1 00:00:00,040 --> 00:00:05,240 I was not a boring investor. I was an entrepreneurial 2 00:00:05,240 --> 00:00:09,360 investor and I made a lot of mistakes. 3 00:00:09,360 --> 00:00:11,600 I thought investing should be exciting. 4 00:00:11,600 --> 00:00:17,160 I didn't know the truth. The truth is that economist Paul 5 00:00:17,160 --> 00:00:20,600 Samuelson, who was the first Nobel Pie Prize winner in 6 00:00:20,600 --> 00:00:24,320 economics. Wow, Paul Samosi and I, I did 7 00:00:24,400 --> 00:00:27,720 read some of his work because my first degrees in economics 8 00:00:27,760 --> 00:00:32,280 though that that's that's out. Samuelson said investing should 9 00:00:32,280 --> 00:00:34,960 be boring. It should be like watching paint 10 00:00:34,960 --> 00:00:38,720 dry or watching grass grow. If you want excitement, take 11 00:00:38,720 --> 00:00:42,840 $800 and go to Las Vegas, Yeah. Casino. 12 00:00:43,280 --> 00:00:46,680 I didn't know that. I thought investing should be 13 00:00:46,680 --> 00:00:49,640 exciting and fun, and I lost a lot of money. 14 00:00:49,880 --> 00:00:52,640 I had excitement, That's first. The household is means. 15 00:00:52,880 --> 00:00:57,480 I've lost a lot of money and so I made a vow to become the 16 00:00:57,480 --> 00:01:00,800 boring investor. Welcome to the King Dems 17 00:01:00,800 --> 00:01:04,120 Podcast, where we share the stories of extraordinary people 18 00:01:04,120 --> 00:01:07,320 and dissect hot, relevant topics that shape our world. 19 00:01:07,720 --> 00:01:10,360 From visionary leaders to trailblazing creatives, we 20 00:01:10,360 --> 00:01:13,720 uncover the mindset, strategy, and grit behind greatness. 21 00:01:13,960 --> 00:01:17,240 Whether it's business, culture, or personal growth, we ask the 22 00:01:17,240 --> 00:01:19,680 real questions. This isn't just conversation, 23 00:01:19,680 --> 00:01:23,240 it's transformation. The Kingdom's podcast, Your Next 24 00:01:23,240 --> 00:01:27,000 Breakthrough, starts here. Music licensing reimagined. 25 00:01:30,960 --> 00:01:32,920 Ladies and gentlemen, we are live. 26 00:01:32,920 --> 00:01:36,360 And of course, you are once again welcome to the Kingdom's 27 00:01:36,360 --> 00:01:40,160 broadcast. And today I've got with me a 28 00:01:40,160 --> 00:01:46,440 very, very special guest fighting out of Virginia, United 29 00:01:46,440 --> 00:01:50,480 States of America. Mick Walker, Paul, the board 30 00:01:50,480 --> 00:01:58,160 investor Moore, how are you? Hey, I'm doing great and it's 31 00:01:58,160 --> 00:02:00,240 fantastic to be here. Thank you. 32 00:02:00,920 --> 00:02:05,440 Wow, I love your name because you can actually play on words 33 00:02:05,440 --> 00:02:08,080 with it. Paul Moore. 34 00:02:08,680 --> 00:02:13,520 Everybody wants more in life, but are you willing to do more 35 00:02:13,680 --> 00:02:16,880 like Paul Moore? OK, we will find out. 36 00:02:17,320 --> 00:02:21,800 I appreciate you very much as a person because you are a symbol 37 00:02:21,800 --> 00:02:24,120 of hope, a symbol of inspiration. 38 00:02:24,440 --> 00:02:29,240 And by the way, I tell people this, I would never say behind 39 00:02:29,240 --> 00:02:32,520 you what I cannot say in your presence, right? 40 00:02:32,520 --> 00:02:35,880 So let me report myself to you. I said to somebody when life 41 00:02:35,880 --> 00:02:41,240 gives you lemons, make lemonade. Was a person then that person 42 00:02:41,240 --> 00:02:46,120 would be Paul Moore. So today I'm chilled to welcome 43 00:02:46,320 --> 00:02:51,480 an extraordinary guest, Paul Moore, a former Ford executive 44 00:02:51,760 --> 00:02:56,400 turned real estate mogul, three time author and the founder of 45 00:02:56,400 --> 00:03:00,760 Welling's Capital known as the Boring Investor. 46 00:03:01,000 --> 00:03:04,560 What a moniker. Paul has flipped the script on 47 00:03:04,560 --> 00:03:08,000 what it means to build wealth. After selling his company and 48 00:03:08,000 --> 00:03:12,000 making millions, he hit rock bottom going 2 point. 49 00:03:12,520 --> 00:03:15,560 By the way, U.S. dollars. Shout out to the Australian 50 00:03:15,560 --> 00:03:20,440 dollars in debts before rebuilding with a rock solid 51 00:03:20,440 --> 00:03:25,080 philosophy. Slow, steady recession resistant 52 00:03:25,240 --> 00:03:29,000 investing. Paul has completed over 100 real 53 00:03:29,000 --> 00:03:33,680 estate deals, hosted the Heat podcast How to Lose Money, 54 00:03:34,120 --> 00:03:38,760 contributed to Bigger Pockets and Fox Business, and helped 55 00:03:38,920 --> 00:03:43,840 raise over 800 thousand U.S. dollars to fight human 56 00:03:43,840 --> 00:03:47,480 trafficking. Today, he's here to share how 57 00:03:47,560 --> 00:03:51,360 you can build enduring wealth while staying aligned with your 58 00:03:51,360 --> 00:03:53,480 values. Let us dive in. 59 00:03:53,560 --> 00:03:57,520 And once again, ladies and gentlemen, big welcome the man, 60 00:03:57,520 --> 00:04:01,880 the myth and the legend. Paul Moore, your, your story's 61 00:04:01,880 --> 00:04:04,160 actually inspiring. I think that's an understatement 62 00:04:04,160 --> 00:04:07,120 anyways. But you know, from millionaire, 63 00:04:07,880 --> 00:04:12,800 you know, to millions in debt and back is nothing short of 64 00:04:13,000 --> 00:04:16,279 remarkable. But what might have shifts 65 00:04:16,279 --> 00:04:19,680 helped you turn your financial crisis into a comeback story? 66 00:04:21,440 --> 00:04:23,840 Well, you know, I'm just kind of backing up. 67 00:04:23,840 --> 00:04:29,200 I sold my company, my staffing firm in 1997 and I thought I was 68 00:04:29,200 --> 00:04:32,280 a full time investor, but you know what I was not? 69 00:04:32,280 --> 00:04:35,600 I was a full time speculator is what I was. 70 00:04:36,680 --> 00:04:40,040 More like gambler. I made a lot of mistakes and I 71 00:04:40,040 --> 00:04:43,080 lost a lot of money. I made a lot of money as well, 72 00:04:43,520 --> 00:04:50,200 but I went into exactly 10 years after I had about $2,000,000 in 73 00:04:50,200 --> 00:04:52,480 the bank from selling my small company. 74 00:04:52,480 --> 00:04:57,480 I had two and a half, $1,000,000 in debt and my business partner 75 00:04:57,480 --> 00:05:01,160 said I can't do this anymore. It was late 2007. 76 00:05:01,520 --> 00:05:05,440 We didn't know we were plunging off the financial Cliff into 77 00:05:05,440 --> 00:05:09,080 2008 and. Whoa. 78 00:05:09,440 --> 00:05:13,080 We knew there was, you know, we knew the economy was on shaky 79 00:05:13,080 --> 00:05:14,800 ground. We just didn't know how bad it 80 00:05:14,800 --> 00:05:17,480 really would be. That was a part time. 81 00:05:18,520 --> 00:05:25,640 It was a bad time and so we had had to decide what to do next. 82 00:05:25,640 --> 00:05:30,720 So I called together my family, I called my CPA and her husband 83 00:05:30,720 --> 00:05:34,480 and a couple friends and I said, we've got an idea. 84 00:05:34,680 --> 00:05:37,640 I've got an idea. I feel like God wants me to 85 00:05:37,640 --> 00:05:40,080 start giving our way out of debt. 86 00:05:40,080 --> 00:05:44,880 And they looked at me like. Reverse psychology, Yeah. 87 00:05:45,840 --> 00:05:48,560 It's Jared. We're, you know, I said our back 88 00:05:48,560 --> 00:05:50,920 is against the wall. We're in really big trouble. 89 00:05:50,920 --> 00:05:53,360 It looks like the economy is in really bad shape. 90 00:05:53,360 --> 00:05:58,200 We own all this real estate. Let's we're going to start 91 00:05:58,200 --> 00:06:01,200 giving aggressively. We already were giving 92 00:06:01,240 --> 00:06:04,560 generously, but we said we're going to give a certain amount 93 00:06:04,560 --> 00:06:09,200 every single week. And if God bails us out, so be 94 00:06:09,200 --> 00:06:11,600 it. And if he doesn't, then I I'm in 95 00:06:11,600 --> 00:06:14,800 his hands. That is what we're doing, yeah. 96 00:06:15,240 --> 00:06:20,360 So January 1st, 2008 we we gave a certain amount of money that 97 00:06:20,360 --> 00:06:24,640 week and then a same the second, third, the 4th, the 5th week. 98 00:06:25,000 --> 00:06:29,000 But the 4th week of that, in January, I met a real estate 99 00:06:29,000 --> 00:06:33,640 developer at a restaurant and he gave me an idea. 100 00:06:34,080 --> 00:06:39,240 And that little idea exploded in my mind. 101 00:06:39,240 --> 00:06:44,000 And I went to the county planning and zoning board the 102 00:06:44,000 --> 00:06:49,000 next two days later with my surveyor and I said, hey, I've 103 00:06:49,000 --> 00:06:53,360 got this idea. I want to do this, to subdivide 104 00:06:53,360 --> 00:06:58,040 this 5 acres of waterfront land into 5 parcels. 105 00:06:58,640 --> 00:07:05,040 And it was not subdividable, but I said I want to use your law to 106 00:07:05,040 --> 00:07:09,240 subdivide it anyway. And the lady looks up over her 107 00:07:09,240 --> 00:07:11,280 glasses. She was an older lady and she 108 00:07:11,280 --> 00:07:13,720 said Speaking of. Glasses. 109 00:07:13,720 --> 00:07:15,480 I need to get my glasses as well. 110 00:07:16,120 --> 00:07:19,400 Yeah, she said. Mr. Moore, no one. 111 00:07:19,480 --> 00:07:22,560 I am. I've been here 30 years and no 112 00:07:22,560 --> 00:07:28,000 one ever attempted to use our law against us like this. 113 00:07:28,000 --> 00:07:30,000 And then she laughed. She smiled. 114 00:07:30,000 --> 00:07:31,600 She said. But you did. 115 00:07:31,600 --> 00:07:34,720 She said. You figured it out, She said. 116 00:07:34,880 --> 00:07:37,720 You can do this. No one has ever come up with 117 00:07:37,720 --> 00:07:41,880 such a crazy idea, but you can do this anyway. 118 00:07:41,880 --> 00:07:46,440 So I had a lot of hard work left a lot of meetings with 119 00:07:46,440 --> 00:07:51,120 attorneys, and I had meetings with real estate developers and 120 00:07:51,120 --> 00:07:56,480 soil contractors and surveyors. But we were able to subdivide 121 00:07:56,480 --> 00:08:02,400 that land and 13 months later I was completely debt free. 122 00:08:02,400 --> 00:08:06,600 I even paid off my house. Wow, wow. 123 00:08:06,800 --> 00:08:11,320 I you know, you just reminded me of a book I read growing up in 124 00:08:11,320 --> 00:08:16,000 Nigeria. It's written by He's a pastor 125 00:08:16,040 --> 00:08:20,360 motivational speaker. His name is Sam Adiemi, and the 126 00:08:20,360 --> 00:08:23,200 title of that book is Ideas Rule the world. 127 00:08:24,160 --> 00:08:30,880 It's interesting how a person's life can change in the blink of 128 00:08:30,880 --> 00:08:38,919 an eye just by way of an idea. And some people call it your 129 00:08:38,919 --> 00:08:41,760 lightning rod moment. Some people call it your aha 130 00:08:41,760 --> 00:08:44,640 moment. But the hearts of kings and 131 00:08:44,640 --> 00:08:49,080 Princess is in the hearts of the Lord and it's always very 132 00:08:49,080 --> 00:08:54,320 important to to pray for that wisdom, you know, to make wealth 133 00:08:54,320 --> 00:08:58,360 because it's it's scriptural that it is he who gives us, you 134 00:08:58,360 --> 00:09:01,320 know, the the wisdom and of course the power to make wealth. 135 00:09:02,160 --> 00:09:07,680 But something really strikes me when it comes to you and that is 136 00:09:07,680 --> 00:09:11,160 your moniker, the foreign investor. 137 00:09:11,960 --> 00:09:18,600 I have only said that one thing that the success that I, I 138 00:09:18,960 --> 00:09:24,040 personally have in, in my life is attributable to a couple of 139 00:09:24,040 --> 00:09:30,520 boring things. And that is consistency, hard 140 00:09:30,520 --> 00:09:31,800 work. Yeah. 141 00:09:31,800 --> 00:09:34,840 And would I say still consistency, consistent faith, 142 00:09:34,840 --> 00:09:37,880 you know, in, in God and, and myself. 143 00:09:38,080 --> 00:09:42,760 So that aligns with my values. So I I want for you to talk 144 00:09:42,760 --> 00:09:47,640 about why you embrace that, Monica, probably the boring 145 00:09:47,640 --> 00:09:51,320 investor. Well, the problem was when I 146 00:09:51,320 --> 00:09:56,840 sold my company at 33 years old, I thought I should get the same 147 00:09:56,840 --> 00:10:03,280 excitement out of real estate investing and out of investing 148 00:10:03,280 --> 00:10:06,440 that I did out of being an entrepreneur. 149 00:10:06,760 --> 00:10:11,960 I was not a boring investor. I was an entrepreneurial 150 00:10:11,960 --> 00:10:16,080 investor and I made a lot of mistakes. 151 00:10:16,600 --> 00:10:18,920 I thought investing should be exciting. 152 00:10:18,920 --> 00:10:24,800 I didn't know the truth. The truth is that economist Paul 153 00:10:24,800 --> 00:10:29,200 Samuelson, who was the first Nobel Prize winner in economics. 154 00:10:30,040 --> 00:10:34,480 Wow, Paul Samuelson I I did a read some of his work because my 155 00:10:34,480 --> 00:10:37,440 first degrees in economics so that that stands out. 156 00:10:39,200 --> 00:10:41,960 Danielson said investing should be boring. 157 00:10:42,520 --> 00:10:46,280 It should be like watching paint dry or watching grass grow. 158 00:10:46,600 --> 00:10:50,560 If you want excitement, take $800 and go to Las Vegas. 159 00:10:51,040 --> 00:10:54,840 Yeah, Casino. I didn't know that. 160 00:10:55,240 --> 00:10:59,320 I thought investing should be exciting and fun, and I lost a 161 00:10:59,320 --> 00:11:02,680 lot of money. I had excitement, That's first. 162 00:11:02,720 --> 00:11:07,000 All this means. But I lost a lot of money and so 163 00:11:07,000 --> 00:11:10,760 I made a vow to become the boring investor. 164 00:11:11,640 --> 00:11:15,640 Boring investors don't get excitement out of their 165 00:11:15,640 --> 00:11:19,960 investments. Warring investors have to wait a 166 00:11:19,960 --> 00:11:23,760 long time. Warren Buffett said that the the 167 00:11:23,760 --> 00:11:28,120 true profit is not in the buying and selling, but in the waiting. 168 00:11:28,800 --> 00:11:31,880 Yes. Boring investors avoid hidden 169 00:11:31,880 --> 00:11:35,840 costs they don't have. I had a friend named Kevin who 170 00:11:36,040 --> 00:11:41,640 he always watched his stock market his, he was doing short 171 00:11:41,640 --> 00:11:45,880 and long positions and he was always watching it go up and 172 00:11:45,880 --> 00:11:49,480 down and up and down. He was always excited and tense 173 00:11:49,920 --> 00:11:54,800 and he lost sleep over it and he lost productivity and he lost 174 00:11:54,800 --> 00:11:57,640 relationships. He was always on his BlackBerry 175 00:11:57,640 --> 00:12:00,240 and now iPhone. You know what? 176 00:12:00,240 --> 00:12:03,640 He didn't make any more money. He lost money doing that. 177 00:12:03,640 --> 00:12:05,760 He didn't make money. You know that. 178 00:12:05,760 --> 00:12:12,120 Those are hidden costs. Now he goes sailing through the 179 00:12:12,120 --> 00:12:17,760 Puget Sound in Seattle and he has his investments in passive 180 00:12:17,760 --> 00:12:21,480 investments and he's trusting other people to do the heavy 181 00:12:21,480 --> 00:12:24,320 lifting. He invest with my company, he 182 00:12:24,320 --> 00:12:28,800 invest in other passive investments, and he doesn't try 183 00:12:28,800 --> 00:12:33,280 to manage his money. Boring investors lose money 184 00:12:33,280 --> 00:12:38,240 sometimes, but they use those lessons to make a fortune. 185 00:12:38,240 --> 00:12:46,280 Later focus more on protecting their principal and not losing 186 00:12:46,280 --> 00:12:50,320 money and not making repeatable mistakes. 187 00:12:50,320 --> 00:12:53,520 Then they do bring brilliant and making money. 188 00:12:53,520 --> 00:12:57,360 Charlie Munger, Warren Buffett's partner, was the most brilliant 189 00:12:57,360 --> 00:13:00,240 investor in the world, according to a lot of people. 190 00:13:00,920 --> 00:13:05,400 And his obsession was not on making money. 191 00:13:05,960 --> 00:13:11,800 His obsession was on not making repeatable mistakes. 192 00:13:12,520 --> 00:13:19,560 And did you know if you take the, if you Berkshire Hathaway 193 00:13:20,000 --> 00:13:25,520 over the last 60 years, Warren Buffett's company, if you cut 194 00:13:25,520 --> 00:13:31,160 the share price by 99%, if you took their share price today, 195 00:13:31,160 --> 00:13:35,040 let's say it, let's just say it's $100 and you cut it down to 196 00:13:35,040 --> 00:13:40,680 $1.00, it still beats the S&P 500 by about 40%. 197 00:13:42,440 --> 00:13:45,440 So they're the boringest investors I know. 198 00:13:45,440 --> 00:13:50,280 Warren Buffett's life is boring. Charlie Munger, he read 500 199 00:13:50,280 --> 00:13:53,480 books a year. His life was boring was very, 200 00:13:53,480 --> 00:13:55,640 very. Their life would be hard to 201 00:13:55,640 --> 00:13:58,440 replicate because it would be so boring. 202 00:13:58,480 --> 00:14:04,640 But they were able to pave a way and show the world what it looks 203 00:14:04,640 --> 00:14:09,640 like to be a boring investor. Boring investors were often 204 00:14:09,640 --> 00:14:13,720 misunderstood. Absolutely, absolutely. 205 00:14:13,720 --> 00:14:17,560 It's the fact of life, right? And that's the exactly one thing 206 00:14:17,560 --> 00:14:21,200 I appreciate about you. You are not afraid to be 207 00:14:21,200 --> 00:14:23,560 different, you know, owning it as well. 208 00:14:23,560 --> 00:14:25,480 It's a bold move. It is a bold move. 209 00:14:26,840 --> 00:14:30,880 Yeah. Wow, the boring investment. 210 00:14:30,880 --> 00:14:33,800 Absolutely. You know, it's more about the 211 00:14:34,840 --> 00:14:36,960 would I say tested and trusted principles. 212 00:14:36,960 --> 00:14:39,440 Life actually works on principles, right. 213 00:14:39,440 --> 00:14:42,720 If you apply with these principles, right, that have 214 00:14:43,320 --> 00:14:49,240 been tested right and trusted over time, often than not you 215 00:14:49,240 --> 00:14:54,360 would be successful, but it comes out of cost and that cost 216 00:14:54,360 --> 00:15:00,280 has been boring, right? But absolutely being great on 217 00:15:00,280 --> 00:15:04,800 life requires you to be different from, from, from other 218 00:15:04,800 --> 00:15:08,160 people. And Speaking of real estate, 219 00:15:08,360 --> 00:15:11,680 right, investment, you've actually been able to complete 220 00:15:11,800 --> 00:15:16,520 over 100 breed estate deals. We're not talking about small 221 00:15:16,520 --> 00:15:20,600 deals, we're talking about multi $1,000,000. 222 00:15:21,000 --> 00:15:22,200 Deals. All deals. 223 00:15:23,840 --> 00:15:26,640 What did he say? Some of them were small deals, 224 00:15:26,640 --> 00:15:29,160 too. OK, OK. 225 00:15:29,160 --> 00:15:32,360 But what is small to you is is big to me. 226 00:15:32,360 --> 00:15:36,560 So remember I'm actually an ex big for auditor and there's 227 00:15:36,560 --> 00:15:39,560 something that is very, very important to our work. 228 00:15:39,560 --> 00:15:43,960 We call it MATI reality, right? Materiality basically talks 229 00:15:43,960 --> 00:15:47,200 about significance, right? That is an item is said to be 230 00:15:47,200 --> 00:15:50,080 material if it's inclusion or mission in the financial 231 00:15:50,080 --> 00:15:54,160 statements is significant enough to influence the decision making 232 00:15:54,320 --> 00:15:56,920 of the users of the financial information. 233 00:15:57,240 --> 00:16:02,680 So for you, absolutely, what is small to you is actually still 234 00:16:02,680 --> 00:16:05,000 big to me. In the meantime, we're looking 235 00:16:05,000 --> 00:16:08,240 at flipping homes, you know, to building funds. 236 00:16:08,480 --> 00:16:12,120 So why did you ultimately shift your focus to commercial real 237 00:16:12,120 --> 00:16:16,760 estate and recession resistant assets like self storage and 238 00:16:16,880 --> 00:16:19,400 mobile home packs? Yeah. 239 00:16:19,480 --> 00:16:24,120 Well, Adam, all, we flipped a lot of homes, flipped 50 or 60 240 00:16:24,120 --> 00:16:26,720 homes. I flipped 20 or 30 waterfront 241 00:16:26,720 --> 00:16:32,160 lots at Smith Mountain Lake and Virginia, and I realized, you 242 00:16:32,160 --> 00:16:40,920 know, a lot of the deals we were doing, we were just making money 243 00:16:40,920 --> 00:16:43,840 and then going on and making more money and making more 244 00:16:43,840 --> 00:16:47,840 money, but we were just pouring money back into the next deal, 245 00:16:47,840 --> 00:16:51,120 Warren Buffett said. And this is another boring 246 00:16:51,120 --> 00:16:55,760 investor principle. He said unless you learn to make 247 00:16:55,760 --> 00:16:59,400 money while you sleep, you'll have to work until you die. 248 00:17:00,360 --> 00:17:03,840 Absolutely. And so we weren't making money 249 00:17:03,840 --> 00:17:08,079 while we slept. We were making money while we 250 00:17:08,079 --> 00:17:11,319 worked, but we weren't making money when I didn't. 251 00:17:11,319 --> 00:17:15,839 And so I wanted to find investments that actually made 252 00:17:15,839 --> 00:17:22,480 money while I slept, but I also wanted to find investments that 253 00:17:22,480 --> 00:17:26,160 allowed us to force appreciation. 254 00:17:26,240 --> 00:17:31,520 Now, in residential real estate, your appreciation comes. 255 00:17:31,720 --> 00:17:36,040 You know your value of the real estate is based on comps on 256 00:17:36,040 --> 00:17:39,960 comparable properties in the neighborhood, but in commercial 257 00:17:39,960 --> 00:17:43,880 real estate, your value is based on math. 258 00:17:44,200 --> 00:17:49,120 Now that's related to comparable properties, but the math is that 259 00:17:49,120 --> 00:17:53,360 the value of the real estate equals the net operating income 260 00:17:54,000 --> 00:17:57,160 divided by the cap rate or the capitalization rate. 261 00:17:57,920 --> 00:18:03,840 Therefore, if I increase net operating income by 20%, I 262 00:18:03,840 --> 00:18:07,400 increase the value of the property by 20%. 263 00:18:08,040 --> 00:18:14,480 But if I'm using leverage, let's say 50% debt, then I can 264 00:18:14,480 --> 00:18:20,440 actually increase the value of the property, the the equity by 265 00:18:20,560 --> 00:18:24,200 not just 20%, but maybe 40% in that case. 266 00:18:24,920 --> 00:18:32,200 Well, this is very predictable and this is very much easy to 267 00:18:32,200 --> 00:18:35,760 track and it's easy to understand. 268 00:18:35,760 --> 00:18:41,320 So when we buy properties with baked in intrinsic value, that 269 00:18:41,320 --> 00:18:45,480 means there's value that's in the property that the previous 270 00:18:45,480 --> 00:18:48,520 owner has not on, has not tapped into. 271 00:18:48,960 --> 00:18:52,320 We can increase the value by increasing the income. 272 00:18:52,880 --> 00:18:57,720 Warren Buffett said price is what you pay, value is what you 273 00:18:57,720 --> 00:18:59,560 get. And when you buy commercial real 274 00:18:59,560 --> 00:19:05,080 estate properties from mom and pop owners, you can sometimes 275 00:19:05,080 --> 00:19:10,480 see opportunities to increase the income, increase the value 276 00:19:10,920 --> 00:19:13,440 and increase the returns for investors. 277 00:19:13,440 --> 00:19:16,200 And I like that. I like commercial real estate 278 00:19:16,440 --> 00:19:22,280 because we can increase the value based on math on based on 279 00:19:22,280 --> 00:19:26,000 we can force appreciation. I've got examples if you would 280 00:19:26,000 --> 00:19:30,080 like to know. Yes, I, I definitely would love 281 00:19:30,080 --> 00:19:36,320 examples, right And for me being an ex BIG4 auditor, I've seen 282 00:19:36,400 --> 00:19:39,320 like some of these things play out in real life, right? 283 00:19:39,360 --> 00:19:47,720 You have an organization that is selling out or probably being 284 00:19:47,720 --> 00:19:49,880 taken over. You have mergers, you have 285 00:19:49,880 --> 00:19:52,280 acquisitions, especially acquisitions, right? 286 00:19:52,320 --> 00:20:00,360 And you see the company right that is buying this new 287 00:20:00,360 --> 00:20:06,800 subsidiary paying heavily, paying heavy premiums for that 288 00:20:06,800 --> 00:20:09,040 target company that they are acquiring. 289 00:20:09,080 --> 00:20:13,720 And this is sort of what I say relatable to to what you're 290 00:20:13,720 --> 00:20:18,960 explaining that premium right is driven by certain factors. 291 00:20:19,240 --> 00:20:23,240 So in your examples a lot for you to. 292 00:20:24,320 --> 00:20:29,960 Would I say isolate or identify the factors that drive the 293 00:20:29,960 --> 00:20:34,600 premium of these commercial real estate properties up? 294 00:20:35,960 --> 00:20:37,440 Well let me just give an example. 295 00:20:37,440 --> 00:20:40,680 So I wrote a book called Storing Up Profits. 296 00:20:40,680 --> 00:20:45,600 It was published by Bigger Pockets in 2021, and the book 297 00:20:45,600 --> 00:20:50,040 was about self storage in self storage. 298 00:20:50,040 --> 00:20:53,200 You know, most of self storage is in North America, but it's 299 00:20:53,200 --> 00:20:55,800 starting to take hold in England. 300 00:20:56,560 --> 00:20:57,400 Yeah, we have. We have. 301 00:20:57,400 --> 00:21:02,640 We have those here. And self storage, you can buy a 302 00:21:02,640 --> 00:21:07,200 self about half of the self storage assets in America. 303 00:21:07,200 --> 00:21:11,040 There's about 50 or 60,000 self storage facilities. 304 00:21:12,040 --> 00:21:15,200 About half of them are run by mom and pop owners. 305 00:21:16,080 --> 00:21:21,400 These mom and pop owners do not have the desire or the knowledge 306 00:21:21,760 --> 00:21:27,480 or the resources to upgrade the facilities to increase income, 307 00:21:27,760 --> 00:21:31,520 to maximize value and shareholder returns. 308 00:21:32,440 --> 00:21:37,320 So for example, you might buy a self storage facility and the 309 00:21:37,320 --> 00:21:41,880 owner might say, yeah, there's 5 or 6 acres Outback we don't use. 310 00:21:42,800 --> 00:21:47,800 Well, the smart buyer will say, OK, what can we do with that 5 311 00:21:47,800 --> 00:21:51,080 or 6 acres? Well, they can gravel that or 312 00:21:51,080 --> 00:21:55,200 pay pave it and they can put, they can store heavy machinery 313 00:21:55,200 --> 00:21:58,960 and equipment there. They can use it for RV and boat 314 00:21:58,960 --> 00:22:02,280 storage. They can put a cell tower back 315 00:22:02,280 --> 00:22:05,560 there. They can put a billboard on the 316 00:22:05,560 --> 00:22:09,000 front of the property and get revenue from the Billboard. 317 00:22:10,200 --> 00:22:16,040 They can add a showroom and an office where they sell locks, 318 00:22:16,120 --> 00:22:22,520 boxes, tape and scissors. They can expand the facility. 319 00:22:23,240 --> 00:22:25,800 They can add climate control buildings. 320 00:22:26,680 --> 00:22:29,520 They can maybe they can build on. 321 00:22:29,520 --> 00:22:32,200 I know somebody who add one story building. 322 00:22:32,200 --> 00:22:34,360 They made it into a three story building. 323 00:22:34,400 --> 00:22:40,200 They can add. They can add an ATM, they can 324 00:22:40,200 --> 00:22:44,160 add a propane filling station. There's a lot of things that a 325 00:22:44,160 --> 00:22:48,120 good buyer can do. They can start renting U-Haul 326 00:22:48,160 --> 00:22:51,000 rental trucks out of the. Purpose in. 327 00:22:51,800 --> 00:22:56,640 Yeah, and they can do all kinds of things to increase income and 328 00:22:56,640 --> 00:23:01,480 maximize value. And so the original owner, the 329 00:23:01,480 --> 00:23:05,400 mom and pop owner, doesn't know or care about these things. 330 00:23:05,400 --> 00:23:09,640 And that's why there's tremendous intrinsic value in 331 00:23:09,640 --> 00:23:15,680 that property that the buyer can unlock for their investors. 332 00:23:16,200 --> 00:23:20,240 That's what we love about a lot of different commercial real 333 00:23:20,240 --> 00:23:22,560 estate deals. Wow. 334 00:23:22,800 --> 00:23:26,600 You know, there's that possibility to unlock an 335 00:23:26,760 --> 00:23:32,720 exponential increase in not just value, but in revenue. 336 00:23:33,240 --> 00:23:36,160 Yeah, right. Because it's interesting how 337 00:23:36,280 --> 00:23:41,440 sometimes you have certain factors that drive the value up. 338 00:23:41,440 --> 00:23:45,760 And this is what I say very common in the text space. 339 00:23:46,920 --> 00:23:52,040 One day the value goes up the course of some speculations, and 340 00:23:52,040 --> 00:23:54,600 the very next day it's it can be on the floor. 341 00:23:56,000 --> 00:24:00,240 But what would you say about the obsession that a lot of 342 00:24:00,240 --> 00:24:05,320 investors have about value? So, so some of them would I say 343 00:24:05,320 --> 00:24:08,640 place more premium on valuation than revenue. 344 00:24:10,800 --> 00:24:15,600 Well, I tell you, I'm not sure about that because we're in the 345 00:24:15,600 --> 00:24:18,400 real estate space, but I'll, I'll tell you there's something 346 00:24:18,400 --> 00:24:23,880 that may be similar. A lot of operators place all 347 00:24:23,880 --> 00:24:29,000 their focus on AUM. That's assets under management. 348 00:24:29,000 --> 00:24:32,400 They want to grow, grow, grow and get to a billion dollars in 349 00:24:32,400 --> 00:24:35,600 assets. That's valuation, right? 350 00:24:36,360 --> 00:24:41,040 We are focused on profits, we're focused on return. 351 00:24:41,040 --> 00:24:46,680 If we can focus on ROI or profits, the AUM will take care 352 00:24:46,680 --> 00:24:49,160 of itself. If we're focused on growth and 353 00:24:49,160 --> 00:24:54,760 AUM first, then we'll probably have lower profits and unhappier 354 00:24:54,760 --> 00:24:58,360 investors and we won't be making the difference that we want to 355 00:24:58,360 --> 00:25:01,920 for our investors. Exactly, you know, investors, 356 00:25:01,920 --> 00:25:06,280 the, the average investor wants to have a return on their, their 357 00:25:06,280 --> 00:25:09,920 capital. But what I see a lot of wheels 358 00:25:10,240 --> 00:25:15,080 in in, in the industry are just about that valuation because it 359 00:25:15,080 --> 00:25:19,840 makes them look really fancy to, to, to to the public. 360 00:25:19,840 --> 00:25:24,160 It's just a little difference between being a multi 361 00:25:24,160 --> 00:25:28,640 millionaire and a billionaire. So some people get lost in that 362 00:25:28,640 --> 00:25:33,600 obsession of having their net worth grow instead of having, 363 00:25:33,600 --> 00:25:38,400 you know, the net income grow consistently over time. 364 00:25:38,640 --> 00:25:41,280 So I think that that's a good way to segue to my next 365 00:25:41,280 --> 00:25:45,560 question, which is about high income professionals. 366 00:25:45,760 --> 00:25:48,760 What are the top three mistakes that you see high income 367 00:25:48,760 --> 00:25:52,440 professionals make when getting into private real estate 368 00:25:52,440 --> 00:25:55,120 investing and how can they avoid them? 369 00:25:55,840 --> 00:26:00,440 Yeah, One mistake they make is they quickly, they make a quick 370 00:26:00,440 --> 00:26:04,400 decision on who to invest with. Somebody at their office said, 371 00:26:04,400 --> 00:26:08,240 hey, I invested with ABC company and they go pull up their 372 00:26:08,240 --> 00:26:12,000 website that evening and they wire them money a few days 373 00:26:12,000 --> 00:26:14,160 later. They haven't done the due 374 00:26:14,160 --> 00:26:16,360 diligence. They don't have the time to do 375 00:26:16,360 --> 00:26:19,000 the due diligence. They don't have the knowledge to 376 00:26:19,000 --> 00:26:22,920 do the due diligence. They don't have the resources to 377 00:26:22,920 --> 00:26:27,160 really do the due diligence. They can do a few things, but 378 00:26:27,160 --> 00:26:29,120 you can't do that really quickly. 379 00:26:29,120 --> 00:26:33,600 If I'm going to wire somebody $100,000, I'm going to go get on 380 00:26:33,600 --> 00:26:35,520 a plane and go see them in person. 381 00:26:36,240 --> 00:26:37,520 I'm. Warren Buffett style. 382 00:26:38,600 --> 00:26:41,320 I'm going to get a gut check with seeing what they if I 383 00:26:41,320 --> 00:26:44,400 really believe their story. I'm going to see how they talk 384 00:26:44,400 --> 00:26:47,480 about their waitress or their waiter at the restaurant. 385 00:26:48,240 --> 00:26:51,320 I'm going to see how they talk about their investors and their 386 00:26:51,320 --> 00:26:53,720 spouse. I'm going to want to know their 387 00:26:53,720 --> 00:26:55,720 criminal. I want to know a deep dive 388 00:26:55,720 --> 00:26:58,760 criminal check and background check and reference check. 389 00:26:58,760 --> 00:27:01,400 I want to check out their debt in detail. 390 00:27:01,840 --> 00:27:05,920 I want an attorney to go through their debt, you know, structure 391 00:27:05,920 --> 00:27:07,600 and see where they're vulnerable. 392 00:27:07,600 --> 00:27:10,440 I want to do death by Google Now. 393 00:27:10,440 --> 00:27:13,760 Any investor can do that. You know where you just go 394 00:27:13,760 --> 00:27:17,480 through and look at very deep dive at the what people are 395 00:27:17,480 --> 00:27:22,240 saying about them online. So due diligence is the number 396 00:27:22,240 --> 00:27:26,120 one mistake I see people make. And the way around that is 397 00:27:26,160 --> 00:27:29,880 either to do the due diligence or to invest with somebody who 398 00:27:29,880 --> 00:27:33,000 has done due diligence and you can do it yourself. 399 00:27:33,000 --> 00:27:35,280 It just takes some time to do it right. 400 00:27:35,720 --> 00:27:43,040 Last year our company looked, our fund looked at 745 operators 401 00:27:43,040 --> 00:27:46,280 and deals and we only invested in five. 402 00:27:46,600 --> 00:27:51,200 But you know what? All 745 looked good at first. 403 00:27:51,600 --> 00:27:54,000 They all look good. And if we would have invested 404 00:27:54,000 --> 00:27:56,880 quickly, we could have invested in any of those. 405 00:27:57,480 --> 00:28:01,440 But we only invested in five because the more we looked, the 406 00:28:01,440 --> 00:28:05,120 more we realized this was usually a no. 407 00:28:05,640 --> 00:28:08,880 Warren Buffett said the best investors say no a lot. 408 00:28:08,880 --> 00:28:13,040 The very best investors say no almost all the time. 409 00:28:14,640 --> 00:28:17,760 That's the biggest mistake I see investors make. 410 00:28:18,320 --> 00:28:21,560 A second one is lack of diversification. 411 00:28:22,320 --> 00:28:26,600 Now, most high net worth individuals aren't full time 412 00:28:26,600 --> 00:28:30,200 investors like Warren Buffett and Charlie Munger and others. 413 00:28:30,680 --> 00:28:36,920 And so they need to diversify to protect their assets. 414 00:28:37,600 --> 00:28:42,200 And you know, if I see one deal, this is a mistake I made early 415 00:28:42,200 --> 00:28:44,520 in my career. If I saw one deal that looked 416 00:28:44,520 --> 00:28:48,520 like a sure thing, I took all the available money I had and I 417 00:28:48,520 --> 00:28:51,720 plowed into that one deal. I didn't always do that, but I 418 00:28:51,720 --> 00:28:56,480 did it a few times and that was a mistake because anything can 419 00:28:56,480 --> 00:28:59,760 go wrong. There's always a potential that 420 00:28:59,760 --> 00:29:02,360 an employee at that company will commit fraud. 421 00:29:03,000 --> 00:29:07,000 There's always a potential that something could go wrong. 422 00:29:07,000 --> 00:29:12,000 Maybe a law would change, maybe the economy would change, maybe 423 00:29:12,000 --> 00:29:15,480 that owner, maybe the operator would die or quit. 424 00:29:15,600 --> 00:29:19,000 There's all kinds of things that can go wrong, nothing certain. 425 00:29:19,520 --> 00:29:22,440 And that's why it's really important for almost every 426 00:29:22,440 --> 00:29:27,040 investor to diversify broadly. And so those are two mistakes. 427 00:29:27,920 --> 00:29:33,400 A third one would be, you know, I think actively managing and 428 00:29:33,400 --> 00:29:35,720 I'm going to step on some toes here probably. 429 00:29:36,480 --> 00:29:40,600 But you know, if I'm a busy professional who can make 430 00:29:40,600 --> 00:29:47,520 really, really good money in IT or as a doctor, And I think, oh, 431 00:29:47,520 --> 00:29:51,280 I saw this real estate show that would be real fun to go flip a 432 00:29:51,280 --> 00:29:56,480 house or have some rental homes. Chances are they're only going 433 00:29:56,480 --> 00:30:00,320 to make like $20.00 an hour on the side doing that when they 434 00:30:00,320 --> 00:30:04,400 can maybe make 100 or 200 or $300.00 an hour as a 435 00:30:04,400 --> 00:30:09,080 professional or more. And so doing this on the side, 436 00:30:09,920 --> 00:30:13,480 it drains their time, it drains their energy. 437 00:30:14,400 --> 00:30:17,440 It, it, it, it zaps their emotions. 438 00:30:17,480 --> 00:30:20,360 Because it's really frustrating to get a call at 2:00 in the 439 00:30:20,360 --> 00:30:24,720 morning to come clean out a toilet and have all kinds of 440 00:30:25,280 --> 00:30:28,280 baggage with it. And so I think another big 441 00:30:28,280 --> 00:30:32,720 mistake, the third big mistake is actually trying to do real 442 00:30:32,720 --> 00:30:36,240 estate on the side. Why not send the money to a 443 00:30:36,240 --> 00:30:41,200 professional and let them do the heavy lifting, Let them the 444 00:30:41,200 --> 00:30:45,080 properties, let them do the property management and you 445 00:30:45,080 --> 00:30:48,320 collect a paycheck. Now there's problems with that 446 00:30:48,320 --> 00:30:53,240 too, but I think that's a better way for most investors to go. 447 00:30:53,240 --> 00:30:56,120 I know that's the way I do it. I don't actively manage any 448 00:30:56,120 --> 00:30:59,480 properties anymore. Whoa. 449 00:31:00,200 --> 00:31:05,080 Talking about the tech side of things, I wanted to pick your 450 00:31:05,080 --> 00:31:11,880 brain real quick on the role of AI in guiding investor decision 451 00:31:11,880 --> 00:31:13,960 making. So what what? 452 00:31:13,960 --> 00:31:18,120 What's your your take on AI on a general note and like how is it 453 00:31:18,120 --> 00:31:23,480 useful in the investment space? I'm continually amazed at how 454 00:31:23,480 --> 00:31:26,640 well AI does. I use it for all kinds of 455 00:31:26,640 --> 00:31:30,080 personal things. I do a lot of morning meditation 456 00:31:30,080 --> 00:31:34,600 and study of ancient scriptures, and I use AI to help me 457 00:31:35,120 --> 00:31:39,040 understand the Greek and the Hebrew texts and all kinds of 458 00:31:39,040 --> 00:31:41,240 things. I'm continually amazed. 459 00:31:41,240 --> 00:31:45,920 I think in AI can be really useful to help us do due 460 00:31:45,920 --> 00:31:51,520 diligence on an operator to quickly go through a contract or 461 00:31:51,560 --> 00:31:56,280 maybe a mortgage note and look for problems or look for 462 00:31:56,280 --> 00:31:58,840 highlights. There's so many things AI can 463 00:31:58,840 --> 00:32:04,880 do, and I think most people by now know that it has incredible 464 00:32:04,880 --> 00:32:07,560 potential. Now it has incredible. 465 00:32:07,560 --> 00:32:10,800 My wife thinks it's evil. She thinks it's horribly evil. 466 00:32:11,480 --> 00:32:14,200 And I said what? I said anything. 467 00:32:14,320 --> 00:32:18,080 No way. Anything in the wrong hands can 468 00:32:18,080 --> 00:32:21,320 be evil. So the Bible is the greatest 469 00:32:21,320 --> 00:32:23,560 book and the biggest selling book ever. 470 00:32:23,840 --> 00:32:27,760 It can be used for incredible good in the right hands, but 471 00:32:27,760 --> 00:32:32,640 that same Bible in the hands of an evil person could be used to 472 00:32:32,640 --> 00:32:37,120 justify evil as well. Anything can be used for good or 473 00:32:37,120 --> 00:32:39,040 evil. It depends who's using it. 474 00:32:40,080 --> 00:32:42,000 Wow. Speaking of, who is using it? 475 00:32:42,040 --> 00:32:44,760 Just a quick joke here. Do you know what my initials 476 00:32:44,760 --> 00:32:52,200 are? What AO right AIO? 477 00:32:55,120 --> 00:33:00,920 So I don't ever entertain any, any defamation against AI 478 00:33:00,920 --> 00:33:08,000 because it sounds personal. Well, we know you're very, very 479 00:33:08,000 --> 00:33:11,320 busy man. And of course we need to let you 480 00:33:11,320 --> 00:33:16,840 go very soon, but we want to get, you know, quick Nuggets 481 00:33:16,840 --> 00:33:22,040 from you as much as possible because we don't get to meet 482 00:33:22,320 --> 00:33:28,240 great people like you every day. So it's a Christmas coming very, 483 00:33:28,240 --> 00:33:33,360 very early in August. So we have an August visitor on 484 00:33:33,360 --> 00:33:37,720 the show and I'd love to ask you 5 quick fire round power 485 00:33:37,720 --> 00:33:40,320 questions. Are you ready to rumble? 486 00:33:40,440 --> 00:33:43,960 Let's go. OK, so what's one book that 487 00:33:43,960 --> 00:33:47,200 changed your mindset on money or life? 488 00:33:49,040 --> 00:33:52,640 The. One thing by the word and J 489 00:33:52,640 --> 00:33:59,600 Papazon, the one thing it taught me to that every time if you 490 00:33:59,600 --> 00:34:03,480 want to say yes to your main calling in life, you have to say 491 00:34:03,480 --> 00:34:08,760 no to 10,000 distractions. I love that. 492 00:34:08,760 --> 00:34:12,760 I, I love that nugget. It sort of aligns with something 493 00:34:12,760 --> 00:34:17,679 I, I used to say that be careful about side attractions. 494 00:34:18,520 --> 00:34:22,920 That OK, Be careful about distractions that pose as side 495 00:34:22,920 --> 00:34:23,920 attractions. Yeah. 496 00:34:24,560 --> 00:34:28,040 So I love that very much. So #2 What's 1 mistake you will 497 00:34:28,040 --> 00:34:30,520 never forget and what did it teach you? 498 00:34:32,000 --> 00:34:36,159 Let's see, well, how many hours do you have to talk about these 499 00:34:36,159 --> 00:34:39,840 mistakes? You know, I didn't follow my 500 00:34:39,840 --> 00:34:43,400 gut. I had a gut feel that something 501 00:34:43,400 --> 00:34:46,880 was wrong with this $100,000 investment I made. 502 00:34:46,880 --> 00:34:51,760 But it was, it was returning 2 or 3% per month. 503 00:34:52,560 --> 00:34:57,360 And I thought, well, what can go wrong in my head said do this 504 00:34:57,360 --> 00:35:00,320 investment. But my gut, my heart said 505 00:35:00,320 --> 00:35:05,760 something's wrong here. And that guy is now, he's been 506 00:35:05,760 --> 00:35:11,840 in prison for 24 years and he's got 158 year prison term because 507 00:35:11,840 --> 00:35:14,840 he was. And I wish I would have listened 508 00:35:14,840 --> 00:35:17,560 to my gut. Is that another Benny made off? 509 00:35:19,320 --> 00:35:22,400 Of this, He was too small to be Bernie Madoff, but he. 510 00:35:22,400 --> 00:35:24,400 Yeah. OK. 511 00:35:24,560 --> 00:35:28,160 OK. So #3 passive income or legacy 512 00:35:28,160 --> 00:35:30,560 impact which motivates you more today? 513 00:35:32,440 --> 00:35:37,680 Well, I love passive income and I create, I, I hopefully create 514 00:35:38,000 --> 00:35:42,000 passive income for 1030 investors with Wellings Capital. 515 00:35:42,560 --> 00:35:46,680 But a legacy is something that you know, it's going to live on 516 00:35:47,240 --> 00:35:50,360 past your lifetime. And I want to create a legacy. 517 00:35:50,360 --> 00:35:55,600 If you took the record profits, the record profits of Walmart, 518 00:35:56,600 --> 00:36:01,400 Exxon Mobil and Nike, and you added up those record profits 519 00:36:01,400 --> 00:36:06,720 and triple that number, that's the approximate profitability of 520 00:36:06,720 --> 00:36:11,360 human trafficking every year. And there are more enslaved 521 00:36:11,360 --> 00:36:14,320 people on the earth than anytime in human history. 522 00:36:14,320 --> 00:36:18,400 There's about 50 million. And so my company is trying to 523 00:36:18,400 --> 00:36:23,000 raise awareness of this horrible thing called human trafficking 524 00:36:23,000 --> 00:36:28,240 and also to try to raise funds to combat human trafficking. 525 00:36:28,240 --> 00:36:33,400 We've raised over $800,000 so far and we're looking to 526 00:36:33,400 --> 00:36:37,560 continue that effort. Here, coincidentally a few 527 00:36:37,560 --> 00:36:42,120 episodes ago, we had somebody in that space that's the CEO of the 528 00:36:42,120 --> 00:36:45,800 Meccan Club, Matt Friedman, come talk about human trafficking. 529 00:36:45,800 --> 00:36:53,320 It is very, very horrific and I think words are inadequate to 530 00:36:53,360 --> 00:37:00,080 appreciate what you do in terms of passionately contributing 531 00:37:00,080 --> 00:37:03,520 towards the fight of this menace. 532 00:37:03,600 --> 00:37:06,960 It's it's difficult because the prophets, like you rightly said, 533 00:37:07,040 --> 00:37:11,440 are outrageous and it's difficult fighting people with 534 00:37:11,440 --> 00:37:13,760 money. May, may make good, always win 535 00:37:13,760 --> 00:37:17,640 over evil. But I'll leave you there, SO44, 536 00:37:17,720 --> 00:37:21,280 if you lost everything today and had to start over tomorrow, 537 00:37:21,280 --> 00:37:24,120 what's the first investment move that you would make? 538 00:37:25,960 --> 00:37:29,360 I would definitely invest in commercial real estate. 539 00:37:29,600 --> 00:37:34,280 If I had little to no money I would actually consider. 540 00:37:34,320 --> 00:37:39,040 I would consider leasing or buying or getting a rent to own. 541 00:37:40,200 --> 00:37:45,760 A rent to own on maybe 5 acres near a lake and I would start 542 00:37:45,760 --> 00:37:51,680 doing boat and RV storage and if it was successful I would add a 543 00:37:51,680 --> 00:37:55,880 fence, I would add security cameras, I would add an office, 544 00:37:56,360 --> 00:37:58,760 I would maybe even add self storage. 545 00:37:59,160 --> 00:38:01,560 I would execute on the rent to own. 546 00:38:02,320 --> 00:38:05,760 So I owned the land and that's where I would start again. 547 00:38:06,920 --> 00:38:09,160 Wow. And of course the very last 548 00:38:09,160 --> 00:38:12,640 question, but not the least. What's 1 bar in habits that has 549 00:38:12,640 --> 00:38:20,480 made you wildly successful? Honestly, it's I stopped chasing 550 00:38:20,480 --> 00:38:23,880 shiny objects. I used to get so excited about 551 00:38:23,880 --> 00:38:28,200 side gigs all the time. I used to get so excited about 552 00:38:28,200 --> 00:38:33,320 chasing this, chasing that, chasing something else, and now 553 00:38:33,320 --> 00:38:35,960 I just say no. And it's been. 554 00:38:37,720 --> 00:38:40,240 Wow, Yeah, there's a lower power in saying no. 555 00:38:40,400 --> 00:38:44,440 And whoa, it's it's it's hard to say goodbye as well because it's 556 00:38:44,440 --> 00:38:48,000 been a highly, highly impactful having you today. 557 00:38:48,360 --> 00:38:52,240 So Paul, thank you very much for such a thoughtful and purpose 558 00:38:52,240 --> 00:38:55,760 driven conversation. And of course, the listeners, be 559 00:38:55,760 --> 00:39:00,680 sure to visit www.wellenscapital.com. 560 00:39:00,760 --> 00:39:03,040 That's going to be in the description. 561 00:39:03,360 --> 00:39:06,880 Show notes below. And of course, to explore Paul's 562 00:39:06,880 --> 00:39:11,760 funds, download resources, learn more about how Wellness Capital 563 00:39:11,760 --> 00:39:15,720 is helping investors build wealth with impact. 564 00:39:15,920 --> 00:39:18,400 And of course, do not forget to follow Paul on LinkedIn, 565 00:39:18,480 --> 00:39:23,160 Facebook, and explore his books like Storing Up Profits and The 566 00:39:23,160 --> 00:39:25,760 Perfect Investment. Before you leave, do you want to 567 00:39:25,760 --> 00:39:30,480 talk about the book you're working on and give a shout out 568 00:39:30,520 --> 00:39:34,560 to anybody you appreciate? Yeah, Well, I really appreciate 569 00:39:34,560 --> 00:39:38,160 my wife, my kids, my business partner, Ben. 570 00:39:38,400 --> 00:39:42,680 And the book I'm publishing next is Warren Buffett's Rules for 571 00:39:42,680 --> 00:39:45,840 Real Estate Investors. I am taking Warren Buffett's 572 00:39:45,840 --> 00:39:51,800 principles and I am translating them from the stock and equity 573 00:39:51,800 --> 00:39:55,440 world into real estate, and I'm almost finished. 574 00:39:56,280 --> 00:39:58,880 Oh, wow, When I say congratulations in advance, I 575 00:39:58,880 --> 00:40:03,720 cannot wait for that to be completed, published, and let's 576 00:40:04,400 --> 00:40:07,400 have a read. And it's not just enough to 577 00:40:07,400 --> 00:40:09,960 read. We need to go out to do the 578 00:40:09,960 --> 00:40:14,040 grind and of course, execute. So to the least, there's a thank 579 00:40:14,040 --> 00:40:16,880 you guys. I'm really, really grateful for 580 00:40:16,880 --> 00:40:20,080 the support that you show before we started the episode. 581 00:40:20,520 --> 00:40:25,120 We're looking at the chats with up or more and I see that we are 582 00:40:25,200 --> 00:40:30,480 in more countries. We're in today #4 in Iceland. 583 00:40:30,520 --> 00:40:32,720 I don't know a single person in Iceland. 584 00:40:32,720 --> 00:40:37,040 It's, it's quite, it's quite what I say humbling of your 585 00:40:37,040 --> 00:40:40,360 number 8 in the United Kingdom, we number four to two in 586 00:40:40,360 --> 00:40:43,320 Tanzania, Nigeria. Shout out to Nigeria and my 587 00:40:43,320 --> 00:40:47,320 people. We're #60 Uzbekistan 96 Saudi 588 00:40:47,320 --> 00:40:52,160 Arabia one O 4 South Africa, my Chamis a shout out to you guys. 589 00:40:52,480 --> 00:40:56,640 136 on the charts. Czech Republic. 590 00:40:56,640 --> 00:41:00,600 Wow, interesting. 123. It's it's really, really great 591 00:41:00,840 --> 00:41:03,400 seeing the impact of the body of work. 592 00:41:03,400 --> 00:41:05,480 And of course, a big shout out to Liberia as well. 593 00:41:05,480 --> 00:41:09,280 Beyond the charts in Liberia. So from me to you guys, it's 594 00:41:09,400 --> 00:41:11,680 love and respect. And of course, do not forget, 595 00:41:11,720 --> 00:41:17,200 always go for something in your life, conceive, believe, strive 596 00:41:17,200 --> 00:41:20,200 to thrive and go and achieve. God bless you guys. 597 00:41:20,480 --> 00:41:22,000 Of course. Thank you for once again Paul 598 00:41:22,000 --> 00:41:25,800 Moore and for me and Paul it is goodbye.