{"id":1105,"date":"2020-09-30T23:13:45","date_gmt":"2020-10-01T06:13:45","guid":{"rendered":"https:\/\/bonavestcapital.com\/podcast\/?p=1105"},"modified":"2020-09-30T23:16:48","modified_gmt":"2020-10-01T06:16:48","slug":"sa006-how-a-successful-entrepreneur-scaled-to-a-275m-real-estate-portfolio","status":"publish","type":"post","link":"https:\/\/bonavestcapital.com\/podcast\/sa006-how-a-successful-entrepreneur-scaled-to-a-275m-real-estate-portfolio\/","title":{"rendered":"SA006 | How a Successful Entrepreneur Scaled to a $275M+ Real Estate Portfolio"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1105\" class=\"elementor elementor-1105\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-292ccb3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"292ccb3\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-307f24d1\" data-id=\"307f24d1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0a212e3 elementor-widget elementor-widget-heading\" data-id=\"0a212e3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">PODCAST EPISODE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a879821 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a879821\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-43caa13\" data-id=\"43caa13\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5c17378 elementor-widget elementor-widget-heading\" data-id=\"5c17378\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">SA006 | How a Successful Entrepreneur Scaled to a $275M+ Real Estate Portfolio<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ffe13ee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ffe13ee\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7eaef7d\" data-id=\"7eaef7d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a472c76 elementor-widget elementor-widget-html\" data-id=\"a472c76\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div 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elementor-widget elementor-widget-image\" data-id=\"7dd376f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"220\" height=\"220\" src=\"https:\/\/bonavestcapital.com\/podcast\/wp-content\/uploads\/2020\/09\/Headshot_Dan-Handford.jpg\" class=\"attachment-medium_large size-medium_large wp-image-1109\" alt=\"\" srcset=\"https:\/\/bonavestcapital.com\/podcast\/wp-content\/uploads\/2020\/09\/Headshot_Dan-Handford.jpg 220w, https:\/\/bonavestcapital.com\/podcast\/wp-content\/uploads\/2020\/09\/Headshot_Dan-Handford-150x150.jpg 150w\" sizes=\"(max-width: 220px) 100vw, 220px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-022db59\" data-id=\"022db59\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ae2d8fa elementor-widget elementor-widget-heading\" data-id=\"ae2d8fa\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Dan Handford<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f00186b elementor-widget elementor-widget-text-editor\" data-id=\"f00186b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #666666; font-family: lato, 'Helvetic Neue', Arial, san-serif; font-size: 18px; font-style: normal; font-weight: 400;\">Dan Handford is the managing partner at PassiveInvesting.com, a private equity real estate investment firm, where they manage a portfolio valued at over $275M.\u00a0 He is also the founder of the Multifamily Investor Nation, where he educates a nationwide group of over 9,000+ members of multifamily investors on how to invest in multifamily assets and is the host of the popular Multifamily Investor Nation podcast, where he interviews sponsors who have closed a deal in the last 12 months.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d2d6431 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d2d6431\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7c1fecb\" data-id=\"7c1fecb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-33d8880 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"33d8880\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fea6950\" data-id=\"fea6950\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c263d61 elementor-widget elementor-widget-heading\" data-id=\"c263d61\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Connect with Dan<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79bf548 elementor-widget elementor-widget-text-editor\" data-id=\"79bf548\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li style=\"margin-top: 4px; margin-bottom: 4px;\">\n<ul style=\"list-style-type: none; margin-top: 10px; margin-bottom: 10px; margin-left: 35px; color: #666666; font-family: lato, 'Helvetic Neue', Arial, san-serif; font-size: 18px; font-style: normal; font-weight: 400;\">\n \t<li style=\"list-style: disc; line-height: 32px;\"><a style=\"color: #92c13c;\" href=\"http:\/\/multifamilyinvestornation.com\/\" target=\"_blank\" rel=\"noopener\">multifamilyinvestornation.com<\/a><\/li>\n \t<li style=\"list-style: disc; line-height: 32px;\"><a style=\"color: #92c13c;\" href=\"http:\/\/passiveinvesting.com%20\/\" target=\"_blank\" rel=\"noopener\">passiveinvesting.com\u00a0<\/a><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f79a089 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f79a089\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-27d4cb5\" data-id=\"27d4cb5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-140f9af elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"140f9af\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a9d46cd\" data-id=\"a9d46cd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-780c7b8 elementor-widget elementor-widget-heading\" data-id=\"780c7b8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Transcript<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e657a9 elementor-widget elementor-widget-text-editor\" data-id=\"9e657a9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span style=\"color:#DE2898\">Aileen: <\/span><\/b>[00:00:00]\nThank you everyone for joining today&#8217;s episode of the, How Did They Do It? Real\nEstate podcast. We are your hosts Seyla and Aileen. And today we have our guest,\nDan Hanford.&nbsp; Dan is a managing partner\nat passiveinvesting.com, a private equity real estate investment firm, where\nthey manage a portfolio valued at over $275 million.<o:p><\/o:p><\/p><p>He is also the founder of the Multifamily Investor Nation, where\nhe educates a nationwide group of over 9,000 plus members of multifamily\ninvestors on how to invest in multifamily assets and is the host of the popular\nMultifamily Investor Nation podcast, where he interviews sponsors who have\nclosed a deal within the last 12 months.<o:p><\/o:p><\/p><p>&nbsp;Please welcome Dan\nHanford. How are you doing today, Dan? <o:p><\/o:p><\/p><p>&nbsp;<b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:00:40] I&#8217;m doing very well. Thanks\nfor having me. &nbsp;Looking forward to\nsharing with your audience here. <o:p><\/o:p><\/p><p>&nbsp;<b><span style=\"color:#DE2898\">Aileen: <\/span><\/b>[00:00:44] Thank you so much. We&#8217;re\nreally excited. Before we get started, could you tell our listeners a little\nbit more about your background and just, how did you get started in real\nestate?<o:p><\/o:p><\/p><p>&nbsp;<b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:00:51] Sure. It&#8217;s a long story, but\nI&#8217;ll try to make it short. So I&#8217;m a chiropractor by trade. &nbsp;First got started in the business, really in\nbusiness really. So, went to chiropractic college while I was there. I started\nmy very first successful business that I still have today. It&#8217;s a business\ncalled shopanatomical.com and we sell all types of skeleton, tens and skulls\nand brains and hearts, plastic anatomy, models to colleges, universities,\ndoctor&#8217;s offices across the country and around the world.<o:p><\/o:p><\/p><p>And that business I started while I was in chiropractic\nschool because we all needed&nbsp; as a\nstudent of chiropractic, we needed a spine model to actually learn what the\nhuman spine looks like and how to adjust it and all the different, you know,\nstructures around it. And so the bookstore at that time was selling one for\n$189.95.<o:p><\/o:p><\/p><p>&nbsp;And the students, I\nheard complained about it being so expensive because at that time we&#8217;re all\npoor college students, you know, and can&#8217;t afford a lot of stuff. And so the\nbookstore has always, you know, doubling the price on everything and come to\nfind out. I did some research and found that spine model online for around $90,\nit was like, it was actually like $89.95, so they marked it up by a hundred\ndollars from the retail and I&#8217;m in the bookstore. And so I was like, I wonder\nif I can get an order together, how and what can I get this spine for? So I\ncalled up one of our, one of the distributors of that spine, you know, fast\nforward today.<o:p><\/o:p><\/p><p>They&#8217;re actually my number one competitor, which is kind of\ncool.&nbsp; But I called them up and I said,\nHey, you know, if I can get an order of 20 of these spines together, could you\nget them? What could I buy them for?&nbsp; And\nthey said, you can buy them for $65 and we&#8217;ll even include the shipping.&nbsp; And so I was like, Oh, well, that&#8217;s kind of\ngood.<o:p><\/o:p><\/p><p>So I was like, Oh, I wasn&#8217;t gonna, I, you know, make a bunch\nof money off of this thing. I was just trying to help out the students. And so\nI ended up selling them for $69.95 and I included, of course, included the\nshipping and everything like that. And then I started to go from class to\nclass. Now I just ask the professor, Hey, would you mind if I, you know, made\nan announcement real quick about these, this really good deal of a spine I got,\nyou know, and, and the first week I had 80 orders in hand and I had cash up front.\nCause of course they&#8217;re poor college students. I didn&#8217;t want them to have an\nIOU and be stuck with all these notes or whatever from them spine models.&nbsp; And so had all the money up front and, uh,\nended up trying to figure out a way to cut out the distributor.<o:p><\/o:p><\/p><p>So I found out who actually manufactured it and then cut the\ndistributor out. I went straight to the manufacturer, called the manufacturer\nup and told them, Hey, I got this order of 80 spines today together.&nbsp; What can you sell these to me for?&nbsp; And they told me, they said, well, how many\ntimes a year can you do that?<o:p><\/o:p><\/p><p>And I said, well, in chiropractic, we coach every three\nmonths, we have a new student class that comes through. Cause they do it by the\nquarter.&nbsp; And I said, you know, at least\nfour times a year, I could do that. And they&#8217;re like, Oh, okay, great. Well, we&#8217;re\ngoing to go ahead and set you up on our highest top tier discount.<o:p><\/o:p><\/p><p>&nbsp;And we can sell you\nthat spine, including shipping for $42.48.&nbsp;\nAnd I was like, of course, ecstatic. Right? Cause they went from making\na couple of hundred bucks to a lot more money than that. And so I cut the price\nof $69.95 and then like another two weeks later I sold another 40 and then\nevery quarter I would go out and sell it, sell them.<o:p><\/o:p><\/p><p>But then that allowed me to start that business because not\nonly did I become a dealer for that one spine model, I became yeah dealer for\ntheir whole catalog of over 2000 products and started to take my skills that I\nhad prior to going into chiropractic of web design, web hosting, things like\nthat, and started to sell a lot of the product on eBay and then started my\nlittle website, started to push money into Google ads and then all the way fast\nforward to today.<o:p><\/o:p><\/p><p>And we&#8217;re still doing six figures a month and seven figures\na year of sales of that product and have a whole team that runs that. And then\nright after I got out of chiropractic college, I started my clinic and I was\nable to start at debt-free because of that business that was producing nice\nrevenue for us.<o:p><\/o:p><\/p><p>And, when I first got into chiropractic, I realized early on\nthat I was really trading time for dollars. So I could only, I see so many\npatients in an hour and whenever I want to go on vacation. Guess what? There\nwas nobody there to run the clinics and see the patients. And so I was actually\nlosing money and also having to spend money on the vacation.<o:p><\/o:p><\/p><p>So it really wasn&#8217;t working out too well. And so I started\nto hire on a team of chiropractors to work for me, and then actually started to\nintegrate into the medical side of things and started to hire on physicians to\nactually work for me, a medical doctors and the nurse practitioners. And then\nabout four or five years ago, we actually expanded to four clinics and cut out\nthe chiropractic and the rehab completely to reduce our footprint in each one\nof the offices, as we continued to expand. And now we\u2019re solely focused on\nmedical procedures doing nonsurgical orthopedics and sports medicine.&nbsp; I&#8217;m located here in Columbia, South Carolina,\nbut we also have a clinic in&nbsp; Charleston,\nSouth Carolina, Greenville, South Carolina, and North Augusta.<o:p><\/o:p><\/p><p>And then as I built those up, I was starting to generate\nsome nice cash flows off of it.&nbsp; I was\nwriting really large checks to the government and I was really kind of\nfrustrated with it because you know, you work really hard all year long and you&#8217;re\nwriting these large six figure checks to the government.<o:p><\/o:p><\/p><p>&nbsp;And as painful, I&#8217;ll\ntell you it&#8217;s very painful. And so I&#8217;d already done a lot of research in real\nestate, but never took the time to really focus on it. So I ended up, you know,\nstepping out of the clinics full time and promoting my COO at the time to the\nCEO. He&#8217;s still there today is doing a phenomenal job running.<o:p><\/o:p><\/p><p>You get along with the rest of the team that&#8217;s there and I&#8217;m\nable to focus my fulltime efforts on, you know, multifamily syndication side of\nthings. Start off in the beginning doing some passive LP investments in\ndifferent opportunities as a limited partner, and then started to put together\nmy own deals.<o:p><\/o:p><\/p><p>And even before I started to put my own together deals\ntogether, I co-GP with another group or two.&nbsp;\nGot to get that credibility and build that experience level, and then\nclosed our very first deal. As, as a group, did a syndication with it, it was\n$8.9 million with $2 million of CapEx.&nbsp;\nAnd then fast forward to today, our most recent deal we closed was a\n$49.955 million deal&nbsp; out of Charlotte,\nNorth Carolina, raising almost $20 million for that&nbsp; in the middle of the pandemic.&nbsp; <o:p><\/o:p><\/p><p><b><span style=\"color:#00D1B2\">Seyla: <\/span><\/b>[00:06:34]\nOh, wow. That&#8217;s very impressive background. So thank you so much for sharing\nwith our listeners.&nbsp; So when you first\nstarted as a passive investor, could you walk us through how you selected, the\nsponsors, the markets and the investment opportunities?<o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:06:47]\nYeah, well, it&#8217;s totally different than when I first did it. Right. my wife and\nI right now have 26 different investments with nine different operators, in\nmultifamily. So we&#8217;ve been, definitely have learned a lot of things along the\nway. &nbsp;But one of the, one of the biggest\nthings that I look for in a team for an operator&nbsp; is somebody on that team having some form of\nbackground in business, some sort of successful background in business,\nbecause&nbsp; I know a lot of people have\nbackgrounds in business, but they,&nbsp; and\nthey know how to run a business, but some of them know how to run it into the\nground.<o:p><\/o:p><\/p><p>Right. I don&#8217;t want somebody doing that. I want someone that\nactually knows and has a successful background of running a business because at\nthe end of the day, when you&#8217;re buying these larger multifamily assets, you\nknow, we&#8217;re buying businesses that just so happen to have an asset associated\nwith it, which makes it really nice.<o:p><\/o:p><\/p><p>But you really have to know how to manage people. You have\nto know how to put in systems and procedures and processes in place. And then\nyou also have to know how to make sure that you can measure things so you can\nknow how to manage them and pivot whenever it&#8217;s necessary. So that&#8217;s one of the\nbiggest things that I look for, but I also look for operators that offer\npreferred returns.<o:p><\/o:p><\/p><p>I feel like that&#8217;s a great alignment of interest for me as a\npassive investor.&nbsp; I also look for&nbsp; operators that have transparency of\ncommunication. And they&#8217;re providing me with financials on a regular basis,\npreferably at least quarterly, you know, more frequently as fine with me, but\ntypically at least quarterly.<o:p><\/o:p><\/p><p>&nbsp;And I also want to\nsee that operator putting skin in the game. And, and then to me, it&#8217;s not a\nmatter of how much they put in there. And I know our group typically likes to\nput in 10% of the initial equity into the projects, but, I know some operators\nI&#8217;ve invested with they&#8217;ll put in a hundred thousand, no matter what the deal\nis,&nbsp; they&#8217;re going to make sure they put\nin a hundred thousand, each one of those deals.<o:p><\/o:p><\/p><p>&nbsp;And I&#8217;m fine with\nthat. As long as I know that they have some skin in the game, because I want\nthem to have that significant amount of loss, right? If for some reason the\ndeal starts to go the direction I want and to be highly motivated, to be able\nto make sure that deal actually is panning out and doing as well as it needs to\nbe.<o:p><\/o:p><\/p><p><b><span style=\"color:#00D1B2\">Seyla: <\/span><\/b>[00:08:39]\nAwesome. So at what point did you know or realize that you wanted to jump into\nthe active site of the syndication? <o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:08:46] I\nwent into it from the very beginning knowing I wanted to be active. So, but I\nknew that in order to be active, that I should be investing passively so I can\nknow what it feels like.&nbsp; And I can\nexperience what that communication level is like.<o:p><\/o:p><\/p><p>&nbsp;It also has allowed\nme to be able to fine tune our own investor relations process with our own\nteam,&nbsp; with our own group.&nbsp; You know, our group is that\npassiveinvesting.com is not there just to, you know, get an investor one time\nand that&#8217;s it. You know, our goal is to have lifelong investors that want to\ncontinue to grow their wealth alongside ours,&nbsp;\nand an ability to build that&nbsp;\ncommunication channel from experience of my own from other, other by\nbeing a passive investor and other syndications has really helped me to be able\nto fine tune that.<o:p><\/o:p><\/p><p>So since the very beginning, I&#8217;ve been wanting to be in the\nactive side of things.&nbsp; And so did a\ncouple of passive investments, started to co-GP and started to put together our\nown deals right away. <o:p><\/o:p><\/p><p>&nbsp;<b><span style=\"color:#00D1B2\">Seyla: <\/span><\/b>[00:09:32] Wow. That&#8217;s really\nimpressive. So what was the biggest challenge that you faced when you started\nthat first deal as a GP?<o:p><\/o:p><\/p><p>&nbsp;<b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:09:40] I would say the very first one\nthat we did on our own was probably the money raise, honestly. I mean, it was\na, it was an interesting deal about how we actually got it. Cause it was a deal\nthat we offered on. We lost it. And then four weeks later it came back to us\nand we were able to still get the deal, even though he lost it in the very\nbeginning.<o:p><\/o:p><\/p><p>And, but we may close it within 60 days. So we had a 60 day\ntimeline for closing. &nbsp;We did close it in\n60 days,&nbsp; but the money raised piece of it\nwas the hardest, you know, that the financing was a big question mark because\nwe had never financed that large of a deal before.&nbsp; But what we knew we internally had had a\nlarge enough bank sheet and to be able to help from that kind of guarantor\nstandpoint,&nbsp; but from, you know, being\nable to raise the money, that was the hardest part. And the, the thing is that\nwas our that&#8217;s the smallest deal we&#8217;ve ever raised for, right. It was a, it was\nlike a $2 million raise that we have on that particular project where now we&#8217;re\ndoing almost $20 million.<o:p><\/o:p><\/p><p>Right.&nbsp; And we&#8217;re\nlooking to put together another deal. It&#8217;s going to have like a, you know, a 10\nor $11 million raise. I&#8217;m like, that&#8217;s kind of a small raise for us. Now.\nRight. and it&#8217;s been, and it&#8217;s actually easier for us because we have that\ntrack record with our investors.&nbsp; We have\nthe investor database which makes it a little bit easier for us, or a lot\neasier for us now&nbsp; than it was back then.&nbsp; But I remember on that deal and thinking, you\nknow, we got, you know, $150,000 hard on it and we&#8217;re going to be losing that\n$150,000 if we don&#8217;t raise that $2 million. It was like $2,025,000. And it took\nus the full amount of time to raise it right, whereas now, we can usually fill\nup a deal within two to three weeks and it&#8217;s a significantly a larger amount\nthat we&#8217;re raising. So the very beginning it was, it was not necessarily\nfinding deals cause you can find deals, but the hardest part about syndication.\nAnd if anybody tells you that it\u2019s easy they&#8217;re lying, right? There&#8217;s no way to\nmake this easy, right?<o:p><\/o:p><\/p><p>The way you can make it right, easiest is to have partners\nthat you really, that really counterbalance and support you and compliment you,\nthat can help you in different areas, which is what we have here with our group\nis that we have that balance of duties, if you will, where we have one person,\nDanny is really good at finance, all finance related and asset management.<o:p><\/o:p><\/p><p>We have a Brandon who&#8217;s really good about acquisitions and\nworking with the brokers as well as on the construction management side of\nthings. And I&#8217;m really good on the investor relations side of things and\ntalking with investors and also from the marketing perspective, not just with\ntheir own group, but also with the properties as well.<o:p><\/o:p><\/p><p>And so being able to find somebody that has that kind of,\nthose kind of, you know, mix of duties is really important. But, at the end of\nthe day, you gotta be able to find a group that you can actually work with that\nyou can actually know like and trust. <o:p><\/o:p><\/p><p><b><span style=\"color:#00D1B2\">Seyla: <\/span><\/b>[00:12:03]\nThat&#8217;s awesome. Thank you. So how did you scale up so quickly going from your\nfirst day or two now managing a portfolio of over $275 million within just a\nfew years.<o:p><\/o:p><\/p><p>That is really massive success. <o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:12:17]\nYeah, I would say that the biggest thing for me that has really catapulted our\nsuccess is having a mentor that continued to drive us.&nbsp; And there&#8217;s, you know, several mentoring\ngroups out there, you know, lots of them out there that are trying to coach\npeople and things like that.<o:p><\/o:p><\/p><p>And some of them are really good, and some of them are not\nso good.&nbsp; And you have to just start to\ndo your own due diligence to make sure that you&#8217;re going with an operator,\nbut&nbsp; you&#8217;re going with a coach that can\nactually teach you the way you need to be taught. And for me, I knew that I\nwanted to be, I was willing to pay up if I had to, but I wanted to make sure\nthat I had access to it.<o:p><\/o:p><\/p><p>Somebody who is actually doing what I was doing right then\nor wanted to do, and that I, that they were still doing it. Right. I didn&#8217;t\nreally prefer to have like, somebody else&#8217;s student coach me, like having a\nstudent coach or something like that.&nbsp; I\nwanted to actually have the guy or the gal be the one that actually teaches me\none-on-one with what I was trying to do. And I want, I know, I knew I wanted to\nwell on that, on the large scale. So I knew I wanted to find somebody that was\nplaying in the large space already.&nbsp; And\neven somebody who that&#8217;s, they&#8217;ve already been in the large space and they\ndidn&#8217;t start off small and go large.<o:p><\/o:p><\/p><p>They start out large and they stayed large and that&#8217;s kind\nof what we did from the very beginning and really just kind of, you know,\nmodeled and mimicked exactly what our mentor had done and is doing now. And\nthat&#8217;s really one of the keys to our success that we&#8217;ve had. <o:p><\/o:p><\/p><p>&nbsp;<b><span style=\"color:#DE2898\">Aileen: <\/span><\/b>[00:13:36] So, so how did you find\nyour mentor?<o:p><\/o:p><\/p><p>Is it through referrals or did you do your own research?\nLike how did you know that person was the right person for you? <o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:13:44]\nSure. So, he was obviously all over the place, when it comes to social media\nand marketing and podcasts and things like that.&nbsp; I can share his name. His name is Joe\nFairless, so he&#8217;s my he&#8217;s my mentor and has been my mentor from the very\nbeginning&nbsp; and, just I&#8217;ve really just\nconnected with him. You know, I had conversations with him.&nbsp; I listened to a lot of his podcasts and he&#8217;s\na very direct person. So if you ever get a phone call with him or anything like\nthat, or meet him in person, he&#8217;s very direct.<o:p><\/o:p><\/p><p>There&#8217;s not a lot of fluff, just like his podcasts. There&#8217;s\nno fluff with it. And that&#8217;s really kind of somebody who I&#8217;ve really connect\nwith. You know, I&#8217;m not the type of person that&#8217;s going to call you up and say,\nHey, how&#8217;s the family, how&#8217;s the kids, you know, how&#8217;s church and things like\nthat, you know, it&#8217;s business like, Hey, this is what I need.<o:p><\/o:p><\/p><p>My request was my answer, you know, move on. And sometimes I\ndo that and it&#8217;s, you know, it&#8217;s just perceived the wrong way on the other end\nof the phone call. Right.&nbsp; cause I&#8217;m very\nbusinesslike and very business oriented like that, but he&#8217;s like that very\nmuch. And actually that very first deal that we got, I made a phone call to him\nthat I will never forget that lasted a minute and 47 seconds.<o:p><\/o:p><\/p><p>That allowed us to win that deal and that deal the way we, I\ntold you earlier that we lost it in the very beginning, and then it came back\nto us. Well, I look at that and I go, well, the brokers come up with the\nsellers coming back to me saying, Hey, the first buyer fell out. You&#8217;re next?\nWhat do you want to do?<o:p><\/o:p><\/p><p>&nbsp;I&#8217;m thinking of all\nthe balls in my court, so maybe I can lower my offer price, lower my hard\nmoney, you know, do something. Cause I have the levers that I can pull. And I\nremember calling Joe up and just tell them the whole scenario and saying, Hey,\nwhat should I do here? And he said, do the numbers make sense from the original\noffer price?<o:p><\/o:p><\/p><p>And I said, yes, he goes, then make the broker&#8217;s life\neasy.&nbsp; And if you do that, obviously\nfuture deals will follow, but you need to just take it, like take it at those\nnumbers. That&#8217;s right. If the numbers work with what you made that offer\nbefore, why don&#8217;t you just take it at that number? And I was like done and I\nlooked down at my phone a minute, 47 seconds and I pressed the red button on my\nphone to turn it off.<o:p><\/o:p><\/p><p>And literally it was a minute 47 seconds and we got that\ndeal. Now you might look at that and go, yeah, maybe you could have negotiated\nit a little bit, right? Well, I didn&#8217;t realize the impact of that phone call\nuntil about nine, nine months later, nine months later, I got a, I actually in\nmy office, there was a private equity group out of Charlotte that drove down to\nColumbia, South Carolina, to meet with me.<o:p><\/o:p><\/p><p>&nbsp;And that we actually\nwere having lunch in my conference room right across the glass windows there,\nand now I&#8217;m having lunch. And he said, now didn&#8217;t you guys buy that deal? He\nmentioned the name of it or whatever. And I said, yeah, that was us. We\nactually bought that deal.&nbsp; And he goes,\nI really hate you you guys.<o:p><\/o:p><\/p><p>And I was like, what are you talking about? He&#8217;s like, we\nwere $20,000 less than your offer price on that deal. And so to me, I looked at\nthat and I was like, you know, I would have probably offered a whole lot less\nthan $20,000 on that deal. Right. If I was going to go back and retrade after\nthe buyer came back to me, the seller came back to us, but I didn&#8217;t, I took the\nadvice of Joe and I really truly believe if I didn&#8217;t have Joe on my side.<o:p><\/o:p><\/p><p>At that time, we would have lost that deal. He wouldn&#8217;t have\nit today and so to me, the biggest thing you need to do is find that, that\nmentor and be able to have conversations with multiple people because there are\nmentors out there that will help you in the small space. And they&#8217;re really\ngood at that, but they won&#8217;t get you to the large space.<o:p><\/o:p><\/p><p>And there&#8217;s people that are really good in the large space.\nBut if you want to start small, that&#8217;s not them, that&#8217;s not their cup of tea.\nThey only apply in the large space. And so you had to interview these people to\nfigure out who it is that you really want to go after. And you have to ask\nyourself as well, Where do you want to start?<o:p><\/o:p><\/p><p>Do you want to start in the small space? Do you want to\nstart in the midsize, the large space? Where do you want to be? And there&#8217;s a\nmentor out there for you, but you have to make sure you figure out to figure\nout where you, what you want to do first, and then go find that mentor to\nbuild, to help you get there.<o:p><\/o:p><\/p><p><b><span style=\"color:#DE2898\">Aileen: <\/span><\/b>[00:17:07]\nYep. you&#8217;re building lifelong relationships. You&#8217;re not just doing one deal and\nthen one deal in done you&#8217;re building longtime relationships.<o:p><\/o:p><\/p><p><b><span style=\"color:#00D1B2\">Seyla: <\/span><\/b>[00:17:14]\nYep. That was really a great story. So, that was awesome. So what is your\nstrategy now to continue to scale up in this business? <o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:17:23]\nWell, we got so many moving parts to this business now because we&#8217;ve got the\nhead of the acquisition going on every day, you have the investor relations\ngoing on every day, we have asset management going on.<o:p><\/o:p><\/p><p>So there&#8217;s a lot of moving pieces and parts to it. And the\nbiggest thing, there&#8217;s two biggest things that you have to have in any type of\nsyndication business. Number one is deal flow. Right. So you have to always\nhave somebody looking for deals,&nbsp; which\nthankfully we have that full time with our group.&nbsp; Somebody who&#8217;s dedicated to that. And then we\nhave, the, you have to always be looking for investors. Right? So, and then I\nhad somebody that the day I said, well, why are you still looking for\ninvestors? You guys are so successful and you guys have so many investors as it\nis. I was like, yeah, but you always have to be finding new investors because\nthere&#8217;s going to be a certain point in time you&#8217;re going to tap out your own\ninvestor database if you don&#8217;t keep on adding more people to that database. Right.\nand so you&#8217;re always have to be looking for investors and you always have to\nkeep looking for money. And then at the same time, you have to always be\nwatching your current portfolio. Now, when you first get started and you don&#8217;t\nhave a current portfolio, it could be a little bit easier, but it also is\nsomething that you always want to be thinking about because once you have that\nnext deal,&nbsp; you now have to be managing\nthat asset from an asset management perspective and you have to be finding\ndeals and you have to be finding new investors. So there&#8217;s multiple plates that\nhave to be spinning at the same time. And if you&#8217;re the only one that&#8217;s\nspinning those plates are gonna start to fall and you need to make sure that\nyou have your team built out, that they can come around and support you.<o:p><\/o:p><\/p><p><b><span style=\"color:#DE2898\">Aileen: <\/span><\/b>[00:18:45]\nYeah, that&#8217;s totally true. And so you&#8217;re managing multiple businesses all at\nonce right now. So how do you juggle all of these different businesses and\nkeeping your investors happy? And then at the same time, continuing to build up\nyour multifamily business?<o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:19:00] It\nhas to do with building out a solid team it&#8217;s just to surround you.&nbsp; It&#8217;s one of the lessons that I learned very early\non in my business career is that, and that&#8217;s actually, when I, when I started,\nI really saw the hockey stick moment in my business career is when I literally\nlearned to hire good people, as hard as it is to delegate tasks to those good\npeople. In the beginning, when I was hiring people, I was like, I&#8217;m just going\nto hire the bottom of the barrel.&nbsp; I&#8217;ll\nget the cheapest people. Right. And that&#8217;s not really what you need to do as\nyou&#8217;re trying the scale, a quality organization, you really need to find good,\nsolid people that can support you and be good to you in the long run. Right.\nand so for me, even with my other businesses,&nbsp;\nI don&#8217;t really have a lot of like, day to day, and weekly activities\nwith those. I have a good day solid team that runs all the businesses.&nbsp; And I have a corporate meeting that I have\nwith them once a month for an hour, or we go over the high level specifics of\nthings that need to be made from a, from an overall corporate perspective. And,\nI&#8217;m still, playing an active role as the president in those different companies\nas my wife and I still own them all a hundred percent.<o:p><\/o:p><\/p><p>We don&#8217;t have any other partners or anything like that, but\nwe make sure that we have a good team to support us.&nbsp; And you have to do that in this business as\nwell. And even when we started the group, the passiveinvesting.com as our three\nmanaging partners, myself, Danny and Brandon, you know, we told ourselves in\nthe very beginning, we want to create this company so that it could be also\npassive for us as well.<o:p><\/o:p><\/p><p>And then, so we didn&#8217;t want to just create another company\nto create another job. And so we are all of the asset management fees that we\nactually take off the company, go back into the company to be able to hire a\ngood solid team to support us. So we&#8217;re not taking those asset management fees,\nlike a lot of groups do and just take it home and put it in our pocket.<o:p><\/o:p><\/p><p>Right. thankfully we are we&#8217;re very well financially backed\nand we don&#8217;t need those funds to be able to live and survive. And so we have\nthat luxury of being able to do that, but we didn&#8217;t want to just create another\njob for ourselves. We wanted to go out to create, an ability to go, to have a\nteam that can surround us and support us so that we can still have some of that\npassivity in our life.<o:p><\/o:p><\/p><p><b><span style=\"color:#00D1B2\">Seyla: <\/span><\/b>[00:20:53]\nWow. What advice do you have for someone who is just starting out now in this\nreal estate business? <o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:21:00]\nFrom a passive perspective or an active perspective?<o:p><\/o:p><\/p><p><b><span style=\"color:#00D1B2\">Seyla: <\/span><\/b>[00:21:02]\nboth passive and active. <o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:21:05] So\nfor somebody who wants to be passive, I think it&#8217;s very important to be able to\nunderstand the different operators and different skill sets and things like\nthat they need, and that an operator needs to have an order to be able to\ninvest with them because you&#8217;re taking your hard earned money and you&#8217;re\ntrusting somebody that you probably barely know, to be able to invest in an\nasset and you&#8217;re wiring this, you know, 50, 100, 200, $300,000 dollars,&nbsp; and just hoping for the best, but you have to\nmake sure that you, you place it with somebody that you actually have some trust\nbuilt up within them, right?&nbsp; And so you\nhave to get to know these different operators.&nbsp;\nSo the first thing that I would suggest any passive operator to do is,\nyou know, get on the email list. I start to have phone calls with these various\noperators and you&#8217;ll know quickly. And in the very beginning about how well\nthey actually operate and how they&#8217;ve run things, do they run a tight ship?<o:p><\/o:p><\/p><p>Are they more lackadaisical? do they actually lead by\napplication? You know, how, what type of leadership style do they actually\nhave?&nbsp; And then it&#8217;ll tell you a lot\nabout them. And then from an active perspective, I always suggest investing\npassively first, because again, just like I did, I get to learn a lot about\nwhat it&#8217;s like to be a passive investor and to get to sharpen your tool as you\nstart to communicate with your investors and then, after you passively invest\non like one or two or three or however many deals you want, then you just start\nto become a co-GP. &nbsp;We&#8217;re actually\njoining another group that&#8217;s an active operator putting together their own\ndeals. They have their own track record.&nbsp;\nAnd then once you have a couple of deals like that, and you&#8217;ve built\nyour own track record in your ability to be able to talk to sellers and brokers\nabout how you have a certain amount of money or Number of units and amount of\ndollar amounts or assets under management, if you will, it starts to build that\ncredibility with the actual brokers and the sellers that once they get a deal that&#8217;ll\nbe awarded to you a lot sooner, right. And then start going after your own\ndeals. And then once you start closing your very first deal, you&#8217;re going to\nstart to get more and more deals after that.<o:p><\/o:p><\/p><p>And people will start to reach out to you. I mean, right now\nwe&#8217;re closing large deals. And so now instead of us have to reach out to\nbrokers, guess what? They&#8217;re coming to us. And we have brokers coming to us\nsaying, Hey, I heard from this broker and that broker, right. As you close this\ndeal and that deal, and you know, you&#8217;re actually doing this via syndication\nand that you&#8217;ve never had to extend and you&#8217;ve never had to, you know, not do a\ndeal because of equity or whatever.<o:p><\/o:p><\/p><p>Cause that&#8217;s one of the biggest things with syndication is\nthat the sellers and the brokers don&#8217;t like it because they&#8217;re afraid that you\nmight not be able to get the money. Right. And so they&#8217;ve spent all this time,\nenergy and effort trying to sell the deal and they&#8217;ve pushed away another one\nbuyer that maybe has all the cash, but you&#8217;re a little bit higher.<o:p><\/o:p><\/p><p>&nbsp;And so they&#8217;re taking\na risk on you, right? They&#8217;re taking a flyer to see, Hey,&nbsp; can this person actually execute. But I will\ntell you that if you take an offer and you don&#8217;t execute, it can be very\ndetrimental to you because your reputation is going to be hampered and tarred\nin that community.<o:p><\/o:p><\/p><p>&nbsp;And it&#8217;s going to be\nhard for you to be able to rebound from that kind of a reputation. And you\nmight have to go to a different market to start investing, start to acquire\nproperties because these brokers do talk. They talk all the time and it&#8217;s\nsurprising to us because we&#8217;ve even had. Off market deals brought to us because\nanother broker was talking to another broker and they told us to call that\nbroker about the deal, right? And these aren&#8217;t even brokers that were in the\nsame group. They&#8217;re in two different groups. It&#8217;s not even associated with each\nother, but they do talk. And so you have to make, and the sellers talk to the\nsellers, talk as, Hey, this group or that group, you know, whatever do they\nstarted to get that bad taste in their mouth and you have to make sure you\nuphold that reputation.<o:p><\/o:p><\/p><p><b><span style=\"color:#00D1B2\">Seyla: <\/span><\/b>[00:24:18]\nThat&#8217;s really great advice , and I totally agree.&nbsp; Some of the markets they are close to each\nother where the brokers can actually talk to the neighbor&#8217;s markets. So it&#8217;s\nreally important that if you take the deal, you have to make sure that you can\nexecute your business plan.&nbsp; So what is\none thing that sets the successful people apart in this real estate business?<o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:24:38] I\nthink it&#8217;s their drive. I think it&#8217;s their drive to actually move forward and\nactually take action. &nbsp;There&#8217;s a lot of\npeople that I know that talk a big game, but when it comes to executing and\nthey just, they just can&#8217;t, they just can&#8217;t pull that trigger.&nbsp; I don&#8217;t know if it&#8217;s not, I don&#8217;t know if\nit&#8217;s necessary, so they just can&#8217;t pull the trigger it&#8217;s that they just won&#8217;t pull\nthe trigger, right? Because there&#8217;s a difference between whether or not you\nhave the ability to pull the trigger versus whether you actually do pull the\ntrigger. And so for me, I&#8217;ve always practiced with a relentless implementation\nmindset where if I&#8217;m going to go do something, I&#8217;m going to go do it.<o:p><\/o:p><\/p><p>I&#8217;m going to go do it a hundred percent and go do it now.\nRight. I want to execute, and relentlessly implement. And the people that are\nseparating themselves from being successful versus mediocre are the people that\nare actually going out and executing and not just creating a bunch of excuses\nfor themselves.<o:p><\/o:p><\/p><p>&nbsp;<b><span style=\"color:#DE2898\">Aileen: <\/span><\/b>[00:25:27] Right. You need to stay\ndefiantly committed to your end goal. <o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:25:30]\nThat&#8217;s right. <o:p><\/o:p><\/p><p>&nbsp;<b><span style=\"color:#00D1B2\">Seyla: <\/span><\/b>[00:25:31] What has been the highlight\nof your real estate career? <o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:25:35]\nWow. I would probably have to say in the middle of COVID-19 being able to lock\na deal up. A matter of fact, we actually locked that deal up a week before\nCOVID hit. And then of course had some big pit in our stomach moments when the\nbottom falls out of the market and you have a pretty significant amount of\nmoney, hard on a $50 million deal, and you have to raise almost $20 million,\nwhich is the highest you&#8217;ve ever had to raise. And your second highest was $14\nmillion.&nbsp; So you&#8217;re raising, you know,\nalmost $7 million or $6 million higher, from your prior raise. And then, the\nbottom falls out of the market. So to me, that was a scary time. &nbsp;It was a time where we&#8217;ve definitely lost a\nlot of sleep in that time. We knew it was a good deal. It was a solid deal. We\ndid have to retrain it because of some of the debt changing in the market. &nbsp;But we, you were able to get a reduction in\nthe price for it, right. But the, because of the quality of the asset and not\nreally doing very many rent very much on the renovation side of things, because\nit was actually a class A asset that was built in 2014 and didn&#8217;t really need\nany renovations.<o:p><\/o:p><\/p><p>It was really just a nice cash flowing deal for the next\nseven years, we were able to raise the money. It was, we had a 30 day due\ndiligence, 30 days to close with no option to extend, unless the financing\ncontingency due to COVID, where are they? Like they like the lender couldn&#8217;t\nsend an inspector out or whatever cause of COVID travel restrictions or\nsomething like that.&nbsp; So we really didn&#8217;t\nhave any options to extend. It was like 60 days or nothing. Right. and so we\nwere able to get that thing. We were very, we raised the last amount of equity\non that deal. 59th day. And after the 59th day, we got the money in and the\n60th day we closed. And so it was really exciting to be able to see that one go\nfrom the very beginning&nbsp; and then COVID\nhitting, and then being able to actually have our investors pull through.<o:p><\/o:p><\/p><p>We have a really good database, but we have real good relations\nwith our investors, which allows us to be able to raise that kind of\nsignificant money capital in the middle of COVID-19.&nbsp; And, we were very happy and thankful for our\ninvestors that actually pulled through and&nbsp;\nput money into that project.<o:p><\/o:p><\/p><p>And this can be a great deal for them for the next seven\nyears. So, so that was definitely the highlight so far of, of my real estate\ncareer at this point. <o:p><\/o:p><\/p><p><b><span style=\"color:#DE2898\">Aileen: <\/span><\/b>[00:27:40]\nYeah, that&#8217;s going to be really hard to top the next one. <o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:27:43] It\nis. It&#8217;s definitely going to be hard. I&#8217;ll never forget that. I will tell you\nthat was probably the hardest next to the very first deal that we raised.<o:p><\/o:p><\/p><p>So, because that deal, I knew we had enough investors to\nraise the money for it. It was a matter of having enough conversations and\nphone calls. And we actually, I think did like six webinars for our investors\non it because every month, we wanted to tell them about the collections for the\nmonth, because that was the big question mark.<o:p><\/o:p><\/p><p>Like everybody was like, Oh, well just wait till April comes\nin. The April collections are going to be down. And then of course, April came\nback okay. And then, well what about May? And then of course, well, every month\nit&#8217;s going to be like that. Right. Well May comes in and what about June? You\nknow, so there was definitely a lot of question marks when it came to that, but\nbecause of the quality of the asset that we were buying, the actual residents\nwere able to pay their rent just fine.<o:p><\/o:p><\/p><p>And they were, they were 98% plus collected through the\nentire pandemic. <o:p><\/o:p><\/p><p><b><span style=\"color:#DE2898\">Aileen: <\/span><\/b>[00:28:30]\nOh, congratulations to you and your team. <o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:28:32]\nThank you. <o:p><\/o:p><\/p><p><b><span style=\"color:#00D1B2\">Seyla: <\/span><\/b>[00:28:33]\nSo what tools or techniques have you used to improve the efficiency of your\nbusiness or personal life? <o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:28:39]\nWow. From the business side of things. The biggest thing that I&#8217;ve started to\nimplement is, is we just launched an investor portal.<o:p><\/o:p><\/p><p>So we had kind of been pushing back and pushing back. I got\nweekends trying to do an investor portal because of some of the issues that we\nhad seen, but we have now implemented it. It has been very nice for our\ninvestors to be able to go in there. It&#8217;s made our life a lot easier. From the\nsyndicator side of things, and there&#8217;s no more asking us for documents, that&#8217;s\nall loaded on the portals.<o:p><\/o:p><\/p><p>They can access it whenever they want updating the ACH\ninformation, all that kind of stuff.&nbsp; We\nalso use a software that&#8217;s outside of that. That&#8217;s called air table. it&#8217;s\nactually a software that&#8217;s, line spreadsheet software,&nbsp; and we customize that software to allow us to\nbe able to keep track of our deal flow.<o:p><\/o:p><\/p><p>So there&#8217;s other paid programs that you can use for keeping\ntrack of deal flow. There&#8217;s like a deal flow manager or something like that for\nreal estate, but we actually used Air Table and just customize it for ourselves\nbefore we even knew that software even existed.&nbsp;\nAnd it allows us to be able to internally, have comments and have\ncommunication and load our T twelves and rent rolls and historicals, and, you\nknow, the OMs and the offer dates and things like that, which markets are\nlocated in, and what&#8217;s status the deal is in. Whether it&#8217;s in, you know, are we\njust in the initial underwriting phase? Or the due diligence phase or is it\nactually an upending LOI? You know, where is the actual status of that&nbsp; property? Cause before we&#8217;re just using\nbuckets within Dropbox, right, to kind of keep track of things, but it was just\ngetting all over the place.<o:p><\/o:p><\/p><p>And then like, I would have a Dropbox folder full of things\nand then somebody else would have one and yeah. All over. And so being able to\nhave everything, just one place that we can all communicate. And also we have a\nplace that we can actually go back to in the future to see why did we actually\nnot go with that deal? And actually have comments and historicals on there, and\neven being able to see, like, what did they sell it for in the past? Or what\nwas the prior T 12 and rent roll and what how&#8217;s it doing now to have that\ncomparative analysis from the financial perspective has been really important\nfor us to, and from a personal perspective, there&#8217;s two things that I&#8217;ve really\nfound that&#8217;s been really beneficial is as we, our team just migrated over to\nMicrosoft teams.<o:p><\/o:p><\/p><p>And so we are, we&#8217;re all in the cloud now. And so that&#8217;s\nbeen very beneficial. And obviously I use outlook for Microsoft teams for my\nemail system. And it&#8217;s, it&#8217;s been, I use my calendar. Like every single day,\nlike my calendar, if it&#8217;s not on my calendar, it&#8217;s not even, it is not going to\nget done. You know, it&#8217;s to the point where I told my wife, like, if you want\nme to do anything outside of work, you&#8217;re going to need to put it on my\ncalendar.<o:p><\/o:p><\/p><p>You know? And, I don&#8217;t see that like as like mean or like\nderogatory, bad way for my wife to have to schedule something with me. That&#8217;s\nnot what I&#8217;m saying, but yeah. Like just today, I got three calendar invites\nfor my wife because we have four children. So we have kids that they&#8217;re all\nunder 10.&nbsp; So that was a nine, eight,\nthree and two. And so they are all doing types of different types of music and\nsports and one has a string recital and a piano recital. So she&#8217;s just, she\nmakes sure that gets put on my calendar so I can know when it&#8217;s actually coming\nup.<o:p><\/o:p><\/p><p>And then one thing that I use personally for my investors is\nI use a, I have an assistant that schedules my appointments, but when she can&#8217;t\nget ahold of them, she&#8217;ll send them a link to Calendly and Calendly has been\nvery beneficial cause it actually connects into my outlook and the investors\ncan&#8217;t see my calendar, but if I block off something on my calendar, it blocks\nit off on Calendly automatically and they can see what open times I have\navailable and I&#8217;ve time blocked my calls with them on Tuesdays and Thursdays.\nSo that really kind of structures my time as much as I can. And so it&#8217;s allowed\nme to be able to have a little more flexibility. And I have to have these\nemails going back and forth to investors, to, you know, waste time trying to\nfigure out, Hey, what about 4:00 PM or 5:00 PM? They&#8217;re coming back. Oh, I&#8217;m\nnot available then. Well, Oh, what about, you know, you know, two or three or,\nyou know, going back and forth on the different dates and times, and you know,\nyou know, your account or here&#8217;s access to my calendar.<o:p><\/o:p><\/p><p>See if one of these works, if not. Well email my assistant\nand she can, you know, jump on a phone call with you and kind of try to figure\nout a better time for you. And it&#8217;s worked out really well. And I actually\nprefer to use that on other people is when they send me when they want to send\nan appointment to me, for me to schedule with them, I like clicking on those\ncalendar things because it allows me to be able to not have to have that back\nand forth with them.<o:p><\/o:p><\/p><p>And same thing. I, it makes it easier for me to be able to\njust pick out what&#8217;s available on my calendar or try to find one on theirs.<o:p><\/o:p><\/p><p>&nbsp;<b><span style=\"color:#DE2898\">Aileen: <\/span><\/b>[00:32:39] Awesome. Thank you so much.\n&nbsp;Well, if our listeners wanted to find\nout a little bit more about you and reach out to you, where can they go to find\nthat information? <o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:32:47]\nSure. there&#8217;s two different places. So if you&#8217;re interested on the active side\nof things, you can go to multifamilyinvestornation.com.<o:p><\/o:p><\/p><p>There&#8217;s a place yeah for you to sign up for our weekly\nwebinars that we do every week.&nbsp; They&#8217;re\nfree. We don&#8217;t charge for them. And we talk about all kinds of things around\nmultifamily. It&#8217;s also good for the passive investor just to get some\neducation. But if you&#8217;re an investor that&#8217;s interested in being passive, you\nknow, we&#8217;d love to have a conversation with you and see if you&#8217;re a good fit\nfor our group cause not everybody is.&nbsp;\nBut you can go to passiveinvesting.com and on the top right, right hand\ncorner of the page, you will see a button that says join the passive investor\nclub. You can click on that, fill out the form and I&#8217;ll jump on a phone call\nwith you, discuss your investment goals, to see if we&#8217;re the right fit.<o:p><\/o:p><\/p><p>And again, thank you guys so much for having me on. <o:p><\/o:p><\/p><p><b><span style=\"color:#DE2898\">Aileen: <\/span><\/b>[00:33:31]\nAwesome. Thank you so much, Dan. It was a pleasure talking to you today. <o:p><\/o:p><\/p><p><b><span style=\"color:#FA8A3B\">Dan: <\/span><\/b>[00:33:34]\nYou as well. <o:p><\/o:p><\/p><p><b><span style=\"color:#00D1B2\">Seyla: <\/span><\/b>[00:33:35]\nThank you so much.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>PODCAST EPISODE SA006 | How a Successful Entrepreneur Scaled to a $275M+ Real Estate Portfolio Dan Handford Dan Handford is the managing partner at PassiveInvesting.com, a private equity real estate investment firm, where they manage a portfolio valued at over $275M.\u00a0 He is also the founder of the Multifamily Investor Nation, where he educates a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1106,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[12,10],"class_list":["post-1105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcast","tag-investing","tag-syndication"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SA006 | How a Successful Entrepreneur Scaled to a $275M+ Real Estate Portfolio - Bonavest Capital<\/title>\n<meta name=\"description\" content=\"Dan Handford is the managing partner at PassiveInvesting.com, a private equity real estate investment firm, where they manage a portfolio valued at over $275M. 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