Building an Empire: Amassing Wealth One Property at a Time with Matt Chase

Do you dream of a future filled with financial freedom and a lasting legacy for your family? Today, we're joined by Matt Chase, a successful real estate investor who's built an impressive portfolio and a fantastic life using smart strategies and a dedicated team. In our conversation, we reveal the secrets to real estate investing that have allowed Matt to create lasting wealth, a flexible schedule, and a family legacy.

As Matt guides us through his journey from fresh college graduate to real estate mogul, he shares the methods he uses to find and buy properties, and how he manages them using BILDIUM software. Our insightful chat also covers Matt's approach to long-term holds, tax strategies, and how he leverages the bank's 75% loan-to-value to purchase and refinance without spending a dime. If you've ever wondered about the challenges of finding and managing a real estate team, Matt's firsthand advice could be just the game-changer you've been looking for.

But building wealth isn't just about money; it's about leaving a lasting impact on our families and our communities. We discuss the importance of teaching financial literacy to our kids, the shortcomings of our education system, and how we can create a legacy through giving back. By the end of this episode, you'll be inspired and equipped to start your own journey towards creating a lasting legacy through real estate investing. Join us for an unforgettable conversation with Matt Chase and start building your dream life today.

Onward!

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Transcript

Speaker 1: 0:01

This is the Legacy Wealth Code Podcast helping you build long-term wealth and a lasting legacy through real estate investing, tax strategies and motivational stories from some of the most successful and influential people out there. Here are your hosts real estate investor and entrepreneur, michael Knotbaum, and real estate investor and attorney, andrew Hook Hey guys, welcome to another episode of the Legacy Wealth Code Podcast.

Speaker 2: 0:25

My name is Michael Knotbaum, here with my partner and crime, andrew Hook.

Speaker 3: 0:28

What's up, guys?

Speaker 2: 0:30

So not sure which bar I left it at, but bear with me.

Speaker 3: 0:33

Today Andrew may be doing a little bit more than me With that seductive voice. we're not sure what type of podcast we're on here.

Speaker 2: 0:38

I know It's our Charging by the Minute, so this is really cool. Matt Chase here today. Matt was with us in a number of different masterminds over the last couple of years. He's out of Cleveland Ohio area. Well, when he's not on his boat, I guess right, That's right, That's right.

Speaker 4: 0:54

And we're also best friends. Did you mention that?

Speaker 2: 0:56

Oh yeah, i mean, how could we not be Right? So Matt's built a huge portfolio of real estate over the last couple of years, has a pretty large retail team and just is doing a lot of the right things in terms of building wealth. So we wanted to have him on today and just have him kind of walk through what his journey looked like. So welcome to the podcast.

Speaker 4: 1:17

Thank you, i'm delighted to be here. That's what podcast people say, right.

Speaker 3: 1:22

Exactly, you better be delighted.

Speaker 2: 1:25

We got with the attorney, so he has to say undoubtedly at least three times.

Speaker 3: 1:29

That's right Or notwithstanding? Matt, will you kind of open us up with giving us an overview of your background and then how you're set up as far as your team and then your investment side of things?

Speaker 4: 1:41

Yeah, absolutely. I think Mike was a little generous with a massive portfolio, but I started in real estate right out of college about 16 years ago, and I started in the sales business. The reason I started in the sales business is I read Rich Dad, poor Dad when I was a teenager, when I was in high school, and I love that. I mean I read the book probably 10 times. I was like everything in here makes sense. I never knew what I wanted to do until I read that book And I asked my dad how do I buy houses?

Speaker 4: 2:09

He said, well, you got to have money for houses. And I said, okay, how do I have money? And he said, well, sales makes a lot of money typically. And I said, okay, well, real estate, if I want to be in real estate, real estate sales. So that's why I got into real estate sales was to make money to buy real estate itself, and so that was about 16 years ago.

Speaker 4: 2:29

The journey didn't go as quick as I thought it would, so I didn't buy my first rental property until probably about six or seven years after starting in real estate, and then that's kind of went off from there, and so today the real estate sales is still my primary focus, but my goal is to have equal income from my real estate sales business and then equal income from my investment business. So that's what I'm working towards right now. But got 16 real estate agents that work with us And then we have two administrative staff and then a full-time director of sales who recruits real estate agents and helps the agents that we have with productivity. And I think investing kind of goes hand in hand with the retail side, and so I tell people all the time how do you find this type of stuff? And we're finding it all the time on the retail side, just taking a double look at everything that we list, is this something we could buy first, or do we have an investor who would want to take this on if it's not us?

Speaker 2: 3:31

So walk us through that, because that's something that we, andrew and I, talk a lot about, and I know you and I have talked many times. but when you're identifying a property, how are you choosing? what am I going to do with it? What's my exit? look like, is this a fix and flip? I'm just going to get out of it. I'm going to keep this as a long-term hold. What does that look like for you?

Speaker 4: 3:51

Well. so for me, almost everything I do is a long-term hold, and it's because of the tax strategy right You can. I try to buy as many long-term holds as I can in cash. I try to buy them When you refinance out. you refinance out, the bank will give you 75% loan to value. So I try to buy that initial property such that when I'm the purchase price plus the repairs and then getting it ready is still under that 75% LTV, so that when I do the refinance I'm into it for no money.

Speaker 3: 4:25

I like that. Yeah, that's really smart.

Speaker 2: 4:27

Yeah, i mean, these are the needs that come in. that could be a listing opportunity and you're like, hey, instead, how about this?

Speaker 4: 4:34

Yeah, obviously this market is a little more challenging than it used to be, but the first four units that I ever bought so I've got about 60 doors right now And that's a mix of single family duplexes, four units, three units all the way up to the biggest we have is a 12 unit, and then we do have one that's got some office space on the first floor also, but the biggest is a 12 unit And those obviously are easier to find, especially four unit, and smaller is easier because of the loan process. It's not a commercial loan And so my first four unit was actually one of my really good friends. Mom's came to me and said that this was her husband's project and he had recently passed away and she didn't want anything to do with it really. And I looked at it and I said, well, hey, in order to get it ready for the retail market, it's going to need this, this and this. She said I really don't want to do any of that. You have any other options.

Speaker 4: 5:31

And this was probably six or seven years ago and a light went off in my head I didn't have any formal training on this at the time And the light went off in my head and I said, oh my God, i should buy this thing. And so she came to us, first because of our real estate expertise, and then I ended up closing the deal on it And it's been a. It's a $4,200 a month property right now.

Speaker 2: 5:54

That's awesome.

Speaker 3: 5:55

Yeah, it is.

Speaker 2: 5:56

Couple takeaways, i think, from that one 60 doors The next time that Matt complains about buying a seafood tower.

Speaker 4: 6:03

That was a $750 seafood tower, Michael.

Speaker 3: 6:07

What the most oysters you've ever seen.

Speaker 2: 6:11

We won't share the establishment thing which I purchased many drinks for you, Just because we can't have the explicit rating on this quad.

Speaker 3: 6:19

Even with that voice you might, though. All right, you said 16 agents on your team. Do you coach each of them to do the same thing? as far as look at a deal as can we buy it before we list it, are you telling them to bring that to you? What's your mentality there?

Speaker 4: 6:38

Yeah, both They're trained to. The more experienced people understand how to evaluate the properties on their own. Then they'll typically come to me and say is this something we can partner on? Is this something that I can show them how to take down on their own That type of thing? Then, the less experienced obviously we ask that they bring it to us first and we evaluate it together. Our top four people on our team all own their own homes and three of the four all own a second rental property. That's one thing that we're trying to grow is the value of working with us. Hey, what if not only do you make six figures selling real estate and we could teach you how to do that with 40 hours a week or less, with support and leverage, but can we teach you how to acquire five or 10 rental properties over the next couple of years so that you have passive income to where you?

Speaker 4: 7:33

don't even have to work.

Speaker 2: 7:34

Are you partnering with them on these deals, or how does that look like?

Speaker 4: 7:39

One I'm partnered with right now, the rest I'm not, but I offer that all the time. Obviously, this market's a little challenging right now, so I think free cash is not what it used to be. Yeah, we will. That's the goal is to say, even if it's not a full partnership. I've offered to some of the agents that, hey, if you find something off market and the seller's okay with paying a 7% commission, instead of taking that commission and cash, why don't we put it into the property? and whatever we do with the property whether we rent it or we sell it at least you're 7% owner in this.

Speaker 2: 8:13

Yeah, i like that. It sounds to me this podcast, andrew and I talk a lot about legacy and I know that you've got a family yet you actually have a growing family, so congrats on that.

Speaker 4: 8:25

Thank you.

Speaker 2: 8:27

What does that look like for you? I know you've mentioned when you first started out, you wanted to make a lot of money to buy real estate. I think that all of us in the real estate game probably had that initial thought. and then, over time, things do change like okay, it's not all about me making a lot of money, more about what is my legacy going to be as I continue to grow and accumulate more wealth. So how does that tie in with your family, with your team? What does the legacy piece look like for you?

Speaker 4: 8:58

For me. Obviously, I started doing this for myself, selfishly, I guess. Then, once you start acquiring more and more, you start to think about your family and what it's like, especially as we get older right, Not that we're old yet, but I'm a lot older than I used to be And so you start thinking about that type of stuff, And for me, that's the most important thing now is how do you preserve, how do I buy quality enough properties and take care of them enough, not overdoing it so that you don't lose your cash flow, but doing maybe one improvement a year to keep the rents up and things like that and to keep the property in good shape, so that, when my daughters are older, this is something that they can. Maybe they don't necessarily manage it themselves, but they could pass it off to a management company or something like that, And they have a great asset that provides for them.

Speaker 4: 9:46

Because what else are you going to invest money to right? If you were to die and you were to give your family several million dollars, they've got to find a place to invest it right. And what's that going to be? It's going to be six or seven percent if they're lucky, maybe plus fees and stuff on top of that, or they can keep the rental properties and generate tens of thousands of dollars a month in income. Yeah, they don't have the millions of dollars because it's tied up in the property, but the cash flow is far greater than what it would be if it was to be invested, because, I mean, at this point the rate's infinite because you're getting your cash back.

Speaker 3: 10:21

Right, sure, matt, can you talk a little bit about? we kid around with you and give you a hard time about how you're always on your boat, but from a serious perspective, i mean, i think you've almost bought your time back to a certain extent, right, like you, from an outside appearance, do a very good job of managing, you know, free time and things that you enjoy outside of just the actual real estate industry and working, and a lot of that of course translates into your family time as well. But can you talk a little bit about that piece and sort of how you have put yourself in that position to be able to kind of run the schedule that you want to and have the flex time that you want to?

Speaker 4: 11:04

Yeah. So I don't know if I did it on purpose, but you know it's having good people around you. I mean it always starts with the people in the systems that you have around you. So, like, as far as all my rental properties go, you know I've personally never replaced a toilet or mowed the grass, or you're right, like I don't do any of that I have. I've got a couple guys that I've met along the way who pretty much just work for me now at this point And you know they're handling all the maintenance and you know I use BILDIUM. You guys have to call them and get some royalties from them, but I use them to manage my software or my property. I use their software to manage my properties And it's as easy as if somebody moves into the property.

Speaker 4: 11:48

We tell them. You know here's my phone number, but the only reason and it's a Google number, it's not my personal cell, but the only reason why you would ever need we don't talk to you on the phone. You know we don't need to hear your excuses or any of that. The only reason why you would ever need to text me is because you're heat out or you have active water coming into your property Other than that, use the BILDIUM app and let me know what issues you're having. If you have a light bulb out or a breakers out or whatever your issue is, let us know through that system so that I can send it out to my guys who are in the field And let them handle it right and so that that gives me a lot of free time. That way Do not not, you know, just shuffling some people around, you know, every day and that type of thing.

Speaker 3: 12:30

How about on the on the retail team side of you? one of the things I feel like we hear Over and over again from high producing agents is that they want to take themselves out of the listing game. Or, you know, everybody wants you as the team lead. you know, like your face, you, they want to deal with you. How have you, how have you accomplished that? because I feel like that's one that a lot of people struggle with.

Speaker 4: 12:58

Yeah, i think a lot of people are control freaks, right, i mean, i think you hired these agents team for a reason, and the reason, hopefully, is because they're pretty good at what they do.

Speaker 4: 13:08

And yeah, there's a handful of people you know I still sell maybe 10 or 15 homes a year Because it's, you know, a best friend or a family member, just somebody that I feel like hanging out with, or whatever the case may be. Well, yeah, the rest of it I send out to my team And, honestly, you know my team, you know I've got guys and girls on my team that are selling 50 or 60 homes a year. So at this point, you know, they're probably more equipped to handle that transaction than I am. Anyways, right, i mean, i think it's just finding good people, trusting them and being there to support them. You know, i need to make sure, obviously, that they're giving the same level of support in the transaction that I would have been, the same advice and all that same type of stuff.

Speaker 4: 13:51

But that comes with time. But you know I work closely with them in the office. I'm still coming to the office nearly every single day from 9 to noon and work with the agents that are here. So it's not like it's not like a full time vacation or anything, and you know, on the days that we're not here, What would you say Yeah, and?

Speaker 3: 14:09

then noon to 5 noon to 5 on the boat.

Speaker 2: 14:12

Yeah, but I mean we're out on the water. When it's 50 degrees out, it's also a fun day. You know, we're down here in Florida where 50 degrees is like the coldest day of the year. He's got his speedo on. He's cruising around like here.

Speaker 3: 14:25

Trust me if I didn't have to be here for my real life. Don't place those images please.

Speaker 4: 14:28

I'll tell you the next story to you guys.

Speaker 3: 14:31

That's right.

Speaker 2: 14:32

Well, we've always told you the door is open for that opportunity.

Speaker 4: 14:36

Well, yeah, i just think to go with all that stuff, though I mean it's just we're here in person for those hours. But I mean you guys know how it is. I mean you're getting up early in the morning and maybe you've got some stuff you're doing between like 6am and 8am, and then maybe you work out or something. Then you hit up the office and then you know you're still probably doing some computer work in the evening and stuff like that. I mean we're always working. It's just a matter of where you're working at. You could work from a boat.

Speaker 2: 15:01

Sure. So how many times do we go to these masterminds and we, you know, like the one that we've most recently been in, starts out with everyone sitting at a table discussing you know what is working really well in their business and what are their challenges. Yeah, and these are the highest performing teams in the country. Right, everyone says I mean without question. Every single time I'm still struggling with having really good people.

Speaker 4: 15:25

That's the hardest part.

Speaker 2: 15:26

And it's like you'll never probably have enough good people, because then you get some good people, you grow, and then the people that just don't grow with you leave, and now you need more good people to grow again.

Speaker 4: 15:38

Yeah, yeah.

Speaker 4: 15:40

I mean the best thing you could be doing, no matter what role in this world, is finding people to work with. right, i mean for us it's finding good real estate agents. It's finding good operations people. It's finding good roofers, finding good guys to deal with your landscaping. It's right, like anywhere Any. you're always looking for somebody to do something right, or just add them to your on deck of you know. the one guy right now is doing a good job, but just in case he doesn't show up one day, can I call you?

Speaker 2: 16:10

When you have to be grooming these people, i think to have something else that they can look forward to. You know, i love the fact that you're helping people on your team by properties, but you know it's like you know you have these people that join your team or your world and then they reach a certain point where you know you've determined either they're great great people or not. And if they are great people, what is their next step? look like, because most great people aren't just going to be content being whatever they are at that point. Sure, i would think most people want to know what's the next step. So I think having that plan of action is very important to creating that culture for your organization where people don't people don't want to leave.

Speaker 4: 16:55

Yeah, that's the hardest part, but it's the most important part.

Speaker 2: 16:59

Yeah, i would agree with that. So let me ask you this your investing strategy. You know you've mentioned several times on this call the market is changing. I think there's without question. You know it's been so crazy because it's like as soon as we think everything is falling apart, it comes back again. Right, at least it seemed like that for the last couple years. But you know the writing is on the wall that we can't sustain printing money, having a huge inflation rates, interest rates super high and not having some kind of dramatic effect on real estate market. What does that look like for your investing strategy, come as you move forward?

Speaker 4: 17:38

So I don't know if I figured that out yet, but you know what? what's really worked for us is trying to identify the guys and gals that have been in this business for a long time and just forming a relationship with them and seeing you know, when they're finally sick of owning their properties, can we buy him, right, like I mean a lot of a lot of the property. Probably 80% of the property that I've bought is not from, like, an institutional investor and is not from, you know, young person that bought it and got in over their head or something like property for 40 years and is just getting to the point of wanting to be retired or just sick of dealing with it, or just They're just done. They've made all their money and they don't have anything. They don't have a next of kin that wants to deal with it. So you know they tell to me, right, i mean that's that's what I'm looking for.

Speaker 2: 18:28

Yeah, but I guess my question is more around the changing markets. It's not really. It's just gonna change the way your offer is, or what.

Speaker 4: 18:35

Yeah, i mean it. So I look at cash flow you know, I don't, you know.

Speaker 4: 18:41

I know everyone likes to talk about cap rate and all that stuff and I, under I look at the cap rate, but you know, i look at how much money is this thing going to throw off every month and if it's, and I just I just went under contract on a three unit over the weekend for You know, hundred and sixty thousand, and probably five years ago It would have been a hundred thousand, right, but the rents have gone up. Five years ago The rents were probably six hundred dollars a month and now the rents are eleven hundred dollars a month.

Speaker 2: 19:09

So 1100 each unit, yeah, yeah, so thirty three hundred. I mean that's. you know, i think we were talking before the call. I mean, andrew and I started doing some wholesale stuff in Cleveland and I'm blown away by, yeah, the fact that you can get properties for fifty, sixty thousand bucks that are bringing in Fifteen or twenty thousand dollars a year.

Speaker 4: 19:27

Right now I'm guessing that property will never appreciate. I mean it might. It might keep up with inflation. It well At a normal inflation rate, not current inflation, but it might keep up with a two to three percent normal inflation rate over the next 20 years. But it's not like it's ever going to be a home run where we're selling it for a million dollars. But it will.

Speaker 2: 19:47

Yeah, and you've been in Cleveland through a couple different. You know markets. You know when you first started I'm sure you went through. You know the huge collapse. What did you remember? what rents did then? like Something that right now might rent for eleven hundred, if you know the bottom falls out. What does that look like?

Speaker 4: 20:06

So I mean that was a while ago, so no, and I wasn't playing in the rents at that time. But from what I remember is rents did not go down Because you had an influx of renters entering the market. You know when these people are getting more closed on right. Like they all had to go somewhere.

Speaker 2: 20:21

That's kind of my thought too. Is I never, i can never Corally, when there's a terrible housing market, how rents could go down, because all these people are, i think.

Speaker 3: 20:30

I think rents Rents really only go down when you, when you're flooding the market with inventory of similar product, which you know, you gotta, you gotta say does that buyer pull that, does that create a new buyer pull, or or are they? Or are they just running something that is, you know, the same product at a different rate because there's more of it?

Speaker 2: 20:51

But I think the lag time on that is long too, because if they're closing on the property the bank has it sure.

Speaker 3: 20:57

I think it's that, and I think it's also demand right, which I mean we have such a strong labor market that I Mean. I don't see that disappearing anytime soon. So I mean wages are still gonna be be up for a while.

Speaker 2: 21:08

So yeah, so you're really looking. you know, have the fundamentals of analyzing the deal, but yeah, but have cash flow be your, your number one. Mm-hmm, that's good, i like them.

Speaker 3: 21:19

Yeah, that's always me. We always talk about keeping it simple and I mean you're doing that. Keep it simple and And stay true, to stay true to those basics. And you know, you may not hit Grand Slams, but you're hitting, you're hitting doubles consistently.

Speaker 4: 21:33

Well, it's exactly. If you had enough singles and doubles, who cares Right?

Speaker 2: 21:38

Yeah, well, and you said, well, we need to have a model around this, which I definitely agree with. but you know The four properties we were talking to you about beforehand. It's like we can visit four or five, it's four. It's four properties, five units, five rental doors to five rental doors and it's bringing in like 6500 a month and we can buy the whole thing for 200 grand. Mm-hmm, Yeah, that's a 38 car.

Speaker 3: 22:05

Yeah, you know it's like mean, well, and Matt's gonna, matt's gonna manage it for free for us too.

Speaker 4: 22:10

So of course I mean, why wouldn't I?

Speaker 3: 22:13

Yeah, they're closed. That's his. That's his new afternoon activity. I.

Speaker 2: 22:18

Tire marketing plan is centered around where's the closest Marine? Make sure everything's good.

Speaker 2: 22:30

I know let me go back to this. You know you said that you've been in real estate for 16 years. Really started buying about six or seven years ago. So I know in the beginning of the call you said why you might be inflating Massive portfolio. But I think that most people can't say that they have 60 doors. So to me that's still a very good achievement. You have a family that you want to leave things to. You want to help them. You know You want to leave your legacy with them. How do you, you know, from going from zero to 60? How do you transition? You know your kids to have a mindset that they still need to be working, still need to be establishing Their own goals in life, where you're not just handing them, you know, millions of dollars of real estate and saying, you know, go do whatever you want to do, be wild, be crazy, whatever.

Speaker 4: 23:19

My wife does that. She, she's with them all day long and and talks about that type of stuff. But I mean, you know, from my perspective, is them about? you know, if I buy a Boat, we're not living that lavish of a lifestyle, right Like? I made a commitment to myself and in my wife along We're not gonna buy, we're not gonna go out and buy brand new hundred thousand dollar cars. We're not gonna go out and buy brand new five hundred thousand dollar boats. We're not gonna live in a million dollar house.

Speaker 4: 23:49

Now like, we live in a really nice house, but it wasn't like beyond our means. We drive nice cars but they're all used. I have a nice boat But I bought it used, 25 years old, right Like. And I explained that to my kids that you know we only spend the money that we've, that we have. You know we don't use credit cards. We don't finance things. We wait until we can pay for it in cash. And I just involve them in the conversation, you know they, we were talking the other day about maybe getting a new boat, and so my one daughter, just she, asked me well, how many rental properties would we need to buy so that we could pay for the boat, right, i mean that's awesome Yeah.

Speaker 4: 24:31

That's, that's what I want. That's how I want them talking. And you know They don't do a ton with the rental properties right now, but they like once, once I buy them, they like to hear the numbers. You know they're teenagers right now, i, so they like to hear the numbers. I think they're kind of halfway in between understanding it and not understanding it, but they like to see the property. They understand that we're providing affordable housing to people who need it And you know they like to go see it. Sometimes they don't trust me that I had it cleaned the right way or that it was painted the right way, so they go see it And I want to make sure like, okay, you know, i saw them once. They came into a place. I said it was ready to go and they went out to like the local dollar store and they were back in there and they had, you know, rags and tile cleaner and they were like scrubbing the bathtub one more time because they're like, oh, good enough, you know that's great.

Speaker 4: 25:17

Just keeping them involved in the small stuff and just having them understand what's going on like as a broad view. You know, just get them to get some involved and just get some to just understand the process a little bit.

Speaker 2: 25:28

Unfortunately, our academic system doesn't have a whole lot of value on financial literacy.

Speaker 4: 25:35

All right.

Speaker 2: 25:35

You know you go through and it's. I have come to realize it's by design. You know, i think that they want people to be in debt. You know, that's why the you know they can control everything a little bit better, at least it surely seems that I'm reading a lot of books right now, why it's called the, why a students work for C students and B students work for the government.

Speaker 4: 26:00

So I recommend that book. But he talks about that Like what you just said, mike, that like the whole system is designed to train you to be an employee who just works to cover your debt and to, and that you have to stay indebted to these employers forever, right, and that you don't question when the government spends, you know, a hundred thousand times more money than it earns. We don't question that.

Speaker 2: 26:26

Right, and our deficit is so huge that most people can't even comprehend what that number is. But I was thinking about it actually this morning and I was like, imagine if you logged into your Wells Fargo account and it said, you know, in our terms, like negative $7 million, we would freak out, but our deficit is trillions of dollars. You know, and I think Robert Kiyosaki even said money. You know, once they got rid of the gold standard, money is debt.

Speaker 3: 26:56

Yeah, that's true.

Speaker 2: 26:58

So, but you got to obviously structure your debt in a smart way. You know, I think that's where a lot of people kind of get hung up on.

Speaker 4: 27:05

It depends on what debt right Like, if you if you left real estate debt.

Speaker 4: 27:09

It's amazing. But if you have consumer debt and you're paying, i mean just people say, oh, it's just 24% or whatever. But I mean, if you actually do the numbers on that, because, because you couldn't wait you know what 18 months or whatever to spend however many thousands of dollars to buy a vacation or buy whatever it was, it didn't cost you the five grand for the vacation. It probably cost you $20,000 by the time you paid it back, right, right, if you ever pay it back.

Speaker 3: 27:35

Yeah, well, that's the design, is I mean? yeah, that's what I mean. Yeah, it teaches financial literacy.

Speaker 2: 27:41

Yeah, then by the time, by the time you learn it, it's too late, because most people are so far in debt that they can't get out of it. You know, with a normal, you know their salary is X amount of dollars a year. It's impossible unless they do something else.

Speaker 3: 27:56

Well, what's in me when he said it's how come?

Speaker 4: 27:58

how come you can make. You can make 100 grand W2 or 100 grand 1099 gross owning your own business and the 1099 guy can't finance a popsicle, but the guy W2 can get a million dollar home.

Speaker 2: 28:12

Right, yeah, see the conspiracy theorist. Yeah, i know Getting deep getting deep, here I got Andrews the outlier at least for some reason. Oh, he normally is.

Speaker 3: 28:23

Yeah, that's why I have him around, otherwise that's like being jailed by the people. That's the counseling part of the job. You know All right?

Speaker 2: 28:30

Well, Matt, you got anything in closing.

Speaker 4: 28:32

I don't, i got nothing. Give me, give me. What do you want to hear from me?

Speaker 3: 28:36

Well, i think, what's your, what's your number one tidbit of wisdom, my number one tidbit of wisdom.

Speaker 4: 28:42

I would say just do it right. Like the Nike, yeah, nike, the first property I bought. I remember my wife was like what are you doing? We need a spouse for ourselves, this, that and the other. And then I said, just go with me for a while. And now, however many years later it is. She's asking me like well, when's what's the next one going to be? When are you going to find the next one? Where can I see the next one? Can I see the current, whatever? right, you know? now she's like hey, go buy 10 more.

Speaker 4: 29:10

I think, just do it, yeah, and you can't. As long as you hang on to it, long term you can't mess it up, right, like that's where the character of the terms in Yeah, that's the coolest thing about real estate is. You know, obviously, take some classes, read some books, don't just blindly jump into something. That's not what I'm saying, but like once, once you have a pretty good understanding of what it looks like, just just go get something and just get the experience and just do it. And even if something goes wrong or there's a big repair or whatever, just so what if you, if you just hold onto it and definitely you'll get that money back.

Speaker 2: 29:44

Yeah, i love that. Well, Matt, we appreciate you coming on taking some time away from the boat. This is, you know, as always.

Speaker 4: 29:52

I've already shared with you. I'm in my real estate office, So we are working.

Speaker 2: 29:59

He's on the clock You want to give a quick plug to Thanksgiving Heroes.

Speaker 4: 30:03

Yeah. So Thanksgiving Heroes is an organization founded by all of our good friends, the Rob Adams, and we feed families during Thanksgiving. We provide enough food to a family of five that they get a like a 20 pound frozen turkey gravy pie like everything that it takes to have a really nice Thanksgiving meal And if anybody is interested in doing that type of thing in their area they can give me a call. My number is 440452-2000. That's my cell phone, so give me a call if you want to know how to do something like that in your town. But this past year we fed 2000 families in the greater Cleveland area through Rob's mentorship and his ideas.

Speaker 2: 30:45

Yeah, we actually had Rob on I think he was like episode four or five And you know I've always been inspired by him. I'm inspired by the fact that you took action and now you know, 2000 people that would normally not be having Thanksgiving are able to do it. It's pretty awesome.

Speaker 4: 31:02

We've gotten some corporate sponsorships this year. So we have several large corporations now where you know I'm pretty good friends with, like the CEO or the founders of the company, who donate money to us And you know, just getting involved in something like this. You know, obviously it's amazing to help these families, but when I got started you never understood. I didn't understand the gravity of the type of people that might come into our world right.

Speaker 2: 31:26

Right, I mean, it goes a long way And it's all about giving back, it's about creating that legacy. It's not just about you know how much money do I have, How much wealth have I made, But what am I going to? you know what's my mark on the world, And I always hats off to you, brother.

Speaker 4: 31:41

I appreciate it.

Speaker 3: 31:42

We appreciate you. So thanks for doing it, Matt. Appreciate you coming on and spending some time and imparting your wisdom and your goals and your successes with us.

Speaker 4: 31:52

Cool. Thanks, guys Happy to be here.

Speaker 2: 31:54

All right. This has been another episode of the Legacy Wealth Code podcast. Until next time onward.