Welcome to our latest episode where we sit down with Kenny Wolfe, founder and CEO of Wolfe Investments. Kenny first invested in multifamily real estate in 2010 and quickly realized the potential it had to change his life, leading him to leave his day job and establish his own company.
In this episode, Kenny shares his journey from his initial investment to building a successful real estate business. He’s the author of “Investing in the Dream: How to Acquire Multifamily Real Estate and Attain Total Financial Freedom,” and brings a wealth of knowledge about achieving financial independence through real estate.
Kenny discusses the concept of passive income—earning money without active involvement—and encourages thinking beyond traditional investments for wealth growth. With experience in over 5,032 units and involvement in over $450 million in commercial real estate transactions, Kenny offers valuable insights for anyone interested in real estate investment.
Whether you’re an experienced investor or just starting out, Kenny’s experience and advice will inspire you to evaluate your investment approach and pursue financial freedom.
Tune in to learn from Kenny Wolfe’s extensive experience and get inspired to take your investment strategy to the next level. Don’t miss this insightful episode.
Get my new book: https://bronsonequity.com/fireyourself
Full Transcript:
Hey, this is Rod Khleif, and you are listening to the Mailbox Money Show with Bronson Hill.
This is the Mailbox Money Podcast, and I am Bronson Hill. As a busy professional, I wrestled with how to grow my income without taking up more of my precious time.
I learned that managing real estate, actively trading stocks, or being unable to scale up investments is not passive investing. This is the place where you’ll discover new asset classes, develop investing skills, and learn from experts how to become financially free with less work than you thought possible. And now, get ready for truly passive income.
Bronson Hill: All right, so the triple net lease is something that involves basically you owning land, and you get to really get reimbursed for insurance, any taxes, and any sort of, you know, typically the tenant will do the build-out. So, you just basically own the land. You don’t have to pay for much.
There’s a little bit of operational, but not very much operational expense. And so, a lot of people that are wealthy like it because it’s more stable. It has a lot of characteristics that are very similar to a debt fund.
There is some risk that, of course, even a solid tenant could potentially move or break their lease. But some of these leases are really guaranteed by publicly traded companies. So, there’s a lot of amazing stuff about it.
So, Kenny Wolf, my friend, is going to talk about triple net leases. Maybe you’ve gotten involved with these. Maybe you’re interested to understand how they work.
This is going to be a great episode to learn and also to see kind of what’s happening in the market right now. There’s a market that specific market is there are challenges, but there are also opportunities. And I just really enjoyed the conversation.
I think you’re really going to enjoy this episode with Kenny Wolf.
Kenny, welcome to the show. Excited to have you on the Mailbox Money Show today.
Kenny Wolfe: Thanks Bronson, and I appreciate you having me, man.
Bronson Hill: Awesome, man. Well, I know I saw you recently at one of the conferences that you put on.
You guys do multiple, you know, these one-day events in different cities each year. So, I was in Houston. I was a panelist there, which was a lot of fun.
But how many of you guys have been doing that for at least four or five years, right? Or more than that?
Kenny Wolfe: Yeah, I think we’re at six now. I mean, it’s been a while since we’ve done it and it’s been fun. And we got it cranked up and then COVID hit and then we had to crank it back up.
So, but it’s exciting. It’s always a fun one-day event and a 16-hour day. I don’t know what it is.
It’s a long day, but it’s fun.
Bronson Hill: Yeah, that is why I was going to say we’ve done. We did a one-day event in LA last fall with 170 people. And it’s just so much work that goes into it. Like a conference, it’s like easier to do like a multi-day thing almost because you, you just, you set it up one time and then you’re kind of just organized, like it’s not as hard for day two and three, but you guys have like kind of spreading in different parts of the country and it’s only one day.
So, you found it really reaches a lot of people. You wouldn’t reach it. Just one big conference, right?
Kenny Wolfe: Yeah. And it’s, it’s, it’s over the weekend too. So, like Friday night, there’s a VIP dinner, Saturday, nine to about five, five 30, and then there’s networking till 2 AM.
I don’t know. So, you know, you can go as long as you can handle, but then Sunday usually flies out. So, it’s a quick, quick trip.
Some of those, you know, over two, three days, I think you lose people. There’s some, you know, not for folks. It’s tough to take a full week off and go to a conference.
I feel like I can’t do it. So, I know other people will probably have issues with that too. So, it gets condensed, gets some really great kind of national speakers on there and just banging out in the day.
Bronson Hill: Yeah. I know it’s a great event. I got to meet actually, he’s coming on the show as soon as Walker Dybel, the Buy then Build, the private equity guy, is just super interesting story and never he’s got about buying small businesses, which is great.
But I highly recommend your event that people check that out. Well, can you give us a little bit of background? I know you’ve been doing this for a long time.
You’ve been in multifamily. You guys have been in development. You’ve done a lot of different things.
How did you get started with all this? What was your background? Like, how did you get into real estate?
Kenny Wolfe: Sure. So, we’re based here in Dallas, Fort Worth. I’m a bonafide Texan, I guess.
Wasn’t born here, but I got here as fast as I could. I’ve heard that before, but also I went into the oil and gas business right out of Baylor University here into the accounting world with the CFO at 28 years old of a spinoff company. They gave us a $20 million budget a month to spend and reinvest.
And so, we did that at a very pretty young age. The president was 28 and my wife was admin at 28 as well. So, we’re all over there and just worked hard.
And we released a lot of minerals, flipped those. And then our sole client was Chesapeake Energy. They were having money issues the first time.
And so, I decided to know what we probably need to get some, do something outside of oil and gas because it’s very feast or famine in that industry. Highly cyclical. They always overproduce.
They can’t help themselves. So, it’s a big crash and burn every time. But I wanted to get into something that obviously everything has cycles, but something with a little more even keel cycle anyway.
So real estate has always spoken to me. I had a huge library of real estate books. Didn’t really know where to start.
And then went to a few of these, you know, guru events, you know, two or three of them. And then there were two or three-day events. And so, one of them kind of really spoke to us.
So, the first day they talked about a single family. So, we looked at that, and then my wife and then I was excited about, you know, buying 10, 10 single-family units. We’re all gung ho.
And then the next day they talk about multifamily. And we scraped single family all together. So, we jumped right into multifamily.
I’ve never owned a single-family rental in my life. Just running a multifamily and then did two passive investments to kind of learn the ropes, knowing I wanted to be a syndicator. So, in deal three, I syndicated a 76-unit multifamily deal in Wylie, Texas.
Bronson Hill: OK, amazing.
And then now you have how many units and raised how much money? And I mean.
Kenny Wolfe: Yeah, it really took off. So, we’ve done over ninety-five hundred units in six states. We’ve raised two hundred twenty million dollars since 2010.
And then branched out, like you said, so seven years ago, got into ground-up development and multifamily. We have multiple projects going on right now in Ohio and Texas on the ground up. And then about the same time, jumped into triple net and double net investing.
So, we’ve got 62 CVS, Walgreens, Dollar Generals, Family Dollars, Verizon Corporate, and a wide range of retail tenants in 17 states. We’re a lot less picky on that. But those are great for monthly cash flow.
So those are the three areas we plan.
Bronson Hill: Yeah, I know you’ve done a lot of things and there’s a lot of stuff that you are interested in and you’re like me, there’s so many things in real estate you can do. But I wanted to talk specifically this this show about triple net because I know a lot of people are interested in that, particularly doctors or a lot of wealthy individuals, just because it is a much more stable way to own a property. You don’t you know, triple net, you don’t have to pay for the build out.
You’re not paying for the taxes, the insurance, that kind of stuff. But you’re just getting monthly cash flow, which is great. And then, of course, the property will appreciate over time.
And these are you said CVS or Starbucks or other types of well-known businesses. But take us a little bit into the background of maybe how you got in a triple net, what you like about it, what some of the challenges are. Just give us a little bit of an overview of triple net.
Kenny Wolfe: Yeah, sure. So really, I talked to all the people with old capital lending. If you don’t know, Paul, you should.
But anyway, I talked to him, what do people do after multifamily? Now that I wanted to move on from multifamily because we still do that, but I wanted to see if there was a progression, right? A lot of folks think from a single family, you go to a multifamily, which I skipped, but you can do that.
Just, you know, what’s next? And so, he said a lot of folks go from multifamily over to either medical office or triple net. And he said the reason is not because you make more money, it’s because it’s a lot less stressful.
There’s a lot less operating risk. So that really kind of drew my attention because we had a few of our investors reach out and wanted more of a kind of monthly stable cash flow deal. And I love multifamily, but that is not it.
It’s operational heavy. You got to chase rent and fix toilets, right? And so, at best, you’re probably going to do quarterly distributions and they’re still going to fluctuate because it depends on how much you had to fix and how much rent you collected.
So anyway, that’s kind of why we did it. It was really a request from our investors for more of a stable monthly ACH to show up in my bank account and drive around my RV. You know, that’s what they were looking for.
And so that’s kind of how we designed this. And then what kind of a finer point, what drove me to more of a retail setting was I had my wife from a small town called Fairfield, Texas. If you blink, you’ll miss driving from Dallas to Houston.
It’s right on the highway, but it’s not a huge town, about 3000 people. But they’ve known her for about 20 years now, over 20 years. And they’ve had four different dollar stores open at the same time.
And so, if a town of 3000 people can keep four of those dollar stores, you know, three of them, the major brands we know and love for some knockoff open for 20 years. I mean, OK, I like this business model. It doesn’t take much to keep them open.
Right. And so anyway, so that’s kind of what got us going. And that first fund was like pulling teeth because I was the multifamily guy at that point.
And so, people didn’t know he was that lost his damn mind. Yeah, stores, right? So, I thought we don’t raise them only like I think like a million seven in that first fund and over a year, which I was used to raising that and playing a day, you know, at the time or whatever.
It was like pulling teeth. But there’s a lot of education for investors. But we bought seven dollar stores in Texas and Oklahoma and then kept branching out.
And so now we’re like I said, we’ve got multiple types of tenants over different industries and a lot of states now as well.
Bronson Hill: So, the benefit of this is you’re getting a return. It’s a safer return because you own the land. There’s debt on the land typically as well.
Right. So, there’s debt there. But it’s you’re having I guess the safety part is hopefully you’re in the area where you just the tenant is a good tenant and you’re not having to worry about any of the other issues that go with that.
And are there some tax benefits as well? And what kind of cash flow, I guess, what do you should people ever not any specific deal with just kind of what sort of range is kind of reasonable for the triple net when people look at it?
Kenny Wolfe: Yeah, so the operational risk is way down on these like you said. So, you’ve got all of our tenants to be high-credit tenants. Only one tenant is not publicly traded.
So, you know, Dollar General, the corporate, you know, public credit company guarantees our rent. So, we know that’s coming in. Right.
So, we started this in twenty seventeen, our first fund triple net fund in twenty seventeen. We’ve never had a missed mortgage payment and I’ve never even been through Covid. We didn’t have any of our tenants ask for a rent reduction.
It was fantastic. So, we focused on the high-credit folks. And that’s been that was amazing because some of our friends and colleagues that did strip malls, they definitely had a request during Covid and they were very all through Covid about who was going to actually pay rent and who wasn’t anyway.
So, we focus on the high-credit folks. You’ve got some really awesome guarantees on these on the rent coming in. And then depending on the lease, they take care of 90 to 100 percent of the operational expenses as well.
So, you’ve got and it just varies by tenant. The worst one is always a family dollar of ours anyway. We love that the death of their lease is the most forgiving for them.
But we’re basically in charge of the structure, the roof, the parking lot and then part of the HVAC. But that said, everything else is on them. If the window breaks, they fix it.
Toilet, whatever that they fix the vast majority. And they always reimburse us for property taxes and insurance as well, which is amazing, especially since insurance and property taxes have been a huge challenge on the multifamily front. That’s a couple of years.
So anyway, so that’s huge. So, you’ve got a great guaranteed rent coming in. You’ve got very minimal operational risk on the expense side.
And then we always went in and bought fixed-rate and interest-rate loans. We know within probably a couple of percent of what our monthly revenue is going to be every single month. And so that’s kind of how we were able to design a monthly stable cash flow.
And we’ve been hitting between depends on the fund, but seven and a half to all the way to almost 11 percent cash on cash. It depends on the 2020 fund was fantastic. We were buying these at like six and seven.
I think the average was seven point two five cap rate. And then our average interest rate, I think, was like three-point eight percent. So, a huge spread.
I mean, so that’s probably the best cash on cash. It’s probably not the best appreciation. We’ve had the 2017 fund.
We were buying these before it was cool. And then and then 2022 and 2023, we actually saw cap rate, a big cap rate decompression in the retail space of almost two bits. I mean, so buying a dollar general right now in the Texas panhandle for an eight and a half cap, which those, you know, used to go six, six, and a quarter max back two years ago.
So, the thing is that once we get interest rates to come down in a year or two, whatever it takes, you know, we’re going to get some reduction again. I don’t know if it’s a full two bits or not, but even if it’s one, it’s a huge appreciation that we don’t really expect on these kind of deals.
Bronson Hill: Yeah. So that’s a good question. Because I know really this is a great rule for real estate.
Really, if your cost of debt is lower than your cash flow or your cap rates, you’re in a good position. So how is that now? If you’re eight and a half on this Texas panhandle property, what kind of interest rates are you getting on that property when you’re buying it?
Kenny Wolfe: We should lock in about a six-point three right now. That’s pretty good. So, we’re still hitting about that a little over a two percent cap rate spread.
That’s kind of the minimum that we like to hit. Obviously, the bigger, the better. But yeah, that’s you, you know, and the distress is coming too because a lot of folks in twenty-one, twenty-two, we’re buying these negative leverage and they’re especially negative leverage now.
They’re buying those at five and a half caps, you know. So, if they have any renewals coming up this year or next when the interest rates are higher than what their cap rate is, they bought on that, that’s where you’re going to see a lot of distress in the triple net market. See a few of those now.
Bronson Hill: Yeah. So let me ask you this. I know there are people that do this on their own.
I know there are doctors and other people that do triple net and they go by. They do some of this. You guys obviously create a kind of a, you know, passive or mailbox money experience for people.
What are some pitfalls, whether someone wants to do it themselves or they invest passively with a group or with you guys? What are some things just to kind of like look out for? Obviously, the negative leverage is one.
If you’re, you know, if your cap rate is lower than your financing or things like that, obviously, right.
Kenny Wolfe: Yeah, I mean, they definitely won’t be negatively leveraged. I mean, there are folks out there who just pay cash for them. And they are fine.
So not with six and a half unlevered return. I think it’s a little crazy but to each their own, it’s a lot of cash out and put on. We did back off on our leverage amount.
So, prior to the early part of 22, we were still doing a 70 to 75 percent leverage. Once interest rates started to go up, we started back off to, you know, 50 to 60 percent max leverage, which it slowed the amount of stores we could buy. But also, it was the best kind of we’ve got us obviously an underwriting tool that that we, you know, slammed the numbers in.
And because the interest rates have made it a much better option, at least for now, to go to the lower leverage. So, watch your leverage. Don’t over lever.
You can, you know, you can use that too much. And then we were getting six, six months I.O. from our lender. So, try to get that from your lender if you can.
And then there are always 25-year amortizing loans. So, you’re building up a lot of equity quickly in those stores. The other pitfall, I’d say, too, is that all of our stores are our single tenants.
So, it’s like going on a single-family, one single-family home. That’s the most risky part of ever owning a portfolio of single-family homes is one. Because you need it’d be much better to have three because then if there’s any vacancy, you can offset the mortgage.
Right. So, you so that’s why we set these up as a fund. And you can also have.
Yeah, so we have I mean, our twenty-two fund we had raised twenty million. And those investors are in 26 different stores in different industries, over different geographies. I mean, so it’s a very it’s the more you can buy the better to de-risk over industries and locations and vacancy risk as well.
So, we had to it’s it is a lot less hands-on, obviously. But once you probably pick up, I don’t know, as an individual, I guess. Or if I don’t know, you’re going to you probably want to have someone manage that because so we have an in-house.
We had to create our own property management net PM company because even though they reimburse us for property taxes and insurance, that means we have to front it, pay it, and then get reimbursed from these folks. And so that is that is the challenge.
Bronson Hill: Hard to collect some time.
Kenny Wolfe: You got to get another right people to hurry to speed it up. So anyway, so we did create that that net PM. We do have two assets that we third party manage folks for because they just wanted to, you know, hand it over and let someone else manage it for them.
But I mean, one or two, it’s going to be a hobby for you once you get to four or five, some real work.
Bronson Hill: Yeah, that’s interesting. A lot of people think things are passive and then it’s all you just do this. But if you can’t scale it up and you can’t do you just certain number, it’s it takes some work. Are there some also some depreciation benefits or you get kind of the bonus accelerated appreciation if you purchase your involved in something like this?
Kenny Wolfe: Yeah, we get that just not as much. I mean, we don’t have as much car appliances like comparing it to multifamily where we get a lot of right off. So, whereas I’ll say a year ago, we were writing off about 50 percent of the initial investment for multifamily investors.
We’d probably get 35 percent on our family dollar. We just don’t have as much like actual, you know, flooring and depreciable assets inside the building as we do is multifamily because it’s not our it’s not our stores. It’s not our refrigerator.
It’s not our, you know, shelving or whatever.
Bronson Hill: Yeah, that makes sense. No, it makes us talk to us a little bit about and I appreciate you sharing about the triple net space here. So, this is obviously for an investor who is a little more it seems similar like a debt fund or we have a debt fund we’re doing or things like it seems a little bit more like that where it’s lower returns.
But it’s you’re in a more safe position. And of course, the risk is that the tenant doesn’t pay or in an area that’s just maybe an obscure area that if you lose a tenant it can take a while to find another one. Those are kind of the big or like not having enough of them to have some diversity, right, to where, you know, you have a single tenant but you’ve got, you know, 30 locations.
So, it’s if one goes, it’s not that big of a deal compared to what it would be otherwise.
Kenny Wolfe: Yeah, you just got to be ready to replace tenants. I mean, it’s you know, so you like if I’ll pick on Walgreens, if you have a Walgreens, we always ask, OK, where’s the closest CVS or, you know, local pharmacy. And then the other question, the other thing, too, is you’re seeing a lot of dollar generals trade up to the size of Walgreens or CVS, right?
So, you can look at multiple industries to fill that space. It’s funny that folks think that retailers are going away, but they’re actually wanting more space, more floor space with the general wanting to go into these Walgreens. And then you’re seeing, you know, auto zone O’Reilly’s want to trade up to the size of a dollar store.
So, you kind of look at multiple to trade them up that way. That is something that is the if you’re if you know that that is a risk is the replacement of the tenant. So far, we’ve had very good success at that or on all the all the two or three that we had to do that on.
Bronson Hill: Yeah, that’s good. And it’s good to be aware of what’s happening. It is interesting how trends are changing where, you know, dollar stores are wanting to go in bigger places or auto zone or things like that.
I know there’s obviously people do, you know, triple net for different types of hotels or industrial other things as well. But the retail setting can be really attractive. So, I want to talk a little bit as well on the show about multifamily for a few minutes, because I know this is your bread and butter.
And I’ve done a ton of multifamily, the 200 million multifamily. And things have changed. It’s been very different the last couple of years, you know, it’s absolutely.
And we’ve gotten we’ve had some issues with bridge debt and a couple of deals. And it’s been, you know, pricing has come down in some areas. Funny, everybody thinks the real estate market is just the real estate market.
But it’s, you know, a single family has gone up three percent really since COVID nationally. And a lot of multifamily, especially value add has gone down 20 to 35 percent in some areas, just depending on how it’s going. Are you well, what’s your kind of outlook right now on multifamily as an investor?
Kenny Wolfe: Yeah, I mean, I think it’s still it’s still changing. Like you said, we’re starting to see those discounts like that. But they’re but they’re quietly marketed like it’s these banks that are calling a few of us in the in the business to buy them, to buy these notes quietly.
There are definitely a stop trading, but it doesn’t seem like it’s not hitting the brokers yet. I mean, somewhat, but not in a big way. I mean, we’re seeing portfolio like a 20 year earlier.
I mean, we’re seeing a portfolio of eight straight from a bank that we could buy the notes on all here in Texas. So that’s 65, 70 percent of the, you know, peak pricing in twenty-two. You know, and that’s what they’re coming out asking for.
So, I’m hoping to get a better discount than that. Right. One can.
That’s what that’s our job. Run some is to hammer them down, but you’re seeing that. But at the same time, I’m selling two assets right now under the contract that we’re probably not twenty-two pricing, but probably twenty-one pricing.
But they’re stable assets. They can go out and get Fannie Freddie on them. I mean, so that’s so it’s still this kind of tale of two cities.
I mean, if you have a stable asset and a strong buyer, then you can probably I mean, we’ll see if they close. They haven’t closed yet, but they’re still getting decent leverage and interest rates from Fannie Mae better than Freddie right now at the moment. But that could change tomorrow.
But I mean, we’re seeing folks lock in below five percent interest rate right now. Some buy it down below. I saw someone group buy it down below four or below barely by below five.
So, there you can do it. But eventually, give it three months. I think you’re going to see this.
I think you’re going to see blood in the streets on these deals. And but they’re going to need a lot of they’re going to need a lot of capex. I’m expecting these deals to have been, you know, you know, a lot of deferred maintenance because what happened in twenty-three is a lot of folks thought it was going to happen in twenty-three.
Right. Blood in the streets.
But everybody seemed to be borrowers and lenders are kicking the can as far down as they can. Well, I think they’ve kicked it about as far as they can here in the next couple. You know, so we’ll see.
I think you’re pretty soon. But twenty-three didn’t happen just because everybody was playing nice or trying to play nice at the moment. It’s a really interesting point.
Bronson Hill: Yeah, I mean, we’ve seen it. I remember a couple of years ago, people starting rescue funds and stuff and multifamily, it was just a little too early. You know all this money saved.
And we’ve seen, you know, there’s like you said, there’s some stuff. It’s kind of quiet, it’s kind of here or there. But there are just situations where we’ve seen, sometimes the lenders will work with people just saying, OK, well, we see if we take this over, if we feel like this is not going to be good for anybody, so can we extend your terms and extend and pretend kind of stuff?
And we’re seeing some of that. And of course, with all the speculation that rates are, you know, just about to drop, which we don’t know. I mean, it’s like the trouble is like no one really knows.
Right. But I mean, ideally, now I think it could be looking back, this could be a really great time to invest because, you know, when you buy, your buying price is fixed, your interest rate is adjustable. You know, you can always adjust later if rates go down.
And so, it’s we know there’s a great shortage of apartments. We know there’s a great incredible demand for it. So, if you find something that cash flows as a buyer, it’s just we’re seeing.
I don’t know if you’re seeing this as well. Investor settlement has changed a bit to where some of those things like, I don’t know if I want to do multifamily, right? I want to do other things.
I want to save. I want to wait. I want to, you know.
And so, are you seeing that as well with some investors just particularly retail investors? I know there’s a lot of big buyers who are still buying, but there’s a lot of retail investors who are like, I don’t know.
Kenny Wolfe: Yeah, I mean, twenty-three. Well, one twenty-three, like the deal flow is down eighty-five percent. And so really one knows the cap rate and no one knows how much money you can raise or not raise.
But it did feel like the sentiment was very low from kind of your retail investor in twenty-three. I think twenty-four, though. I mean, you know, this first quarter is about over.
But I’ve taken so many phone calls from investors and hey, when’s the next multifamily deal coming? And, you know, and prior to that, I’m asking that I had told them, hey, we’re focused on these deals. We’re bonding on a thirty-five percent minimum of the peak pricing.
And so that that got them excited. So, I think just like the family office has got on that, you know, vulture mentality in twenty-two, as you said, a little early, I think I think the retail investors have joined them now. So, I think you’re going to see if you’ve got a deal.
I mean, I don’t know. No one knows this yet, but I don’t think anybody knows. But if you’ve got a deal where you’re raising five to ten million dollars on a deal, that’s thirty-five percent of the peak pricing.
I feel like we could easily raise that today. Yeah.
Bronson Hill: Yeah. Pretty quickly.
Kenny Wolfe: But that’s got to be the story is you got to be buying at the right, you know, at the right discount.
Bronson Hill: Yeah, it’s all about the basis you’re coming in at and the story behind it. And I think I think it’s right. Even what you’re saying about triple net, there’s a lot of education that goes into this.
And that’s where people are syndicators like you and I. It’s like we spent a lot of time. And I see a lot of your videos and a lot of stuff that you’re putting out there and emails, it’s a lot of work.
But it’s so important that we take people on the journey with us and we educate kind of what’s actually happening, what we’re seeing. Can you talk to us a little bit about shifting gears a little bit? But for you as a real estate investor, I know you’ve written a book.
I know you’ve you know, you’re a reader, you know, you’ve a finance background. What’s a book or a resource or something that’s been helpful for you on your journey that you’d recommend for people who are interested in learning?
Kenny Wolfe: Sure, sure. And I won’t cop out and say Rich Dad Poor Dad. That is a good one.
It was life-changing for me. But that is a good one. So, if you have so this is my way of sneaky way of saying there are two.
So do that if you haven’t read it. Then I’d also read. I’m a big fan of business books just in general.
So, I mean, I just read I got I’m looking at my shelf right there. The latest one I just read, which is really good, is the book by Sam Zell. Am I being that’s a great one?
That’s a good one. The snowball that covers Warren Buffett’s. That’s a great one, too.
And because you’re buying multifamily, you’re really buying a business.
Bronson Hill: Right.
Kenny Wolfe: So, it’s all in a lie driven. So, it’s similar. But to see how they built their companies is just fantastic and something to chase, you know.
Bronson Hill: Yeah, absolutely. I know. And I think reading books, it’s a great way.
There’s a quote that you’ll be the same person five years from now, except for the books you read and the people that you meet. So just networking and education. Right.
That’s really what it is.
Kenny Wolfe: Absolutely. So it’s awesome.
Bronson Hill: Well, Kenny, I just this has gone really fast today. I just really enjoyed the time with you today.
I just really wanted to say I really value who you are in the marketplace. You’re the same person that I see, you know, at the conference and having a private conversation and on stage and whatever. You’re just you’re a great guy bringing value to people.
And you’ve been doing it for a long time. So, it’s no surprise that you have the success you had. But I encourage people just to reach out to Kenny and again, touch to hear about his deals and things he’s doing in all different in different arenas.
But Kenny, what’s the best way people can reach out and connect with you?
Kenny Wolfe: Sure. Yeah, the best way is through our website. So, wolfe-investments.com.
And then we’re on social media as well. Facebook, Instagram, and all that fun stuff as well. But that’s probably the website is probably the best place to get ahold of us.
And there’s a place to put your email and set up a phone call with me and our team.
Bronson Hill: Awesome, man. Well, I appreciate you. Thanks for being here.
We’ll do this again. I look forward to seeing you. I think I’m going to be at your next MFI and event in Denver on a panel there.
So, I’m looking forward to that.
Kenny Wolfe: I’ll see you there. Awesome.
Bronson Hill: All right. So, I really love that episode with Kenny. Great guy really has a lot of different things that he’s doing.
And he’s found something that even when he started doing triple net, they were like, you’re crazy. What are you doing? But for passive investors, it gives another way to diversify in different types of assets or at least get into them a different way.
So, I think it’s important not to be diversified in a hundred different things, but maybe in 10 different things or five different things or at least have some diversification. Right. So, I think that’s important.
So, I encourage you to reach out to Kenny. I hope you enjoy this episode. Again, I like talking with people who are doing things in multifamily or outside of multifamily, other assets.
And this was I think the first episode we’ve done in the last I think last three years of this show on just on triple net. So, it was good. So, I’d love to hear any feedback that you have.
Love for you to share this with a friend. And if you do get involved with the triple net or if you are a triple net investor, I’d love to hear from you. Shoot me an email at [email protected].
And just love to hear any feedback from you on what you would like to see on future episodes, and who I should interview. And really excited for stuff to come upcoming as far as different guests as well as different investment opportunities. I’m not quite ready to talk about it yet, but we’re getting very excited.
So, if you have if you have not joined the Bronson Equity Investor Club, go to bronsonequity.com/join and you’ll be able to join our club. Instead of a call with us, we’ll start a relationship, and be able to get you into some of our deal flow. And you have the opportunity to invest with us in one of our deals.
So, thanks for taking the time to educate yourself. I look forward to seeing you on the next episode of the Mailbox Money Show.
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