Know your Host w/ Patrick McGrath

Patrick McGrath: This time, next year, we should have 300 plus spaces of RV boat storage in Virginia. Fully leased. And that is going to at least more than double our cash flow.

Intro: You're listening to the real fi podcast where we discuss time, tested tricks, techniques, and strategies for pursuing financial independence today so that we can enjoy a better tomorrow financial independence.

Isn't about getting rich quick. It's about cultivating a foundation to grow financially, mentally, physically, and spiritually. Let's figure out how to kick the nine to five. Hear your hosts, Patrick and James. How's it going everybody. And welcome back to the real fi podcast. I'm your host Patrick McGrath with my co-host James Ripon.

[00:00:53] How's it going today, James 

[00:00:54] James Rippeon: going well today, Patrick, I think we got a great guest on the docket today. I think it's gonna be a surprise for everybody to [00:01:00] peel back onion and see what we got underneath and let's get into. So today's guest one and only Patrick McGrath co-host of the real I podcast.

[00:01:09] I think everyone's pretty excited to hear Patrick's background, maybe in a future episode, we'll dig into my background and kind of some of the things I've got going on, but today we're gonna focus on Patrick. So what are your thoughts, Patrick, excited to tell our viewers a little bit about yourself.

[00:01:25] Patrick McGrath: I am I'm super excited. I think it's gonna be fun. I think you guys are gonna learn some things. I got some new things that are going on that I can't wait to talk about. And I know James is gonna ask me some great questions and this is gonna be fantastic. The drill James let's get started.

[00:01:41] Let's do it. 

[00:01:42] James Rippeon: Patrick, why don't you get us started by just telling a little bit about your background, kind of everything leading up to you being into real estate and where you are today. And just tell us a little bit about. 

[00:01:52] Patrick McGrath: Of course. As you guys know, Patrick McGrath, a rental property, couple on Instagram.

[00:01:58] So [00:02:00] basically I got started in real estate per se back in my early twenties. I read rich dad, poor dad and that really inspired me to get into real estate and think about real estate, but at the time didn't have any money. So I was broke. So I was working and had been working for the last 10 years as a sales rep.

[00:02:22] So I worked for some major fortune 500 companies like Grainger and paychecks sold retirement plans sold commercial and industrial products to, B2B business, B2C consumer. Then I got into selling industrial elevators. So they go on the outside of buildings. When you're building multi-family commercial buildings up and down the east coast, I did that for five years.

[00:02:47] And during that time I was selling these products on construction sites and they were building multi-family housing. And I'm like, if these guys are investing hundreds of millions of [00:03:00] dollars into building, these multi-family housing, like I need to get into this. So during that time I was saving a ton of money listening to bigger pockets, reading all kinds of real estate books.

[00:03:15] Really like honing down on being prepared. And during that time we bought our first property and over the last couple years, which we're gonna get into have, built up a rental property portfolio where I was able to quit my job last year in October. Married to Danielle, who's the other part of the rental property couple.

[00:03:40] My dad is a partner with us in our business. That's helped us grow, so I'm sure we'll get into all that, but that's like my story up until the real estate part. So let's 

[00:03:51] James Rippeon: back it up a little bit and tell us a little bit more about getting into your first deal. Everybody, when they get into the first deal, they might have some apprehensions on what to expect and [00:04:00] what kind of deal to do.

[00:04:01] How much did you save up for that first deal? And what did that look like? 

[00:04:06] Patrick McGrath: Yeah. Great question. What we did is we bought our first house as a foreclosure, knowing that it wasn't gonna be our forever home and knowing that at some point we turned it into a rental. So our primary we bought back in 2013, knowing like I can't afford to buy a rental property now, but this first house has the opportunity to be one.

[00:04:26] So what we did was we worked on that property, fixing up bathrooms and flooring and kitchens and all of this stuff. And we took out a home equity line of credit on that house. We were able to get 40,000, $45,000 line of credit. And that was the money that we had set aside to use for our first investment property.

[00:04:51] We figured we would be buying a property somewhere under 200,000. At 15% down. With the closing costs and everything that would put us right around [00:05:00] 40 grand. So we were gonna be all in on our first investment property. And we found a foreclosure 10 houses down from us on the same street, back in 2017 that we were able to purchase for $175,000.

[00:05:16] And that was our first deal. And that's how we funded that first deal. My dad did help us out with that one. Basically before I went to the prop, before I put the offer and on the property I asked him to come take a look at it. I was like, Hey, I was nervous. I. Just wanted that just wanted that approval, that I wasn't, buying a complete shithole and that it was gonna be way more headaches than I thought.

[00:05:39] And we went through the property and I was telling him everything that we planned on doing. And at the end of it, he was basically like, all right, so you can do this on your own. And I was like, yes, sir. I've got all, I've got everything set up to be able to do this on my own. And he said that he wanted to go in 50 50 with us.

[00:05:57] Hey if you have everything in place to do this, like [00:06:00] you've taken all the necessary steps I'm believing in you too. Let's go ahead and let's do this together. So that's how we got into our first deal and led up to that first real estate deal. 

[00:06:12] James Rippeon: Did your father have any kind background in contracting or house investments like that to begin with?

[00:06:18] Or is he just that you were relying to give you a kind opinion on all this. 

[00:06:26] Patrick McGrath: So my dad did construction like back in the day, like his uncle had a roofing company and he always worked on his own cars as we were growing up. Like he was always remodeling the house and doing everything to save money, but he also knew how to do a lot of stuff.

[00:06:41] So he was pretty handy. But he's never invested in real estate. My dad was, is extremely conservative or was extremely conservative until that point. It was, work for your company, invest in your 401k. Save. 20 to 25% of all your income never really took any risk. So this [00:07:00] was the first like big risk, but he was risking it on me and my dream and passion.

[00:07:05] And yeah that's how we got on that, but we did all the renovations ourselves. So like Danielle, myself, my dad, anything that I didn't know how to do, he was teaching us or we were learning on YouTube. And yeah we all worked on it. So no real estate background from anybody.

[00:07:20] This was all, the first shot at it really. 

[00:07:23] James Rippeon: And I think that's a huge key for people to pick up on is, and I've heard this from all types of investors, small single family, investors or syndicators themselves. You're always investing in the people, not necessarily the.

[00:07:34] Cause the deal is gonna be what makes, good money, but the person behind the deal is gonna have that very long term vision to expand upon and to grow a great S that's perspective too. Sounds like your saw that in you as well as the best in the person and everything falls into place after that.

[00:07:55] 2017, you guys got your foreclosure, you purchased that, everything's rolling. You [00:08:00] got your first deal under your belt. What happens after that? 

[00:08:05] Patrick McGrath: So we bought that property. We spent about $30,000 fixing it up new roof, new electric panel, gutting the bathrooms, gutting the kitchens, like redoing everything.

[00:08:16] It appraised for 280,000. So we bought it for 1 75 appraised for. No, two 90 praise for two 90. And we did what every first time an investor does is we over improve the property and we made it way nicer than our house. So Danielle's Hey, like we just spent all this money. This house is perfect.

[00:08:37] Like it's way better than our house. So we moved into the rental property, quote, unquote investment property, and we ended up renting out our primary residence. So that plan to have our primary be a rental, worked out that way, but in the wrong type of way. And we didn't do anything for two years after [00:09:00] that.

[00:09:00] So we we bought that house. We moved into that one and we liked it, but we at that point, moving everything, we were ready to move. So we took out a home equity line of credit on that property, and we used that to buy. Our primary residence, which is here in Carroll county, Maryland.

[00:09:19] And one of the reasons we wanted to move out here is because they had more small multi-families. The price per unit, the price per house was a little less so we could get into more properties. And we also really liked the area. So we moved out here, plan in place to invest in real estate.

[00:09:37] That's what we had earned in that time. We were looking at properties and we were able to buy a triplex with that same HeLOCK. So it took two years. From the time we bought our first investment property to the time we bought our next investment property. And that was a Plex. Then we bought a four unit a year later, couple months later, we [00:10:00] bought a single family.

[00:10:01] A year later we bought a 10 unit. Building. And then earlier this year we bought a six unit. So right now we're sitting at 23 rental properties. Yeah. And that's where we're at now. That's the, long and short version of how it went from all of that in the last, like two and a half years, it 

[00:10:21] James Rippeon: certainly all compounds on itself and it doesn't happen overnight.

[00:10:24] And when you're going through the progression of each property being acquired, it's successively shorter periods of time, unless you're starting to buy larger properties, you're gonna start scaling up. Then of course, you're gonna have to refinance more money out or use the larger VLO or have a larger down payment.

[00:10:40] But if you're, dealing with small multi families, like you're gonna be able to acquire these quicker and quicker and quicker as that cash flow builds and you have more equity to buy the next one. So that's incredible. 23 doors later. And here you are, man. Killing it on your path to way more.

[00:10:55] I'm sure. So tell us a little bit about the numbers with your portfolio. You got [00:11:00] 23 doors. What kind of cashflow is that bringing in for you and Daniel? 

[00:11:04] Patrick McGrath: Yeah. So I'd love to get into the numbers. I do kind wanna backtrack just a smidge here though, and tell you how, that first property led us to where we are today and I'm gonna break it down.

[00:11:18] It's gonna sound extremely complicated, but at the end of it I'll get into the numbers. So we had our primary residence, which we did at FHA three and a half percent down. So we spent $10,000 on that. We took out a $40,000. HeLOCK bought the first investment property with that investment property. We took out a 90% home equity line of credit for 85,000.

[00:11:42] We bought our primary residents and we bought the triplex. So during that time, the market went up. So we did cash out refinances on our first primary and the second investment property [00:12:00] refinanced out of those home equity lines of credit and did a cash out refinance. We got 25 grand with that 25 grand.

[00:12:09] We bought a single family in April, 2020 during the pandemic. During that time, the triplex that we bought, we put $15,000 into that renovating we cash out refinance that got our $65,000 down payment, our 15 grand back and another 20,000. So we used that money to fund the four unit property that we bought during that time we had just finished the single family.

[00:12:42] We bird that one. So we cash out refinanced. We got our down payment, we've got our 16,005 hundreds. What we put into that one. I got that back plus an additional 15 grand. So now we're working on the four unit property. We got [00:13:00] an $85,000 seller carryback loan on that one, we put 30,000 into that. The seller financing was on a second note.

[00:13:12] So in the eyes of the bank, we had a loan for 150,000 and we had a secondary loan off the books for 85 with the seller. So what we did is that property we bought for 2 85, it appraised for four 50. We got a new loan at three 30, and we were able to get $150,000 back with the bur. So now we've got 150 grand in cash.

[00:13:40] After that we sold the two single families and 10 31 exchange them. Into apartment building. And we used the 140 grand cash that we had from the fourplex to Fu of it. And [00:14:00] then what we did is we sold that single family that we bought in April of 2020 that we had already cashed out refinanced. We sold that December, 2021, and we used the profits for that for the six unit.

[00:14:16] So all of this started with $10,000 FHA, loan. And now we have 23 rental units that are currently bringing in. $28,000 in gross rents. We have four empty units right now at that sixth unit we just bought and we're currently cash flowing a little more than $12,000 a month. So I know it was a little long-winded, but I kind of wanna show you the creative recycling of everything that we were able to do to build up to those numbers.

[00:14:53] Yeah, so I think that's 

[00:14:55] James Rippeon: important. It gives great context for our listeners to really understand, how those [00:15:00] progressions happen, taking out money and recycling the equity into the next deal. So it's definitely important to know that, but let's talk about each of these deals and how you came across them, because I know you've had some pretty unique ways of finding these deals and getting them under contract and eventually buying them.

[00:15:16] Tell us about how you found these deals and if there's anything special that you did to have those come under your radar. 

[00:15:23] Patrick McGrath: Yes. So we'll start with the Plex. So with the Plex, it was listed on the MLS. It was listed for 250,000. And it was listed for over nine months. During that time, I was looking on Craigslist and I found a post for a guy that was selling his entire portfolio and that entire portfolio included this Plex.

[00:15:47] So it had his cell phone number and email address. So what I did was I called him and talked to him about the whole portfolio and I was traveling at the time. So Danielle and my real estate agent went and looked at all of the [00:16:00] properties. They were all beat up and in bad shape. So we, we didn't end up offering anything on all of them, but every single month I just reached out to the guy through an email and I said, Hey, I'm really interested in your triplex.

[00:16:13] I see it still on the market. Would you like to get coffee? Every single month I did that four months in a row. Finally, the guy agreed to meet me at Starbucks and we sat down and I basically told him that I wanna be in his shoes one day. Like, how did you get to 13 units? Like real estate investing.

[00:16:36] We sat there and talked for an hour. And I told him I only have two rental properties. This will be my first multifamily, but we can both agree that 250,000 just is way too much. It's not worth it. And I said the most I can pay is 200. And he sat there for a minute and I was like, you don't need to gimme an answer today.

[00:16:55] It's been on the market a while. It doesn't look like it's moving just think about it. So he came [00:17:00] back and said he could do two. And we agreed to it, did the inspection and ended up getting 2% seller help. So we paid 200, 4,000 for that one. During that time though, one of the other properties that he had in his portfolio was off market, was at the four unit.

[00:17:21] And I told him, I said, look if you sell me, if you agree to sell me the four unit for 2 85 after I refinance this one then I can pay, the over 200, that's basically what I said. I'll give you the two 10, if you agree to sell me the other one. So that's what he agreed to do. So I already had that one locked in and I, after, after.

[00:17:47] I did the inspections and everything on the four unit and locked that one up at the same time. So after I did the cash out refinance is when I was able to buy the four units. So I got two deals in one [00:18:00] from just meeting with, from an on market. Then we have the single family that we got during the pandemic that one was listed as a foreclosure.

[00:18:10] It was listed for a hundred, 9,000 and they had best and final Danielle and I are in Mexico and they did best and final. They said they have an offer. It's like over $120,000 for it. And I was like, man, this is crazy, but you know what? Let's just get it under contract. The pandemic is happening. Like things are going crazy right now.

[00:18:31] So we offered $135,000 for this property that was on the market for 110. We got it under contract. We had. 10 days to do the inspection. When we got back from Mexico, they shut the entire country down, like the two weeks to stop the spread and all that real estate agents. Aren't showing properties.

[00:18:53] No one's letting anybody in properties. No one wants to do showings. It's crazy. So we do the [00:19:00] home inspection and there was a fire in there. It still had knob and electric, like it was bad. So what we did was I got my contractor to write up like a $70,000 repair bill for that one. And we sent it to the bank and said, Hey, all this stuff is bad with it.

[00:19:22] We need to be back at the 1 0 9. And because they were so worried about when everything's gonna open back up, they agreed. And that saved us $25,000. So that's how we got that's how we got that one. Then the 10 unit department building. There's a commercial space. There that's a salon and Danielle would go, was going to that salon to get her hair done.

[00:19:46] And the owner was doing your hair and saying that they were moving. And she was like why are you guys moving? This is a great place. She said the owner is considering selling the building. And I don't know what that means for us and the [00:20:00] business. So we found another place. So she got the owner's information and I called her and we were able to work out a deal based on that.

[00:20:11] So Danielle found the 10 unit apartment building, and then the latest one, the six unit apartment building. I started sending out mailers using the deal machine app. And this guy reached out to me and was like, I'm not really interested in selling, but I would sell this one property for 450,000. We chatted back and forth.

[00:20:33] It took almost. Nine months. And we were able to get a deal under contract for that one. And we closed on that one for 430,000. A lot of the deals, couple of the deals came on market. Couple of the deals came off market, but all through different channels, Craigslist, postcards, word of mouth, like it's everything just, that's how we've been able to acquire the portfolio and get to where we 

[00:20:58] James Rippeon: are today.[00:21:00] 

[00:21:00] So looking at your portfolio for what you have currently, is there a deal that kind of just stands out to you as being like just this home run, magnificent deal that you guys knocked outta the park is one that kind of stands out to you?

[00:21:15] Patrick McGrath: Oh yeah. I'm gonna say the 10 unit apartment building. That's definitely the one that changed the. Changed our lives for sure. That's, we didn't know what the hell we were doing to be completely honest with you. Like at that time we had a three unit, a single family three unit, two single families in a four unit.

[00:21:35] So I think we had nine units at the time and we were gonna buy 10. It was gonna double our portfolio. We didn't have, you need 25%. This is an $850,000 property. I need to come up with $230,000. We're doubling the portfolio. It's an hour from where I live. Yeah, it was crazy. And, but we figured out a way to do it.

[00:21:54] I was like we can sell these two properties. We're only making $200 each [00:22:00] on them a month. Like we'll sell these. And we were finishing up the bur and we were gonna get a bunch of cash back. So we're like let's just go for it. So we bought that property. It had rents that were about, I think it was $6,800, 6,800 to $7,000 a month is what this 10 unit department was bringing in.

[00:22:20] When we purchased it. That's 

[00:22:22] James Rippeon: including the 

[00:22:22] Patrick McGrath: commercial space. That's including the commercial space. The commercial space was rented for $900 a month, 2000 square foot commercial space, $900 a month. The average apartment was renting for between 700 and $800 a month. These are like two bedrooms. There's there's 1, 2, 3, 4 there's four, one bedrooms, five, two bedrooms, and 2000 square feet of commercial space.

[00:22:51] Now, mind you, this is in Anne Arundel county, Maryland which is 20 minutes away from Baltimore, right on the water. I knew [00:23:00] it was a great deal at the time, but I didn't know how great it was until now. So a year later, the average rent that we are getting in for like I just rented one of the two bedroom apartments for 1650, the tenant in there before was paying 800.

[00:23:18] So right now our current rents at the property are $13,925. So we took it from 6,800 to 13,000 9, 25. This is at a seven to seven and a half cap. So we're getting ready to take out a line of credit on this building. And my conservative number is that it's gonna appraise for 1.5. I wouldn't be surprised.

[00:23:42] If it appraised for 1.6, 1.65, so double. What we paid for it. So what, in less than a year, 

[00:23:51] James Rippeon: was it the same cap rate that you're doing the appraisal now that you bought it at? Or was, is there any kind of difference between those time two time [00:24:00] periods? 

[00:24:01] Patrick McGrath: So the appraisal that they gave us was a seven cap when we purchased it.

[00:24:06] It could have been because the income was so low but it was a seven cap. And then the most recent building that we bought, the six unit that came in at a seven cap. So that's where I'm going off of the numbers as a seven cap. Gotcha. 

[00:24:22] James Rippeon: Very cool. That's awesome, man. You really added some value there, increased the rents like crazy.

[00:24:26] And as anybody knows doing commercial real estate, Increase that income decrease those expenses. And you're really gonna see a huge jump in your valuation, especially when you buy these distress properties. Is that salon still in there? Did you keep the salon in there as a tenant, or did you switch that up with a new commercial 

[00:24:42] Patrick McGrath: tenant?

[00:24:44] So the salon moved out and right before we closed on the property, the woman had a new tenant in there. That was paying 1400 and she signed like a three year lease and I was pissed, [00:25:00] but what can you do? So we just dealt with it. And then around Christmas time, the woman that was in the space was having some issues didn't need all the space was closing down her business.

[00:25:11] She told me that I could go find a new person. So one of our close friends was, came to me and said, Hey if it ever comes available, let me know. Boom. I get the lease sign with her for 2,500. So 1400 to 2,500. And interestingly enough, the woman came back and said, Hey I don't actually wanna leave.

[00:25:31] And I'm like, look, I already have a new lease signed. You already signed documents that said you were leaving. I'm sorry. Maybe you can work out something with the girl who has this space now because there's two SP like two separate spaces. So now the girl that was originally renting it, she's renting a space from the girl who has it now.

[00:25:48] So it worked out great for everybody. The woman that I bought it from was paying for all the water for the salon. I've put in a digital water meter that counts all the gallons of water and charge it back to them. There's just [00:26:00] all these little things that you could do to lower the expenses on these properties.

[00:26:05] While also. Charging market rents, but we didn't go I didn't just take the rents from 800 to 1600 with the tenants that were living there. I, that's not how I would run my business. That's not the type of guy that I am. So these are, we had tenants move out, we renovated the units and then we went for market rents.

[00:26:26] So we increased everybody. That's decided to stay. They've had a $200 increase. There's still this property is almost $14,000 a month and there's still four tenants that are, four to $600 below market rents. So I, I believe it's gonna be worth 2 million when we're a hundred percent turned over.

[00:26:44] James Rippeon: So I really respect that you gave the existing tenants, the option to stay with a fair rental increase, but even if they were going. To leave, that's when you really did your major renovation and got the most bang for your buck with increasing those rents. And, think [00:27:00] that's important cuz having a good rapport with your tenants goes a long way for managing not only, relationships and timely rent payments, but the condition of the property too.

[00:27:08] So you know, why don't you talk a little bit about that? Like how you maintain really positive relationships with your tenants and kinda your thoughts behind all of that. 

[00:27:18] Patrick McGrath: Yeah. What we what we did is when we B, when we purchased the property, we put a letter on everyone's store that says, Hey, where your new owners, here's how your rent is going to be received every month.

[00:27:31] Here's what I know that your lease says that you're currently paying. If you have any issues, any maintenance items that haven't been taken care of, please make us to wherewith of them immediately. And when can we set up a time to come meet in person. That's the day that we bought it, put a letter on every single person's door.

[00:27:52] Reach out here's my phone number, call me, I wanna come meet you in person. So then what I did is I met with every [00:28:00] single tenant in person and I had the rent ready sheets for what? A one bedroom apartment, what a two bedroom apartment in the area at market rents is first I sat down, introduced myself, asked if there's anything that needs to be taken care of right away.

[00:28:18] Then I told them, look, you're on a month to month lease. You're at $800 a month. Market rent is $1,300 a month. We can both agree that this isn't a top tier apartment right now. So I'm not expecting you to come up to $1,300 a month, but I also can't have you stay at $800 a month. So what I would like to do is you over the next week, Think about it and find out where you can comfortably come up to and see if that works for both of us.

[00:28:53] So also, is there any things that you would like to have, do you want a ceiling fan? Do you want a new bathroom light? Would you like the [00:29:00] apartment painted? Just little things like is there anything that needs to get taken care of? Let me take care of that first.

[00:29:05] And then these rent increases won't come into effect for 60 days. If we decide to stay, if you decide to stay, so I'm giving them 60 days to, to move out if they need to. And then I'm also giving them a chance to have them come back to me with a number that's comfortable said, I don't want you to gimme a number that you think is gonna make me happy, and then you're not gonna be able to afford to live here and you're gonna be gone anyways.

[00:29:31] So let me know what that is. And that's how I did it. I provided everybody with the documentation and everyone that decided to stay came back with a $200 increase, which I was happy. We had, majority of the tenants came up 202 tenants decided to leave. So now I have two empty units to start renovating.

[00:29:55] I've got, I brought the income already up 1900, almost [00:30:00] $2,000 on the property within, the first week. So I was happy and that's how we were able to do that. And I think that's the way that most people should. And it's Hey, if you're gonna leave, that's fine. You've got 60 days, 90 days.

[00:30:14] I'm not gonna increase your rents. Let's just go our separate ways and that's okay. But you also want to have respect for the tenants and give them enough time to be able to make the decision and make decision on their own. And I did have some people come back with a lower number than I was willing to accept.

[00:30:29] And I said, unfortunately, that's not where that's not where I can be comfortable at. If we could do X I can do that. And we were able to make that work as well. So that's how we've been able to do it. And that's how we've done it on all of our properties since then. 

[00:30:43] James Rippeon: Gotcha. I love that. We're currently at the time we're recording it's August, was it August 1st, Patrick?

[00:30:48] August 1st. And we're halfway through this year and you've been able to accomplish a lot so far. You've been doing some really credible things. You have 23 doors, you've got lots of cash flow coming in. What'd you say? [00:31:00] $28,000 gross and 12,000. $12,000 per month cash flow. Let's talk about the remainder of the year and some of these cool things that you're gonna be looking to accomplish between now and then, and maybe talk about some of the projects that you have going on right now that might be new and in development.

[00:31:18] Patrick McGrath: Exactly. So currently right now we are gonna be working on renovating four out of the six units at the six unit building that we purchased back in March. So that's what I have going on. Everybody follow me on, Instagram's gonna start seeing those before and afters and projects and all of that.

[00:31:36] So we have that going on. We are actively looking for more properties to purchase. Like I said, we're gonna, we just finished a home equity line of credit on our primary residence. We are taking a line of credit out on the apartment building. We got the last unit rented, the lease got signed today. So we are gonna be sending that information over to the [00:32:00] bank.

[00:32:00] Getting the 10 unit appraised getting a line of credit on that. So right now we are stacking liquidity stacking capital to be able to really take advantage of the current market situation. I'm having meetings and phone calls with different people every week about properties that are be becoming available off market.

[00:32:19] A lot more properties are becoming available off market. They're still in what the investors think is peak buying time. So the prices are a little inflated, but I think they'll, they're gonna start coming down a little as well. So we're actively looking to expand the portfolio, but we do have something extremely exciting, which is if you go back and listen to episode two of the real fi podcast with Nate dins, Nate talked about RV campgrounds, RV, boat storage.

[00:32:53] And offline after that podcast. I, told him that I'd be interested in learning more about that. And if you found a deal, [00:33:00] please, bring it along to James and myself and let's talk about it. And Nate found 15 acres in Virginia that we now have under contract that we are gonna develop five acres of RV and boat storage.

[00:33:17] So you heard it here first. I've teased this along for a little bit. But we are currently under contract engineering is going on right now. We have to go through the county and get everything approved for the land use, which we're like 99% positive that's gonna happen. And this time, next year we should have 300 plus spaces of RV boat storage in Virginia.

[00:33:44] Fully leased, and that is going to at least more than double our cash flow. It's extremely significant. It's really exciting. Again, there's a common theme here, I think with, my story and it's that we're doing things [00:34:00] that are outside of the comfort zone. I didn't think that I was gonna be doing a development, let alone RV boat, storage development.

[00:34:08] I don't know shit about that, but I do know that, if the numbers make sense, it's renting, property is it's renting, which I so we're rolling the dice and going after the opportunity. And it's because we have built a foundation that we're able to do some of these new things and take these risks.

[00:34:27] So we've got that. I'm also gonna be starting a wholesaling business. So that's pretty exciting after having go back and listen to Felipe's episode, go back and listen to Jennifer's episode. Like we've had a bunch of wholesalers on here and it's so inspiring. And I just been thinking about it more and more, and I'm like, man, I can do this.

[00:34:52] I can do this. So we're putting the things in place right now to start that as well. And then [00:35:00] James and I like with this podcast, We've been consistent. We're continuing to be consistent. We've got a bunch of cool ideas. I think within the next week or two, we are gonna have a rental property calculator that you guys will be able to download.

[00:35:14] So you can click the link in our link tree or on our website@therefi.com sign up, you'll get a free download of the rental property calculator, which you'll be able to use to analyze deals. And we're gonna have a bunch of other really cool stuff coming up in the pipeline, maybe a book some blog posts, a bunch of different things, possibly a course or two.

[00:35:38] So we've got a lot going on. It's not just necessarily me. It's also James. It's also my partners. So those are just some of the cool things that I've got going on right now. And it's extremely busy, but very exciting. Something that 

[00:35:53] James Rippeon: you've. Impressed upon me, Patrick is your ability to work on your business, not in your business.

[00:35:58] And we were talking about this a little bit [00:36:00] before we hopped on this video call. And, I think it all starts from finding the right people to do business with, like with you and Nate in that RV park, you guys have formed a good partnership. I don't know if you guys have other outside partners as well coming into that deal.

[00:36:14] You've got that partnership and things are rolling there in positive direction. This whole podcast organization is like a partnership with all of our guests too. Cause we're picking up all of these ideas from them, learning new things to implement in our own businesses.

[00:36:27] And as far as the things that you're doing outside of just the real estate holdings and the RV development, you found, you find ways to systematize outsource a lot of those things that need to be done. I think that's a consistent thing too. And that's a difficult thing for me to do.

[00:36:41] That's one of my. Flaws is working in the business and not wanting to give up control and then things fall by the wayside. So Patrick's been really incredible, especially with this podcast is directing growth and finding ways to be efficient. So commendable for that, let's talk a little bit more about this RV park, [00:37:00] if you don't mind.

[00:37:01] Cause you know, let's dive in. So I think I think you, and I can share unique perspectives on this because Nate brought this deal to us, both of us to evaluate and think about maybe going in on, I turned it down and it wasn't because the deal was not good. It just wasn't the right time in my life.

[00:37:19] It felt like to invest, cause I didn't have the capital, available to invest at that time. Cause we were waiting on refinance, still jumping through a lot of hoops to do that. So it wasn't the right time for us to go in, but like looking at Patrick's side of things on the opposite end, he might have been.

[00:37:35] Almost in the same position as me, like maybe not knowing where the funds are gonna come from necessarily, or, how it was gonna work and play out, but he took the action and the risk. This might be a difference between Patrick and I, Patrick is like ready to jump on it and just get on the deal.

[00:37:49] What really sold you about the RV part that made you think this is a deal that I've gotta pursue and do with Nate? No matter what 

[00:37:57] Patrick McGrath: to be completely honest with you, it was the [00:38:00] numbers. The numbers were just insane. That was the number one thing. Like the num the numbers looked great.

[00:38:08] The number two thing was this challenge. Like I've been fascinated with storage Danielle. And I have talked about wanting to buy storage facilities, not having to deal with quote unquote tenants and air conditioning issues and heating issues and all kinds of other things. And this storage opportunity came up and I was like this is outdoor storage.

[00:38:32] So we don't even have like doors or any of this other stuff. Like people that can't find their keys or anything, it's like the ultimate, like passive, basically investing really after the development part. And I'm always looking for exciting, challenging things to go after and learn about. And this is that next step.

[00:38:54] And this put me in the next step of getting outside of my comfort zone. Like you just said, delegating taking [00:39:00] that next step in finding funding at this particular moment. We still don't know how we're gonna fund our portion of this deal. We have the capital available. We are considering looking for one or two accredited investors to fund the entire thing, and maybe you break them off a piece of equity.

[00:39:20] So we still don't know exactly how we're getting the deal done. We know that we can get the deal done, but we still haven't decided like what the best route is. And it's because we have time. And I think that's really the biggest thing for this whole adventure is just taking the opportunity, seizing it and saying, we'll figure it out.

[00:39:41] And I've got the people in place to be able to figure it out. And we. We have a decent timeline on this. So we're having those conversations as we're going to the next steps. Like we've had the big picture conversations on, Hey, this is the amount of money we need. This is how all this is gonna work.

[00:39:57] And then as the next steps come, it's [00:40:00] okay, now we need to decide on this. Okay. Now we need to decide on this, but I'm not gonna really focus a ton of energy on deciding these things that I need to take place six months or nine months down the road. Right now, I've got other more important stuff that I need to focus my time and attention to.

[00:40:18] But I know it's out there over there, but it's really the numbers man. Like this thing. That's what we're 

[00:40:24] James Rippeon: here for, man. Good numbers, good results, cash flow. Who can complain about that? So tell us a little bit about the deal though, with how you're staggering, the development of it.

[00:40:33] Are you guys gonna be building 100% of the spaces up front or are you gonna, Do portion of this and wait to see how it grows. 

[00:40:42] Patrick McGrath: So what we're gonna do is we're gonna develop five acres of this almost 16 acre lot. I believe eight acres can be developed. So we'll have some room for expanding.

[00:40:55] We are going to do eight foot privacy fence all around. We're gonna [00:41:00] grade, we're going to level out parking, we're gonna do gravel. We have to do security cameras, electric, automatic gates, automatic payment systems. All of that the initial plan is to get it 100% leased, and then we're gonna refinance our construction development and land purchase loan.

[00:41:21] Get our money back. We have a couple options after that we can hold it and just collect an insane amount of cash flow, which I'd like to do for a little bit. We have the option to develop the additional three acres, which we could do with, I believe storage units, which is an option to rent storage units out to the people that are renting or having their RVs and boats stored there.

[00:41:47] That is one option. The other option is to expand and increase the space up to, I believe almost 450 spaces. We have to see how the market absorbs this. And [00:42:00] then the other option is that we can sell it a hundred percent least. With the option already built in for expanding the space, which I think that one is the most intriguing and exciting out of all of them.

[00:42:16] For people out there that don't know about storage that has been trading between three and five cap on the net operating income times are changing a little bit, but even with the numbers that they're coming out, even at, a five or six cap, this property has the potential to be worth four or $5 million.

[00:42:41] So it's, again it's life changing for the people that are investing in it. If it all goes well. But the thing with this is that even if it does 50% of what we are expecting it to do, like it's still gonna be a great investment. It could all fall flat on its face. And I could be sitting here a year from now telling you it [00:43:00] was the dumbest decision that I've made, but you know what, I've made a bunch of them.

[00:43:03] So I'm just gonna keep trying and learning. And I think it's gonna be really exciting over this next year to share it with everyone and really see we're still gonna be buying real estate. But if this all works out, our path might change. We might go into trying to do some more of these developments and that's the thing I think, as an investor reaching for financial freedom, financial independence, you have to be able to shift and, be a chameleon in this whole game.

[00:43:31] I it's not shiny object syndrome. You have to know what you're dealing with. But you have to be able to, identify opportunities. Assess the risk and then take action on them and, be willing to go after it. I'm looking to ring the bellman.

[00:43:45] I I, I want to be I'm financially independent. I wouldn't say financially free yet are we making good income? Yes. Do we have a nice net worth? Yes, it, have I reached my goals per se. No. And I'm gonna [00:44:00] take any avenue I need to get there and hit those goals. And this just happens to be one of the ways that I think we're gonna get there so well, 

[00:44:08] James Rippeon: let's explore that a little bit.

[00:44:09] That's why you and I started this podcast together, and this is why we're interested in real estate is our financial independence goals. Talk to us a little bit about what you wanna do in the mid to long term, as far as your goals go, like, where do you wanna be? In understanding that things can change and pivot based on what you're going on, going through, like with this RV development, of course, everything can change.

[00:44:27] But as it stands now, what are your goals? Door wise income and cash flow wise. Any other metric you might use to determine what your 

[00:44:34] Patrick McGrath: goals are? So our goals are 70 units personally owned that will hit our cash flow number based on 350 to $400 cash flow per door. That's what our average is at that, that should put us right around $30,000 a month in cash flow for everybody out [00:45:00] there.

[00:45:00] When I talk about cash flow, I'm talking about gross rents, minus all expenses. It's our cash flow. Just cuz there's a bunch of people out there that don't believe that, that's what we're talking about here. So $30,000 a month, myself and Danielle owns 70% of our company. My dad owns 30% of the company that puts us all roughly at around $10,000 a month.

[00:45:23] Danielle and I 20, my dad 10 that's our like first immediate goal is to hit those numbers. That should put us around a three and a half million dollar net worth. And that's the first, that's the first goal to get to with that then the next goal. 

[00:45:46] James Rippeon: What does the timeline look like for that?

[00:45:48] Do you have that kind of conceptualizes next couple years or what? What's that look like, 

[00:45:53] Patrick McGrath: man? I definitely. Through out some huge goals for 2022 in January and said I was gonna have [00:46:00] 70 units by the end of this year. We still have some time. It's not looking like that's gonna happen.

[00:46:06] But I would say, end of next year that I think end next year we will we'll have hit our $30,000 a month cashflow goal. I don't know if that's gonna be from 70 personally owned units. But I'm gonna, I'm gonna commit to that and continue to say like 70 units personally owned is what I'm committed to.

[00:46:26] Whether it's this year, whether it's next year, it's gonna be very soon in the next 18 months. I would say we should be able to do that. And then during that time doing other things to increase, increase that cash flow, I've got ideas for. A book, I've got ideas for a course, a bunch of different things that I'm gonna be putting out there to try to get these different revenue streams, to help people, mastermind groups selling the merchandise all of that stuff is going to build and add to our [00:47:00] fi financial freedom goals.

[00:47:01] So I, I haven't thought any past that, that number really I would be lying if I said that, I wanted a 10 million net worth or a hundred thousand dollars a month. I haven't thought that far into the future on what the, ultimate. Goal really is, but 70 doors, 30 K a month, I think at that I'm truly financially free where Danielle can quit her job as well.

[00:47:26] We can just focus on the business. And then we can, we have the foundation, we have the path in place to be able to start thinking about other things, whether that's syndication and going after really big deals, whether that's going more into commercial, whether that's taking this RV boat, storage facility and trying to buy more of 'em all over the country and franchise, it, there's all different kinds of things that I can do.

[00:47:54] But right now the main goal is to just hit the target first. [00:48:00] And I'm sure as I'm getting closer and closer to that target, I'll start thinking about the next one. But right now, I'm only a little more than a third. All the way there. So I've got some I've got some more work to do before I can go thinking about the big lofty goals.

[00:48:15] James Rippeon: I'm with you, man. I think it's important to live your live, your life and your goals and increments of time where you can accomplish those things. And then also far enough out to where you can change them and pivot if necessary, ma making a goal for 10 years from now, 15, 20 years from now, I'd be hard pressed to know any, find anybody, identify anybody who keeps that goal consistent for that amount of time.

[00:48:37] Not because they give up, but because it changes and life changes. So I'm really with you in the six to 24 month camp of setting your goals and working to get those. And you might not get there as quick as you had originally thought you would, but that's okay. We can fall forward. We can fall forward trying to get to those goals.

[00:48:55] And there's nothing wrong with that. As long as we're making progress each month, each week, [00:49:00] each day, Towards those ends. So I completely agree with you there. Tell us a little bit about the obstacles you might be facing. got into this a little bit, big picture wise with the RV development and maybe even the podcast or your personal portfolio, we're trying to hit that 70 unit and cash flow target.

[00:49:16] What are some of the obstacles that you're thinking through on the path to 

[00:49:19] Patrick McGrath: get there? So a couple of the obstacles that I've been facing had just been. Rehab times for one that's been my biggest obstacle is I've been working in my business for a long time, doing a good majority of the renovations.

[00:49:35] We, we still hire out things. But I've been doing a lot of the work. So that's been one obstacle. I think that we found somebody to handle that part for me a hundred percent. We're gonna be giving them a shot here in a couple weeks and see. So if that happens, that's gonna be a game changer.

[00:49:53] Another obstacle has really just been, it ties into the renovation process, but getting the liquid [00:50:00] funds together. Doing the home equity line of credit, like that took three months. It was ridiculous. With the banks, we're getting ready to do another one on the apartment building. So it's having the funds in place to be able to go after some of these bigger deals that I want, I wanted 20 unit apartment building.

[00:50:16] I wanted, 30 unit department building to buy a $2 million property. You gotta have your shit together. So it takes time to get all that stuff together. So that's another obstacle that we have all the things in. We have, we're, we've been putting all the things in place and they're slowly coming together.

[00:50:33] People always say, deal flow. That's another big thing that I've, am trying to overcome right now is deal flow. And I'm not getting the deal flow from the relationships that I've built and been building. So you know what me to do. I'm gonna go create my own business and make my own deal flow.

[00:50:50] That's why I'm starting on the wholesaling business. It's not because I really want to assign contracts and worry about making 10 or 20 grand a deal. What I really want to do is go [00:51:00] find some fricking awesome deals to add to my portfolio. And I'm gonna snipe those out and maybe all sign some other ones to some people I've got a good network that I'm sure people would buy them from.

[00:51:12] And it'll bring in some income, but my goal isn't to start this huge wholesale business and create another job for myself, my goal is to bring in the deal flow because I've exhausted all the other ways to have this deal flow. So I'm gonna have to go do it for myself. So that's another obstacle that I've had to think about overcoming.

[00:51:37] Other than that the only other obstacle that I've really had has been. Dedicating enough time to editing all the videos for the podcast and everything else. We have such great content. If you haven't listened to all, whatever we have now, 27, 28 episodes, like every single one of 'em is packed of content that I would love to get out there on TikTok and Instagram and Facebook.[00:52:00] 

[00:52:00] But up until this point, like all the editing has been me editing stuff. James has been great at getting guests. He's great at handling all of uploading everything. And J James writes all the bios for everything. We, this is a partnership that we've both been working at, it's just that the part takes a lot of time.

[00:52:20] So I'm gonna be hiring that out. Go listen to grant Warrington. He talked about virtual staff. I've already submitted the job postings. I have 300 applicants to go through where I'm gonna be hiring someone to start editing our videos for us so we can put more content out there. I'm really proud of where, what we've accomplished in these last seven months, but I also feel like we have such great content that we're putting out there that can benefit so many more people that just their eyeballs and their ears are just not seeing it because we just haven't done everything that we possibly could to get that there.

[00:52:58] So that's another obstacle and [00:53:00] we're gonna overcome all these obstacles because James is James and I are committed to continuing to bring. Awesome guest asking great questions and putting, good content out there. That's why that's the whole point we started this thing, man.

[00:53:13] I can tell me as a person in the last seven months has grown so much from doing this and it's become a huge passion of mine. And I can't speak for James, but I'm assuming it's the same way. James, what do you think about that? I think 

[00:53:28] James Rippeon: a lot of the guests we've had you look at them on the social media profile and you have this understanding of what they're doing and things that they're about, but then you talk to them one on one, you really in, and for a lot of them, I've had this moment to say the least of holy crap these people are so creative in the ways that they're tackling their deals and building their.

[00:53:49] Position in their lives and most, most impactful to me, which is of why I selfishly wanted to do these podcasts in these episodes, get this going is to [00:54:00] further cement my why and my personal desire for what I wanted to do. And when we have our wrap up questions with a lot of these guests it's really apparent that there's a lot of shared values in this community and it's time, quality of life.

[00:54:15] And it, it's not material things. It's not all those, show Bo kind of things. It's joint time of family and enjoy time with loved ones, doing what you want on your terms. And I think everyone can relate to that. Who, who wouldn't want that? There's some people who, like to, wear success on their sleeve, so to speak.

[00:54:33] But most of the people that we most, not all of the people we've talked to Or seem to be doing it for the right reasons. And that's what really excites me and motivates me. And it helps to put in perspective, like what I wanna do. Cause like we've been talking about almost every episode is goals, change, and shift all the time.

[00:54:46] They shift from inputs that you receive from others who are doing great things. So that's been, that has been, what's been super impactful to me personally, but all right, Patrick, what [00:55:00] do you think, maybe you got anything else you wanna talk about? Let the listeners queue in on anything that you thought might be interesting to jump in on or 

[00:55:07] Patrick McGrath: you, I think this is a perfect time to, to get into the big 

[00:55:13] James Rippeon: four.

[00:55:14] So how we doing this one? We normally split it up, but what do you think I should just rattle through all four. Are you gonna ask yourself a question? 

[00:55:21] Patrick McGrath: I'll ask. Oh man. I think you should ask 

[00:55:23] James Rippeon: them. Yeah. Okay. So let's do the first one. What's something that you do that feels like a.

[00:55:28] Personal finance hacked, something that other people don't appreciate or know, or take advantage of something you do maybe in your day 

[00:55:34] Patrick McGrath: to day life. So I'm gonna go with this one. This is one that I thought really changed my life, and that was, I set up a separate bank account at a bank that I do not have one line banking for that.

[00:55:50] When I was working at W2 job, I had direct deposit go into that bank account and I started it at 5% [00:56:00] and it would put 5% in this account, every paycheck. And I figured out if I could afford that 5% to go in there. And then two, three months later, I upped it to 10% and then two, three months later upped it to 15% and I got all the way up to 25%.

[00:56:17] I was saving 25% of my income at this bank. That was an hour from my house. I did not have a debit card to that. I did not have online banking to. So the only way that I could get money from this bank account was I physically had to drive there and pull the money out. And the only way I could find out how much was in there was I physically had to drive there to go find out how much was in there.

[00:56:42] And you would be amazed at how much money you can save in three to six months when you're putting 25% of your pay away. And my lifestyle didn't change. I was still able to do all the things that I was doing. And I can be completely honest with you. I would've blown [00:57:00] that money. Had I not done that?

[00:57:01] It would've, I would've went to going out to eat or going on vacations, or I would've found some way to do it. But when I checked my checking account that I have my debit card to, I was like, oh, this is only how much money I have in here. So that was a way for me to put a budget in place, but it catered to my personality and my lifestyle.

[00:57:22] And that was how I was able to fund a lot of my other investments that was, and I think everyone out there personally, I think everyone out there can save at least 10% of their income. Anyone who says they can't is lying to themselves. And I believe that people should be able to do a little bit more than that.

[00:57:43] And especially if you have like a commission based job you definitely can, but I think that's a life hack that really helped me be able to save money and invest money and give me some comfort. 

[00:57:55] James Rippeon: A lot of this is psychological and you gotta find, what works for you and your habits [00:58:00] and your personality, whether it's, squiring away money that you can't have access to it like that, that solves a major hurdle that perhaps you had to, to getting to that first step of saving up a nice lump sum to get invested into real estate.

[00:58:12] And everybody's gonna find those things in their life when they look hard enough those hacks that they can create around their psychology or habits and those things can be adjusted and I agree, hundred commit your mind to it, and you can do it. It's not too difficult. You just take some action.

[00:58:29] So onto our second question, resources, are there any books, podcasts, other than this. Fantastic podcast we're on today that you might recommend to our listeners and viewers as something that shaped your personal financial independence journey. And I know you hinted at a little purple book early off, I think that's something that you relied on to get started.

[00:58:47] Rich dad, poor dad, but that one, we beat that dead horse. Give us 

[00:58:51] Patrick McGrath: an, I would say that my number one book recommendation that changed me [00:59:00] was be obsessed or be averaged by grant Cardone. That book gave me the confidence to feel like I knew what I was doing. And it gave me the ability to accept that.

[00:59:13] Being obsessed with something is okay. Like it is as long as it. For the right reasons, which is, real estate and working on your business and becoming financially free. And that book really opened my eyes, to say Hey, go all in. It's okay. To be obsessed. So that's my number one book recommendation for sure.

[00:59:34] Resources out there, podcasts that I'm listening to. My number one podcast that I listen to is the Joe Rogan experience. I love that podcast. I think he has a ton of great guests. It's mind expanding you. Don't always have to focus on investing in real estate and personal growth all the time. So Joe Brogan experience, another one is rod Khali and Michael B Blanc.

[00:59:57] Those two podcasts are great. I [01:00:00] want to get into buying larger multi-families. All those guys focus on is larger multifamilies. So I need to start thinking like a large multifamily investor, a large multifamily owner. So I'm starting and have been listening to these podcasts to get myself in in that space.

[01:00:21] So those are the podcast that I'm listening to. That's my number one book recommendation and yeah. Sweet. 

[01:00:31] James Rippeon: I love it. I, I do like Michael Blanc. He's got great resources. His courses are amazing too. So if you wanted to reach out and look into that Patrick, it's your future? You it's five years into the future.

[01:00:41] Where's Patrick McGrath at, describe your life, maybe your business. Give us a little bit of a summary there. 

[01:00:49] Patrick McGrath: So five years into the future myself. And Danielle are both just working for our company. I think we probably [01:01:00] have multiple companies at this point all synergistic together, revolving around real estate and investing coaching.

[01:01:07] I think we're probably gonna be living somewhere down south. So whether that's South Carolina, Florida timeframe that's where I'll be. And just really looking forward to spending more time together. I don't have a number in mind on where I want to be financially or anything like that.

[01:01:24] I just know that I want to be living on the beach, having a beach house spending time with my dogs, spending time with my wife. At that point, I know a hundred percent. I will have hired a property management company cuz as you guys know, I manage my own rental portfolio. I think I want to get to a point where, and I will be at a point then when I have been able to delegate a lot of the tasks that take away from me expanding my business and doing what I'm passionate about.

[01:01:55] And that's really where I'm gonna be in five years, it's working on my [01:02:00] businesses, delegating and helping others, become financially free. Like we are with this podcast and we're gonna have over 5,000 downloads per episode in the next five years. Oh 

[01:02:11] James Rippeon: way more than that. Hopefully 10,000.

[01:02:13] I love it. Patrick, why don't you tell our guests and listeners how they can get in touch with you outside the podcast. 

[01:02:21] Patrick McGrath: So you can hit me up on Instagram at the, or rental property. Couple. So rental property, couple on IG rental property, couple on TikTok. You can also DM us on the refi podcast, Instagram page.

[01:02:36] If you're not already on there, make sure that you you go to the real i.com. Check out the new website. Tell us what what you think of that as well. But hit me up there. I respond to all of the DMS as, as long as you're not asking me to invest in your crypto schemes. I'll respond. I'll reply back to you.

[01:02:56] You get a lot of those. I do. [01:03:00] Yes. That's 

[01:03:00] James Rippeon: annoying. Terrible, great. Patrick, I really appreciate you taking your time to share your story with our listeners. No, I six, seven. 

[01:03:10] Patrick McGrath: Eight, maybe 28, 28. 

[01:03:12] James Rippeon: I know a lot of people have been wanting to know more about you and things that you're doing.

[01:03:15] So it's been great to peel back that layer and let people know like awesome things that you've got going on. And also the really cool things that we're looking forward to bringing to our guests and our listeners as time goes on and we're able to add more features and information and content to the podcast.

[01:03:30] So with that if you guys are listening to this podcast, please leave us a review on your chosen player, leave a five star review if you really liked it. And let us know if you have any questions. If you wanna reach out to us, you can hit us up by email info, the real I podcast.com. And we look forward to hearing back from you.

[01:03:48] You got anything else? 

[01:03:49] Patrick McGrath: Patrick? You can also leave us a review on the website@thereali.com. If you don't feel like doing it on apple and you can't do it [01:04:00] on Spotify. Yep. Yeah, and just be prepared for all the great content that James and I are putting out there. And please, if you are enjoying this podcast reach out, let us know.

[01:04:08] It really means a lot to us. And if you, or anyone that would be a great guest for the podcast definitely hit us up. We love talking to different guests and we would really appreciate it. If you know someone there's so many people out there, if you know someone that's great that you think would be great for the podcast, send us a DM tag 'em on Instagram and we'll make sure to get 'em on the podcast.

[01:04:29] But other than that, Thank you all. 

[01:04:31] James Rippeon: All right, catch you guys later. Thank you 

Outro: Thank you for listening to the real fi podcast where you learn from the investors that have lived, the hard lessons for you to connect with us during your pursuit of financial independence. Be sure to join our community by following us on Instagram or emailing us info@therealfi.com .

[01:04:52] If this content made you financially, mentally, physically, or spiritually richer, please make sure to leave us a positive review on [01:05:00] your preferred content platform. Cheers to kicking the nine to five.