Investing Questions From the Audience Made Simple

Today we’re fielding investing questions from you, the audience.

Join us as we explore questions such as:

– Should I get a mentor?
– How much is insurance on a 15-unit apartment building?
– Should I invest with a syndication group or on my own?


Too Big To Fail – Andrew Sorkin


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five rules of investing
The Five Rules of Investing

Anthony Vicino (00:15):

And welcome to multifamily investing made simple the podcast. That’s all about taking the complexity out of real estate investing so that you can start taking action today. I am your host, Anthony Vicino Vicino joined as always by my partner in crime. Dan Krueger krueger Krueger. How you doing Dan Krueger krueger? How are you? I’m good. Dan Krueger krueger, tell everybody that really super exciting thing that you were telling me before [Inaudible].

Dan Krueger krueger (00:37):

It might have COVID.

Anthony Vicino (00:42):

I actually had nothing in mind when I was just kind of throwing you under the bus there and kind of see what you mean.

Dan Krueger krueger (00:47):

Does he of that or the same? That’s a good one. Those are both exciting. One of them is exciting in a bad way that the sandwich was a bad way. Sandwiches, sandwiches, a good excited Oh, I thought you were talking about your Jimmy John’s experience the other day. Oh yeah, that was, yeah, that was a full recovery though. We got a good sandwich on the way, but a lot of things are happening. Life came into contact with somebody who came into contact. Yeah. I came into contact with somebody who tested the positives. Now we’ve got to go, I guess, get something stuck up our nose and they like scrape your brain. That’s what people tell me. Sounds like they get in there deep. Yeah, I’ve heard it’s really, really uncomfortably deep really, I guess. Is this true? I don’t know. I know nothing about any of this. I will let you know, after Tuesday you report back. All right. Sounds good. Fingers crossed that you were well. Yeah,

Anthony Vicino (01:38):

I’m going to need you. You promised me that you were going to wear a mask to this recording. You were going to sit six feet away from the screen. Yeah. And I know your office well enough. You are not six feet away from the screen three feet away. And I clearly have no mess. I am the Dan Krueger kruegerger zone, the things I do for you. All right. So today’s episode, we are going to be simplifying some of the most commonly asked questions from the forums, from the emails from the world at large. And so these are questions that we have gone and pulled. We thought, hey, these are pretty interesting. Let’s address them. And maybe we can shine some light and to the darkness that is the world of real estate investing. But before we can get there, Dan Krueger krueger is bringing a special guest. His best, worst investment advice,

Dan Krueger krueger (02:24):

A weird way to present it. I have a special gift.

Anthony Vicino (02:28):

Just try to keep people on their toes. Like, they’re like, Oh, this is the best. And then worse. They’re like, I don’t know how to feel. I don’t know, inflicted.

Dan Krueger krueger (02:34):

If someone told me that a guy was coming with a special gift, I would not, I would not want that sounds. It sounds like I have anything to do with, but I do have some bad advice. I got that. Okay. Location, location, location. It’s all about location, location. You can overpay. It always works. And the reason I bring this up is because right before we hopped on to do today’s episode here, we were running the numbers on a deal that just came across our desk. That is in a great location. And we’re sitting here scratching our heads, trying to figure out how we’re going to make money on it. Yeah. I mean, location is important. I think it’s, you know, it’s a prerequisite that you want to have in your underwriting based on everything. So, you know, there’s still got to be, you know, he’s still got to be able to make money on it without just a, you know, a hope and a dream that the market just keeps going up. Right.

Anthony Vicino (03:27):

And this one is interesting. Because again, context, we always talk about context mattering and understanding your exit when you go in, I think it’s, I think the Marines maybe have a phrase that’s like, know how before you go in, know how you’re getting out. And in this particular deal, it’s in a fantastic location. And there are ways to make money on that without necessarily like our model of value, add apartment’s indications. We can’t, we’re not really sure if there’s any way to actually add value of the type that we would be able to benefit from, but that’s not to say that you couldn’t make money on this deal. Like if you wanted to go in there and buy it and hold it for 20, 25, 30 years, you’re probably going to do really, really well. And if that’s your investment thesis, then this is probably going to be a great property for you.

Anthony Vicino (04:13):

But for us, it doesn’t necessarily make sense because we’re syndicating. And so our investors are expecting a return on their money within, you know, five to seven years. They’re not, they don’t want to give us their money for 30 years and we don’t want to take their money for 30 years necessarily. And so it doesn’t really work with our model. And so as we’re looking at it, we’re like, well, maybe this model doesn’t work, is there a different way we could, we could structure it. But you know, at a certain point you have to understand, like we you’re bending over too much to fit a square peg into.

Dan Krueger krueger (04:43):

Yeah. I think it’s a, it would be a great generational wealth asset where someone wants to buy something, hold it, pass it onto their kids and just, you know, have it for a long time, like you said, so this would be great for someone who wants to, you know, just accumulate something and keep it on the balance sheet, passing the kids, not necessarily the ideal candidate for a syndication where you get in, you do your thing and you exit and five, seven years. So, so yeah, that’s, I mean, location’s important, but you know, don’t just blindly buy anything. That’s in a good location, thinking that it fits your business model.

Anthony Vicino (05:19):

So that then you just stay in your lane and understand what your model is and understand what, when you’re, when you’re starting to swerve outside of your lane, be a cognizant of it. And that can be an intentional, we turn on the blinker and we’re changing lanes. And we know that, and we’re going to not use the same playbook as we’ve previously used. But if you’re just kind of swerving drunkenly, not realizing that you’re no longer in your old lane, thinking that you’re going to apply the same playbook, but it’s really not the same game anymore. Then you’re going to find yourself in a world of hurt. And so those generational plays, I find a work really well. If you’re going to be investing in like a really high, highly appreciating, like the LA is a San Francisco, is if you can get in there with a good basis and hold onto it forever, you’re going to do pretty good. But that’s not, that’s not our particular niche. Exactly. So I’m not super interested in it. All right. So today we’re going to, we’re going to tackle some questions. We’ve got three questions here from the forums. Dan Krueger krueger has no experience with these. So I’m going to, I’m going to lob them at his face. We’re going to see how

Dan Krueger krueger (06:17):

He had very little history in general in life.

Anthony Vicino (06:21):

I mean, you just celebrated a birthday, not too long ago. You got what? 30, 34 ish years.

Dan Krueger krueger (06:26):

Yeah. So before I think you’re a couple of weeks behind me. You celebrated some sort of milestone mid-June. Yeah.

Anthony Vicino (06:34):

Yeah. My birthday was two weeks ago. Oh my brother’s birthday is today. Yeah. I got a birthday party here tonight.

Dan Krueger krueger (06:40):

There you go. We’ll be getting the presents.

Anthony Vicino (06:43):

That’s a busy month. Yeah. All right. You ready for question number one? Let’s do it. Here we go. The title of this one is investing with Syndication Company versus independently with team. And the question is from Wade Calvert is I have been educating myself for the past month. Watching webinars listened to podcasts, reading articles, attempting to analyse deals and research viable markets. I think I’ve got that part down. And although I know that I won’t feel totally confident and I just have to jump in and go for it. I really can’t afford to lose money, listening to the recent podcast and trying to learn from others’ mistakes have been valuable, but also reminded me of the risk factors involved in this career endeavour. So I started to wonder if investing with an experienced syndication company would be better for me until I maybe have a bit more assets available to me and more comfortable with the real estate process slash market business legalities, etc. and then maybe take on an investment property on my own. Is there any reason I shouldn’t do this or is there a stronger reason that I should stick to navigating this out on my own? That was a big question. There’s a lot there, but I picked this one specifically because there’s so much meat on it. So many talking points in so many angles to come at it from.

Dan Krueger krueger (07:56):

Yeah, that’s a good question. And I think his logic at least think about it as is really good, is looking at the, the risk profile of each scenario, which I think is very important for any investors. You don’t want to just look at how much money could possibly be made, but also look at what the potential downside is. And, you know, it’s almost like looking at a, you know, you want to open up a sandwich shop. Do you want to start one from scratch with, you know, Anthony Vicino’s Tony subs, which I would go to, it just sounds like you wouldn’t eat Tony’s. I would because Antonio knows how to make a good, a good hoagie. Anyways, so Anthony Vicino does not. Yeah. I mean, would you go to, you know, like, you know, Dan Krueger krueger sandwiches or Jimmy John’s right. One of them’s got a, a proven business model in a system that, you know, is going to work and you’re not going to make as much money on in a franchise, but your probability of success is drastically improved just because you’ve got that long record that you can leverage as opposed to just going up.

Dan Krueger krueger (08:57):

And then it started off from scratch. So yeah, there’s more risk involved in doing it yourself, assuming that you’ve never done it before, that’s obviously a risky scenario or doing it with someone else you’re going to not make quite as much money, but your downside is dramatically reduced. So I think that’s a great way to look at it. And it’s also you know, if you do want to do it yourself, it’s not like you’re, it’s a binary situation where the first deal you do with a syndication means you’re on that team forever. And you, you don’t get to ever do it yourself. I think it’s a great way to learn the process in a lower risk way and get into real estate. You can experience it if you’re with the right operator, you might even be able to peek under the hood and watch how they do it without taking on all that risk yourself. So it’s almost like you know, investing in real estate, you know, with some training wheels. And then as you kind of, you know, experience it from a unlimited partners perspective, then you kind of take that next step and do a little bit more on your own

Anthony Vicino (09:56):

Pretty common way for people to get into the industry and gain some experiences to come in as a passive investor on a couple of deals, built up a little bit of experience, seeing how it operates, at least from the other side of the fence and building up your knowledge is in that time to continue educating yourself and becoming more immersed in the industry so that when you finally do decide to step into the active investor role, you’re a lot more confident. So what I would say here, the general tone of this question leads me very much to the conclusion that one you’re not ready to syndicate your own deals is one. And the reason for that, I think is a general lack of confidence and belief in like your knowledge and specifically, if you’ve only been educating for the last month, chances are, you don’t yet know enough about what you’re doing in apartment syndications, to be able to execute it effectively and to take, you know, passive investors monies and not just lose it.

Anthony Vicino (10:52):

And I think that’s the most important thing with a syndication is to recognize you are being entrusted with another person’s money. So it’s critical that you don’t mess up, that you do well with it. And you should take that, see that as the burden and opportunity as for what it is. And so spend a little bit more time getting educated and experienced work, maybe with a mentor that somebody that can teach you the ropes get into a passive investment. That’s a great way, but just keep building out that, that knowledge base until you get to the point where you’re not asking the questions of, should I do this or shouldn’t I do this now? It’s a matter of like, okay, I am doing this. What’s the next step that I need to be taking?

Dan Krueger krueger (11:34):

Yeah, that’s a really important point that you made there because, you know, you mentioned the, you know, you’ve been studying for a month or so, which is that’s great, but there’s a lot more to learn and yeah, at the end of the day, there’s just some things there’s actually a lot of things that you’re never going to learn from study. You’re never going to learn in a, you’re never going to learn from a podcast or a blog or a video you’re only going to learn in real time by it because there’s just so much stuff that could potentially happen. You can never prepare yourself entirely for it. So there’s just some experience that you’ve got to get in real time, and it’s not right to do that with other people’s money. So I think it’s good to do it with your own money first, to get that track record before you start to syndicate, or if you want to jump into the syndication biz partner up with somebody who has that experience with their own money that is bringing that to the table, because there’s no way around it. You’re never going to get everything out of a book. You’re always going to need to go out and take some Jake and Gino say, take your bumps or something like you’ve got to go out and just experience some of the stressful situations that you can never prepare for.

Anthony Vicino (12:41):

And to that end, you don’t even need the jump into syndication. Like if you’ve never done a real estate in general, there’s other ways that you can get involved with joint ventures or smaller properties in general. And that might be a really good launching point to build a competency that you can then leverage later on into syndication, but recognize like syndications is its high consequence, not just for yourself, but for the people that are entrusting you to do well and do right by them. So don’t, don’t take that lightly. And there’s a, there’s a particular point in your question where you said something to the effect of, I can’t lose money. Like I’m not in a place right now where I can lose money. We talk about this a lot. We think that being a good investor means managing your downside and protecting your principal.

Anthony Vicino (13:26):

And we believe very much in that thesis, but at the end of the day, if you’re operating from this position where you absolutely can’t afford to lose any money, then you might not be yet ready to jump in and be investing because there is always the risk that you’re going to lose. And so if you’re burning all the boats and you’re putting your back to the wall, that can be a very effective strategy, but I would be very hesitant if you moved forward, operating from the position of like, I can’t lose money. That’s because here’s the thing when you’re new is you’re going to make a lot of mistakes. And when you have that extra fear of like, this is my only $50,000, if I lose this I’m bankrupt that only adds more stress to the situation. And so

Dan Krueger krueger (14:11):

Yes, scared money never does well. Right? You don’t get good decisions when you’re operating in fight or flight mode. Like when you’re scared, you’re making emotional decisions. So when you’re making emotional decisions, you’re not making financially prudent decisions. So if that fear element is there, I’d say you’re probably set up for issues you’re not going to do well. If you’re, if you’re scared, you’re going to make emotional decisions, which are almost always going to be the wrong one. So get to the point where you are not scared. So that means, you know, invest a dollar amount that you could lose and you wouldn’t, you know, shake things up too much. Obviously you wouldn’t be happy about it. No one likes to lose money, but you’re not going to lose your livelihood or anything like that. You know, when you’re operating with that much as your downside, that’s where you can make mechanical, prudent, financially prudent decisions.

Anthony Vicino (15:04):

Yeah, absolutely. So I think that pretty much answers that question as thoroughly as we can, unless you got anything else to add there. If you’re ready, let’s move on to question number two. This one is mentoring programs for people who may want extra help. And it is from Hector Asencio. Has anyone here ever been, has a good name? Has anyone here been mentored before? If so, by who and who would you recommend that mentor if they are still available? Yep. Effectively anyone have good recommendations on good mentors.

Dan Krueger krueger (15:34):

I think so. I think so. We I’ll speak for myself. I am a part of the Jake and Gino group. However, I didn’t pay me to its weird. I didn’t I didn’t really utilize that group for the mentor-ship. I used it for the network. So I wouldn’t say I’ve ever been really men or by anybody officially I’ve, I’ve had a decent amount of conversations with guys who were ahead of me that have provided value, but I don’t have anyone in my life who I would consider my mentor. Honestly, there’s a lot of guys out there that I look up to that I don’t have a relationship with that I try to like model myself after, but I don’t, I didn’t personally have a mentor. I was more of a self-study type of individual, and I really kind of wanted to be able to say I did it all on my own. I, but, in retrospect, I could have gone farther faster if I had put the ego to the side and leveraged some, some, some sort of mentor earlier on in my career. So I’m a big fan of the concept. And I’d say that the Jake and Gino group they have some rock stars there. They would be good. I’m trying to think of who else we’ve heard of from other people that have had good experience with mentors. Can you, Anthony Vicino, can you think of it?

Anthony Vicino (16:50):

We, Rodney, another guy that we do a weekly multi-family round table with he’s a syndicator out of Minnesota as well. And he’s part of the think multifamily group with Mark Kenny and that group. And he speaks very highly of it. Everybody I’ve talked to from that crowd speaks highly, you know, if you’re, if you were speaking from the lens of multifamily with a bent a little bit more towards syndication, and so if that’s not your particular niche, then these aren’t going to be super helpful for you, but on the mentor front, I’m in the same boat, really? I can’t, I can’t point to anybody that I would consider a mentor and I’ve never had anybody officially in that role. I wish I kind of, I wish I did, because it would be great, really the difficulty is its. It really does. Yeah. It’s, it’s hard to find somebody that you click with that you have value to add to their day, and they have value to add to yours.

Anthony Vicino (17:38):

And, and so I’ve always been a little bit more just get in there and start doing it and learn by doing. And I joined the Jake and Gino group, not really for the mentorship or for the education of things, but again, for the networking, like the access to other like-minded individuals who wanted to do what we were doing. And so we could work together and scale even quicker, that was the real power. But, you know, those, what I would say is there’s a lot of mentor programs out there, and some of them are super, super shady, and some of them are really great. And the only way to know is to do your research, be thorough, talk to people who are in the program, talk to people who graduated the programs, talk, get as much information as you can before making the decision, because some of these programs are very, very expensive.

Anthony Vicino (18:19):

And when you’re paying for a mentor, which I think that the value they bring very much offsets the cost incurred in most instances, but you need to be very certain that you’re not just getting into a shady scammy program, which there are plenty of those out there. But I think it’s a great way to accelerate your learning process. If you could find a mentor, you might start, if you don’t have money to pay into a group like that, just going to local networking events, just talking to people, having conversations and find somebody that’s, you know, five to 10 years ahead of where you are that you want to be. And then see if you can take them out for coffee and ask them questions and pick their brain. And that, you know, we have those types of relationships with people, people who are a little bit further ahead in the game, and we can have those conversations, but I wouldn’t consider them like a mentor.

Dan Krueger krueger (19:00):

Well, if you’re going to go the road of just kind of general networking to try to find somebody to fill that role for you, which I have a huge fan of, I think that the guys that I know who have a mentor in their life, that’s really been substantial. It’s been someone that they haven’t gone out and hired. It’s been someone that they’ve connected with and really connected with. And then that person’s provided a really substantial influence on their career. Those seem to be the best, but they’re also tricky to find you can’t just go up and Google really good mentors, right? That you’ve got to kind of find them organically. But I would say the best way to do it is isn’t a way where you’re not one of those people who shows up to a networking event, actively looking for mentors.

Dan Krueger krueger (19:38):

Like you could tell those. And they always rubbed me the wrong way. I just feel like they they’re just looking for stuff instead, go and try to just meet cool people and take them out to lunch and take them out to coffee and just try to have some good conversations. And if there’s something there where you guys do connect, it’ll happen. And if not, like, just don’t go up. Don’t you, you’re going to come out and you’re going to come off looking desperate. Basically, it’s going to be like dating. And you’re going to look like the desperate guy or girl who just like, is going around, asking everybody to go with them.

Anthony Vicino (20:10):

It’s a great nuance that the people that go up and you see it all the time on the forums, you see it all the time at networking events and things where people are like, Hey, I’m looking for a mentor. That’s like going, that’s like going into a bar and be like, I’m looking for a girlfriend. Like it doesn’t, it doesn’t work. The people who you’re trying to attract are super turned off by that. And so the key then is you need to, you need to become the type of person that a mentor would want to work with. You need to become the type of person that a lady or a guy is going to want to date or be in a relationship with. So that starts with working on yourself first, figuring out what value that you can add to the world around you, and then going into it with that mind-set, go to these networking events, looking to add value, make relationships, not just saying, hey, will you mentor me? Because what does that even mean? Like that, I wouldn’t even know where to start with that. Like if somebody came in like, Hey, will you mentor me? I’m like, be more clear exactly what you expect from me because I can’t just commit open-ended to such a broad statement.

Dan Krueger krueger (21:08):

Very true. Yeah. That’s a good question. I’m glad I got brought up. I think we answered it. Yeah.

Anthony Vicino (21:13):

What would you, I don’t know if we did, we will. We gave an answer, like not a good one, but what would you say is the difference between a mentor and a coach?

Dan Krueger krueger (21:21):

I think a mentor is a higher level. Someone who provides like inspiration and helps kind of guide you from a high level and a coach is somebody who would help with the, like the day-to-day stuff. Like you’d call your coach and ask them about a specific thing that’s happening today. And they would, they would map it up for you. And then I’d say like a mentor, just kind of like make sure that the ships pointed the right way and provides you guiDan Krueger kruegerce. But I guess in my head mentor just seems higher level and coach seems more like operational.

Anthony Vicino (21:54):

Yeah, I guess I kind of think of a mentor as being a little bit more holistic. They think about the whole context of your life and what you’re trying to build. And if it’s getting you to the right destination, whereas a coach is going to teach you that like this, they don’t care about what your destination is necessarily. Like if you’re coaching somebody to play tennis, they’re going to teach you how to hit the ball really well. They’re not necessarily caring if your goal is to go win Wimbledon. Whereas I think of a mentor more as like somebody who, and maybe, maybe it’s all semantics, but for me, a mentor is more like, what does it even look like for you to structure your life in a way that would get you to those big goals and ideally that they would have some experience having executed against some big goals themselves. Whereas a coach doesn’t necessarily need to have like a track record of success. You can have your local tennis pro teach you how to hit a ball. But if you want to learn how to go win Wimbledon, maybe, maybe go and find somebody who’s won Wimbledon. I don’t know.

Dan Krueger krueger (22:47):

Yeah. So mentors, maybe like more mind-set coaches, like here are the steps today, then a mentor, just make sure your head’s in the right place.

Anthony Vicino (22:56):

Yeah. Yeah. I definitely think the mentor needs to have your end in mind to be able to say, are you on the right path towards that? So semantics. I was just curious if there’s any segue there. Okay. Third and final question for today. Title is apartment insurance cost for a 15 to 20 unit. How much do you think question is from Kendall web looking at purchasing an apartment complex? How much can be estimated for a 15 to 20 unit? I know the actual number will be different, but just trying to guesstimate run some numbers before I look more into it. And I picked this question very specifically, because I think there’s, again, some angles, some different angles. We can come at it from,

Dan Krueger krueger (23:34):

Yeah. To, to answer your question. I forgot the individual’s name already Kendall. There’s probably close to a hundred insurance agents in your area who would be able to give you a really good to your question in a couple of minutes. And that’s the best answer I can give you because there are so many variables so many nuances to that building to that markets that it will be possible for us to give you any kind of realistic range. I can tell you what our 15 units you know, what we paid for that, but there’s just so many other factors. We’ve got a ton of policies through the same company and in our area, it’s just a completely different ball of wax, but it’s just so easy to get a really accurate quote from a broker. You know, you pick up the phone and call them and say, here, this building, here’s the address. Here’s what I know. They’ll give you really good ballpark number and you can kind of take it from there. I almost don’t want to give a number because it’s going to

Anthony Vicino (24:24):

No, no. And I don’t think that there is a number to be given because it, the answer is, I think it depends. It depends so much on so many different factors that we don’t have from just that question itself. And maybe if we sat down for a 15 minute conversation, we could get enough information to give a ballpark, but here’s, here’s the reason I picked this question. I find it interesting because I see a lot of questions like this out there, where people are looking for numbers for their underwriting, or they’re looking for very specific guidelines that they can help kind of wrap their head around things, because, but the problem is that in real estate investing, there’s so much nuance and there’s so many, it depends. The answer to this question is going to be very different. If this person lives in Phoenix versus in St. Paul, Minnesota, are they in a flood zone in Phoenix, or are they just across the road from what FEMA qualifies as a flood zone? And therefore like that’s going to play a really big part in insurance. And so there’s all these factors that we can’t know. And I guess my point here is that as you’re going to educate yourself before getting into these bigger properties and spending a lot of money and potentially getting into a lot of trouble, you have to understand the very nuanced nature of a lot of the questions that you’re asking. And until you do, you’re probably not ready to actually go and execute the deal. Now, that’s, I love that this person’s out there, they’re underwriting. They’re trying to get this information and getting those reps in that’s huge. And I think then the next step is to realize, okay, you’re, you’re asking about insurance, but really what you need to know is a much broader range of things for your particular area, your market, and your building types. Because it’s it, it’s going to depend so much and you need to have that knowledge to know whether or not you’re getting a deal. So like you pointed out, call up an insurance broker and say, Hey, this is the area that I’m looking in. I’m looking at a 15 to 20 unit building. What are the things that I should be aware of when it comes to insurance in this area? And they’ll maybe give you some good education. Yeah.

Dan Krueger krueger (26:22):

And they are excited to give quotes for this kind of stuff, because it’s an easy first step to them getting a new client. So, you know, even if there’s a building that you’re just kind of like halfway interested in, you know, create, just give any insurance broker here, a call and be like, Hey, here’s this address? Looking at this building. Can you give me, you know, a ballpark estimate, how much would cost, right. Even if you don’t even think you’re going to make an offer, then you’ve got to, then you’ve kind of started to frame in your mind what, like a cost per unit would be. And it’s not going to be exactly the builds. It’d be different, but then you’ll get a sense of like your neighbourhood your market, your asset class, like what, you know, what you’re going to be paid.

Dan Krueger krueger (26:58):

And it’s not like insurance is kind of one of the easy ones because these guys, these insurance brokers really like to get those calls, right? They want to give you a call. You’re not going to be bugging anybody. So insurance is one that you can kind of cross off your list is you don’t have to prove yourself or anything. You don’t have to wait until you close to find out. It’s really easy. So that, you know, insurance costs, you can cross off your list as, as, as an easy one. Some of the other ones are going to be more nuanced to Anthony Vicino’s point. You’re just going to have to continue down that educational path of developing that sense of how much certain things are going to cost, like repairs, maintenance, things like that. But insurance that’s an easy one. You’ll figure that out with within about five minutes of a local broker,

Anthony Vicino (27:42):

They’re all three of our questions. There was a couple in there, all three of them actually, I really enjoyed. So thank you. Thank you guys for your questions, giving us the opportunity to talk about them. You ready? You ready for the best part of the multifamily investing made simple podcast?

Dan Krueger krueger (27:58):

Is this the best part?

Anthony Vicino (27:59):

It’s not the worst. It’s not the worst advice segment. I know.

Dan Krueger krueger (28:04):

The book recommendation.

Anthony Vicino (28:08):

Yeah. I liked the book recommendation. I do. I get excited about

Dan Krueger krueger (28:13):

Am I doing it fire away? I got one that is not real estate oriented, but is interesting for anyone who is interested in kind of like the economy and you know, we’re going through like a an interesting time right now whether it’s a recession or a depression, it’s kind of up for debate, but things are getting shaken up and the Fed’s taking massive action and that’s impacting real estate. So trying to wrap your head around this type of stuff has, I was interested in. So the book I’m going to recommend is called too big to fail by Andrew Ross Sorkin. And it’s a really good breakdown of what happened to the 2008 crisis. And kind of helps you build some, some kind of understanding of how the economic cycles work and like what caused that one. And you can kind of relate that to what’s going on right now, but it’s a pretty, in-depth look at that whole situation, which is fascinating because I think a lot of people don’t really understand what happened in then. And I probably a little bit confused as to what’s happening now. You know, why is our economy in shambles and why is the S and P a hundred, just all of a sudden going up and where’s all this money coming from that they’re printing every day. So it’s so interesting book. So that’s going to be my recommendation this week.

Anthony Vicino (29:25):

It’s particularly pertinent right now because of everything that we’re going through. And we’re starting to, you know, relive not the circumstances, but definitely the tumultuousness of the environment at the moment. And I think it’s the nearest point of history to back to and say, well, what was happening during that? You can, you can glean a lot of information. I don’t know how much of that necessarily is relevant to today’s events, but people that, you know, those who don’t know their history are doomed to repeat it. So I think it’s always a good, good thing to brush up on the past. And it’s fascinating that particular period and everything that happened was is fascinating.

Dan Krueger krueger (30:02):

It is. So, yeah, if you’re a geek about finance investing stuff, you’d probably like it, I guess that’s not directly related to real estate, but it’s, it’s like a macroeconomic book, which is always going to be related.

Anthony Vicino (30:13):

All right, guys. Well, that’s going to do it for us here at multifamily. Investing made simple this week. We really appreciate having you. Thank you so much for sitting down and lending us your ear holes for a little bit. See you next Saturday. No, no, we can’t let you go. Before you leave, you got to go leave a review, come punch the like button hit the subscribe button, hit the bell, go to Apple iTunes, leave a review, tell us that you love everything that we’ve said so far. And then go share this with crap that helps us spread the show. We really appreciate it. All right, guys, Dan Krueger krueger’s going to go get a sandwich now, guys, we’ll catch you later.

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