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How did you get to where you are today? What incidents and experiences shaped your career path? What inspired you to work on this business idea?

Summarized By: Jeff Musk on Tue Sep 15 2020
and and it's always I always love this question because it kind of goes back to my why, you know, everyone has toe have something that that drives him. I think for me it was two. It was two things and I can, you know, from a long as I can remember, I really I really enjoy helping others. Andi, that's a quality You either have or you don't have. I don't know that you can. You could kind of fake it, I guess. But if if you are empathic and you, like, just like to, you know that that feeling it is actually a kind of a selfish thing because you're helping others because it kind of makes you feel good, but it's okay. They're getting something out of it, right? So for me, it's it's a win win, but so that that was one of the things because, you know, initially, when I when I joined the I was going through school and I was trying to figure out what I wanted to do, but the first thing I needed was money for college. I'll start there on DSO. So I joined the National Guard so I could get the g I. Bill and I found out that I really like to serve, you know? And so when I When I when I going back and I finished my degree, I actually got got a commission in the military because something that I thought was just a pathway toe another career ended up being the thing that I wanted at least at least a to that point in time. And so I did 28 years in the military, so and but, you know, and we'll talk about this some more. But, you know, you gotta have something's got to drive you. I mean, to do something for that long and to be successful. Life is life can be short. And so you've got to find those things that you like, and so that that's one thing the other thing is on. This is more related to my current businesses. I always I was the kid that that grew up playing monopoly, and that was the favorite game. You know, it just and from it from a small as I can remember. I remember, you know, that I wanted to play that, you know, I like the whole theory of the process behind you know, you buy it, you land on the property, you start renting it, and then you start improving the property. And when you look at what I do now, it's pretty much it's very similar to that. Obviously, there's a lot of things that go into it. But it is that process to get you to tow, build wealth, generational wealth, Which is kind of what I what I like. So I think hopefully that answer the question, okay?

What products or services did you start with? How has your product or service offerings evolved over time?

Summarized By: Jeff Musk on Tue Sep 15 2020
acquiring single family homes, and I would rent him primarily on Bond. One of the things that I found out is, and I was doing this while I was working in the military wherever time permitted. And one of the things that that I realized is that it's a lot of work, you know, it's it's it's not difficult right there. There's a process, like a lot of things. You work, you refine your process and you finally figure out how to do it. But when you look at all the people that are out there, the barrier to entry is nil. You know, people can. You know, obviously you have to have some income, but it's it's not completely, you know, something that that requires any kind of degree or anything like that. It's basically you gotta have a little money on depending on the program, maybe not even a down payment, depending on when you do it. And so but but the process of finding properties that will cash flow because what you don't want to do is you want to buy an asset that's gonna get, you know, give you cash flow, give you some money, you don't wanna buy a liability, which takes money from you every every month. And so So when you start going through that process, you refine it and then you find out there's just not that many properties that fit that criteria. And then when you do find one, you go through this piece. You know, this this this process and it's a lot of work. And then you may get 203 100 bucks a month, and it's like, Well, wait a minute, I wanna make this like a career. I got to do a little bit better than 300,000 won a month. Inflation is after that right there and so so that that was kind of what one of the things that I was getting towards the tail end of my military career that I realized, OK, if I want to do this and I really want to pursue this other passion in my life, then I gotta figure out how to make it work financially. And so I scaled up like a lot of people do from single family into multifamily acquisitions, and the scale allows you to go through that process. Similar process but its scale allows you to get a lot more cash flow, so there's just a lot of, ah, lot more bang for the buck.

Who were your early customers? What marketing approaches, channels and promotions did you use to reach out to customers? What worked and what didn't?

Summarized By: Jeff Musk on Tue Sep 15 2020
When you talk about my line of work, you gotta understand that it's there's two pieces to it, One is acquiring the properties. You have to go through some due diligence and you have to find the property. But the other thing is, and the beauty of this is you can use other people's capital to acquire these properties and and everyone gains from it. These are equity acquisitions. And so the the the difficulty, at least initially, is okay, How do I get people to give me their money? You know, you know, because I mean, you're offering them something they're gonna have, You know, they're gonna have basically equity in that property in that asset. But they still got to trust you with their money. And so at first it was it was friends and family on colleagues on DSO, you know, and even them when I was actually working in the military and they know I was busy. It's busy, busy kind of work. They're like, Well, how you gonna do this? You know, giving my money. But you may get deployed and you may, you know, it's like So it was It was It was about building trust or having trust one. And using that that network that you already had and then explaining to them are demonstrating more than anything that now I'm committed to this. And I have full time, you know, full time available to make, to secure their money and to make make them wealthy is yeah. And so, as as things progressed, you know, So you start getting word of mouth referrals people when they when they first start getting those returns, they get those quarter dividends. They don't have toe worry about, you know, working with the landlord. They don't they don't get calls about, you know? Hey, my, you know, my toilets clogged whatever. They it doesn't happen because if you have another layer called an asset manager, that is their toe handle everything that the property manager needs assistance with. And you as a passive investor, just you just receive your checks and yeah, you can you can keep you could be as involved as you want. But the whole point is your passive. You know, that's the point of this, right? And so I think that the trust factor and just time doing it is valuable and it's helpful. Onda. Certainly. What channels? And you talked about channels? I Everything drives back to my ability to connect with people. And so how do I do that s o social media. Uh, and then each social media has a different algorithm and, you know, So you have to kind of figure out what works with within those you know. So I use facebook. I'll use instagram. I use LinkedIn as as my three primary. I do have Twitter, and each one is different. You know, the message has to be different based on their their protocols and what they allow. But at the end of the day, what I wanna do is grab your attention based off of a pain point or something as their scrolling through. And I go okay, especially on the social media site on. And then they go to my website because I published the block and they want to read the information that maybe they have single families and they're tired of dealing with, you know, with issues that come with that. And so get him over to the website, getting to sign up and have a conversation with me and having that conversation with me, then will then allow me to explain to them the value proposition on LinkedIn. It's a little bit different because Lincoln is multiple sites. So the best way to sort of connect on that channel is to provide value. Uh, you know, So you, you know, instead of looking for post a t east initially, you wanna figure out who else is in your sphere of what you're trying to do and add value to their conversations to their posts, and eventually that kind of creates your own little network and people start kind of following you, and you can then continue to add value, and you could actually initiate that value. But at first, you you gotta you gotta create that trust and and and and And that that lengthen tribe, if you will, that that that's gonna follow what you have to say, based on what you've already providedthe business. And then there is the sourcing of the properties finding the properties. And what I like about this, which is very similar to my my time in the military, is it takes a team to do this. This is not a one person operation you're not gonna like. You could with the house, you have to have a team. So what I did, and it kind of goes into, you know, into some other potential issue Are things we want to talk about is I figured out who was good at finding properties. I mean, you know, I didn't go into this business, and it was something I started from scratch. There were people. There have been people buying properties and acquiring multi family. And so So I looked around and said, Okay. Based on where I think there is, uh, there is value in acquiring properties based on that market. Uh, you know who is here? And so I started connecting with them. I started connecting them, you know, going to conferences. This is before covert. You'd actually go and go places and have those events, the networking events, Andi, Even now, just on zoom calls or whatever. So finding those people that are in the market marketplace connecting with them and and offering what you you know, offering what you have to give them, whether that's knowledge, whether that's time, whether, you know, there's a variety of things, whether it's money. In my case, I basically said, Hey, I want to do this. I wanna, you know, work with you And here you already have a network. You already talking to brokers, Brokers is kind of the primary method to get multi family properties. You know, once they go on what we call Lieutenant in other places, it's probably not a good deal, at least initially. But you know, so you, you know, in a single family space they call it pocket listings because it's it's the ones that really never make it to the market because they're too good. And so somebody gets them before they get, they get to everyone else. And so I started work figuring out who was getting the deals, and I started saying, Look, I can help you with these deals praying together Now the SEC does have some regulations that are important, and you have to follow as as somebody who's doing these type of deals. We can't. Absolutely. We can't market the deals per se. This is what we call a 506 be offering on DSO. That means that I can't just blast on my website or on Facebook. Hey, we have this property for sale. Here's how much money you're gonna make. And so it's all about getting them on the phone, getting them connected, giving them qualified as either a sophisticated investor or an accredited investor and then providing them that opportunity. Uh, there are other ways to structure these where you can just blast out an email. But honestly, if people don't know you, you know, they're not gonna They're not gonna They're not gonna go with you anyway, correct.

How did you hire, incentivize, and track the progress of your marketing team including agencies and part-time workers to scale the customer base?

Summarized By: Jeff Musk on Tue Sep 15 2020
just a small core of people on. Then everything else is outsourced. I wanna have the flexibility to move within markets to move to scale my my different, you know, sort of teams if you also marketing team, uh, have those kind of abilities. And so I made a decision that I don't want to hire people. That's not what I want to do. I want to contract them through whether it's up work, uh, whether it's fiber these other ways that you can get on there and get professionals to basically work for you, and so that the biggest thing is creating and refining processes because you have to provide them something, just like if it were an employee, you got to give them a manual. I mean, unless you're hiring somebody who's gonna be your your CEO or somebody who's who already knows what they're doing, your hiring them exactly for that you've got to provide them a process. And by the way, even if they know what they're doing, they need to understand. You know your how to do it and who you're Actually, you know, we call it the you know, your customer avatar, who is your customer, and so you have to provide them that they can kind of figure it out. But you're gonna have to pay him some or if you don't even know what you're doing and maybe maybe you gotta take a step back and figure that out first. And so, uh, so I picked the marketing company that I felt had, you know, their value proposition allowed me to grow with with, you know, with them. And so they have, you know, an offering when you when you start, which is a lot smaller, a lot cheaper that within, you know, a budget that that was tolerable to me on then. You know, as I started growing my business and meeting additional marketing channels and and support, then I was able to tap into that same that same marketing group and request basically additional services. And so that's kind of the you know, my purpose. Now if I were ever to switch this, you know, for whatever reason, it's not working with them. Then I have these processes, they belong to me. And then I could go to somewhere else and say, Here's what I want. Could they refine my process? Absolutely. I mean, and that maybe that's part of the give and take, but there is something to start from right there. We're not going back to the beginning. Um, and I don't know if if I answer the second part of your question as faras that I capture everything, okay?

How did you finance your business at the start? How have your financing needs and fund sourcing strategies evolved over time?

Summarized By: Jeff Musk on Tue Sep 15 2020
for for everyone, right? You gotta, Depending on where you are in life, you have tow, have enough toe live whether you're supporting a family, whether you're so whatever your your scenario is, if you don't have enough for that, there's there's, you know, you're gonna you're gonna be in a position where you you're you're gonna potential Set yourself up for failure. Well, you're not going to really grow your business the way it needs to grow. And so first thing was, Do I have enough from my family to live comfortably? Not lavishly because obviously, is a different story, but certainly comfortably. Now a young student looking at this, you know, Could they sleep in a car? Could they? You know, it's just them. So there's a lot more potential flexibility for a younger student. Ah, younger person to basically make those sacrifices because it's just them. So then they can focus on their business. I mean, when you talk about people starting working out of their garage, that's an idea, right? That's that's the point. And so eso in my case. So I I had had some single family, you know, acquisitions along my you know, my timeline in the military. So I was able to use some of the funds from the single family. I would sell that, and I would use that capital t to them by a different asset, a bigger asset on. But always I had to focus on making sure I had enough for my family. And so certainly the pension, the military pension is very helpful. It's not enough. You know it. It's one thing when you're getting paid the work. It's another thing when they give you 50% of that. So so. But it is something that is obviously very useful because you can depend on that on. Then you can focus on other things. Yes, yes. And so what? What has changed? What has? I think what's happening is as I kind of get mawr into the business. Uh, my marketing continues to expand, and the cost of marketing increases your your administrative costs. If you're If you're not careful, congratulate because there's always a nice tool that you can use that facilitates how to do X, Y and Z, and then you just have to make sure that you're that you're not over doing it. You're you still have enough to be ableto to be liquid. And, uh, now could you take out loans? And could you do that? Yes, there's obviously there's a whole another aspect of doing that. I think my leveraging of loans is when we acquire properties at, you know, 70 you know, basically, with 25% of the acquisition being something from the equity partners and then the 75% being the bank, so that's where I leverage, you know, loans is more on the acquisition and not so much on the actual business.

How did you manage the legal and accounting needs of your business? Would you manage your legal and accounting needs any differently if you have to do it again?

Summarized By: Jeff Musk on Tue Sep 15 2020
need for both legal and obviously accounting support on the legal side, not so much on a single family, but when you start creating partnerships and a lot of what we do like I mentioned, at least on the multi family space is through partnerships. So there's always operating agreements and other things that you have to kind of work through, uh, to make sure that you know that your particular interest is covered, whether it's a joint venture or some other, some other entity. But so I My legal support was primarily taking a look at some of the documentation of being created when we were, you know, acquiring assets or partnering on certain deals, and so they would review my My attorney would review that that those documents and they were directly supporting my interest in that and so so that key thing. There obviously was. A single family title company normally handles everything, and it's just you anyway, eso not so much. Then, um, if you're doing asset protection, for example, if you start acquiring a lot of assets and you got to really think about what structures on, you need legal support to create those, uh you know, to to kind of work through the structures as you grow, you will end up needing Mawr gets just a little more complex. And then on the on the accounting side, I would say, um, that at first again with single families. If you're just acquiring single families, it's one or two. You could probably manage it. There's just not that, you know, obviously, if you're working 80 hours doing something else, then maybe you can't. If you don't have somebody that can help you, then maybe you can without just creating a part time job for yourself. But certainly when you get into into multi family, you do need to have, you know, people that can that can support you from that perspective. One of the biggest changes for me and it, you know, and it just kind of go back to a kind of a life lesson, I think is you gotta do what you like, And so one of the things that always just just hurt when I did was my bookkeeping. I just I didn't like the book keeping. It was just it was tedious. You know, that's not what I want to do. and so having to do that in your business and I did for for longer than I should have was just a drain. Because it didn't allow me to focus on the things that I was good at, because I like doing them. And so so I if I have changed anything, I would have I would have gotten rid of my my own bookkeeping. Ah, long time ago, you know? Yeah, There's a cost with it, you know? But certainly it wasn't worth the amount of pain and the suffering that it costs having to do that on a regular basis. And, God forbid, if you didn't do it right, and then come tax season, you're trying to figure things out. Now, that was horrible, So I would say yes. Uh

What qualities do you look for while hiring your team members? What kind of questions do you typically ask from candidates?

Summarized By: Jeff Musk on Tue Sep 15 2020
actually interview people for for different work, so I can kind of compare. You know, that's certainly what I do when I'm contracting to when I was actually trying to hire folks. And I would say that, um, the biggest thing is you want to know them better, you know? And I always wanted to know what motivated them. What was there? Why, um eso Because, especially depending on a job, also, if especially if they're they're newer. You wanna make sure that you know you're not going to spend a ton of time training someone, and they're just gonna quit and say I don't like doing this. Yeah, and actually, I just had a had a neck spirits with an intern that that that I spent a ton of time trying to get them toe, toe, toe toe, work with me. They wanted to They reached out to me. And then unfortunately for them, school really got hard. And they're like, Listen, but, you know, I got I gotta worry about my school and so a t least for me, it was like, man, you know, that's a lot of time I spent trying to groom someone, and they're gone now in any business, I think, and in life, if you're really helping people, you gotta expect that this is gonna happen. You're gonna They're gonna grow with you, and at some point, they're gonna move on. This isn't This isn't the old days where people were in a company for 30 years, you know, and you know, they're gonna They're gonna get what they need from from your time from you from what you can provide. And then usually 90% of time 99% time are gonna move on. So it's something that's gonna happen. But if you understand at least where they're at, uh, then you can have a better sense of what? What the fit is there. And so I say, that is the key. The other thing is, you know, Are they Are they comfortable in their own skin? I always like dealing with people that, you know if they look nervous and this is something, Obviously, if you're going to an interview or whatever, if you're nervous, that's gonna that's gonna immediately kind of, uh there's gonna be something that's noticed. And so that's gonna question, uh, you know, potentially your your ability, your knowledge. So so Really. Focus on if you're If I'm If I'm going into an interview, I'm gonna rehearse. I'm gonna have somebody, you know, Ask me questions before I'm going to try to be asked, you know, comfortable going in so that I don't look like you know that you know that that that that I'm just scared. Scared to death of that out of this thing. And so eso Unless you're, like, one of a kind. And I had two people to choose from, and you look like you're you know, you just you just scared to death. I'm gonna go with the other person. Yeah, exactly. And so So I think that that's one of the keys. Yeah. You want to talk about you know, what are the strengths and weaknesses you wanna ask that you're gonna review their their experience? You could probably ask them, depending on what kind of job it is. You know, not a Not a tricky question, but something that we'll allow you in what they're really skill set is. And so, depending on what that is, I imagine a doctor asking about a particular type of surgery to another you know somebody else who wants to be a surgeon. You know something? That that they either know where they don't, and so that kind of gives you an idea of that.

Who were your competitors when you started and how did the competition evolve? How did you create a competitive advantage and a unique selling proposition?

Summarized By: Jeff Musk on Tue Sep 15 2020
and raising the capital to be ableto execute the the acquisition and also whatever the plan is for that particular property where you're gonna fix it, whether it's a development deal, whatever that is, I think that, you know, you always have toe. You have to know other people's ability to raise capital at what level they're raising that capital. That so, for example, and what this is, why it is important is an institutional investor. There are investors that will give their money to these to these major, you know, whether it's a reet, whether it's some other, some other large, you know, organization, and they're OK getting 56% on their money. That's you know, if it's a foreign investor and maybe even less and so these folks can take a look at the property and they have bigger margins, then maybe somebody who's who's talking to investors and telling them I'm gonna give you 8%. I can't guarantee it. Obviously, in this, you know, because there's obviously risk. But, hey, we believe that you know you're gonna be getting about 8% cash on cash. Ah, 15 to 17% i r. A annual return and competing with someone and says, Hey, we'll give you 5% you know? And you just and and no, By the way, put your money in here. You won't even know what you're investing in. You just money is just there. And so so those those are hard to compete with. And so what I did is like a lot of people do is they look okay. Where are the institutional investors focusing their efforts? And they they focus on very large assets. You know, it's you know, it's, you know, they have a lot of money and, you know, so they focused like so where I wanted to focus was that that in between, I didn't want to compete with the single family people. I didn't want to compete with people that were trying to go after, you know, a few properties, duplexes, quads, maybe even upto, you know, 10 units, because that the barrier to entry is a lot lower there. There's a lot more people that can kind of create that, you know, have enough funds to do that. So I we you know, my partners, we're looking at anywhere from 60 toe 80 to 90 units a little small for the institutional guys. Too big for the for the mom and pop people. They're going after themselves. Yeah. And so And as faras, You know what I did is and I mentioned before, So even with some of my competitors that were in the space that I was in, I turned the competitors into a partner. You know, that s o you know, instead of going after the same asset, we would combine efforts to go after that asset duplicating, you know? So now you have less duplicate duplication of effort, you know? Certainly. If if you if you had one particular skill set that you could, you could, you know, bring to bear on that team and they had a little bit slightly different skill set, then it would make sense. And so, in many cases, that happens in this business is people just go. Okay, you know, instead of, you know, going after seeing things, let's just partner. And it's a little bit less, you know, overall, as far as what? You know what you make on these acquisitions, but it's a lot safer, and you can actually then go after your deals and, uh, and then and then not have to worry about trying to make everything work. And so that that was something that a lot of people they want to go in and they wanna They wanna compete, they're going after, But they're repeating. First of all, if if if I'm a broker and I have a multi family asset that I'm selling, I'm gonna offer that asset to somebody who has proved to me that they were able to buy that asset, you know, million dollars. You know, you know, 57 $10 million. So they're not even gonna look atyou when they already have people that are there. So that's the key for that was the key for me is okay. I'm gonna go with them because they're already they already have that connection and so on and on. And on top of that, you're able to leverage their network. So in the future, if you do want us to do something different now, you've created a your own network from just some of your connections

What were the major exciting and memorable moments? Were there also any moments that almost got you to quit? How did you get past them?

Summarized By: Jeff Musk on Tue Sep 15 2020
have money, right? If you just have money and you could say I wanna invest, that's it that you don't have any other responsibilities. But when you're on the general partnership side, then it's it's a whole, Then you're part of the working team. And so, um, raising capital and committing to raising a certain amount of capital for that deal is very stressful, especially when you're first starting and like And like I mentioned, you know, people were like, Who is this guy? And then So I had friends and family. But, you know, unless you have very rich, you know, uh, network to begin with. Yeah, you may not be. You may not be starting in the best position. So for me, it was I had to be realistic about what I could do. But But I set a goal that was a little bit high. I wanted to push myself. I mean, obviously, you don't wanna you know, you don't want to aim low because you're gonna fall lower your aim higher, and hopefully you land somewhere in between. And so But when you're talking about other people's money, then then it's a It's a whole different level of stress. And so being able toe generate the capital needed to close on. That deal was was definitely a few good moment, like, Okay, I could do this. Um, on on on my second deal, I tried to push a little bit too much, and and I thought that I was going toe have the experience of the first deal, and it was gonna be enough to sort of generate the kind of the capital that I wanted to raise on a second. But it didn't get there. I mean, the fact that was actually a little bit less than my first raise. And so because once you hit your network, that's what some of those people may not have that money anymore. And so now you you know, it s so it was It was kind of one of those words, like, Man, I do. Is this is this the I might be able to do this. I mean, and keep in mind, I just you know, so a lot of military people, when they do when they retire, you, you have a skill set. A lot of us have, you know, secret top secret clearances and There's a whole different world of contracting for Department of Defense contractors and civilians. And so and I was in that point, I was like, Well, you know, do I really wanna keep trying to do this, or should I just go with what? I know what's gonna work for me, right? And so But I think what helped? And this is why, you know, having enough money to live is important. I guess I wanted to give myself more time. I said, Okay, well, you know, you can't quit on your first go. You gotta gotta keep pushing. You got to refine your processes. You gotta figure out I did it basically a lessons learned. And after after action review of you will to figure out where I could improve my you know, my my raising, if you will and eso. But I had enough to support myself where it wasn't a life or death decision. And it maybe not even that, but a decision where your family is going hungry or whatever the case is. And so I think that helped me. But then it just you just can't quit. I mean, if you really love what you're doing then, then you're just going to continue doing it. And I obviously that's something that I've always wanted to do, so I wanted push myself there.

How did the school prepare you for your career? Think about faculty, resources, alumni, exposure & networking. What were the best parts in each of your college programs?

Based on experience at: MBA, Columbia Southern University
Summarized By: Jeff Musk on Tue Sep 15 2020
is going to give you the tools a nen initial set of tools that you can then employ, whether that's your ability to, you know, to to do math, to do underwriting to, you know, to understanding how business works and you know how marketing you know, the marketing mix and and these sort of things that you get when you're you're in a business program, for example, those are just tools. And so the idea is, if you have enough tools, then to go into something that in tow into a job, that you can then refine those tools, improve those tools and maybe gather additional tools eso that's always critical. I mean, you know, and some people say, Well, you know, you know, do you really need for your degree to do a lot of things? It depends, right? Depends on what it is. But at the end of the day, if you take advantage of of what is being offered those tools, you keep those schools, you can. And so the the other pieces and you mentioned is the more critical things is the network, uh, these are these are people that are potentially you're gonna be your business partners, your customers, uh, people that are going to, you know, to provide, you know, someone else recommendation about you and what you do. And so be ableto have that network that goes back. And I actually do have people that that I went to, you know, even from high school that I'm still connected with, Thank you know, certainly Facebook. And some of these things help. Now, that was before it was a little bit harder, but, you know, thes thes networks are all critical. So on your network is like they say your net worth, and so I think that's one of the keys.

What three life lessons have you learned over your career? Please discuss the stories behind these lessons, if possible. Stories could be yours or observed.

Summarized By: Jeff Musk on Tue Sep 15 2020
Maybe some of the young folks don't haven't had a chance toe work in something that they don't like. But certainly if you worked at a, say a fast food joint or, you know, something like that trying to go to school, you know, that's not something you're gonna do forever. And, you know, after a while, it really hurts to goto work when you when you can do other things right now, you may need to because of your financial situation. But it znachko a happy feeling and so find something that you're passionate about and do that do that to the best of your ability because I think that's what makes people successful is when they're able to find what they love. And, uh, that doesn't mean you know, you you get a job, and if you don't like it right away, you quit. So that's not my passion, because, I mean, you know, certainly you grow into these things sometimes. I mean, I I knew I I love real estate when I was young, but I had other passions, and so there may be more than one, but that don't do something like like me, where I was trying to do my own bookkeeping. That's just it was just It was such a draining thing and there were so many better things. That opportunity cost of doing was just not not worth the effort. So that, I mean, I already talked about the network. I think that's that's a that's easy to understand on. Then I will say the last one. And this is something maybe that the younger folks are gonna have a little trouble with. But, you know, understanding that the value of time increases over time. It's kind of just kind of your thing. But you know, when you're young, you know you're not thinking about you know, you know, old and your body doesn't hurt none of that. None of that, right? So So time maybe is not as some as critical, like it's not a problem. But over time you certainly start getting an appreciation off the things that you give up when you're having to work and to do things that maybe you don't want to do because you need to make you know you need to make money, you need to be able to provide for your family. Whatever the case is And so, uh, if you can if you can kind of look at your life and do what we call backwards planning and figure out where you wanna be on sort of make a plan of how to get there, Certainly it's gonna be refined. Certainly there may be changes, but have a plan that doesn't That doesn't include you working until you drop dead, right? And so because that that's one of the things. So always, no matter what it is that you're doing, consider having multiple streams of income. Um, diversify and make sure that you know that you are not in a bad position later on in life where time becomes even more valuable gone.

What starting job (after internship) would you recommend to students who hope to grow professionally like you? What other parting advice, dos, and don'ts would you give?

Summarized By: Jeff Musk on Tue Sep 15 2020
analysis, Uh, somebody you're able to develop those tool sets that you need in a way with a with a company that already has those processes refined. Uh, if you wanna be in this, you know, if you want to be an entrepreneur, um, you don't want to try to learn those lessons, uh, in a company that doesn't have those those processes because you're not gonna learn them. So it's always it's always good to at least go someplace where you think they're gonna They're gonna give you some additional tools and some of the, you know the tool sets you know, the skills and the experience that you need before you do that. So certainly commercial brokerages and these sort of things. Or if you're in the capital business and maybe maybe working with with a company that raises, you know, their job is essence is an institutional. There are there are real estate investment trust or something where you're learning the business before you jump into something a little bit more entrepreneurship, you will, um and because this this kind of work is definitely mawr entrepreneurship versus, you know, large corporations, and it's by design that this is not something that I'm doing and by accident that at some point I want to grow into this large corporation. No, I don't. I mean, I want to keep I wanna have flexibility. I wanna have time for my family And And how do I do that In a way that that still allows me to create generational wealth? And so this is this is one way to do it. Um, if it's something a little bit less specific to real estate, I would say it's the same thing. Look for figure out what the main the main roles that your business is going to require. All businesses require marketing all business, require accounting. It just depends, I mean, but But if it's something more specific if you if you're in the software industry, if you want to work in the software industry, get in with a software company you know and and and learn the different things that you could do within that company until you you fully find your passion, and then you can go do that by yourself if you want to. Uh, and there are always people that you know, even from the very get go Even at college. I remember having conversations and other my MBA with people. When we talk about starting businesses, you know, right from the very get go. So sometimes you can make that jump Initially import can do. That s oh, it's always possible.Andi and some just, you know, they're willing to take that that risk. And I would say that Well, that's the last. I guess. Think I want to say is you know, no matter what it is that you that you're you're doing you if you're passionate about it, you're gonna make you're gonna make decisions to move forward. Um, I see too many people that want to do something, and they just never they never start the journey. They just, you know, they want I want to do this or I wanna have money or I want to invest. And then, you know, at the end of the day, they never they never do it. And and I had a friend of mine once told me, It's like, You know, I really I really admire the fact that you are able Thio embrace The fear is kind of what he said and take, you know, take these steps and it's not so much the fear, although there is some anxiety when you do these things. But if you prepare, then then then you should move forward. You know, paralysis analysis is just gonna leave you in the same place that you started so