Mike Swenson & Mike Gengler: How To Set Up A Real Estate Syndication

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Oftentimes real estate agents focus on purchasing single-family flips and dip their toes into smaller multi-family properties ranging from 2-4 units. What would it look like to set up a purchase of a 30+ unit property? This week we discuss setting up a real estate syndication to be able to leverage an agents' ability to find great properties and execute on increasing the value of an asset while having passive investors place their money in these syndications. We discuss why a passive investor would be excited to invest in these types of opportunities, building good strong relationships with your investors, finding great properties, setting up a syndication and the process for raising capital, and more. If real estate syndications are something you're interested in, this provides a great overview of the basics for you to get started!

In this episode with Mike Swenson, we discussed:

• Why syndications are an intriguing investment opportunity
• Leveraging real estate professionals to find and manage deals for passive investors who don't have time and experience in real estate to choose the best investment opportunities 
• The long-term wealth building in syndication versus immediate gain in making sales for agent
• How to assess and calculate the future potential of a property and exit strategy
• Using economies of scale to minimize risks vs single family or smaller multi-family properties
• Looking at the pro-forma and future potential of a property
• The benefits of being an investor in a syndication
  

Timestamps:

0:00 - Intro To Mike Gengler's Career
2:55 - What is Real Estate Syndication?
9:35 - Being An Agent
13:36 - Investing in Larger Properties and Long-Term Relationships
15:49 - How To Identify The Best Properties
22:09 - 506B and 506C Investments
26:58 - Real Estate Marketing
28:52 - The Benefits Of Working With A Syndicator
31:56 - Learning More About Syndications
32:01 - How We Can Help You Find a Match

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Full transcript here:

Mike Swenson 

Welcome to The REL Freedom Podcast where we inspire you to pursue your passion to gain time and financial freedom through opportunities in real estate. I'm your host, Mike Swenson. Let's get some real freedom together

Mike Swenson 

Hello, everybody, welcome to another episode of The REL Freedom Podcast talking about building time and financial freedom through opportunities in real estate. And today is another episode where you get to hear from us and our team men kind of what we're working on and sharing. And so, you know, we try to highlight different people. My goal is I like to pick people with various topics. Some are investors, some are agents, some are, you know, other companies in real estate. But in addition to that, I want to share with you our story as we're progressing along our own real estate journey and share with you what we're working on. And so today, we're sharing our project that we're working on to talk to you about here's the thought process, here's why we decided to go this route. Here's kind of strategically what we've done if you're interested in doing a real estate syndication down the road, just to be able to be a documentary of our life as we as we go through the journey.

Mike Swenson 

So I've got Mike Gengler on our team who you've heard from in past podcast episodes, today's topic is going to be talking about real estate syndications, why you might want to consider doing it, some of the benefits of it, a little bit of the details of how to do it. But you really just want to open up your minds. We've had guests in the past that have had 5000 units and these big crazy numbers, but we're just two guys setting up a syndication here for the first time. And obviously, we've worked with investors. So it's not something that we are going into not knowing what we're doing, but just want to be able to share, here's the thought process behind it. So before we get started, I will say the disclaimer here, we're not attorneys, we're not CPAs everybody's situations a little bit different. And so you know, your own situation, check with your own attorneys and CPAs. But we'll open up and share a little bit here about our process. So, Mike, thanks so much for for coming on.

Mike Gengler 

Absolutely excited to be here. This is our third deal together. And you know, we've come a long way since that first deal. So excited to get into the reasoning and the logic behind syndication now.

Mike Swenson 

Yeah. And for a lot of people, you know, I had a conversation the other day with a person who's a real estate syndicator. And he said, you know, a lot of normal agents don't even really know what a real estate syndication is, even though they're very experienced in residential sales, maybe even experienced working with investors, but syndication kind of seems to be an off topic for them where they don't really know that much about it. And so, Mike, do you want to just share a little bit about it and and how we've come to that conclusion. What is it about syndications that intrigues us?

Mike Gengler 

Yeah, absolutely. And yeah, I agree. It's syndication is kind of, you know, when I heard it, the first time, I was like, oh, that's for, for big business, or for the people who are going after these giant deals. And then when we looked into it, that's not what it is, it can be a tool for everybody to use, and to utilise. And so when we were looking at it, we've done a JV Partnership, which worked out well. But that, you know, we had one person, you know, agreed to come into that deal with us. And so that was that was fully funded immediately. Now, this is something where, you know, we didn't have that person lined up right away. And so we can go to anybody, and get smaller amounts of money into the deal and fund it that way. So you're not looking to get that one huge chunk from any one person, you're opening it up to numerous people, and they can all bring however much they want. Now, we do set a minimum on that, you know, except accepting $1,000 is probably not a good business practice.

Mike Gengler 

For a syndication you don't want that many people in but, you know, you you set your minimums and you get a lot of people in and you control the deal as well as the general partner. So you make all the decisions for the people who are coming in and bringing the money. And so that's another advantage for them as they don't need to know as much about real estate as a JV partner would because you're the ones making the decision. So in our deal, specifically you and I have the general partners, we will have 100% of the decision making in that process. Now there are ways for the limited partners to remove us but that's you know, getting far into the weeds. So you know, we make the day to day decisions, we hire the contractors, we hire the property management, we identify the properties, we do all that for the investors. So all they're looking for are all they're receiving is monthly cashflow, the value add opportunity, the appreciation on the property and what that looks like You know, as an internal rate of return on their, on their money over whatever time period that we've decided, in this case, five years.

Mike Swenson 

Yeah. And so the cool thing is, yeah, it allows kind of anybody to invest and they get to latch on to, you know, for people that are outside of real estate and say, I don't really know what to do, I don't know how to get started, I don't know how to pick properties, pick neighbourhoods, what's good, what's bad, you get to utilise kind of the best of both worlds, it's our wisdom and experience, working with investors full time, we've identified properties that we think would be a good fit. And then you're placing your trust in us to to gain the returns that that you want to gain. And we put together projections, we show you the projections, obviously, in real estate, you know, things can happen. And so there, there are risks, they're involved. So it's not like a CD where I put my money in, and I know exactly what I'm going to get back. But with that, there's better opportunities for returns for something like this. Now, the other thing to highlight is, for these properties, these aren't flips.

Mike Swenson 

And these are properties that, you know, we're working on a 31 unit property, the one we did previously was a 25 unit that wasn't a syndication. But these are a year, two, three, maybe five plus years, we're going to be in relationship for that long together. And so I think that's the the thing that a lot of people maybe don't realise with these syndications is we're providing monthly updates to you every month for as long as we hold that property. And so that's where the trust, that's where the long term relationship comes in. But the good news is, if we do a good job, and we sell that property, you're probably going to want to continue to invest in a different property with us in the future. And so the long term relationship is important, right?

Mike Swenson 

Like we want to find people that know like and trust us want to build these relationships long term. And we can continue to work together for 1020 years on multiple properties. And so that's the beauty of it too, is you can build continuity and trust together. And then there's people out there that say, Hey, I only want to invest in this person's deals because they know what they're doing. They're responsible with my money. And so that's kind of the long term thing. This isn't just, hey, I'm a real estate agent, and I sold your home. And now we're going to move on and part our separate ways. This is no we're we're in business together for 357 years, and we're going to talk about how we're doing every single month for 357 years.

Mike Gengler 

Yeah, the report card is the was the profitability of the property and you know, the return that we get you on your money. And there's a lot of different places to put your money. You know, like you said, you can do the CD, and and that's going to get you that it's going to be lower, because there you put your money in, it sits there, they give you the rate of return that you get, and then you take it out after 12 months, or however long that is, as you get more risk you up to the stock market. Again, there's no guarantee they're like real estate. But real estate consistently beats the stock market. While then you get to real estate, you've got more risk, you could invest in a bad deal.

Mike Gengler 

And that's where you're leaning on the expertise that we are providing is the deals that we're going to provide for you our deals that we believe in, that are not going to fall short of the mark. And so when we're making our, our projections, we like to be conservative on the income potential, and then make sure that we put in enough on the expense side. So we're being conservative both ways. And that means we're offering new, here's what we think the minimum this property will do. And comparing that to what the stock market has done. Historically, real estate is going to win every time. Over 90% of millionaires are created through real estate. And this is a way for people who don't know about that to get their foot in the door. And so that they can start taking advantage of this tool as well.

Mike Swenson 

And that's the key. Yeah, because for the average investor, the person who has money, they may want to invest in real estate, but they feel like I don't really know how to get started. And I don't want to do a flip myself. I don't want to manage the contractor, what contractor do I choose what property manager do I choose? So there's so many questions that would deter somebody from investing in real estate, it's the best of both worlds. You get to place your money with somebody who's full time knows who you know, has done this before, understands a good investment. And so you get the potential returns of somebody who's more seasoned without having to do all the work yourself. And so we execute on that asset strategy

Mike Gengler 

for you. Right, and this is our third deal together. But we have also helped many of our clients. I don't know how many deals but we're up to about 150 units and what like 17 million and 17 million. Yeah, so we've helped place a lot of money for investors in good deals. So we've got not only the experience of our three part Personal deals, but also all the deals that we do for our investors as well. So our knowledge is not only coming from, you know, the deals we're doing for ourselves, but also our day jobs basically, is helping them select good properties to correct. So while you might be working as an engineer, or a doctor, or, you know, driving for DoorDash, or whatever you're doing, that's not helping your real estate career during your days. What we do during our day jobs is real estate. And so we're constantly improving our knowledge and learning more things about this as we go through more and more deals every day.

Mike Swenson 

Yeah. And I think for us, you know, why, why are we choosing to do something like this, if there's an economies of scale, right, like if, if we chose a great single family home that we wanted to flip, or that we wanted to flip and hold, we could do that. But it's shorter projects. And so there's more things that can happen here, when you're buying a property that already has, you know, 31, maybe there's a couple of vacancies depending on the day, or the month, like you already have, let's say 28, pain tenants out of 31 doors, this isn't a single family home, where as we flip it, there's nobody paying or it's a duplex, and we renovate one side, and 50% of the people are paying or somebody decides to leave and you lose 50% of your income. The beauty of these larger properties is you've got the economies of scale where you can you know, as an example, on our our 25 unit deal, we're renovating eight units over the course of two months.

Mike Swenson 

Now, eight out of 25 is still a big chunk, but you still have the other units, the other tenants pain. And so the downside, there's not as much volatility in something like that, or there's I mean, there's syndicators out there that don't touch a property under 200 units, we're choosing to do smaller properties. But but there is that economies of scale. And so for us as we look at the future, and how can we add value, and minimise risks, doing some of these larger properties is kind of that best of both worlds where it's some of the same work when we're analysing a four Plex as we are a 25 unit. But there's, there's it's kind of the same, it's similar, yet different. And so we're using those transferable skills on the small properties to help make these decisions on these large properties.

Mike Swenson 

And yeah, we may have to do more due diligence, the inspections take longer, it takes longer to look at the leases, because there's more units, but at the same time, we're still analysing the numbers of a duplex, a four Plex and eight Plex or a 31 unit building. And so this is a chance to have more impact in those long term relationships. Like we said, you know, this is why we're choosing to move in this path is we do a good job on this property that investors probably wouldn't want to invest in another project. And so we can utilise those long term relationships really helped them build wealth in real estate, there's not a quick turn Gain here, you've got this this sale, but the cash flows on a building this large on a per door number aren't as large as a duplex as well.

Mike Swenson 

And so it's not like there's an immediate gain in syndication, it really is the longer term play. You're you're looking at that exit strategy, you're looking at the long term wealth building of executing the value add potential on a property versus, hey, let's just make a sale and make a tonne of cash flow every month. It's not like that in syndication.

Mike Gengler 

Yeah, I think you hit the nail on the head there with, you know, the scalability of it all. If I buy a single family home, it's good. But yeah, if my tenant leaves, I got 0% income coming in. And as we started working with investors, they started asking for larger and larger properties. And so I looked at that and saw Oh, yeah, that does make more sense. If I if I have a four unit, and somebody leaves now I'm gonna lose 25% The Stewartville property that we're doing, yeah, we're gonna have eight vacancies for two months. Well, we're still going to be able to pay our mortgage because we still have 17 other pain tenants. And so it's like, oh, okay, I can renovate eight units, and still make my mortgage on my property because I have so many other tenants and they're paying for the electric and the insurance and the taxes and the mortgage.

Mike Gengler 

That's, that's an awesome feeling to have. Knowing that in two months, we're going to have eight more revenue streams. And now we're going to really be seeing that cash flow. And so I am a huge fan of these larger commercial buildings, because yeah, I'm going to have a less per door, but I'm going to have more doors. So while I might be earning less per door than a duplex minor, I'm also paying less per door to get the property initially. So the cash flow, you know, your cash on cash return, the percentage that you're earning each year of the amount that you put in it. is going to be oftentimes higher on a property like this, because I can get each prop each door each unit for less amount of money.

Mike Swenson 

Yeah, and the economies of scale on, you know, renovating eight units at a time, like our other building, you know, you can negotiate better deals, you can plan things out better when you have more units like that. So let's kind of chat here about, you know, finding properties, because a lot of people might be wondering that, like, how do we go about finding these deals? How many deals do we have to look at before we decide that there's one that's worth pursuing? Because, yeah, if we're going to take the time to put in put in the work here, it's got to be a good opportunity, it's got to get enough returns five years down the road for us to be excited to spend the time analysing it. So talk about kind of identifying properties.

Mike Gengler 

Yeah, so there's a lot of properties out there, and we want the best ones. And so when we look through properties, we are looking, you know, between the two of us, I'm guessing we've analysed over 5000 properties in the last two years, I think that's a low number. And so, you know, when we think about which ones are getting put into this, you know, Hey, we should syndicate this pile, you're definitely looking at less than 1% Probably in like the point 1% range of all properties that we analyse. Now, the vast majority of those 95 98% are very quick analysis, you know, look at it, you can tell right away that it's not gonna, you know, a one to two minute process of figuring that out.

Mike Swenson 

And it's really looking at current incomes, future income potential, and how much money it's going to cost to get there. And, and you're looking for there needs to be enough meat on the bone. So for people asking, like, Well, how do you know really quickly, it's Yeah, either there's not enough money coming in right now to make the numbers work, there's not enough potential for money in the future to make the numbers work, or it's just going to take way too much money to get from point A to point B. And that's not going to work. So 95% of the deals very quickly, don't pass the sniff test. And so yeah, we analyse 5000 deals, but 95% of them, we spend no more than probably two minutes on.

Mike Gengler 

Yeah, yeah, I would say the big thing that I look for is that, that pro forma or the future potential of the property, what it's doing right now, is important to know, you know, for what you're getting into of what your first few months bills will look like, and making that determination. But the difference in where they're at right now, and what they can get to and how much that costs is the big thing. So even if it's not making money, right now, if it has the potential to make a lot of money, that might be a great deal, because now we're looking at something that's not operating at full potential, so you might be able to get a deal on it. But yes, you're absolutely right. How much money is it going to cost to get to that next level is super important.

Mike Swenson 

In the market, can the market support it? You know, depending on what neighbourhood it's in what location it's in? I mean, yeah, it might be nice to charge $2,000 a month for a one bedroom apartment if we put a million dollars into it. But if nobody if the market can't support anybody paying that amount, well, then it's not worth our time.

Mike Gengler 

Yeah. So absolutely. And I would say over the last year, we've really found that the primary markets, the Minneapolis St. Paul's, you know, the big metropolitan areas are not where the best deals on. And so as we were analysing, we found that the secondary markets of Rochester and St. Cloud and Duluth, and even the tertiary markets of the smaller, you know, upstate cities are where you can find really good value on property, you know, you've got a lower price point to purchase. Now, that does correlate with a lower rental rate, the corresponding rental rate to purchase price is better than it's a better deal to invest in the outstate, or the secondary market than it is in a primary market where right now we're seeing you're just paying a whole bunch more, and you're not really getting that much better of a rental rate. Yeah, or,

Mike Swenson 

or it might take a lot of money, and a lot of time to be able to turn that around. So like yeah, in the in the Twin Cities metro, those good numbers could be had, but it might just take 12 to 18 months on these big properties and heavy renovations versus light to moderate renovations. And with that comes more risk to so there's more reward potential, but that's just not a spot we're comfortable with yet. Saying yes, let's do heavy demo heavy, heavy renovations. It's let's find small to moderate renovations, you know, projects that we can do that make sense. Maybe there's not quite as high of a ceiling but there's also a higher floor. The risk of kind of what can go wrong is a lot smaller with the properties we're looking at.

Mike Gengler 

And that's that's an area Be aware, since we do analyse so many deals, we know where to look. Now, our first, you know, I'm guessing most people you know, are gonna live, if they live in the Twin Cities, they're gonna start looking near them, they're going to look in the Twin Cities, versus right now that's the last place I'm looking, I'm looking at the secondary markets. First, I'm looking to find these opportunities out state where we can find this good cash flow, and then utilise our network of contacts, to find things for that specific area, a property manager, a contractor, and inspector, all of these things to get the deal done.

Mike Swenson 

And the other thing then to just just to bring up and we don't need to spend a tonne of time in the weeds is, because this is an investment, that the SEC, the Securities and Exchange Commission gets involved. Because the difference between like a joint venture, this is an example that was explained to me that that resonated really well as a joint venture is like two people on the same side of a table, we're working together, we both have roles we both are involved in the decision making and what happens and the execution of the strategy. And when you move to something like this, it's like we're sitting on opposite sides of the table with the investor.

Mike Swenson 

So the investor doesn't have a hands on role. Yet, they're still investing their money with us. It's kind of like, we're we're selling them a security of some sort, we're selling them a real estate investment opportunity, kind of like a stock in that way. And so because we're on two sides of the table, here, we're selling them something, the Securities and Exchange Commission needs to be involved to make sure that it's set up well to protect the investor. So there's some guidelines that we have to follow, just to kind of cover some of those things. So you've got our role in this project is called a GP or general partner. So we're the ones that are hands on doing the work executing the strategy, putting together the strategy, communicating that with you, you are the LP The limited partner, you're buying into the strategy that we're communicating to you.

Mike Swenson 

And that's where the trust piece comes in. You have to trust that we know our numbers, we know our projections, and that we feel strongly that we can execute the strategy because we're putting together a 357 year plan of what we think is going to happen. And so the Securities and Exchange Commission wants to make sure that that's all on the up and up and so. So we've got, there's there's kind of two options of the investment that we can put together. One is this is following Regulation D in the code, but it's a 506 b investment or a 506 C investment. So 506 B says you can work with people that you've had a previous relationship with, and they don't necessarily have to have any sort of financial bar in terms of net worth that they've had.

Mike Swenson 

The downside to that is you can't openly market that opportunity. So it's kind of a word of mouth, friends, you know, friends and family opportunity. They also have this 506 C, which is only open to what's called accredited investors, accredited investors have to have certain income limits and net worth guidelines to be able to invest. The Securities Exchange Commission thinks we're protecting people by having these different guidelines. And so this is what they've set up. So the benefit of a 506. C is you can openly market that to people, you have to have an attorney obviously set up all the documents, which we've worked with an attorney on doing that they're getting all the information, all the projected returns all the financials, all the legalese and putting that into a PPM a private placement memorandum, where it's communicating all the fine print of the opportunity.

Mike Swenson 

And so that's some of the stuff that you know, if you're ever looking to do this in the future, you're not going to listen to this podcast as the how to to do it. But we just want to mention, like, there are rules and regulations and guidelines and attorneys. And that's the other pieces. That's why we're not doing this with a single family home. Because there's a an expense that comes with the attorneys fees, the inspector, all that stuff to line up this investment to put in front of people. So you have to have a reasonable reasonable knowledge and expectation that this is a good investment to put all this money in just to get the investment out the door to the investors. So it's 10s of 1000s of dollars to get it ready to go.

Mike Swenson 

And that's why you're you're looking to do this on larger properties versus smaller properties. So anything there, Mike, that you want to share kind of all the stuff that we could do a whole nother podcast episode about that kind of stuff, but just know that there are regulations in place. There's guidelines you have to follow. There's a lot that you have to learn about it to be able to offer a syndication to somebody.

Mike Gengler 

Yeah, I mean, yeah, there's a lot of details that we're not going to go into And I think that's one of the benefits of being an investor in a syndication is this is sec compliant, so you are protected. And you don't need to learn about all of that. We absolutely recommend you consulting your attorneys about getting into this consulting your CPA, making sure this is the right decision for you. But once you've made that determination, you can feel comfortable knowing that the SEC does have guidelines and that we are following them. And that there is the legal paperwork and documentation to make sure that all happens. That's just one of the additional benefits of being an investor. And in a syndication. One of the reasons we chose to go this indication route is to provide that type of benefit for our investors.

Mike Gengler 

In addition to them getting passive income every month or quarter, depending on when we decide to just make the Distribute distributions, you know, you've got that passive, passive income, you don't need to have the real estate experience on the same side, you don't need to have the syndication experience, you don't need to know how to create one to join one, you don't need to find the property, you don't need to manage the property, these are all things that the general partner is going to do for you. And so it's a lower entry, it's a lower barrier to entry to get involved in a syndication than it is to buy your own single family house. As since you don't need to find that we've already found that for you. You don't need to fully fund the deal. Let's say that you do have some money that you want to invest, but you don't have enough to purchase your own property. Great.

Mike Gengler 

A syndication is an amazing opportunity, because you can bring, you know the minimum investment or you can bring, you know more than you know, whatever that number is for you. But maybe that wouldn't have been enough to buy your own property. The syndication just provides so many different opportunities for people that we wanted to go that route to help create this wealth, and this passive income for multiple people.

Mike Swenson 

So next steps, you know, once we decide on the property, we put it together, we work with the attorney, we put together the offering. Now it's really just about marketing that two people trying to share. And there is a timeline, kind of depending on how you've written up the contract. But there's a timeline there because you are now under contract on a property that you intend to close on. So you've got to move with some urgency to get this funding done. But you're marketing it your email blasting, you're having conversations with investors, you're putting together your pitch deck, your website, you name it, there's a lot of things that you have to do to now get it out into the world as fast as possible to tell as many as many people as possible.

Mike Swenson 

And that's why a lot of people, once they start fundraising want to continuously do this, because it might be Hey, this deal gets filled. Now we're going to move to the next deal. And so if you can't, if you can't, you know, fill fill this deal, or if you're too late to having your money in order, because sometimes too, it might take time to get that money that you're you want to invest it might not be liquid in a bank account, it might be you know, in a CD that's coming up, or it might be in, you know, you have to set up a self directed IRA, which is another conversation and so your money might not be as liquid to invest in this deal.

Mike Swenson 

So then we're gonna go find another deal for you, if not this one, move on to the next one. And so now it's all about marketing, getting reservations for that funding to be able to close on the property and doing the due diligence. So like I said, there's, there's so much more there that we can cover. But that's kind of that process of getting it up and launched and, and getting it funded. And then like most real estate deals, then you work towards, you know, the inspection, the closing, I mean, we're doing the inspection as part of this process. But after you get the financing lined up, then it's just kind of like other deals, moving moving to closing and handling whatever comes at you from there.

Mike Gengler 

Yeah, absolutely. I think, you know, since we're looking at so many properties, yeah, we're gonna be offering this one. And if you don't have the money in line, or now's not the right time, we're going to have another opportunity, we're going to have another opportunity for you coming up. We picked this property because we thought it was the best one right now. We've got one, you know, lined up for our next one already. And I'm sure we'll have another one after that, you know, as we look through these properties, like, oh, we want that one we want, you know, that's one of the advantages is we do this all day, every day. And so finding the right time for you is just the right time for you. You don't have to do this one. There'll be more coming along the way.

Mike Gengler 

And that's again, another benefit of working with a syndicator or we're excited to be having our first syndication and, you know, probably the first of many. And so if this is something that you're interested in, whether you're setting it up or joining as a limited partner, just reach out to us and we'll we'll offer our advice and how we can help. And it's

Mike Swenson 

really about having a conversation. I mean, it's you know, we talk about it internally, it's a barbecue invitation, we're inviting you to the barbecue, it's not a sales pitch because if this isn't the right investment for you go find one that's a fit for you. However, if you are looking to put your money into real estate to earn some strong returns backed by real estate versus, you know, something like the stock market or Bitcoin, you know, there's good opportunity here, and you're still going to diversify no matter what. And so if this is a fit for you, if you're listening to this podcast, elite, advantage, properties, HQ, so elite advantage properties, hq.com is the website, we've got a menu there called projects, you can click on that.

Mike Swenson 

If you're listening to this episode in the future, and there's another deal up there, feel free to reach out, we've got some links on there where we can have a conversation. So reaching out to us isn't, hey, I'm interested, you know, here's my chequebook, it's, Hey, I'm curious to learn more and have a conversation about it. And so we just want to educate you to make a good decision. Like I said, it's not a sales pitch, it's an invitation to the barbecue. If this is the the barbecue you want to come to great. So if you see a project on there, reach out to us have a conversation and to if we don't know you, really the first step is we want to get to know you because we're going to have a 357 year relationship. We want to work with people that we know like and trust as well.

Mike Swenson 

And so really the first conversation is more of a meet and greet get to know each other do we see this as being a fit? Versus even talking about the investment itself? It's it's we want to get to know you do your goals and your future vision line up with what we're looking to do. If so great, let's have a conversation about the opportunity. If not, maybe we can find somebody that would be a fit for you. So it's really no no hassle, sales pitch, it's just an open conversation to get to know each other better.

Mike Gengler 

Absolutely. And maybe syndication isn't for you. And one of our other options is maybe you do want to fully fund a property, maybe you do want to JV on something like those are all things that we would learn in that introductory phone call and figure out what that right route for us.

Mike Swenson 

And at the end of the day, I mean, for us the bigger picture is we just want to help people build wealth through real estate. And so if it's with us great if it's not with us and we can point you to somebody else that is a fit great. You know, we're kind of the investor matchmaker, it's your passions and what you want to accomplish out of it. We want to try to find a match. And if it's us, us as a match, great if it's somebody else's a match great. But just reach out to us and start a conversation and we're in this business full time. We know other great operators out there. We know other great agents or investments in other states as well. So just reach out to us start a conversation. But hopefully this just gives you a little window into our thinking our strategy where we're looking to go in the future and gives you an opportunity to get to know us a little bit better.

Mike Gengler 

Excited to get this first one going and looking forward to meeting everyone

Mike Swenson 

Awesome. Cool. Reach out to us if we can help