Welcome back to the Discount Property Investor podcast. Our mission is to share what we have learned from our experience and the experience of others to help you make more money investing like a pro. We want to teach you how to create wealth by investing in real estate, the discount property investor way. To jumpstart your real estate investing career, visit freewholesalecourse.com, the most complete free course on wholesaling real estate ever. Thanks for tuning in.

David: Alright guys, welcome back to the discount property investor podcast. It's been a couple of weeks since we've done an episode so I'm happy to be back. I am your host David and today I have a special guest, Josh Ferrari out of Mobile Alabama and this guy is hitting the ground running doing some amazing things. I'm honored to have you on the show today Josh, how are you doing today buddy?

Joshua: Goodman, glad to be on the show. Excited- excited to talk about whatever it is that- whatever direction you want to take it.

David: Well, I'm actually really fascinated with you. You are 24 years old down in Mobile, Alabama and you've built quite the business and you've only been doing this for how long?

Joshua: Little over 3 years.

David: Little over 3 years, man. I mean that's really not that long at all. I'm impressed. So Josh, tell me a little bit about yourself man.

Joshua: Yeah, so I- my day job, my W-2 job which I still work is an aircraft technician. Turning wrenches, fixing airplanes, mainly wide-body aircraft for some larger airliners and freighters like UPS, American Airlines, FedEx.

David: Still doing that Josh?

Joshua: We're still doing that.

David: No way, that's cool man. I got my license about 10 years ago. I'm just flying little tiny single-engines just for fun.

Joshua: Oh you got your pilot's license, see i don't have my pilot's license, I just fix planes.

David: Hey I like it though. That's cool. I love it.

Joshua: I wanna get my pilot's license back but that hasn't quite happened yet, but anyway, back in college when I was deciding what I wanted to do, I went with the AMP way: Airframe and Power Plant. Graduated that back in 2017, Summer of 2017, moved from Memphis Tennessee where my family's from down here to Mobile Alabama. Lived here for about 6 months, had just recently gotten married and then my dad calls me up one day on some random midweek night in January of 2018, tells me that he's got some new to tell my wife and I. I'm like well this is just weird, you know, how are you going to start the conversation off with 'we got some news to tell you', you know, like it sounds like it's about to be horrible and he says: your mom and I are about to spend $40,000 on this course that's going to teach us everything we need to know on how to flip houses. I'm like what the heck, 40 grand? like I know you guys aren't independently wealthy. Where's the money coming from? Why this course? Why now? Why-

David: And this is about 3 years ago?

Joshua: Yeah, I had so many questions and the conversation ended up being about 4 hours long and at the end of it, the idea of real estate was kind of [inaudible] was now in my head and I was like okay, this is something that I could seriously do, you know, I was 21 at the time. I could really do this. I could really get out of this W2 even though I just started it 6 months ago and live a more- a life filled with freedom basically kind of what a lot of people are chasing when their investing in real estate and so we ended up getting into wholesaling at first. I probably read 40 books that year which is more books I've ever read in my entire 21 years of existence. I was going to three different local real estate meetups, I was listening to all the podcasts I could get ahold of, BiggerPockets and everything else.

David: Sounds like you fully immersed yourself in it which is what it takes.

Joshua: I definitely was trying to.

David: Yeah, the people that are here today that had- have had any history at all, you know, versus those who aren't are the people that fully immerse themselves and they don't treat it as a hobby, it's- they jump right in full time, love it.

Joshua: I tried to go all-in and one of the local meetups that I went to, the speaker, the leader said that wholesaling was the best way for newbie investors to get in and then, you know, there's low risk, you didn't have to get approved for loans, you didn't have to have any money. A lot of the things that I was like okay, it'd be kinda cool, get a baseline level of knowledge, get a little bit of money on a couple of assignment fees and we tried it, did it around 5-6 months, spent money on marketing, meanwhile didn't close a single deal. I'm sure we just weren't marketing correctly or we weren't marketing to our buyers correctly or I don't know, the deal sucked or I don't know, but we didn't close anything so we thought okay, this isn't really what we want to do anyway so we might as well go ahead and pivot to the buy-and-hold strategy because we want the passive income and at the end of the day, that's what we're striving for so about 2 months later, we bought a fourplex. We house hacked it and I tell people we quote-unquote syndicated it, really before I knew what syndication was. All I knew was that everyone and their mom told me that if you don't use other people's money, then you won't really get far in this business. I said well, I don't have any money anyway to buy this fourplex so using someone else's money sounds like a great idea. So I remember that conversation I had with my dad, called him up and he was like, sure and basically gave me the money for the down payment. We did like a handshake deal for the equity and that was it, that was the beginning intro to my investing and real estate as a whole but also in what you could say is syndication and then house hacking. So through that experience, the 4-Plex, it ended up becoming a living nightmare. It took like a year-and-a-half to renovate when it was only supposed to take six months. I ended up having to do basically everything all the way from the foundation to the roof and that was not the intent. I didn't know how to do any of that stuff but I figured if I can fix an airplane, I can fix a house, can't be that difficult. So I just started grinding cuz we kept running across issues with the loan program that we were using and the house that we had bought which is 100 years old so basically buying problems, but then fast forward 6 months into having bought that and I was continuing to educate myself and learn more about multi-family, cuz even though this particular deal was somewhat of a catastrophe, even though we didn't lose money on that deal thankfully we actually gonna full cycle with it in January and we made like 2 grand, but we didn't lose any money.

David: You didn't lose money, that's the main thing.

Joshua: But the experience was phenomenal. So even though we- things weren't going according to plan with the 4-Plex, I knew I liked having more than one unit under one roof. I knew that that was the way to do it if I was going to really grow wealth and grow wealth much quicker than taking the decade or so. So I remember stumbling upon syndication, thought oh wow this is interesting so I went to our local real estate meet up that month where there was a guest speaker coming to speak from Pensacola over to Mobile to talk exactly on multifamily syndication and he had been in the game for like 10 years, he had like 1,200 units at the time. I'm like man, this guy really knows what he's talking about, I wanna hear what he has to say. So I go to the meet-up, meet-up ends and I remember just being in awe, like a star struck, dumbfounded like okay, this has officially solidified everything. This is what I need to do, hundred percent. This sounds amazing, every possible strategy imaginable, out the window this is what I want to do. So I remember talking to the speaker afterward, found out we both have aviation in common, that's kind of how we clicked. Then from there, I took him out to lunch the following week. He's kind of been my mentor ever since so fast forward to today, now I have two business partners, we've since closed a 21-unit single-family portfolio, a 42 unit apartment community, 34 unit apartment community, a single-family luxury flip, just kind of one-off and then we've got another 148 units under contract and another 88 units under contract with another 4 or 5 hundred units.

David: Damn, over 200 under contract already.

Joshua: With about another 4 to 5 hundred units worth of LLI's out and we're trying to hit a thousand units this year in 2021.

David: Man I love it. You guys are blowing up, so when did you really start buying aggressively?

Joshua: We didn't actually close our first multifamily syndication until December 30th 2020, so it's been what? 4- just barely over not even four months and we've closed 91 units and have another 236 under contract.

David: Man, you guys hit the ground running. I love it. So Josh, share with us the way you're doing this, you're syndicating. Explain to the audience what that means. What does syndicating mean?

Joshua: Syndication in its purest form or its most basic form is pulling together some kind of resource which in this instance is capital from a group of individuals to buy an asset that will produce a desired result, produce a result that everyone wants. So, in this instance we're pooling money together from passive investors that don't want to be active in real estate but they want the benefits of owning real estate and so they're basically paying an individual such as myself to syndicate it who has the experience, the knowledge, the know how, the time, the connections, everything else to do so- the deal flow and everything, and in exchange, we are all able to take down these larger assets together because we're pooling our funds together whereas if it was just myself or just myself and my business partner, it'd be much harder to buy a multimillion-dollar property than it is when you really bring a bunch of people in and then the fact that you've now got this bigger deal, everyone gets a larger slice of the pie and everyone gets to enjoy the benefits of this larger deal basically.

David: Perfect. I love it man. Thank you for explaining that, that was a great explanation. So, a couple questions: where are you finding the partners, the investors to do the syndication? And then on the flip side is once you get the people and the money on board, where do you find the deal or is the order reversed?

Joshua: So I think you do need to have some kind of relationship with people that have capital before you really go searching for deals cuz you will-

David: People with funds typically.

Joshua: You will hear a lot in the syndication space or the multifamily space that if you get a great deal, the money's going to come, you know, the money is just going to- the floodgates are going to open and folks are just going to start throwing money at you. No one's throwing a dime at you, no one is interested in you or your-

David: Right. When has anybody ever thrown money at you?

Joshua: Right.

David: Right?

Joshua: Because they don't know you, they don't know what you do, they don't know if you're even any good at syndicating. You can have the best deal on the market that no one else has like access to and no one's going to invest with you and you're not going to able to raise any money cuz you haven't built any relationships and then you're stuck to this, you know, 30 45 60 day time frame to close and it's just not going to happen so I think you definitely need to have those connections and those relationships with investors before finding the deal but it's also catch 22 cuz if you've never invested before then they're like well, you know, why would I incest with you? You never done anything, where's your track record? So there's some things and some work arounds that you can do there, a lot of that comes from friends and family. That was what really I had to do to get myself bootstrapped up off this and I was also able to pull some credibility from my partner who had been in the real estate space, not the multifamily space but the real estate game for about a decade when we met so I was able to use his track record and his experience to be like hey look, I'm partnered with this guy. I know I haven't done a deal this size before and he necessarily hasn't either but we've had significant- he's had you know, a decade worth of success and here is a bunch of the deals he's done and here's what that looks like, here's some referrals from some investors and I was really able to leverage that for credibility. But to answer your question, deals, we're finding all of our deals from brokers. We actually did find one deal from my mentor which was an amazing deal and thank goodness. It was actually our first deal, our first syndication before-

David: Who was the mentor too? Is it somebody national or is it a local person?

Joshua: No, it was very organic relationship. It was not someone that I paid for, so his name is Jeremy Hans, lives down here in Pensacola, Florida and I just gave him a shout out so maybe people will reach out to him and be like I want- I need a mentor. I don't know, hoping I didn't screw him over there but he's been great and it's been more of a mentorship from a Q&A standpoint more so than a here's deals, here's money, here's capital, here's connections, here's relationships, here's brokers, like basically none of that. It's just hey, yeah I've got this question. How do you do this? What are you guys doing about this? What do you think I should do about marketing? What do you think I should do about finding this or doing this? And he tells me what he does and then he gives me advice on what I should do based on my current situation.

David: Nice.

Joshua: So that's really how that mentorship has been and we decided that we were going to find all of our deal flow from brokers because we thought about it and would we rather create thousands of relationships with all these different sellers across the markets that were interested in and try to do a ton of different touches with them before they ever give us a deal and maybe we'll get lucky and get this unicorn deal or would we rather create really strong connections with like three or four high-level brokers and their whole job-

David: Hey, you're doing everything you just mentioned.

Joshua: Day in and day out is to make connections and find me good deals so we decided the broker route was the way we were going to go. It really played a part in the lifestyle we wanted to live, as well as the business that we are trying to grow and create so we decided to go through brokers, but to finish the- to go back full circle and finish the answer to this two-sided question. On the investor side, I've actually raised all the money I've ever raised from social media. I actually did a 30-day money-raising challenge in July of last year in 2020 during the peak of covid and was able to go from only having raised about $150,000 in my what was then two-year journey to raising 6 million dollars in 30 days and so, at that point, I really found out that social media was extremely powerful and that there was something I was missing. There was something that I had then realized of how many people do I know that have been in my inner circle for a while that had no idea what I was doing and I haven't been explaining anything and I haven't- cuz I hated social media before that challenge. I finished that challenge with the 6 million and was like, I've got to be on social media more, you know, even if I'm just talking about other than complete randomness or I'm just talking about how my dog took a dump on my face last night while I was sleeping, you know, the randomest most crazy thing. You'd be surprised how interested folks become when you've got this emotional connection to your story. That's all the money we've raised from- or me personally has been primarily from social media.

David: Wow, that's very impressive. I have not heard that in the past about it being directly or specifically from social media with the other guys that do syndication. I love it man, you're hitting the ground running and you guys are doing awesome Josh, that's great. So, what's next for you? Are you going to just keep growing? What's the goal? How big are you trying to get? And are you going to do this part time so you no longer need to fix airplanes or are you doing that or do you like doing that? Is that something that you are going to continue to do even in- once you get into the you know, thousands of units?

Joshua: I enjoy turning wrenches you could say. I'm not like miserable when I go to work, but I definitely do not want to do that long-term. I want to work for myself. I want to go full time in this business. I want to grow it. I want to continue outsourcing things. I want to have more time to be an amazing husband and an amazing father.

David: Good answer man.

Joshua: Family for me is more important than anything so that is the direction I've been headed in ever since I was only two months into the marriage, you know, back in January of that year. So to answer your question where we're headed, this year specifically, we're trying to hit a thousand units and primarily the purpose for trying to reach that is so that we can quit, myself, my wife and one of my partners can quit our W-2s and go full time in our syndication business and really get it up off the ground and start hitting the ground running but our three-year outlook, what we call our vivid vision, for where we're headed as a company is actually right here on the wall and we're trying to hit a million dollars in assets under management in the next- by December 31st of 2023. Trying to hit a million dollars and trying to get thousand of units up to that point. I don't know what that's going to look like, we're more looking at it from a financial perspective than a unit count but a hundred million dollars and we're trying to make an impact which I think a lot of people say that they're trying to do or say that they want to do, but we really want to give back. We want to be able to give $100,000 that year away to charity. We want to take the whole team to a lower- I'm trying to get the correct verbiage to use- an underprivileged city in the United States. We did not want to go to a third world country or do anything crazy. We wanted to stay inside the US and help Americans from that perspective. So we wanted to take the whole team to do that, and we really want to create a company culture of fun, of adventure, of creativity, of happiness, family, generosity and from a lot of those things, we've got a lot of things that were striving for as far as doing a 30 hour work week instead of a 40 hour work week. 1 day a week has to be a day of fun, has to be a day that is going to re-energize you, make you, you know, you're either going to be bonding with the team if you're local or if you're not local, you can go out with the family, you can read a book, you can go kayaking, fishing, boating, hiking, mountain climbing, it doesn't matter, whatever you enjoy doing that like really reenergizes you, that's the intent there. So we're really trying to create a company culture of like what I said, generosity and that's it. I mean that's- if you actually want to read the whole vivid vision, it's actually on our website.

David: Nice. I see it on the wall behind you. That's really cool man, it's- that's a lot of vision. I like it, it's a lot- you guys have some really good goals. So what are the- so we talked about the goals, let's talk just briefly, what's the plan? How are you guys going to get to a thousand units this year? And then take this thing onto, you know, to the- out to the moon for the most part? What's the plan?

Joshua: That's a good question. Primarily, I think this business is massively network-based with your net. It's the cheesy cliché saying of your network is your net worth, but it's so true. So we're just continuing to try to meet folks. I'm kind of head of marketing, head of investor relations in the company so I'm very heavy in social media and I'm doing all the backend CRM work, handling the investor portal, raising the majority of the money for the deals we've got and handling a little bit on the acquisition side from the relationships that I build with other brokers in markets that were interested in. So the goal for us this year to really hit a thousand you know, we've got the 91 now plus the 236, that's what? 3- I'm horrible at math in my head, 350? I don't know, something like that. So to reach the rest of the way, the basic goal is to get you know 250 units every quarter and then with that, we should be able to hit that thousand unit goal and so the way that we're actually going to get there with - the 148 we have is the biggest thing we've done to date and so we didn't actually meet net worth in liquidity on that but if we didn't have the relationships and the connections that we did at the time when that deal came about, we might have just had to pass on the deal cuz we wouldn't have had the connections or the ability to close on it but we had the connection with a KP team, a really awesome KP team, and we were able to bring them on to the deal with us and they've actually becomes somewhat of a liaison, I guess you could say, the brains of the deal and they've introduced us to some really amazing things they've been doing in the game for years and years and years. They've got a couple thousand units and they introduced us to a new deal structure that we had never thought of before, and it's a perpetuity deal structure instead of the standard syndication model of the 5 to 10 year flip. It's like nope, we're going to buy it, hold onto it forever so it's definitely an interesting twist but at the end of the day if you think about it, most folks they get in the buy-and-hold game, they get in real estate, main purpose is passive income so why sell something if you know that it's going to continue to grow in equity, grow in appreciation and you're going to be able to continue to depreciate the asset and you're going to continue to get cash flow, cashflows going to be higher and higher cuz you're doing all the debt paydown like I think at the end of the day that's what makes sense but we just never really thought about it that way because that wasn't the way that like ninety-nine percent of syndicators are syndication. So when we were introduced to this model, we're like holy cow, this is amazing, we need to do this model and maybe not do this model solely, still keep all the other tools in our toolbox and tool belt for when other opportunities arise but this is something that works perfectly for this deal and we're super excited about it, but basically that was a big roundabout way of saying we brought on a KP team in order to be able to tackle the 148 unit. So the goal eventually is to be able to tackle everything in house with just the three of us business partners, but-

David: What does KP Team stand for?

Joshua: Key principle. Key like key in key principal partner so they handle all the net worth liquidity, lot of the bank financing things. They put all the risk capital up for us so we didn't have to put any of that up. We're able stays liquid as possible for any new deals, new opportunities that came about plus deals that we already had.

David: Sure.

Joshua: And so that was what we felt was going to be the best option for us in this deal. Plus honestly, like I was mentioning earlier, we wouldn't have been able to do it had we not brought anyone on so moving forward, the goal is for just the three of us to continue doing deals, getting to the point where we can but since we know that we can't right now, we're probably going to be continuing co[inaudible] or co-sponsoring or partnering with other syndicators, with other partners in order to achieve the goal of 1000 units this year and then the goal is going to be continue to scale yes, but there might be a bit of a slow down quote unquote you could say as far as we don't want to just do a deal just cuz it's a huge deal that we got to bring a bunch of people on. We only want to do deals that make sense financially from the baseline kind of underwriting analysis that we've been taking,  the underwriting analysis approach that we've been taking on every deal. We don't want to basically get to the point where we're like ooh this 350 unit deal came our way. 350 units, that'll get us to our goal but not really because the purpose of the units is the financial piece of it so we want to make sure that we're still doing that.

David: So, I'm gonna interrupt you real quick, what makes it a good financial piece deal? What are you guys looking for? It's not a number count obviously but the goal is a number count, but in order for you to make that something comes across your desk, a deal. What are you guys typically looking for? How do you- from the hip, analyze a large multifamily deal that would be syndicated?

Joshua: From the hip, we're looking for something that's going to return a hundred or two hundred percent of member capital in a five-year time frame. So if we're looking at a standard five-year flip, what most folks do the 5 to 10 year hold period on a deal then it needs to get all of my investors capital back and then double it in that same five-year time frame. If it doesn't do that, I don't really care to look at it, doesn't make much sense for us, doesn't make much sense to spend all that time just to not make what we know our time is worth basically in assets.

David: So how are you doing that? Are you typically- I'd imagine you're using leverage for one, and then for two, are you looking for value-add opportunities?

Joshua: Mostly value-add, yes and I think value-add is one of the most overused words in real estate in general but also in multifamily and in syndication but yes, value-add from a perspective of income and expenses since multifamily is valued just a little bit differently where you actually can directly control the value of it based on NOI, so if we can increase expenses or decrease- not increase expenses, increase income and decrease expenses, then we can actually increase overall NOI which is going to increase the actual value of the property times whatever the market cap is for that specific property. I know that was high level, probably confused some folks but that's-

David: No, I totally follow.

Joshua: That's the basic analysis of deals there. So to go back to your question which was, what was your question again? Haha.

David: Basically how are you achieving a 200% return it with the investor in five years on a deal? Basically the question was: to achieve that, what are you looking for in a deal and how are you accomplishing that? So- and I had mentioned that I figured you guys were using lots of leverage because then if the property goes up, you know, 50% and you don't have that whole amount in there, you can multiply returns that way but also I would think that you would have to be finding properties that would allow for a value add and I agree value add is a loosely used term but essentially, you can add value in a lot of ways to multifamily, you know, the first and easiest way is to get the thing occupied, right? If it's not fully occupied, get those numbers increased, right? And then of course, reduce expenses, but you may have to go in and put a bunch of capex into the property to increase the rent, there's lots of different ways. I'm assuming you're using all these strategies.

Joshua: Yes. Before covid, we were using a lot of strategies on the income side where it's like okay, let's add some more amenities, let's add some Wi-Fi connectivity, like let's include that in the rent. Let's throw in some Rhino Insurance security deposit options, let's throw in X and Y and Z and dog parks and let's throw in all these things and these nice appliances, make the interiors nice and then from that perspective, from kind of a desirability perspective as well as overall interior capex, we were able to bring rents to market in that particular area. But after covid, we took a little more of a conservative approach from the standpoint of okay, you know, whatever market is, we're just going to pretend like say it's $700 a month for this one unit, we're gonna pretend like for the next year or two, that's not going to go up at all due to what the heck's going on, we don't know what's happening. We're just going to write- underwrite conservatively and plan for the worst, hope for the best basically. So we're having to look more heavily on the expense side of things and we were starting to streamline some property management, we're able to actually eliminate payroll altogether and get a great property management company in that we have used before on some deals and they are all vertically integrated from a lot of different standpoints from construction, from lease- leasing management to asset management to a whole bunch of different aspects, has a bunch of different arms and because of that, he wanted to grow his company and so we're like hey, here's 42 more units, what can you do with that? He's like well that definitely helps me grow my company so I won't charge you any payroll cuz I actually want to bring on employees myself and so I'll just pay for all that and house and charge you one flat rate. So, that was something that was able to help us on the expense side, also able to put it in some, some rub models, which is basically charging utilities back to tenants if there's only one water meter for the whole place instead of us paying for the water, we're just saying okay, based on the square footage that your unit is and the average of what's used on a monthly basis, here's what your monthly water bill is going to look like and we would back charge them on that. We've also been able to cut some legal expenses with some attorney connections that we have and cut some construction capex prices from a material standpoint since materials continue to go up and up and up, we've actually created a connection with a specific material provider that's able to give us about a 20 to 30 percent discount on average, just not a- and not even from like a bulk perspective cuz we're buying in bulk, but more so just because they have this connection and we made the connection with them and so that's really how that's working. There's also water conservation things that you can use, we've looked into installing fancy water flow, low flow like toilet.

David: So you are the king of value add.

Joshua: We've looked into a lot of different things.

David: You say I don't like this value add term. Man, you just named like a hundred things you can do to add value. Josh, I love it man, I love it. So you're syndicating using social media, mind-blown. You guys are going in and what kind of leverage are you typically using? We didn't get to that.

Joshua: All of the financing that we've done to date has been local banks so we felt that-

David: And are you guys getting 80% loans typically? Or how's that- what's that look like?

Joshua: Yes, from the local banks, we've been getting 80%.

David: I love it.

Joshua: But here moving forward, we're looking at seventy-five to eighty percent just cuz we're moving into agency debt, at least on this big 148 unit deal and we felt that one, it was somewhat of a necessity for us to use local banks on the beginning deals because we didn't have any agency experience, but two-

David: It's all recourse loans?

Joshua: Yes, that's the downside of using a local bank but two, we saw that everything going on with covid, when you use a local bank, you have no covid reserve requirements, you have no field maintenance, you have no-

David: Yeah, I got about 50 loans with local banks, more so for individual single family's or small duplexes or whatnot but yeah, the local banks are- they're really great. I love working with them. There are pros and cons everywhere you look of course with any of it, right? But man, Josh you are doing awesome man. So you are syndicating apartment deals. You're using local banks typically working on 80% loans and you have built a good relationship base with just a couple of brokers who already do all the marketing and know all the people locally and all the owners and I love the fact that, you know, you guys are looking to make it a lifestyle business. You had named like 50 cool hobbies earlier too when we were talking about you know, letting people have that one day extra off a week and getting down to a 30-hour week and having a full extra day off here and there, so you got the lifestyle business built out. It's only a matter of time before you guys hit those thousand units and you no longer have to have the job turning wrenches, sounds like you kind of enjoyed it at the same time so that's really cool that you're not like in a big hurry, but I take my hat off if I had one on, I would take my hat off to you Josh because you're doing great bro. You are- you literally only been at this for three years and your only 24 years old man, you're so young, so by the time you're 30 years old, you're going to be a owner of you know, multiple thousands of units and that's going to be really, really cool. It's really cool now of course. So guys, if you have not heard of Josh or are not already following him, go check him out over on LinkedIn and Facebook: Joshua Ferrari, J-O-S-H-U-A and I believe Ferrari spelled like the car but I don't even know.

Joshua: Yup.

David: F-E-R-R-A-R-I and then also Josh has a website Ferraricapital.com and that's I would assume the name of his business and Josh, you're in Mobile Alabama, right? Did I get that right?

Joshua: Yup, Mobile.

David: Mobile Alabama, so if you are listening to this show or you are watching this show and you have an apartment building that you want to sell or you have some extra capital and you're interested in being an owner of a multi-family type units but you don't want to deal with the buying or the managing, connect with Josh. That's what he does and you can do so either on those two socials: LinkedIn or Facebook or go- or by going directly to his website at Ferraricapital.com. What markets are you in right now? Is it basically just you know, a 50 or a hundred mile radius around Mobile or how are you guys selecting markets?

Joshua: So roughly I live in Mobile, one of my partners lives in Gulf Shores which is basically the east side of the bay somewhat connected to Mobile and then our third partner lives in Destin, Florida so we cover from Panama City Beach all the way west into South or Southern Alabama, but we haven't done any deals in Florida yet just cuz we haven't found anything that makes sense financially so most of the deals we've done have been in Southern, Alabama, and one of the deals that we have under contract now is actually in Montgomery, Alabama so we'd begun branching out into some of the more Northern MSA's of Alabama as well as considering to move a little further west into Mississippi and Louisiana.

David: Nice. I love it, man. You- not only do you have really awesome goals, but you guys have a really good plan and I'mma be honest, I interview a lot of people and a lot of people have these awesome goals but they don't really have the greatest of plans. You have both of those Josh, so again if I had a hat on, I would take my hat off to you sir. It's been an honor getting the chance to connect with you and interview you and learn about your business and I'm truly grateful to have you on the show and to get some of your time today. What parting words would you give the audience, the listeners, the viewers, you know, if they are looking to get into multi-family acquisition with the funding strategy of syndication?

Joshua: If they're looking to jump in, I'd say first you need to know what you're talking about so I think education is going to play a big role but then the caveat there is that you can't just educate yourself for years and years and years. You have to eventually take the leap of faith and I think the leap of faith is going to come one, with that baseline level of knowledge and experience from the education side but two, from actually getting out there to some of these local meetups or virtual meet-ups cuz of covid or masterminds or big courses or big conferences and just- or just social media, just getting out there and meeting other people that are doing what it is that you want to do and try to create a seriously genuine connection with that person. Don't just attack it from what value can I add to you? You know, I just want-

David: Yeah, so make long-lasting genuine relationships.

Joshua: Right.

David: It sounds like you're doing that with your investors, you're doing that with your brokers and you're also doing that with your partners. I mean that's something that we constantly need to be doing, to work on and building. I love it. Josh, great answer and again, thank you so much for coming on. Guys, go follow Josh, LinkedIn and Facebook: Joshua Ferrari and you can check him out directly on his website over at Ferraricapital.com. I love it. Josh, thanks again for coming on. Signing off guys. Until next time, see you then.

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