S2E55 – Neil Timmins – Residential vs Commercial Real Estate. Which is best?

Key Timecodes

• (00:48) – Background history
• (01:32) – His transition from residential to commercial real estate
• (03:44) – The length of leases for commercial and industrial tenants
• (04:14) – What kind of clients is he currently focused on?
• (05:30) – How does he get funding to run his business model?
• (06:19) – How does he determine what is a good or bad location to invest in?
• (07:42) – What type of business does he target when determining who will be a good tenant?
• (11:08) – What was the longest period he had a vacant building on the market?
• (12:05) – Which business model does he prefer: single-tenant or multi-tenant buildings?
• (12:59) – The maintenance obligations in the commercial and industrial real estate business model
• (14:20) – The differences between that model and the individual residential tenant real estate
• (14:44) – Does he work with restaurants as clients?
• (17:34) – Understanding the mobile home park model
• (21:17) – How retail investors can generate recurring cash flow with this business model
• (24:00) – A quick story about his biggest mistake or big win on his journey
• (27:04) – The worst business or investment advice he ever received
• (28:20) – The best business or investment advice he ever received
• (29:04) – Guest contacts

Transcription

[00:00:03.390] – Intro

Payback Time is a podcast about building businesses wealth and financial freedom. We try to uncover the challenges our guests faced, the mistakes they made, and the steps they took to achieve their goals. The overall objective is to provide you with a roadmap that leads to your own success. Sean Tepper is your host. Are you ready? It’s payback time.

[00:00:32.960] – Sean

In this episode, my next guest shares.

[00:00:34.930] – Sean

A story on how he made the.

[00:00:35.910] – Sean

Transition from residential to commercial real estate.

[00:00:38.670] – Sean

We talk about the pros and cons of both the best types of tenants.

[00:00:42.610] – Sean

And how retail investors can generate recurring cash flow. Please welcome Neil Timmins.

[00:00:48.360] – Sean

Neil, welcome to the show.

[00:00:49.860] – Neil

Sean, how are you? It’s good to be here.

[00:00:51.480] – Sean

Hey, good to have you. So why don’t you kick us off and tell us about your background.

[00:00:55.560] – Neil

Yes. I’m born and raised here in Des Moines, Iowa. I played football, ended up at the University of Nebraska at Omaha. I drove by Warren Buffett’s personal house every day for three and a half years. That was super fun until the day I graduated. Came back here to Des Moines, found my way in financial services, worked for Wells Fargo, largest employer in the state. Eventually found my way into real estate, got into being a residential agent, and then eventually into buying and fixing and flipping and holding for rental properties, single family homes, and then really, over the course of the last four years, have morphed largely into commercial real estate. That’s the primary focus today.

[00:01:32.950] – Sean

All right, well, let’s talk about that transition from individual real estate fixing and flipping. We’ve had a few other guests on the podcast talk about that. What motivated you to switch to commercial?

[00:01:43.950] – Neil

What motivated me to switch to commercial? There’s no passive income. It’s active. Everything you do is active. So to go from residential real estate agent to fixing and flipping, still active. There’s a lot of similarities in terms of how one earns the income. There got to find a deal, got to solve the problem, and then put it back out on the fixed side, flip it back out. But it’s really identifying something and then addressing an issue where the motivation was. And I stumbled into commercial, had a deal offer. It presented to me, got into it. I was like, well, this is my triple net industrial. I was like, this is pretty darn easy. Why don’t we do more of this? And that really was the catapult that got me in there to go to dive in, to go deep and do a lot more.

[00:02:28.470] – Sean

Let’s dive into that. So tell us about this opportunity a little more.

[00:02:32.500] – Neil

Yeah, so it was printed to me. Off market deal brought to me from a broker and industrial building, about 17 0. Largest grocery store here in town. Here in the state, actually is a tenant. They run their bakery out of it. And from that standpoint, it was a straight triple net deal. I don’t really do anything. We pay taxes and they reimburse us for taxes. So there’s a couple of interactions a year. Other than that, that’s it. I just don’t hear from these people. Pretty straightforward deal. And they just pay their bills. Pay their bills. For me, it was a long term lease that was a plus and a negative. In this case, slightly a negative in the sense that they’re well below market average for their rent rate. Their rent rate is probably 40% of where the market is today. So the market has changed dramatically. The plus is, for me, I would call it a midterm investment, about eleven year deal until the tenant was up for renewal. And then that point we’re either renegotiating or lease in the open market. And the value of that point should be substantially higher as long as the lease rates hold until that point comes.

[00:03:43.120] – Sean

That’s right. So with commercial clients, you hit on something there. Leases are longer term. It’s not like a one year, year to year. Correct. It can be 3510 years. Is that correct?

[00:03:54.340] – Neil

Yes. It depends on where you’re at in the commercial realm. Right. So whole bunch of things are classified as commercial. Right. Some self storage. So you got a month to month on self storage to apartments, typically year to year. And then you’re into retail, office industrial primarily. And you’re exactly right. Industrial being five to ten years. Ten is pretty commonplace, actually.

[00:04:14.860] – Sean

And what do you focus on most?

[00:04:16.530] – Neil

Is it more the retail?

[00:04:17.530] – Sean

Is it more industrial?

[00:04:19.180] – Neil

Yeah. No, it’s a good question. We have owned and still own and all the above in our portfolio. But the passion today is really industrial. Industrial has performed very well over the course of the last several years. There’s been tremendous appreciation. In fact, in 2021, industrial was the second highest asset class for appreciation in terms of rent rates. That’s what I mean by appreciation. Rent rates growth. The only higher one was apartments in the first.

[00:04:46.780] – Sean

Get started. You’re talking about bigger dollars here. It’s not like, let’s say you’re in the Midwest, you’re looking at buying a home that you want to rent out. That home could be $250,000 for a structure like this. I’m assuming millions of dollars.

[00:05:01.230] – Neil

Yes. Anywhere from you can probably find something at 750 to a million and then the sky is the limit for us as a sweet spot. Is that million to 5 million standpoint more in that range? Kind of call it a mom and pop investor. We’re well below funds and hedge funds and anything more Wall Street oriented that would drive down some of those rated returns. So that really has become our sweet spot.

[00:05:29.610] – Sean

Got it. And obtaining funding. Did you already have a relationship with a bank or did you go through like, private equity?

[00:05:37.440] – Neil

Yeah, good question. So as a result of fixing and flipping hundreds of houses, I built relationships with banks over a period of time in that. And so to make the bridge, then to go, and then we’ve got a staple of single family properties still that banks have funded. So to make that leap to go, all right, now we’re going to go do this. It was a pretty easy bridge.

[00:05:59.110] – Sean

Yes, I could see that. Because if you’re going in cold, like, let’s say you’re just leaving a corporate job and now, hey, I want to go into industrial commercial, like that jump. Lenders are going to be like, do you have an experience in this area? Right? Yeah. So your transition is pretty natural. Okay. I want to talk about some real world circumstances where I live. I live west of Milwaukee, and I’ve seen circumstances where there will be, like, a vacant, like an old supermarket like building, really nice building, but vacant. It’s just in a bad location. I’ve seen circumstances where retail, you’ll see office spaces that they’ll have a tenant in for a year or two, and then it’s a dead zone for like, another two years. How do you determine what’s a hot location and what’s not?

[00:06:46.240] – Neil

Yes. No. Good question. I’m thinking through mentally going through our catalog of everything we own. I think everything we have bought at a business outside of an apartment, let’s say, has been fully occupied or largely occupied. I guess the building I’m sitting in today is the only exception to that. An office building which we bought with 50% vacancy, knowing that was the case and buying it on the numbers as it was 50% vacant, the location makes a difference. Having an occupied building makes it a lot easier when you’re going and inheriting a lease. Right. That’s really buying a lease. And it comes with the building, if you will, that’s about two to five, two to ten years left on it gives us a better sense for what does that look like? Retail is far more fickle you’re right about that. Far more fickle than industrial. You get an industrial and it’s another industrial zone. It’s almost like that’s good enough, if you will, but retail is a whole other animal.

[00:07:42.730] – Sean

That’s a good point. We’re big on with Tykr looking at business models. Like we invest. Right. And you hit on a great point. Like, let’s say there’s a manufacturing company that’s selling some kind of widget that is like, in high demand and like, EV cars. And just using an example, the probability of being in business over the next three, 5710 years is much higher than, let’s say you get some person who’s like, I’m going to start a retail clothing shop that’s got no competitive moat, and it could go out of business in like, three months. Right. So are you pretty strict about the type of business?

[00:08:19.800] – Neil

You’re exactly right. And then I’ll take it one step further that retail. One, if you’re one block the other direction, you may be out of business a lot faster. And if you’re the manufacturer, if you’re one block the other direction, it may not have any difference whatsoever in what you’re doing. Right. Location matters from an underwriting standpoint, yes. That’s where you’re going with this. From a criteria standpoint, it definitely matters, yes. To have an understanding of what that tenant is, to bring in through a criteria, to risk rate them. Most of them are, although we have some credit tenants, which make it a lot easier. We have a whole bunch of local or regional businesses which would make up the vast majority of those who occupy space anyway in an industrial example. And so you have to have an understanding of what that looks like.

[00:09:07.840] – Sean

Yes, very much. Our friend Warren Buffett, he’s looking at the sustainability of a business fun situation. Has to be, let’s say there’s a manufacturing company that’s three years old, they’re growing like crazy, and now they’re like, we need twice the space, and they come to you. That’s got to be that, oh, this is a great opportunity, because it’s not the what if situation. If they’re going to go out of business, it’s like, can we actually provide the space? Because they’re going to be well paying customer.

[00:09:40.330] – Neil

Yeah, you’re exactly right. We just had a real example where we just had a property under contract as a sale lease back. So a sale leaseback is where they own the property. They sell us the property and then they lease back the property for the same period of time. They’re doing this. Why? Because they want a capital infusion. For them, it was so they could grow on a weighted average cost of capital. Doing a sale based back is far less expensive than going get an equity, for example. And so they do this, and we brought them through an underwriting process and ultimately did not move forward with it. They couldn’t produce a whole bunch of very simplistic financials in which we asked for things like tax returns, very basic stuff. They’re going, oh, okay, there seems like there’s a problem here. Right.

[00:10:26.680] – Sean

Red flag.

[00:10:27.820] – Neil

Yeah, red flag. And so you want to be discerning when understanding that risk associated with that. So we’re doing two risk assessments when we’re going through there is understanding who the tenant is yes. And then also the supply and demand for that space. So in the event the tenant goes bye bye, what happens? So going back to the very first property I bought, where the largest grocery changes in there today. Not that I want them to go out of business, because there will be other fallout issues, because they’re not just one place in one location, but if they ever got to a spot where they’re going, hey, we’ve outgrown this. It’s time for us to move. I’d be cheering like crazy, going, Wonderful, they’re out. Now I can now move the rent to market with somebody else, right? Sure.

[00:11:08.210] – Sean

How long have you ever been on the market with like a vacant building?

[00:11:12.490] – Neil

Good question. I’m thinking back through. So the longest one we have is the property, which I am in now. It’s an office, which there are about eleven, 0 sqft. There are ten offices in it. So all office suites, it’s two doors, exterior entrances. So they’re all condo issue, if you will. And we just about the property. In April we went through a remodel process. My office, we moved into the building then, so maybe at least one of the spaces. So 40% vacancy. Another one was just leased. They just moved in two days ago maybe. So now we’re 30% vacant. So that’s what it looks like. We’re up to about seven months from the day we closed. At this point, my budget was to get us to 20% vacancy. So we’d have to fill one more space between now and April.

[00:12:05.440] – Sean

What do you like more? And I’m just going to talk here for a second because I’m looking at you’ve got single tenant buildings, which to me jumps out as like an industrial or manufacturing company. Then you got the multi tenant, which are what jumps to mind are like attorneys or accountants or maybe an agency, like an ad agency with four employees, those types of models. What do you like more?

[00:12:25.770] – Neil

Oh, between those, the underlying I like the bigger properties with if you got a good quality tenant, it makes it a whole lot easier. You got one tenant, one location. So for example, we own a Dollar Tree retail building, 10,000, 11,000 sqft. Somewhere in that range. We bought it with a new fresh ten year lease on it. Buildings in terrific condition in an area that’s terrific and growing and just moving on the right direction, that’s a pretty darn good deal. Yes. There’s not much to do.

[00:13:00.040] – Sean

Let’s talk about maintenance a little bit. And I’ve never actually asked this question to anybody else. When I think of a large industrial building, I think of, okay, so maintenance that comes to mind. I’m thinking of lights on the interior, roof on the exterior. Talk about what kind of maintenance are we dealing with?

[00:13:15.490] – Neil

Good question. So in most leases at that caliber, it’s a triple net lease. Which means? It means a couple of things. It depends on how the lease reads, but largely that the tenant is responsible for taxes and insurance and repairs. Repairs gets defined, it gets carved off in terms of what does repairs mean. So for example, we’ve got one that we’re responsible for the roof and the exterior structure. We’ve got others industrial as well, where the tenant is responsible for the room. Some of it is the tenants responsible for the maintenance of all HVAC systems, and we are responsible for the replacement of HVAC systems. So it just gets into what are the details inside that lease? The most extreme example would be an absolute net lease. So Walgreens comes to mind, McDonald’s occasionally see one of those, which means that they do absolutely everything, anything that ever has to happen in that property, they are going to take care of them and never going to call you. They’re only sending checks.

[00:14:15.710] – Sean

Right now we’re talking.

[00:14:19.180] – Neil

Yeah.

[00:14:20.810] – Sean

That is very interesting because in the residential spaces, you know, it’s like you carry all the weight, there’s a broken toilet, you get a phone call, there’s a light that’s out, you get a phone call. Right? Yes. It’s pretty cool. You can structure the deal. So some things you’ll take care of, some things they will. And best case, they take care of it all.

[00:14:40.050] – Neil

Correct? Yes.

[00:14:42.150] – Sean

All right. Awesome. Do you work with any restaurants?

[00:14:48.000] – Neil

Trying to think. We have a restaurant. We had a retail buildings. Actually it was two again, about 9000 sqft between the two buildings. Went full circle on that over the course of about three years. And so we just exited that in June or July somewhere mid summer. That one had about eight tenants in it and there was a subway in there. And there was also a Dairy Queen, one of the old school Dairy Queens ice cream only open seasonally, so it’s about the last one in this town. So that was where those two and that’s the only one that we’ve had, which we’ve had restaurant in there. Got you.

[00:15:27.910] – Sean

The reason I ask the question is restaurants is it’s a very hard business to not only start but sustain because the profit margins are so low. So I would look at a restaurant as a little bit higher risk tenant.

[00:15:40.860] – Neil

Yes.

[00:15:42.560] – Sean

You mentioned Dairy Queen. I love a good Dairy Queen, but my gosh, that business is I grew up in a town I think had four and now it has zero.

[00:15:51.790] – Neil

Really? Yeah.

[00:15:53.520] – Sean

It seems like the franchise has gone away.

[00:15:56.210] – Neil

Well, they moved. It’s my understanding that the only way you get a franchise, two days if you’re the full service burgers and chicken and everything. They’re up against McDonald’s, Burger King and Wendy’s. And as a result, at least here in my town, there’s only a few of them. Of those there’s hardly any. It’s a totally different model.

[00:16:17.670] – Sean

Right. Let’s take a quick commercial break. Do you feel like stock investing is.

[00:16:24.730] – Sean

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[00:17:35.590] – Sean

Before we jumped on the call, you mentioned you were doing a deal with is it a mobile mobile home park?

[00:17:41.230] – Neil

Yeah, mobile home.

[00:17:42.150] – Sean

Talk about that a little bit.

[00:17:43.560] – Neil

We’re buying in a mobile home park. It’s our first entree entry point into mobile home park here. From a purchasing standpoint, we’re seller direct on this, so we do a number of things to market to sellers, as you can imagine, especially in the stock world, from my standpoint, our intrinsic value is far higher than our purchase price. So we’ve got a built in a pretty sizable buffer to the tune, I would say 2020 5% somewhere in that range. From a buffer standpoint, which mobile home parks, not high on my list to go, that’s the house that I really want to own. It’s a little more involved and a little more involved from a management standpoint in comparison to something that’s a triple net and you just don’t do a whole lot. So more involved from that standpoint. But we’re at a point in the cycle in the economy where I’m going, you know, affordable housing should perform really well as you look forward this and Mobile Home Park is America’s last attempt at affordable housing as we see where we’re at right now. So we’re closing on that here in just a couple of weeks and we’re just putting the final touches on our business plan in terms of what we’re going to end up doing and then our exit strategy.

[00:18:50.830] – Neil

I don’t anticipate holding this for an extended period of time. OK, so we’re going to see where we’ve locked in the financing so we can but we’re going to see where things, where the market is, what interest rates look like probably into next spring and then make a decision. A couple of our management, couple of decisions we’re going to make and execute on this between now and then should widen our profit margin even more as we go in and raise rates. Some of these things that, for example, rates haven’t raised in years, they’re well under the market value in comparison to other parks in the area. So there’s some value add opportunities to help us really multiply our capital over the course of the next year.

[00:19:28.620] – Sean

You mentioned that it’s a little more work from my perspective. I think of like mobile home park is land. You park your trailer and you write me a check.

[00:19:37.510] – Neil

Yes.

[00:19:38.510] – Sean

What other work are you dealing with here behind the scenes?

[00:19:41.220] – Neil

Well, one of them being they should write you a check and some sometimes they don’t. There’s that the biggest one. In mobile home parks, the absolute biggest are the utilities. So water and water leaks because you can imagine the water coming in under a mobile home not being properly insulated. Yes, hooked up. And water is routinely water lines are routinely breaking. So that is an ongoing, consistent issue. And there’s high costs associated with bleeding water and then sewer. So you either range from city sewer, which not a lot of there are some ballparks on their percentage wise, but then you end up in either septic or a lagoon at the most end of the extreme, which is what this one is. So we just gone through the DNR and made sure everything is great there without an issue. But there’s a little more maintenance involved in that, as you can imagine, versus city shore.

[00:20:34.690] – Sean

Yes.

[00:20:35.130] – Neil

Right.

[00:20:35.440] – Sean

I think about the hookup process. As soon as you mentioned that, I’m like, yes, that does sound like a nightmare. Now you want to flip this for a solid profit, it sounds like. Yeah. So we’re going back to the fix and flip days.

[00:20:48.250] – Neil

Yeah. The idea here in this particular one is it just happened to stumble into our lap. We were marketing to something a different asset class. This guy happens. A lot of investors own multiple things. He goes, I don’t want to sell that building, but I do have a volume park I would sell. So let’s flush it out, let’s analyze it, go and make some dollars, and then can we roll those dollars into an asset we want to ultimately hold, do the work once and get paid on an ongoing basis?

[00:21:15.930] – Sean

Yes.

[00:21:16.990] – Neil

Awesome.

[00:21:17.980] – Sean

Well, let’s talk about how our listeners can get involved. Tykr. We are the retail investor. There are some accredited investors in our community, but mostly retail. Do you serve? Can a retail investor get involved with an investment?

[00:21:32.850] – Neil

Yeah, that’s a great question. For us, moving forward into next year and beyond, 2023 and beyond, it’s our intent to have some opportunities in which we can connect with folks and connect with them, allow them to participate on an investment level with us, which we have not done. We’ve barely done any of that to date. Our track record is largely in house in terms of my efforts and efforts of a very small few people on our team to be able to execute and take down the properties which we have.

[00:22:03.490] – Sean

Got it.

[00:22:04.270] – Neil

We’re at a point of scaling. Got it.

[00:22:06.820] – Sean

So it sounds like you’ll be setting up a fund that the retail investor can get involved with. Have you thought about what kind of returns I know you can’t guarantee, but expected returns they could see.

[00:22:18.970] – Neil

Yeah. So the anticipation is from a fund basis. We’re discussing between a fund and oneoff basis, meaning per property. I think that’s where we’ll end up starting or per property basis. So somebody can look at an investment, decide if it’s for them, understand our exit strategy, what’s the intent there, and then make a decision for us. We’re buying cash flow properties, ideally with a value add component so we can drive up that cash flow and drive up the equity multiplier associated with the property. Typically, what you’ll end up seeing as a preferred return paid on that. What I’m seeing right now is anywhere from, let’s say seven to 9% on an annual basis on a preferred return and then an equity component there as well, where the investor takes a lion’s share of the equity in an investment. And then we as a general partner, the general manager, takes a piece of that as well. Got you.

[00:23:11.430] – Sean

Thanks for sharing those benchmarks there. And then of course, if the property were to sell, you would take some of the profits there and they would as well.

[00:23:22.260] – Neil

Yes, exactly right. So they’ve got how do you get paid a preferred return on an annual basis? You get paid out there like a dividend, right? Yes. Because it’s a cash flowing asset. And then a piece of the upside when we go and either refinance at some point in time or sell the property at some point in time. That’s why I said, well, we’ll do it on an asset by asset basis because some assets, the intent is to refinance and keep this thing forever and others it’s to reposition in the market in a course of the mobile home is an extreme example on a very short term hold. But let’s say a more realistic example is three to seven years somewhere in that range and then exit that.

[00:23:59.500] – Sean

Sure. Great. Well, before we jump to the rapid fire round, my audience as well as myself always love to hear stories like lessons learned. Can you share a story of what maybe a mistake you made or a big lesson learned through your journey here, especially these last four years?

[00:24:16.720] – Neil

Yes. No, that’s a great question. Let me think about the biggest lesson learned. For me, it’s just a reinforcement, I would say is morphing out of the single family space and out of apartments. So we still have some, but it’s morphing out of that and into commercial. The example would be somebody we had somebody shopping at the Dollar Tree actually was going in to put their pulled in and put it in park and they hit the break. And it wasn’t the break, it was the gas and they drove right through the front of the building. Yeah, I know. And so I got a call from my property manager. So in this particular one, we outsource we third party that particular one from a property manager standpoint, I got a call and they bring me up to speed and I go, okay, well, call the insurance company. Thank you for the update. Call the insurance company and get things rolling on things. And as a result from start to finish, from that phone call to all the way to the time they got that whole thing rebuilt and everything’s just fine. Nobody was injured, thankfully, but everything’s just fine.

[00:25:16.900] – Neil

Physically from that building, I probably had 2 hours invested over the course of months. And I’m suggesting that on the housing side, if somebody had run into one of my apartments, I would be in that thing dozens and dozens of hours. Even with a third party property manager, I’d be in that thing dozens of hours. I have to be way more involved. There’d be way more negative financial circumstances as a result of the physical damage to an apartment to where somebody lived versus a business.

[00:25:43.750] – Sean

Right on. So it sounds like big takeaway here. Make sure you have the right property manager to make sure you have great insurance.

[00:25:50.710] – Neil

Yes. Correct? Yes. Good. Good. Well, awesome.

[00:25:54.700] – Sean

This has been really fun learning about your model and how investors can get involved, but let’s dive into the rapid fire round.

[00:26:01.030] – Neil

This is best. Let’s do it.

[00:26:02.310] – Sean

Part of the episode where we could find out who Neil really is. If you can, try to answer each question in 15 seconds or less.

[00:26:10.330] – Neil

You ready? Ready.

[00:26:11.670] – Sean

All right. What is your favorite podcast?

[00:26:14.440] – Neil

Investing for Cash Flow with Kevin Buck Bupp. Got it.

[00:26:18.870] – Sean

Never heard of it. What is a recent book you read and would recommend?

[00:26:23.140] – Neil

Recent book I have read winning Through Intimidation. Winning through not winning by winning through intimidation. I think it’s Robert Ranker. Very good book.

[00:26:36.750] – Sean

Writing it down right now. Alright. What is your favorite movie?

[00:26:41.590] – Neil

Favorite movie has to be ready. Player one was really good. Nice. It’s a throwback to the 80s when I grew up. So a whole bunch of bunch of things in that era.

[00:26:54.840] – Sean

I was expecting some kind of sports movie based on your history playing college ball. That is a great movie, though. I love it myself. Love eighty s. All right, we got some business questions here. So what is the worst business or investment advice you ever received?

[00:27:10.840] – Neil

Worst business or investment advice I’ve ever received? Do what you’re passionate about. I know that sounds like a real weird one. I would mirror that to go. I got passionate about football, but I would make no money playing football. I was not good enough. So if that’s all I did right, right. That’s where this goes. I’m saying do what you’re passionate about. Yes. But then also that you can get excited from a business perspective. I do today what I’m passionate about on a business level standpoint, that gets me super excited. I would mirror that to go. Not just things that are super fun. Right. That is a component to it.

[00:27:48.510] – Sean

Great advice. We’re going to take us a little longer than 15 seconds, but Scott Galloway, if you know him, and then Kevin O’Leary and Shark Tank, they’ve mentioned something similar. Find something that makes. Money and it eventually, if you’re good at that, it becomes a passion.

[00:28:04.960] – Neil

Absolutely right.

[00:28:06.040] – Sean

You’re right. Like if I were to pursue I’ve got guitars here behind me. I am never going to be paid as a musician. Those expectations were set 20 plus years ago. I can play them, but I got to find something that makes money anyway. Alright, let’s flip the equation here. What is the best business or investment advice you ever received?

[00:28:26.230] – Neil

Bet on yourself.

[00:28:27.640] – Sean

Nice.

[00:28:29.290] – Neil

Simple. Very simple.

[00:28:31.120] – Sean

All right, time machine question. If you could go back in time to give your younger self advice, what age would you visit? What would you say?

[00:28:39.410] – Neil

What age would I visit? We’re going to keep this. I’m going to answer this in a business like fashion. Probably 20 years old. That when I was in college. But I studied a lot of Warren Buffett in college. Thought originally that I’d be going down an investment path. Stock path. I got turned on a real estate, found out I really love real estate. It would be to get into real estate sooner as an investor.

[00:29:02.650] – Sean

Nice. Great advice. Alright, I’ll turn it over to you. Where can the audience reach you?

[00:29:08.490] – Neil

Best place to find me is on my website, Legacy Impact Partners. Legacy impact partners.com. You can find me on Facebook too. That’s the best social media platform. Just Neil, Timmons, there’s not many of you. You can find me there.

[00:29:23.530] – Sean

Oh, awesome. We’ll have the link shared, of course, when they go out to the different channels. But thank you so much for your time. I really love learning about industrial commercial real estate. This seems like a pretty smart way to go to create some reoccurring cash flow.

[00:29:39.490] – Neil

I appreciate the conversation you asked. Really good. Very pointed, very smart questions. It makes for a fun conversation to have a good chat here. So thanks for having me.

[00:29:50.250] – Sean

I appreciate that we’ll have to have you back. Yeah, I love it. All right, we’ll see you.

[00:29:54.030] – Neil

Bye bye.

[00:29:59.060] – Sean

Hey, I just want to say thanks for checking out this podcast. I know your time is valuable and there’s a lot of other podcasts out there you could be listening to. So thanks for taking the time to listen to my guest story. If you did enjoy this podcast episode, could you head over to itunes and leave a five star review?

[00:30:14.560] – Neil

That would be much appreciated.

[00:30:16.140] – Sean

Thank you. And last but not least on this podcast, some episodes we do talk about stocks. And please keep in mind, this podcast is for entertainment purposes only. So if you did hear any buy or sell recommendations, please don’t make those decisions based solely on what you hear. Alright, thanks a lot.

[00:30:35.230] – Neil

See you.