Real estate is an occupation that can create abundant opportunities in lifestyle. In today’s episode, Anna Myers, the Chief Operating Officer of Grocapitus, shares with us her plans for watching the horizon and understanding how upcoming market changes can impact things.
She also talks about data that isn’t just about numbers—it is having continuous research study for the market. So one of the powers of their company and its efficiencies are rooted in knowledge. Buckle up and learn how to grow your market with plans and processes!
Remember, this is your MBA. Have a notepad handy, and get ready to take some notes!
Key Points from This Episode:
- Anna shares her stepping stone on Grocapitus.
- The hard-to-keep growth count of Grocapitus as of November 2022.
- How to manage large portfolios.
- What moratorium happens during the peak of COVID?
- Anna talks about essential research studies on companies.
- Ways of doing assets and getting away from a curve that is coming.
- Anna shares about the growth value multifamily income funds.
- Anna talks about their existing portfolios and the ship-shaped current assets.
- Debts couldn’t be ignored.
- What is dry powder?
- Anna’s vision towards the best assets in the best neighborhoods of the best markets and the best states.
Tweetables:
“So we also believe it’s very, very important to show your data to your investors” – Anna Myers
“Our data is based on third-party knowledge. I mean, we’re not going around creating data.” – Anna Myers
“Debt is so volatile right now that it’s a very difficult environment to operate in.” – Anna Myers
“Be careful about where you buy. Because if you buy in a place that’s still coming down, you could end up in the wrong, upside-down there.” – Anna Myers
“No one can tell you absolutely for sure which market is gonna do the absolute best.” – Anna Myers
Links Mentioned:
About Anna Myers
Anna serves as Vice President at Grocapitus, a commercial real estate investment company in the San Francisco Bay Area. Anna is a third-generation commercial real estate entrepreneur who applies her 25+ years of experience in technology and business to finding, analyzing, acquiring and asset managing commercial properties in key markets across the U.S. Together with her business partner Neal Bawa, they approach real estate through a data science lens to create compelling profits for 1000+ investors.
As the lead underwriter for the company, Anna teaches deal analysis for MultifamilyU in quarterly Boot Camps. MultifamilyU is an apartment investing education company owned by the principal Neal Bawa. Also via MultifamilyU, Anna hosts weekly webinar events featuring top speakers in real estate. Anna is regularly interviewed on podcasts in the industry, with over 25 podcast appearances so far in 2019. Anna Myers also co-hosts two monthly Real Estate Investor Meetups in the Bay Area with over 1000 members.
Related to Syndication with Grocapitus, Anna and Neal have successfully completed Equity Raises of 25 Million dollars for Multifamily Acquisitions in the last 12 months, resulting in over 1300 units purchased. They are on track to close another 1300 in the next 12 months. As the asset manager for the Grocapitus portfolio, Anna again brings the data-driven approach to track and insert optimizations to the properties to help drive property performance and investor returns.
Anna Myers (AM): We’re always doing what-if scenarios. And sometimes those things never come to pass, but we’ll see a recession on the horizon, and months ahead of time we start planning. Be like, well, what are we going to do? What are our what-if-scenarios if this is going to happen? So we’re always working in the background on these things. And then as things if those things come to pass, we believe in being very transparent with our investors and letting them know; here’s a situation, here’s what we’re doing to remedy it. Here’s what we’re doing here. Here’s what we’re doing there. This is what we are projecting is going to happen as a result. So we also believe it’s very important to show your data to your investors.
[INTRODUCTION]
Tejas Gosai (TG): Ladies and gentlemen, welcome to Real Estate Investor MBA. My name is Tejas Gosai and I’ve had the honor of helping hundreds of investors achieve the American dream by creating generational wealth through real estate. I’ve spent the past few years interviewing the most knowledgeable experts I could find in the business to cut your learning time and conquer the hardest subjects in the game. Check out rei.mba, which my team and I have packed with over 75 interviews and free access to our real estate roadmap, webinars and publications. If you’re listening, I am rooting for you and you’re already on your way to financial success. Cheers and happy hunting.
Tejas Gosai (TG): Anna Myers is on our program today, and she is a diabolical genius, extremely data-driven, and just a wonderful person to have on our program when we are in a time where we need people like her to give us information based on facts, reality, and historical data to help us make decisions for our real estate investments.
TG: I really love this interview. So Anna works for Grocapitus. She’s the Chief Operating Officer, and one of the reasons that I wanted her in the program is that we recently interviewed Neal Bawa, her partner boss. They have a fantastic relationship. Neal and Anna manage over a billion dollars in assets; they have just destroyed the ability to collect data and use it wisely. There is most likely no other fund set up like theirs. There are people who wait all year for their January report. Neal Bawa is considered the mad scientist of multi-family, so it’s just great to have this company on.
TG: Let me tell you about Anna. So Anna is a third generation commercial real estate entrepreneur who applies her 25 plus years of experience in technology and business to finding, analyzing, acquiring, and asset managing commercial properties in key markets across the US as a tech geek and systems architect. She is known as the chief plate spinner at Grocapitus. She collaborates with her business partner, Neal Bawa, to implement systems and processes that strive for efficiency and scalability, both within the company and throughout their portfolio. As the head of acquisitions for the company, Anna teaches underwriting and deal analysis for Multi-Family U in quarterly boot camps.
TG: Multi-Family U is an apartment investing and education company owned by the principal, Neal Bawa. Also via Multi-family U, Anna hosts weekly webinar events featuring top speakers in real estate. As the head of asset management for the Grocapitus portfolio, Anna brings a data-driven approach to track and insert optimizations into the properties to help drive property performance and investor returns. Anna regularly speaks on podcasts, webinars, and at conferences, covering topics including asset management, deal analysis, real estate trends, opportunity zones, how to 10-31 into multi-family syndication, and much more.
TG: Because real estate is an occupation that can create abundant lifestyle opportunities, Anna is also a digital nomad, living and working remotely from beautiful locations all over the US. Currently residing on the east coast in Boca Raton, Florida, The second longest introduction Neal Bawa, a big fan, was the first. I take a lot of time to get the best guests possible for this show. Please listen to some of the previous folks we’ve had on Gene Trowbridge, who is the king of keeping you legal when you are syndicating a real estate deal. We’ve done three or four interviews with him. I could mention a ton. We just had an economist to talk about interest rates. Omar Kahn, who runs a very successful private equity fund, just had tons of guests. Go on and on. I’d like you to listen to this interview and check out our website, rei.mba. I love you, guys. Enjoy the interview. Cheers.
[INTERVIEW]
TG: All right, guys, you just heard a little bit of the intro for Anna Myers. Anna, thank you for being here.
AM: You’re welcome. I’m loving being here already, learning new technology and everything.
TG: Yeah, we got through the hurdle, so we’re here. I’m excited. I had your colleague Neal Bawa on, and he is the mad scientist of multi-family, and behind every man there’s a very strong lady, and I guess that’s you because you’ve been keeping him running and ensuring that the enterprise is where it is. You’ve been very, very successful.
AM: Thank you. Yes. And a great partnership.
TG: Tell me about some of the beginning and share some of how large you guys have gotten in what I think is a short period of.
AM: Sure. So I met Neal when he was teaching a multi-family bootcamp in February of 2018. And at that time I was trying to transition from my previous career full-time into commercial real estate. I took his class, started following him, and getting more involved with him. He asked me to start volunteering for him doing some data analysis and I love that cuz I saw what a great teacher he is. So he started out more of a mentor and then pretty quickly, once he saw the type of worker, the type of person I was, he basically asked me to join his new company, Grocapitus. It was in August of 2018 that we kind of launched. And so we are now in November of 2022 and we have it’s hard to keep counts, but about 4,800 units, mostly multi-family. We have a little bit of Flex Industrial. We had some storage, which we have since exited. and a lot of multi-family, both new construction as well as value add and very key markets through the us.
TG: Tremendous growth.
TG: And that’s from 2018 through Covid.
AM: Through Covid, yes.
TG: Into recession. We’re all kind of in a funny spot. Peculiar, yeah.
AM: I’m peculiar. That’s a better word.
TG: Yeah. My law school degree comes in handy once in a while. I’m an analytical person, and you’re an analytical person, and that’s what you base your career on, and you have to be right, or at least more right than not right. How do you do that right now? managing such a large portfolio with very smart people. People are still wondering and calling your office, “Hey, how are we going to get through this?”
AM: As usual, it all comes down to the numbers. We always go back to the numbers that we projected when managing our existing projects, whether it’s new construction, a listing project that’s already built and has tenants in it, or a value-add. So you always have to go back to your business plan and say, “What were we supposed to be doing?” Now, if anyone knows Neal Bawa, he’s a master at watching the horizon and understanding how the upcoming changes will affect the market. What’s the economy doing, How is it impacting things? and then projecting what it is that we need to keep an eye on. And so then we’re always doing “what if” scenarios. And sometimes those things never come to pass, but we’ll see a recession on the horizon, and months ahead of time, we start planning. Be like, well, what are we gonna do? What are our what-if scenarios if this happens? So we’re always working in the background on these things. And then, if those things actually come to pass, we believe in being very transparent with our investors and letting them know, “Here’s a situation; here’s what we’re doing to remedy it.” Here’s what we’re doing here. Here’s what we’re doing there: This is what we are projecting is going to happen as a result. So we also believe it’s very, very important to show your data to your investors. Keep them up to date; keep them on board.
AM: We may have to stop distributing during COVID at times because we are unsure. No one knew what was going to happen during COVID. There were no evictions because a moratorium was in effect. We didn’t know if the tenants could pay their rent. And thus, if we could pay our. So that was a good example of a time where we had to say, “Hey, we’ve got to stop distributions until we see how this is going to ride out.”
AM: And then eventually, each property had its own set of challenges. They’re located in different counties and states across the US, but we made it through, and all of those projects ended up being very successful, except for the ones that we exited during that time or the ones that we held. But it all comes down to being extremely skilled. I remember some of my friends and family members during COVID; their work got to be much less because things were shut down, and all this while I, on the other hand, was an asset, wearing the asset manager’s hat that I was wearing. I was exhausted from having to process so much data and trying to stay ahead of things. And part of that was taking care of our tenants, making sure that we’re researching in every county: what are all the available services that we can get for our tenants to help them pay rent? They can’t leave. So let’s see what we can do to help them pay rent. And because we’re in different places, we had to do that in each state, each county, and each city, and come up with all of this. So data isn’t just about numbers. Learning how to research and stuff And I will tell you that while Neal and I are master researchers, what we believe in is having an army of researchers. So one of the powers and efficiencies of our company is that we use virtual assistance. So we have about 60% of our staff working offshore. Most of that is located in the Philippines. And we have lots of systems and processes in place for how we run that team. And that type of intensive and time-consuming research, we can delegate to people who, at a dollar per hour, are not going to add a lot of cost to the project because you don’t want to do all this research and then suddenly build a project, spending hundreds and hundreds of dollars to save a few. So there’s this big trade-off that happens. And again, that goes back to Neal’s and my backgrounds in technology. As technologists, we were very used to outsourcing and using people from different countries all over the place. Well, we’ve both just carried on. that becomes Grocapitus So we basically have a real estate company that we run as a technology company, which is the way we like to look at it.
TG: I love it. And something that has made you very successful in sharing the data is like everybody waits for Neal’s report and your report for January. I’m right, right?
AM: Yeah! It’s pretty remarkable. To be clear, the data is referred to as “real estate trends.” That was the first time I saw Neal speak. He was delivering real estate trends at a conference in Oakland, and I was so impressed. That’s why I went to his bootcamp, and, like this guy, this is the—this is crazy. So some people are like, “Well, when’s it going to be in January?” January 1st, January once more? Well, we’ll wait until the reports come out at the end of January. So we have to, because our data is based on third-party knowledge. I mean, we’re not going around creating data. We’re basically taking the public data—data from third-party experts—and assimilating it, then projecting what these things could mean and making suggestions. Neal likes to put his neck on the line to pick markets, but I have to say our portfolio is based on those picks, and our portfolio has done very, very well through COVID, going into this recession. I still feel like we’re in the right markets at the right time, and so we’re definitely helping our dog food. Is that the term?
TG: No, it’s great. It’s cool too. I mean, you don’t know that many organizations that have a report that people are waiting for and that investors really look forward to. There’s fluffy stuff, like newsletters and some minor things, but that’s pretty comprehensive work. Let’s get into that. So the world is changing. That’s like the most politically correct way I could say it. And what I like about our podcast is that we have people who are just starting to invest or haven’t yet but plan to, as well as some veterans. We have some great news information on our website that we have compiled. So, like real trends, what’s going on? Your organization is Are you guys purchasing? What are you doing with your assets? Are you sitting back? Are you guys getting ahead of the curve that’s coming? Can you share some of this?
AM: Sure. So as everyone knows in this timeframe, again, it’s November 2022, and things have changed very, very rapidly. So at the beginning of 2022, we still had very low cap rates. Everybody was dancing in the street, and real estate bouncers were counting dollars. Yeah.
TG: Mardi Gras.
AM: Yeah, Mardi Gras. And then the Fed started hiking interest rates, and at such a crazy rate, of course, cap rates were affected. And then debt is so volatile right now that it’s a very difficult environment to operate in. So we have, of course, value-added construction as well as new construction. And construction has been facing its own set of challenges with supply chain shortages, increasing costs, and labor challenges. As a result, each side faces its own set of challenges. So as we’ve gone into the end of the year, I think it was about August when we launched the Grow Value Add Multi-Family Income Fund because we knew that we wanted to come back into value add in a big way. Once the interest rates started going up, what happened on the value-added side is that things started getting more reasonable because value-added has been so crazy high. We stopped buying for a good year and, I believe, purchased one in January 2022. And since then, we’ve just been waiting on the sidelines. You go into contract on that, like, in October, because it takes a while to close. The prices were nuts. The cap rates were like, “Who’s going to pay that?” You’re not going to cash flow on that, right? So we were waiting on the sidelines. So once prices started coming down, we jumped back in. So we started growing the value of the multifamily income fund so that we could buy not just one property but several properties, which spreads the investor’s risk. You will be involved in a variety of markets. So we got one under contract, and we actually just closed on that one, and we were hoping to get two or three at the end of the year. But with this debt, we had to say no; we’re going to have to pause for a little bit. The good thing is we’ve got money in the fund. So in January and February, which is when we believe debt might start to stabilize a little bit, be a little less volatile, prices will continue to come down. As a result, we believe that January and February will be ideal months to re-contract. And we’ve got dry powder to go after. So that’s on the value-added side. in terms of acquisitions.
AM: Basically, we’re penciled in at this time on that. We’re looking at markets like we always do to understand how different markets are impacted. Some of the FIEs markets are under consideration. We might see the most declines because they went up so high. So it only makes sense in a market where rent increases have increased by 25% in the last year, which no one would have predicted. It’s just complete insanity that some of those markets or home prices are the same thing, and it might have seen a 24% increase in rent and a 48% increase in home prices. That’s not sustainable. So those markets—Phoenix, Austin, and some of those markets in Boise—are now falling the fastest, but that’s because they rose so quickly to begin with. And then we’re looking at some of the other markets. So people are saying, “Where should I buy now?” If I have to buy now, where should I buy? And one of the things we’re saying is, if you have to buy now, buy in some of the less frothy markets; they’re less sexy. They’re not yours, but they’re less risky. They’re going to be a little bit more stable for this next period. So be careful about where you buy, because if you buy in a place that’s still coming down, you could end up upside-down there.
AM: Now, in terms of new construction, because we are also developers, we develop townhomes. We’re very much in the build-to-rent game. So we build multi-family garden-style apartments. However, townhome and fourplex communities will be our main focus in 2022. known as “build to rent.” So it’s a fantastic asset. It is the hottest new asset in multi-family housing. It has a ton of capital coming into it. We’re looking at cap rates that are equal to multi-family and could be better because the institutional money is so interesting and builds to rent. It’s like their capital is flooding the market, and that’s what you want. On the other side, invite institutional investors to come and scoop you up once you’re all built, pretty, and fully stabilized. So, in terms of new construction, we’re still building; we did complete, we had a bunch of land under contract over the last nine months, and you’re in contract for a very long time because the due diligence periods to understand zoning, permitting, entitlement, and potential issues on the land take a long time. So I will say that out of the three properties, we were under contract for land. We dropped them, and one of them first came back and said to them, “We want a 25% discount because Land’s going down.” And that was a little too steep for them, which was fine. And then the other two, we actually have gone ahead and remodeled those, got a little bit of a discount, and continued with them.
AM: So land is a good thing, but land is still going down. So land is the leading indicator. When it comes to purchasing, single-family homes are the first to go, followed by multifamily, and finally single-family homes. So we’re looking to buy land in 23 because it’s about to bottom out. I think 2023 is going to be a great buying year for us, and right now we’re really focused. I say we’re penciled in for a couple of months on our acquisitions, but that gives us an opportunity to really focus on our existing portfolio and make sure everything is ship-shape with our current assets. We’re remodeling everything as the year comes to a close, looking at debt and what’s going on because we can’t ignore those. Rent increases are starting to decrease, not decrease, but they’re starting to flatten. So we need to remodel things so we know where we are. So that’s our focus through the end of 2022.
TG: So eloquent. I love hearing from you. You said a couple things that maybe not everybody knows, and I’m trying to set you up for some good answers. What’s dry powder? Pretend I don’t know. And then you started another fund to be able to take advantage of the market, and you talked about spreading the risk across a bunch of assets. So it’s not like a typical fund, where there’s one big $50 million property or something of the sort.
AM: So within our portfolio, most of our projects have been single property funds, which we call a “syndication.” Technically, I guess people can call it a single property fund because multiple investors are putting their money together as limited partners on the deal for that asset. Now when you create a fund that has multiple properties in it, investors are going in and saying they’re investing a hundred thousand dollars, and there will be three properties in that fund. Their money is spread across those three properties. So maybe one of them is going to be around pro forma, maybe a little bit less. Another one’s going to be a home run, and then the other one’s going to exceed it just a little bit. Your risk is spread across those three profiles, which is a really good thing going into a recession because no one can tell you for sure. Even though we study the markets, no one can tell you for sure which market is going to do the absolute best. What are the next challenges we’re going to be facing? I mean, this 2020 decade is going to come down for generations as like, “Whoa, baby,” like this decade is just nuts, right?
TG: Well, they’re gonna be like, how did they do it? How did they survive?
AM: Yeah. And they’re going to say, “So many things changed as a result of the 2020s.” We are humble about that. As a result, we use our data to select the best assets in the best neighborhoods of the best markets and states. And the fund is a great thing because it lets people have their money invested in multiple assets, with income coming according to those different things. What if there is a rent freeze, eviction ban, or moratorium in place? For some reason, that happens in one state, right? And we’re in three states, right? So only that one asset is potentially impacted, assuming you have people who should be evicted but can’t because they can’t pay their rent. So again, there’s that, and that would be in a normal world; normally, you don’t have a nationwide eviction moratorium. That doesn’t happen. Normally, you have localized events that happen. It could be a weather event or something that impacts a specific state, like a tornado. I mean, there are all kinds. Almost every location has weather scenarios.
AM: So, now that we have this fund, we have completed one project and one property. Within that fund, we’re seeking the other two. We could get as many as five projects, according to our legal documents. We can buy as many as five, but we’re thinking now we might want as many as eight. Stop around three. If there’s more opportunity next year, we might go to four or more. So when I’m talking about dry powder, I’m saying we’ve already purchased one. We have more money that’s come into the fund because people love the fund because they can get the tax depreciation in 2022, which is still the 100% bonus depreciation. So a lot of people are looking for that. And they want to put their money where they can get that depreciation, and then next year they’ll get more depreciation because those other assets will be bringing more depreciation.
AM: So dry powder means we’ve got money in the bank right now, which we’re going to be using to acquire other assets next year.
TG: Thank you. We have a few more minutes, and this is so good. I wish we had more, but you’re really doing a full roundabout on how to be able to function in this type of environment, make sure that you’re going to be okay, and you’re waiting to purchase properties, which is way better than hearing we’re not going to purchase anything for a long time.
AM: Yeah, we’re ready on the land side too, right? It’s not just acquisitions of existing buildings. We’re also very eagerly looking to acquire more land to develop.
TG: And that’s a really cool thing about this. “Blood on the Streets” is the other term that everybody’s using in real estate. And only because there is the option to buy and add value. Very cool. So, Crystal Ball open-ended, tell me anything that you can do to help somebody who’s looking at real estate, owns real estate, is a veteran, or is just scared about what’s going on?
AM: Sure. So again, we look at data a lot. Neal spends a lot of time speculating about interest rates. He reads so many different sources. Many people are speculating about where interest rates will go and when it will be a good time to buy again. Our current thoughts are, as many people say, that the Fed’s going to raise rates again in December, and then depending on how inflation responds, rates could rise again in January. But we’re seeing a trend where interest rates overall are going to continue to increase and then start decreasing very slowly. We don’t expect them to go down very quickly. At one time we did; now we’re speculating more on a slow meander. Going down, starting in mid- to late-quarter 1, and it’ll take some time. So we’re projecting that the recession is going to actually occur in the second quarter of next year. And as interest rates fall, if you’re bullish, it’s a good time to consider buying multifamily. Now, multi-family prices tend to stay ahead because they’re cap rate-based, so cap rates are just much quicker than single-family prices.
AM: If it’s a single family that goes, the owner of the house says, “I’m not going to sell until I get this price.” and they might be completely unreasonable. However, cap rates are the market science telling you what your value is, what your property is worth. So, if you’re looking to buy, buy, buy late Q1, early Q2 of next year as the recession begins, if you’re bullish, if you’re bearish, and you might wanna wait until the recession ends, which we think will be about a six-month timeframe towards the end of next year. Now, single-family homes will continue to decline. So we don’t expect it to be the bottom for single-family homes for another 12 months. Then, as interest rates begin to rise again, they really hit rock bottom. That’s when you want to start buying single-family homes. They want to keep it equal once we get back to around 2.25 percent for the fed rate. Right now they’re about 4.75, so they’ve got to come down quite a bit. And then that would be a kind of normalized interest rate.
AM: We’re not likely to see 2% interest or that type of thing. Don’t wait for that. You’re hoping for another pandemic to strike none of those people. So, when the rate falls below three percent, that’s when you should start looking for single-family homes because of the interest rates. And again, if you’re bullish and you want to start buying single-family homes, then we do think that the interest rates will even out and become bearish, and you can wait a few more months. But it’s the beginning, the end, and the beginning of a new cycle. So let’s be excited about that.
TG: Yeah.
AM: 12 years later, the cycle has ended. Everything has its time. The world is turning, and we just need to look at where our opportunities are and count our chickens.
TG: I love hearing you ask that last question. So I’ve got to ask about Neal. How is it to work with a guy like that? He’s like, elani, with how far ahead he sees what, which isn’t a compliment right now. You guys don’t turn on a dime that quickly, but I was just wondering how it is for you guys to work together.
AM: Well, I think it’s pretty great. I mean, I consider myself extremely fortunate to have Neal Bawa as a business partner. I sometimes wonder how in the world I did so well. land in this seat. You’ve got to keep running fast to keep up with him. I think I have to keep up; you have to stay sharp; you have to stay nimble. We are a very quick organization. We’re always looking forward. We’re always looking backward. So that’s the way that I have to operate, and that’s the way that everybody on the team has to operate. So we’re kind of, like, an armed forces type. unit that’s moving around and responding to things. So we all know that we could be going down the road thinking that this is like, “Hey, we’re going to do this and this project.” And then, as something happens to that project, if some due diligence comes up that gives us pause, we don’t have any problem just stopping and walking away from it. And I think that the best thing about Neal and myself—and one of the things that we really share—is our focus on investors.
AM: It’s always about: is this the right thing for our investors? And so if we reach something with our due diligence where we’re like, “We don’t like this level of risk, and we wouldn’t want our investors to be here,” we have no problem saying, “There’s been 50,000 feet in this already.” We’ve invested 300 or 1,000 hours in this. We’re like, “Nope,” we’re not doing it.
TG: Move on.
AM: Move on. And you have to be ready to do that. You have to accept it. This is the world we live in. That’s the cost of doing business, but there’s so much learning along the way. I will say that it’s pretty awesome being a student. I’m always a student of Neal Bawa because he’s just an amazing mentor.
TG: I love it all. How do I invest in your fund? People like to talk to people nowadays, so they pick up the phone, which is cool. How does someone gain access to your fund? How do they join your cause?
AM: Awesome. If you want to invest, the fund has two options: we still have openings and we will have a large fund. It’s grocapitus.com/grofund. G R O f u n d, not G R O W f u n d. So go to grocapitus.com/grofund, and then you’ll get to our landing page and see all the information and the recording. You can also make an appointment from there with our investor relations team and get into the details of our growth fund.
AM: And then the other thing that I definitely encourage people to do is to get engaged with our sister site, Education. It’s a free education site, multifamilyu.com. Now it’s multifamily. The letter “U” is spelled “dot” com. Weekly, or at least three times a month, we have free webinars. Just the other day, there was a really cool one who asked me anything about Neal Bawa and me. So Neal does probably 10 or more webinars per year. They are all new content. When you come to Neal’s webinar, it is not like, “Oh, I’ve heard three other syndicators do the same content.” Now, it’s like crazy, far-out stuff that you’re like, “Mine is blown.”
TG: Didn’t think of that. Yeah.
AM: Where, what does he do, when does he sleep? That’s what I always wonder.
TG: He’s talking about humpback whales relating to –
AM: Commercial real estate and how far out it goes. But it’s so—I mean, we have such a fantastic team for the research we do for our design team. I mean, everybody tells us our investor webinars are the best. So I definitely encourage you to become We also have guests that we bring on that I host. We have a lot of lawyers, syndication lawyers, CPAs, and just relevant content for commercial real estate investors. You might learn about new things, such as building to rent. It’s all free. Come on, get into our network, and come join us. Learn, ask some questions, and get involved.
TG: It’s awesome. I’ve talked about it; obviously, I had Neal on the show, and we talked about it a little bit, but everything is in the show notes, and I encourage everyone to check it out. But Anna, you’re wonderful. Thank you so much for your time.
AM: Thank you. I really enjoyed meeting you and being here with you. Definitely
TG: . We’ll have a transcript if you don’t want to hear our voices. There is a video on YouTube. We’re all over the place. iTunes, Spotify, Stitcher, and we’ll have some fun. Anna. Thank you.
AM: Thank you.
[END OF INTERVIEW]
TG: Cheers. Take care.
[END]
