of, I think Robert Kiyosaki said it is that, the poor and middle class will spend what they have for living and then invest what’s left where the wealthy, they will invest first and then they’ll live on what’s left over. And it’s, and it’s a subtle thing, but it’s a very significant thing.
That a lot of people will say, I have no money to invest. Well, what about the Jaguar? What about the trip to Hawaii?
What about the, you know, I mean, all of us, like we could say, oh yeah, it’s true, but getting the right thing where the asset itself can pay, like you said, in this situation where after that deals, like, oh, wow, like I actually could go buy liabilities or go buy stuff with this. And so, yeah, so take us to the next step. That’s a really cool story.
Beth Azor: Yeah. So I ended up that, as an LP in that deal, limited partner, and I did eight more deals with him and with the company for 18 years.
I started in the rookie leasing agent training department, and I grew through, the company. I was the president the last six years I was there. And like I said, invested eight more times with him, some more successful than others.
And when I was, when my son was four and I was 44, I was working 80 hours a week. My nanny was kind of, raising my son. So I decided to leave that company so that I could be more involved in parenting my son.
At this point, I’m a divorced, single mom. So I said, okay, I’m going to leave this company. But my goal will be now to go GP deals on my own account.
Cause I’ve done this eight times. I know how to lease lease retail space. I can do what he did.
And, you know, that was very interesting because I had never gotten alone. You know, I had never, I had, I looked for deals, but it was different being an LP and then now being the GP. Luckily I was able to raise the equity.
The first deal that I bought was a two acre site that I had taken to my former partner and he said, Oh, that’s too small for us. We ended up putting that under contract for a 1.2 million. And I was able to raise my goal was to get 10 people at a hundred grand each.
I think we ended up giving, getting a $600,000 note or loan and raising I think 800, eight or 900. Cause you know, for the rest of the equity and then some capital cause it was land, we ended up doing a ground lease with Walgreens and then flipped it to a Walgreens developer. And we made 300% on our money in less than two years, which was fabulous.
And then all those people that invested with me on that deal have followed me and invested in future deals.
Bronson Hill: That’s amazing. Well, a few things kind of stand out to me from that story is, you went from your initial success to have other deals that went well. And like you said, you invested passively.
And then you’re like, Hey, I could be a GP. I could be somebody who’s actually putting the deal together. It doesn’t look like that hard.
You know, this guy’s doing, they’re doing it and they, whatever. And then, and then you started doing it and then deals started growing and over time you develop a reputation and then after a while in this business, if you treat people well and you’re performance is good, people will refer you and they’ll reach out and they’ll say, I want to get involved. And they like what kind of what’s happening.
So that sounds like a really smooth journey. Were there any bumps along the way?
Beth Azor: Yes. Many bumps, about two weeks before closing the lender backed out because the appraisal didn’t match. And I was like, wait a minute. Did you not get the comp right next door that would have put this deal to bed and they go, Oh no, we didn’t get that comp.
So I was freaking out because I’m have to close and I don’t have a lender. And, um, and my friend said, just call the seller and ask for an extension. They don’t want to start all over with someone new and explain what happened, show them the paperwork, let them talk to the appraisal appraiser.
And, you know, then get, and now the next lender, make sure that you give them the information on the comps, which back then, this was in 0 seven, 0 eight, like, and I could feel a change coming. So I really wanted to get this done, but you weren’t allowed to talk to appraisers, you know, it’s very, or lenders appraisers. It was a very weird time.
So, but I called a new lender. I said, I know you’re going to hire an appraiser. Please make sure they have this information.
So, the seller gave me an extension all good. We close on the loan and then we ended up doing, like I said, a ground lease with Walgreens, which was phenomenal. Like a 300 and I think a 325,000 annual ground lease.
Remember we bought it for 1.2, but a lot happened. And one of the big things that happened is we were getting ready to sell the deal to the developer. They did a title report and there was a utility transformer on instead of in the easement, it was on our property.
And I had to get that moved before they’d close. And I don’t know about in your neck of the woods, but utility companies don’t really, you know, jump when you snap. So, and again, I’m feeling that I’ve been in the real estate a long time, something is coming.
I want to get this deal closed. So, after just calling and writing letters and calling and writing letters, I went and sat in the utility office with a box of cupcakes for eight hours and after the eight hours, the guy came out and he goes, you’ve been sitting here all day. I said, well, I’m sorry, but I have this closing and I need you got, you’re on, you’re on my property.
And if I lose the closing, you know, it’s going to be worth X, Y, Z to me. You know, I need you to move this. So the next week he says, okay, let me see what I can do with scheduling.
They go out there and move the transformer and Bronson when this buyer went to do the new title survey update, they moved it, but not all the way, it was still a little bit on the property.
Bronson Hill: Oh, terrible.
Beth Azor: I just, I told the buyer close or I’m moving on, because I had back up people interested. So, they closed. But that was just maybe, you know, a few of the things that went wrong in the first deal, but all good learning things, every lender problem, the appraisal problem, the knowing. I’ve had two more incidences in my career with our utility company. And I always go and take cookies or cupcakes and my male general contractors and engineers think I’m crazy, but all the three times I’ve done it, it’s worked.
So to your audience, if you need to, you know, cause they think like in my instance, I said to my general contractor, have you tried to go to the office out in the boonies in the trailer and you know, bring them a gift and he’s like, you’re crazy. We, that would never work. And it’s worked.
Bronson Hill: It’s amazing. If you are willing to do the things that other people are not willing to do, I mean, 100% of the time in situations like that, the answer is no, if you don’t ask, or if you don’t show up with the cupcakes, you don’t sit there all day. Cause you realize, you know, if it’s important, you can figure out a way.
This reminds me, I was recently in New Zealand. I traveled quite a bit and I was in New Zealand and I did this 20 mile run, it’s first I’ve ever run, but I did a 20 mile run and I had a drop off on one end.
Beth Azor: Is it first time you’ve ever run. No, no.
Bronson Hill: No, no. I first time I’ve ran that far for someone that far. So I’ve run like 15 miles or whatever, but this is 20. So, and it was a lot more treacherous than I thought.
I gave myself five and a half hours to get through it. It was like a drop off on one end, a pickup on the other. There’s no cars anywhere.
Like it’s, it’s a totally separate area. And so I get about an hour out from where I’m going to finish and there’s like, oh my gosh, I’ve got another six miles or it’s super kind of up and down and much rocker than I expected. So I get there and I get down, I’m 10 minutes late.
And so I miss the bus and it’s a three hour ride back. And I call the company and said, there’s no bus coming except one. That’s going to come in two hours.
It could maybe take you like half the way, but not the whole way. And I was like, that’s not going to work. I’ve got this other thing tomorrow.
So then I just like, what can I do? And I was able to just kind of go and talk to people. And I found this tour bus to stop by it.
I sweet talk my way onto the bus and found my way back. And so it’s like, but you know, I could see in that situation, like in your situation, there’s no way to do this. There’s no bus coming.
There’s no whatever. It’s like, well, there’s always a way. There’s always a way.
And I think that a lot of times we get discouraged because we don’t see it immediately, but if we’re willing to take a road there, there’s actually a good book recommend here called The Third Door. And this is about a guy who was 19 years old who said, I want to interview Bill Gates, Warren Buffet and Lady Gaga and all this stuff, whatever.
But he said that I’m going kind of long here, but a lot of people life is like a nightclub where you go to the nightclub, many people are outside in the long line and that’s the first door.
Right. And you just wait and stand on, maybe you get it, maybe you don’t. The second one is a celebrity entrance where people are kind of like entitled and they’ve kind of gotten to the third one is where you, you get out of line, you run down the hallway or you run down the alley.
You knock on the door, you climb through the window, you get in through the kitchen and you find another way in and it’s this third door type of thing. And that’s what you’re talking about is being creative in the business, which I love, love, love, love it.
Beth Azor: And then we talked about before we got on, but that my first book, Don’t Say No For The Prospect. So many people say no for the prospect, right? So many people in your situation would said, I can’t ask the tour bus driver, he’s going to say no.
And I always say, it’s already a no by you not asking. Just ask, you know, so don’t say no for the prospect.
Bronson Hill: Yeah, I think that’s just a huge life thing. I mean, Wayne Gretzky says, you know, you miss 100% of the shots you don’t take. So in life, I think just being willing, and this is about investing, but it’s also just about life being willing to ask, being willing to put yourself in situations where something great could happen, you know, it’s like, you’ll never win the lottery if you don’t buy a ticket and I’m not, I don’t think it’s a great investment to buy a letter ticket, but you know the concept is there. So awesome.
Well, tell us a little more about, tell me more about the, investment strategies here you talked about now. When you said ground lease that you got in that deal, is that the same as a triple net? Is it kind of similar to that? Or what’s the difference between those two?
Beth Azor: So, a ground lease is where the retailer, like in this case, Walgreens, they’re basically giving me 325 a year just to, just to rent the ground, just to rent the land, like a land lease, and then they come in and build and pay for the building. So, and then at the end of ground leases are usually very long like 20 years with 40 years of options. So at the end of 80 years, if you still own the property you get. They either renew their lease or if they leave, you end up with the building, it’s your building you’re the property owner, rarely does that happen.
But yeah, so the ground leases are great because you don’t have all the capital of putting out for building the building.
Bronson Hill: So triple net building, you’re building the building, and then this is, they would build everything.
Beth Azor: Yeah, so people that are buying freestanding Starbucks, they’re buying this, the, the triple net lease and the building and Starbucks is doing all of paying the taxes, paying the insurance, paying for all of the maintenance, paying up the roof, something happens to the roof. So that’s like a triple net investment, but someone built that Starbucks could have built the building or the developer could have built the building, but that’s what you’re doing. So, so I love ground leases when you can get them.
They’re very rare. I’m just finishing a deal with Wawa that I agreed to, you know, they agreed to do a Wawa ground lease with Wawa. Do you know Wawa?
They’re a funny name, gas station. And yeah, so they’re based out of the Northeast in the like Pennsylvania and they’re like a seven 11.
Bronson Hill: Okay.
Beth Azor: So gas and C store, before the rates started going up, you could sell a Wawa for about a four and a half cap rate, maybe even less. Great credit. So we did a ground lease with Wawa.
They’re going to build their building, their tanks, and all of that, but I had to do site work for them. That means that I had to level the ground, bring in the utilities. I had to do some work for the city, like a turn lane. So, but that’s another ground lease that I’ve recently done.
And I think I’m going to deliver to them in about two weeks.
Bronson Hill: Okay. Awesome. That’s amazing.
I wanted to just compare to your strategy we’ve seen, we’ve done a lot of multifamily. We’re involved in some other stuff in real estate outside of real estate. We’ve seen your interest rates rise faster than anytime in the last 40 plus years, that’s affected a lot of current deals.
It’s also led to like buying opportunities. So I’d imagine, I just love to know when, when it comes to buying land and doing development in some ways maybe the interest and the costs of financing have gone up, but the pricing has come down and maybe the deals have become more attractive. Is that what you found or has it been different than that?
Beth Azor: Yeah, definitely not. So I’m in South Florida and it’s hot, hot, hot, not just temperature wise, but the state got 300,000 new people in each year after COVID. Because of interest rates and construction costs, development is at a standstill right now.
What’s great as an investor, like I own five shopping centers, the rents are going up because there’s a lot of demand and there’s very little supply. And if you don’t have a shovel, like had I not already had a shovel in the ground on the site work of the Wawa, I probably wouldn’t have done it. So most developers, if there’s not a shovel in the ground yet, you’re on hold.
Now what that’s good. So I believe, I don’t know what you think. I think we’re going to have a couple of rate drops between now and the election.
You know, they’ve already been talking about that. I think once the rates start to drop, you’ll see what we will see development action get back into gear. But the good thing for those of us who own shopping centers, those strip centers or those retailers, they won’t be opening for business for probably two or three years.
It takes that long to build strip centers two or three or maybe four years. So that’s great because our rental rate in our strip centers go up because there’s such a high amount of demand for retailers. There’s no such thing as retail is dead anymore.
Like we, that all went away after COVID.
Bronson Hill: So yeah, I know it’s great. And I think you being in that market as well, I have a friend that is in the Tampa area and it’s just, it does real estate there. It’s been pretty crazy.
There’s still a lot of people moving there and it depends kind of where you’re at as well. So let me ask you this. If someone is interested in getting involved in this asset, we’re not specifically sharing about your specific deals, but I know people can reach out for that too.
But what are some things to consider, if I’ve only done multifamily, if I’ve only done maybe other types of deals, what are some things that kind of make this type of, some of the pluses and minuses or just things that people have to be aware of when they get involved in a retail deal or especially retail construction deal.
Beth Azor: Yeah. So when I buy box, when I’m looking for properties, I love supply and demand. So some people call me and go, we found a shopping center.
It’s great. It’s $20 a square foot, way below replacement costs. And then I say, well, tell me about the market and there’s 50 other shopping centers up and down, north, south, east and west.
So when I’m looking to buy, and when the listeners are looking to buy retail, is it a supply and demand game? So you don’t want to buy a shopping center where there’s a lot of other shopping centers nearby, because then the renting becomes a commodity move. Right.
And you don’t want that. You don’t want to, you will lose tenants to the guy across the street who will take $5 less a square foot. So when I’m buying, I’m looking for a lot of traffic.
I love daily cars. So for example, I own four shopping centers, like a monopoly, park plates and boardwalk on boardwalk on the same street. And I have 72,000 cars on that street.
So love traffic, but across the street from my little portfolio is residential, which is awesome. So they’re not ever knocking that residential down to build more retail. And people is what comes into the retail.
I also have a hospital nearby. I love buying your hospitals and I love a college and university because in retail, I want two daily service providers, meaning I want the neighbors at nights and weekends, but I want daytime population with the hospital and the college for like the lunch business. So I want low supply, not a lot of competition.
I want high traffic counts. This is what your listeners should be looking for. And you want daily traffic providers.
So hospitals or universities. The other thing is I will never buy a shopping center that is shaped like a U because in the corners, those are dead. It’s dead space.
If you went around the country and you looked at where’s all the vacancy in the country, it’s always in those, what we call elbow spots, because there’s very little parking, very little visibility. And the only tenants that are successful in those corner spots are destination tenants and it’s just hard to find those tenants to go in there. So I don’t, I only buy centers that are parallel to the street.
Bronson Hill: Right.
Beth Azor: That have great visibility and exposure.
Bronson Hill: So it’s interesting you shared, you have a real niche that you go after and a lot of operators that I talked to, they typically find, Hey, we only buy this type of property at this market with these type of attributes. And I think it’s really good because you found for you, those strip centers, those really work for you and they’re in a certain, locations or cars or certain, like I said, a certain buy box, which I think is really good. So I think anybody’s looking at any kind of investment.
It’s important to know with an operator that they’re working with, with the general part of what are they, what’s that specific thing? And if somebody’s all over the place, it might be like, well, Hey, what’s the thing that they’re doing? And a lot of stuff we’re doing, we are doing different things, different places, but we’re always working with a partner, someone like yourself, who’s got that type of experience, which is, which is really cool.
So for you, is it mostly development and then it’s build. And then you kind of sell it within it, within a year or two, or is it within a few years or is it mostly you’ll kind of get them in there and you’ll just hold the property and there’ll be a period of holding and kind of almost like a value out of just keep it, getting the rents up in that location and then sell, or what is the kind of the general process?
Beth Azor: So the five I own, I developed two, and the one strip center, it was 11,000 square feet. I was at a city council meeting when they said they were going to, when the city announced they were going to outlaw strip clubs. And I went, Oh, I know a strip club.
I need to buy that property. So we ended up after two years buying the property, strip centers.
Bronson Hill: It’s not the same thing as like, it’s funny. You have to like, I have to kind of reframe it.
Beth Azor: So, I bought a strip club and turned it into a strip center.
Bronson Hill: Okay. And it was no longer a strip club, but it was a center.
Beth Azor: This, the city outlawed strip clubs. And I said, Oh, I’m going to go buy that property. And I developed a strip center.
The intention was to flip it the minute. So it was a Starbucks plays pizza, select comfort, Verizon, and a local tenant. That we, all of our intention was to flip it, but we stupidly, these are the mistakes we all make, put a CMBS loan on it and huge diffeasance prepayment penalty.
It was a summable, but it would have been just obstacles upon obstacles to get the loan assumed. So we still own it. It’s doing very well.
It’s probably one of our best deals, but so we would have flipped that one, but we’re a long-term holder on it. Our loan is up, I think in 27. So we’ll probably just refi and keep it.
I’m selling one. I sold two last year and I’m selling another one now because I have built out all of the value that I could, like I bought a 75,000 square foot shopping center strip center, but a bigger 75,000. And it was un not grocery anchored and I brought in an Aldi.
So I was able to buy it at an eight and three quarters cap rate and sold it for five eight because I created a grocery anchored center where it wasn’t before, but once I feel like there’s not a lot of value left. Now then it’s time to sell.
Bronson Hill: Yeah. Yeah, absolutely. No, that’s, that’s great.
I think knowing what your process is and the cycle of that specific project is very important. Let me ask you this, again, we do this show to really help educate people on what you should be doing and what also you should watch out for.
Can you talk about maybe a deal that didn’t go well, or maybe even something you see in the industry about certain types of deals where I would watch out for this because these are aspects of deals that people getting them. They’re not considering this risk or it’s in the debt or it’s in the operations. Can you talk a little bit about risk in these deals and how people can be aware of it?
Beth Azor: Yeah. I mean, I just had a Wells Fargo bank under contract for 2.6 million about five months ago. Okay.
Had it under contract. We were going to buy it with cash for 3 million because there, it was an empty bank and we’re not going to be able to get a loan on it’s basically a piece of land.
I raised the money, had 3 million, had about 2.7 in all in cash in my bank account. And we had Starbucks, Panda and Chipotle all wanting to be in the Wells Fargo bank. So the deal was I’m going to buy the empty bank, do a deal with either one or two of those tenants, and it was going to be great.
Well, when I went to, when I started calculating and getting bids from contractors on the cost to retrofit the bank building into a food and beverage user, it was over almost 2 million more than I had budgeted.
So I went back to the tenants and the tenants increased their rent significantly by like 30%. This isa very high demand location. And they’re like, no, you can’t, I said, I’m going to drop the deal.
I’m like, no, you can’t drop the deal. We got to do the deal. We’ll pay more.
And even with them paying more, even with me getting a reduction in price from Wells Fargo, then I found out that the city was going to charge me a half a million dollars in impact fees, meaning when you change from a bank use to enough food and beverage use, they were going to charge me 250 per tenant. So half a million on top of that but the numbers just didn’t work out.
So I was very nervous. This has never happened to me before. I’ve dropped deals before, but not with 3 million cash in the bank.
So are 2.7 million. So I call, I’m like, Oh my gosh, I’m going to have to wire all these people, their money back. I was very nervous as to what they were going to say, cause it’s super hard to find deals down here in South Florida.
And you know what Bronson, a lot of them said, next time, we’re going to give you double. And I was shocked, but I’m like, why would you say that? Because a lot of people would have closed on the deal going in, knowing it wasn’t going to work.
I’m like, I don’t understand that concept. Why would someone close knowing that you told them it was a 12 to 15% return. And when those costs went up and when the city impact fees went up, it was like a 3%.
We’re not, we can’t buy this. It doesn’t make sense. Even with the higher rent, even with the drop in this, in the sale, in the purchase price.
But you know, sometimes what I tell people that are looking, people call me all the times, you think I should invest in this deal. Like I’m an LP and multi-family deals and I’m an LP and industrial deals. But at what I tell women, mostly women who are looking to get into it, I say, you know what?
Ask the sponsor, the general partner that you would like to speak to someone who no longer invests with them. Like I have people that no longer invest with me and I’m happy to give everyone their name. Most of the time they’re out doing their GP’ing at themselves.
Like they all feed with me a few times and now they’re doing it on their own. They’re older. I have people that started GP’ing, LP’ing with me when they were 65 and now they’re 85 and they don’t want to invest with me anymore, like if it’s going to be a six year deal.
So I say to my friends who are looking to LP and to sponsor deals, ask that question.
Bronson Hill: Yeah, that’s a great question. And I think it’s good to be somebody who asks questions, who comes into a conversation that, Hey, tell me, you know, and I’ve always heard it, talk to a previous investor. Sometimes it can be challenging as they get a lot of calls.
But if somebody is a case, somebody that had is invested with you that doesn’t anymore and for that reason, or they haven’t in a long time or something that could be really, really good, because you really looking for is, you know, what’s the experience? Like, what’s the communication? How does this sponsor act when something doesn’t go well?
Like, are they responsive to when you have questions and those kinds of things? Cause you know, you don’t really know somebody until you do a deal with them. Then all of a sudden all this stuff comes out and you’re like, Oh my goodness, this is amazing.
And I learned so much about working with this person, or this is not amazing. And I learned a lot about working with this person, but regardless, it gives a lot of information. Well, Beth, I just wanted to just really celebrate you.
You have a really great niche that you’re doing. We’re always looking for niches to learn about, to get involved with, to hear. I’d love to hear about your future deals coming up, encourage people to reach out to you.
And again, I think we’re planning to have you back at the advanced investing summit next year, which is going to be great in Los Angeles. We’re getting ready to announce those dates. But how can people get in touch with you, follow what you’re doing and reach out to you?
Beth Azor: So I’m on all social platforms. So Twitter, LinkedIn, Instagram, Facebook, probably I’m the most active on Twitter.
Bronson Hill: Awesome.
Beth Azor: And just Beth Azor, my name.
Bronson Hill: Beth Azor. Awesome. That’s a very unique name.
I love that. Awesome. Well, thank you again for being here.
Appreciate it. And we’ll look forward to catching up soon and seeing you at the upcoming event.
And, thanks again. This has been wonderful.
Beth Azor: Thanks, Bronson. Thanks for having me.
Bronson Hill: So my big takeaway from this was I think really at the beginning of the interview, I loved how she shared I was just simply living a lifestyle and I was buying stuff and I was up doing things and I would make, we’re both making six figures. I was her husband and then they just were spending it all. And so to find a way to save 20% and start putting money in deals as they went along and be able to start creating value by putting money into assets.
It’s huge, right? So, I think that’s a huge lesson. It’s just anybody who wants to get started in mailbox money, wants to learn how to fire themselves, because my book says here, it’s just getting a different mindset.
You know, there’s that quote that the wealthy, they invest first and live off of what is left. Now, I want you to look at your own life and your own investing. Do you make an investment goal for each year where you are saying, I’m going to set this amount, this is my goal for this year is to invest a hundred K or 500 K or 200 K or whatever it is, you have a certain goal set aside that I want to invest that first.
And how can I have that be supported by my lifestyle so that I’m not having this extravagant lifestyle and have nobody left at the end of the year. So just really important to plan and think through that. You have not joined an investment club.
You’re not hearing about, some amazing deals. I have not been as excited about these deals we’re seeing right now.
I think in my investing career is the deals that we’re into and there’s things I can’t really talk about all of them now, but there are multiples and they’re getting ready to launch in the next, I’d say the next three to six weeks. So if you’re not an investment club, go to bronsonequity.com. You can check out the link below or in the show notes.
And, I look forward to set up a relationship with you. Thanks for taking the time to educate yourself. Seriously.
It’s an honor to be with you on these. And I know wherever you’re coming in from, just so value you. And I hope that you get everything you’re looking for, all your financial goals, and if there’s any way we can make this show better, provide more value to you, please reach out to me directly social media.
You can send me an email. Look forward to connecting with you. And, uh, thanks again for taking the time to educate yourself.
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