How Apartments Work as a Business
On this episode of Next Level American Dream, Abigail and Sean are joined by David and Patti Royster. As a husband and wife real estate team, they just purchased their first apartment deal in December and we are going to discuss their highs, lows, and share advice on how to take on a project of this magnitude. There are a ton of gold nuggets in our conversation that we are thrilled to share!
Key Topics
How to start a serviced apartment business
How to run an apartment building business
How to start a business buying apartments and renting them
Are apartment buildings a good investment
Connect with David & Patti:
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SUMMARY KEYWORDS
people, units, gc, multifamily, property management company, property, started, american dream, money, property manager, rehab, process, construction, lease, buy, trinity, bit, deal, work, tenants
SPEAKERS
Sean & Abigail Thomson, Abigail Thomson, Sean Thomson, David Royster, Patti Royster, David & Patti Royster
Abigail Thomson 00:01
Welcome to The Next Level American Dream Podcast brought to you by Thomson Multifamily Group. Your hosts, Abigail and Sean, will discuss how you can take your American Dream to the next level through real estate investing, business practices, and personal development. Join us as we share our experiences as a father daughter duo who are trying to accomplish our goal of financial freedom. We hope you learn more about how to define and achieve your American Dream. Here's another episode of Next Level American Dream. On today's episode of Next Level American Dream, we're joined by David and Patti Royster. As a husband and wife real estate team, they just purchased their first apartment deal in December. We are going to discuss their highs lows and share advice on how to take on a project of this magnitude. There are a ton of golden nuggets in our conversation that we're thrilled to share. Hi, David and Patti! How are you guys doing?
David Royster 01:00
We're doing awesome today.
Patti Royster 01:01
Thanks for inviting us, this is awesome!
Abigail Thomson 01:02
Yeah, thanks for being on here. We really appreciate it! So we're just going to jump right in. You guys have a lot of experience and a lot of different avenues of real estate. You're just now transitioning into Multifamily. Could you tell us where you guys started? Then, how did that led to where you guys are now?
David Royster 01:23
Well actually first started before we got married. That was way, way back. Yeah. I was a field process engineer. So, I was traveling from California to Washington State every week. I told my employer, "just let me stay there and give me a chunk of money, and then I'll be fine. You won't have to do the per diem and all that supply house." So, we've had a rental from those early stages. A few years back, I got laid off, which was a very exciting time for me. We went into real estate full time. So, we started with doing a lot of flips, we would buy homes at the auction, and then we started doing a lot more rental properties. We got very excited about doing Airbnb's. Those are really great cash flows. Somehow, we got a commercial property in there that had a coffee shop and a bookstore on one side. We've grown from there, too. Then we got involved with Corey Peterson with our 401k money, or retirement money, as we invested through him on that. By doing that we got a little bit more of the bug of Multifamily.
Abigail Thomson 02:38
Awesome, awesome! Well, congratulations on your first apartment deal. That's so exciting. How's it going?
David Royster 02:47
Well, it's going awesome, it's really going great. Yeah, we're loving it right now. It was extremely scary, though. What the bank had us do was we had to have enough liquidity in the account before we went live. So, we had to make sure we had $1.2 million in that bank account before they would get the loan approved. We were scraping every dime we had because our raise wasn't that much. The liability of doing the loan was scary. That really was a stressful moment.
Abigail Thomson 03:28
Yeah, I bet.
Patti Royster 03:29
Multifamily's not for the faint hearted. Let's just say that! You have to know what you're doing and look at it from all the different angles, and it's many, many conversations before you buy a deal.
Sean Thomson 03:42
Are you guys sort of settling in now?
David Royster 03:45
It's doing a lot better now, even with the Coronavirus. We're getting a lot of interest. We're having six lease ups this month alone. We're already just starting in April. It's looking really good now. We stopped are our construction, we constructed about 22 units, and we rehabbed them. We're trying to work through a lot of those first, and then we'll start releasing to do more of the work of that. Yeah, they're starting to get popular now.
Patti Royster 04:13
When we were when we purchased it, there were what 42 vacant?
Patti Royster 04:17
There were 42 vacant. Then when we bought it, there were 45. We started with 45 vacant units. Now we're at about 35. So we're slowly leasing them up.
David Royster 04:17
Yeah.
David Royster 04:29
We're still losing money every month, a little bit, but we knew we would. That was part of our plan to start with. Right now, we're tracking pretty good our plan.
Patti Royster 04:38
The cool thing is that the property management company can't believe that we're still getting traffic because the other properties in the area are not getting lease ups. They're not getting people come in to look at their model. They don't really know why they're like, "this is amazing, you guys are killing it!"
Sean Thomson 04:54
Oh yeah. That's great!
Patti Royster 04:55
Yeah, it's good.
Sean Thomson 04:58
So, you guys are working with a property management company. How is going for you guys?
Patti Royster 05:02
Yeah, actually, it's going really well, because this is our first deal, we have chosen to be a lot more hands on. So, we actually live in Utah. We chose to drive out to Oklahoma because we wanted to get the rehab process going. We also wanted to be really familiar with the property management company, Trinity Property Management. They have been awesome. We have a property manager who speaks Spanish, and she came from an A Class Property to our property, which is a C class property. We're trying to move it up. Anyway, she is so excited about leasing it up. She is such a team player! They are doing an awesome job. They're really welcome to whatever we want to add, and whatever we want to do to help them out. They've been really welcoming.
David Royster 05:55
But you know, the maintenance person we had to start with, did not pan out, there were actually two of them. We ended up having to fire both of them, and work to get them changed over to somebody else. We gave notice and found someone else, and now we have this crazy, excellent guy that we give up a little bit of extra money for, but he is just top notch. He knows how to do plumbing, electrical, and we've noticed that the others would hide. They wanted to be hiding and smoking somewhere, or just be doing something else. So, we had to be hard with them. Even when you have a property manager, you're in charge. You need to make sure that they follow through and get the things done.
Patti Royster 06:38
So, we have a hot tip that we could share with the listeners. There are these cameras, they're called "Wise Cameras." Have you guys heard of these?
Sean & Abigail Thomson 06:47
No.
Patti Royster 06:48
No? So, it has a USB cord in there that you can install in them. We have these in our office, we have them in the maintenance area, and we have it in our model. You can have an app on your phone, and you can see what is going on in real time. You just click and you can watch it. It's not like we're spying on people, but we do want to have a pulse because we're far away from our property. We want to know what people are doing and what's going on. I mean, it's the best $30 purchase for security you can make. We also have other cameras on there around the corners of the property and some other places, but it's the best $30 you could ever spend.
Sean Thomson 07:28
Oh really! So, when you talk about having a property management company, there's on site property management, and then you have a company that manages that group, right? So, you have Trinity as the property management company that you deal with. Then on site, you have a property manager, and then you have two maintenance guys, is that is that your entire staff? The three people?
David Royster 07:52
Yes, it's actually one maintenance person now. They are kind of our employees, but they're kind of shared employees. They report into Trinity to be assigned full time to us, we pay their salaries, and we essentially pay their salary and other benefits on top of that too.
Sean Thomson 08:15
Yeah, it gets a little confusing. We're talking about what property manager you're using, then you have property manager that's present at the property. Then there are Trinity training managers, and those people work for you. They're your staff members that work, but they report to Trinity and they take care of that relationship. So, now you just have the two people, you have one maintenance person and one onsite manager. That's going pretty well?
Patti Royster 08:42
Yeah, it's going really well. We got a great maintenance guy who can do a lot of the plumbing, and the HVAC that the other guy said he could do, but his service could not vacuum it the property. He just didn't have any sense of urgency.
Sean Thomson 09:01
Trinity's handling those things. How much do you have to be involved in managing that? You guys know all that's going on there, but how much do you have to invest in time to keep an eye on the team on-site?
David Royster 09:20
I don't think "how much" is the right question because we want to. Right now, this is our first baby. We were making calls, at least daily, or someone gets a hold of them to find out what's going on. We were very much micromanaging a lot of the activity early on. We would spend a week there for multiple occasions at multiple properties. We had to do the construction for a lot of it, which we'll probably talk about later, but there was a lot of hands on at first to get them to be doing the right things wanted to be done.
Sean Thomson 09:56
Was it important to you to infuse some of the culture that you wanted them to approach their job with? Is that what you were trying to do, by being so involved?
David Royster 10:08
Yeah, I mean, the first group of guys didn't have any work ethics at all, we actually had to get rid of them. We had to get involved in that. Now, the actual property manager on site, she's been incredible from day one. It's still one of those things where even though she's a great person, we had to be in sync on what we're trying to get accomplished. We ended up doing a model unit that is furnished that we created videos on it to help out the process. We've been addressing a lot of her work that she does, to better market it. What we were saying earlier, our market is doing just crazy, phenomenally well, in spite of other properties that Trinity is managing because of the way we approached marketing.
Sean Thomson 10:56
I was about to say, the success that you're seeing is probably the fact that you guys have taken that extra effort to make sure that people are operating your business and your property, is up to your standard, right? Even though you have a property management company that is tasked with dealing with those things, the fact that you guys are making sure that it's going the way you want it to, is making the difference for you and getting things up and running faster.
Patti Royster 11:23
I would definitely say that. It's just like when you have your own child, nobody loves your child as much as you do. Even though they can be the most amazing property management company, they're still not going to love your baby as much as you do. They're just not. You need to be hands on. You know, if we had seven properties, it might be more difficult, you know, but because it's our first one. We want to know the ins and outs of everything.
Sean Thomson 11:49
It's a bit of a learning experience for you as well, like "hey, this is what we think is successful, this is what we think is not successful." So, on the next property, you'll kind of know, you can probably have those conversations with your property management company and say, "hey, look, make sure that these things happen, i.e., we can't be more involved because we have other things going on." Now you can say to your property management company, make sure that this is how it goes, right?
David & Patti Royster 12:15
Yes, definitely, exactly.
Patti Royster 12:17
We all know a lot more what to look for in a property management company, the right questions to ask, and what to expect from the key metrics. There's a huge learning curve when it's your first one.
Sean Thomson 12:30
I think I think the fact that you guys are taking that extra step to be more involved is probably why you're seeing a lot of other returns. You're getting more traffic and more lease ups. You were talking about that you had 40 something vacant units?
Patti Royster 12:48
45 when we bought it. Out of 107.
Sean Thomson 12:53
Yes. Were those all going to be remodeled units? Or were they slated for a remodel before?
David Royster 13:01
Yeah, we actually had it for 35 units. So, when we did our capital expenditures, it was based on 35 units that needed rehab because early on that was the number. They kept on losing more tenants as we got closer to our close date on that. We're able to stretch out our budget a lot better than what we thought. So, we're doing pretty good in that way.
Sean Thomson 13:27
When you bought the property, you always had 35 units in mind for that rehab in that reconstruction. I think that's a tendency that sellers have is to let the property slide a little bit while they're in the escrow. You had additional units come online that you didn't anticipate, but talk a little bit about how it's been going through that construction process. Does your property management company help you with that, or did you guys have to take on that on your own?
David Royster 13:58
So, the property management company suggested a general contractor that we could go with. When we were going through the loan process, the way that the money was being released, you had to have a GC set up with a bank. We had the General Contractor lineup with a bank. We also got the cost to be able to do the work up front. What we thought that was budgetary numbers that were conservatively on the high side. When the day we started we'd be able to go with it. The GC saw it as, "hey, I got this much money to work with and we're doing crappy work."
Sean Thomson 14:39
Oh, really?
David Royster 14:41
We saw that right away like, no, wait a minute here. You guys are going way too fast. We haven't picked out the things we want you to do. They're paying the threshold and they weren't opening the door. They weren't taking the numbers off to be able to pay the door, and there's a lot of things they did that was really bad work.
Patti Royster 15:00
They just thought that they had a blank check to do whatever they wanted. Nobody was going to check their work and see if it was acceptable.
David Royster 15:07
So that was a challenge, and we ended up going back to stop it. We had to reestablish something with the bank, and then we went out and developed our own subcontractors for the project. So, GC, essentially, at the start of this, and at first, did a lot of work that just wasn't assigned when you get a painter. That doesn't mean that they're taken out. We had someone take out the carpet and all of the handles. Anytime anybody is involved in some kind of a flip, there's just a lot of little details of work that need to be done. We started doing some of that ourselves, just to make sure we were getting some units converted over so we could work on it. In the meantime, we were trying to get people to do the work. We spent some time to be able to reestablish everything. We have a GC now over them. We determine who the subs are, we actually went out to bid on costs for all materials. We went way overboard, and most people do with respect to that. We almost had to because it was off the rails with the GC that we started with.
Patti Royster 16:20
So, we went out there for two weeks. Through our team, we found an electrician who was reasonable and good. We found a painter, we found a plumber, you know, we got them to do the work.
David Royster 16:35
We hired the painter to do a lot of the demolition. So, everything that needs to be touched, we got to assign to somebody. Our property managers actually had a sheet that kept track, and said "okay, we need the plumbers out now." She's only becoming the project manager, at this point. So, now it's very much hands off. Not all the way, but it's pretty close now. We're no longer having to be on the day to day for that activity.
Patti Royster 17:06
We can tell her okay, go start these five units, or we tell her when to start the next five. Then she just knows the process and the system. So really what we developed was a whole system to rehab one unit. She knows the order, who she needs to call, and how much lead time they need. It's been really awesome.
Sean Thomson 17:28
That sounds almost like a blessing in disguise! So, you started with a contractor, he was doing insufficient work, and not doing a good job. Then you went and had to revamp everything by yourselves. It sounds like you ended up with a construction process that you can now deploy on an ongoing basis that's more efficient, and more effective. It's going to do a better job for you guys financially and timewise, right?
Patti Royster 17:56
It also saves us a lot of money. It gets the costs way down, and we negotiated with everybody.
Sean Thomson 18:04
You took a bit of a nightmare and turn it into a much more streamlined system. That sounds good.
David Royster 18:11
What we should have done is we should have been a lot more involved during due diligence to go out there and make sure that we have the multiple bids, and the right subs so that on day one when we did take ownership, there may still be some problems. We ended up having to tackle a lot more, and that was after we were close, too. We could have done a lot of this before the process started.
Patti Royster 18:40
Another "Golden Nugget," don't close two weeks before Christmas if you can avoid it! Either do it a little bit earlier or after the holidays. I think our close date was the 23rd originally, but the seller kept pushing us up. It's kind of another story. Anyway, during Christmas, nobody wants to work and it's just kind of family time. We should have had our ducks in a row, but we were trying to figure out how to get everything to work to close. We weren't really thinking about the rehab.
Sean Thomson 19:16
Yeah, your construction crews don't generally work a lot during that timeframe. They want to be off work during the holiday. It's always tough doing rehabs around that time period for everybody.
Abigail Thomson 19:34
Something you would recommend in the future for other people would be to put that construction process into your due diligence?
David Royster 19:46
Yes.
Patti Royster 19:48
Yes, as much as you can get dialed down on what you need to do such as what kind of light, what kind of doorknob, just about everything. Go figure that stuff out. Go find electricians, go find a plumber, interview three or four of them, get bids from all of them so you can save money. I would do that. It's just kind of drinking from a firehose, when you're trying to close and trying to figure it all out, while taking on the rehab process.
David Royster 20:15
I'm sure that even if we had done more up front, there's still going to be some issues we had to resolve. So, it wouldn't have been 100%.
Patti Royster 20:24
Yeah, I think we lost probably at least a month's time. Time is money.
Sean Thomson 20:35
So, once you once you got your subs all lined up, and you got your process down, how did you go back to finding a GC that could manage that process for you?
David Royster 20:47
He understood, but he didn't charge a whole lot because he didn't want to take the liability either. He says, "okay, as far as timelines and all that, you guys got your own G's, your own sub. So, you all know that, but I'll put my name on top of it." He still will go look at the property, but really, the GC is not doing a whole lot of what normal GC would do on this.
Patti Royster 21:18
We're just using his license to operate our subs under.
Sean Thomson 21:21
So, he's permitting and then quality controlling for you?
David & Patti Royster 21:25
Exactly. Yeah.
Sean Thomson 21:26
Okay. Well, that's pretty good. I mean, that's an effective use, I think if you have quality people, that's really all GC does is bring a quality team in permit and in quality control his team. It sounds like they're fulfilling the role that they would normally play, which is good, that sounds good. Instead of having a GC that could bring a team in and operate on their own, you guys went and found a team, then found the GC afterward.
Patti Royster 22:01
What we figured out is we're really good at renovating a property for not very much money and making it look amazing. That's really one of our strengths is you open the door to our model and the paint is all brand new, the floorings are all new, the appliances are new, and we probably did it for around $4700 per unit.
Patti Royster 22:28
They're not big. They're about 600 square feet. There are two new ceiling fans in there. All new silver hinges, new silver doorknobs, new flooring, countertops, and they're all refurbished cabinets. It looks like a brand-new unit. The only thing that's not really new is the furnace and the AC unit.
Sean Thomson 22:49
Yeah, but you don't need those if they're operating.
Patti Royster 22:53
Yeah, they're fine. So, why take them out?
David Royster 22:57
We also furnished the model unit. That's really helped a lot and getting traffic.
Patti Royster 23:04
Yeah. Well, there's another good tip. You have to furnish your model, just put the money into it. We spent about 200-500 dollars. There's a bed in there, bright LED lights, there's lots of lighting, as well as a lot of soft features.
Sean Thomson 23:25
You want people to see what they could be experiencing if they live there, right?
Abigail Thomson 23:30
Yeah. You want your tenants to visualize it.
Patti Royster 23:33
Yeah, people can't really visualize an empty space. Until there's a bed and a couch in it.
Sean Thomson 23:39
Are you guys still in the construction process now? What does it look like for you today? Are you still rehabbing units or what is the status of your construction?
David Royster 23:51
We've held off now on rehabbing more units until when we get down to three to five units that are refinished and occupied. Then we'll start releasing another batch, but we've been doing a lot more externally. A lot of painting, a lot of landscaping work, and posting new signage. Ours is called The Fairway Apartments. Our sign outside looks like a flag you'd see in a in a golf course. It goes up there and comes out a little green and blue and says, "The Fairway Apartments." We're trying to now market better and just make sure that when people drive in there, they see how great it looks.
Abigail Thomson 24:34
Yeah, absolutely. That kind of leads me into our next question, what are you guys doing other than the signage and the landscaping, to market your units, especially the vacant ones?
Patti Royster 24:48
What we've found that's really worked is on my personal Facebook account and another one of our team members', we have just been posting the ads in Facebook Marketplace. Then we have another team member who running Facebook ads that we pay for. He had, what was it? 30,000 views?
David Royster 25:08
Yeah.
Patti Royster 25:08
30,000 views for like 75 bucks. We're getting all kinds of people that are coming from Facebook. It's the cheapest way to advertise out there. We're also on some websites like apartments.com. Facebook seems to be the place where everybody's looking for a perfect place to live. Just on my own personal account, I'm posting ads and refreshing them once a week. I had about almost 2000 people looking at our apartments through those ads alone!
Sean Thomson 25:36
What does your lease-up process look like? Are there people someone can call, or do they come in? What happens from there? What process does your manager go through?
Patti Royster 25:47
I believe she has them fill out an application, and then they run a credit check on them. They see if they have any outstanding payments for other apartments, and if they have other outstanding payments, we won't leave it to them just to be secure in case there's any kind of criminal history on there. It helps to see what their income, or what their income needs to be. I believe it's two and a half times what the rent is, or monthly income is. So, we're trying to up the level of our tenants. Before, the previous owners would just take anybody and everybody.
David Royster 26:20
Before that, if they showed interest, we'd make sure to show them the video of the apartment, if they wanted to see it live, we'd let them come into it right now with Coronavirus. There's a lot of that, but we have our project manager showing up sometimes. If nothing else, there's a FaceTime option. They would FaceTime to go through the unit so they can be real time talking to them as they're going through to ask questions. There's been a lot of that going on too. When we first started, we ended up getting a lot of people that were not qualified. Probably about 80% of those that would come through just wouldn't qualify for it. That's turning around now. So, we had to go through a lot of it to grow because the place we had was one that was a rundown unit. So, the reputation was pretty bad. We got to work really hard to change that reputation. Anyway, seeing Google Maps and the unit before we went through, it was all cockroaches and mice and all of the nonresponsive tenants. We had to get Google to change it to our use new name. We're working to get a lot more reviews on there too, so that we have something positive written down about us.
Sean Thomson 27:45
You're seeing that as you guys improve the construction, as you improve the management, if you make these improvements, is it just the community and the residents that you're getting applications from...that's improving as well?
Patti Royster 27:57
Yeah, definitely! We've reached out to a Veterans group where they will assign Veterans to live in the unit. Then if there's any issue with the Veterans, then they handle it. If they cause any problems or anything, they're immediately gone. They will handle that, so that's one good thing. There's also another big large church down the street that we've reached out to market to them because they have students that come in.
David Royster 28:29
We're real close to Oral Roberts University. We've been trying to promote there as well. Then we have been doing videos in Spanish, some walk through the apartment type things because we love the Hispanic community, too. We would be lucky to have a lot more people. We're trying to make sure we were well-researched on who we reached out to.
Sean Thomson 28:51
I guess my point is as you guys are improving and increasing the value in the project in the property, you're also seeing that translate into the quality of the people that want to live there. I think your efforts in making it that way actually makes the property better, and it has actually improved just the overall living conditions for everybody that lives there. Right? If you have more upstanding people that can afford to pay the rent, it's just a value increase for everybody.
Patti Royster 29:27
For example, one of the things that we did based on what Corey taught us is changed the lighting. The lighting was really dark, and there were corners that were dark and not lit at all. So, we just put in LED bulbs, and now you just look down our long hallways and it is bright and lit up at night and people love it. I mean, all the tenants were like, "wow, this is amazing!" I mean, just by changing the light bulb, people were blown away. It was like okay, there's a new sheriff in town. There are new people!
David Royster 29:58
We got notices for people that wanted to leave because it wasn't what they wanted to be anymore. Then we had a security guy that has a canine. That also caused us to lose more tenants that we really didn't want to have anyway. So, you get rid of riffraff sometimes when you have to.
Patti Royster 30:26
Like you were talking about Sean, it's like if you've ever been on a cruise, and they have to turn the ship around, or just even turn it in another direction. It's just slight, little movements. All of a sudden, wow, it's like we've made a U-Turn -- it's not a quick process. It's probably going to be at least a year to a year and a half, but it will happen.
Sean Thomson 30:51
That's one of the things I love about what we do is that bringing that value to the people that live in your properties, people don't really always think about that. It's easy to get caught up in the cost of $4700 to remodel this unit. Really, what you're doing is you're creating a community where people are saying they feel safe and enjoy living there. It's just amazing what you can do, the efforts that you guys are putting in translate into a residence or shelter for somebody that they love. That's really an awesome part of what you guys are doing now and what all of us as investors do in general.
Patti Royster 31:29
That's one of the questions we ask ourselves, too. After we rehab a unit, it's like, could I live there? And yeah, I could live there. I could live in one of those units. Yeah, we did. It wasn't a renovated unit.
Abigail Thomson 31:49
Yeah, that's a great thing to ask yourself. If you could live there, other people will for sure want to. So to wrap up, this was fantastic! To wrap up, our theme is taking the American Dream to a new level. So, what I want to ask you is what is the American Dream mean to you personally? Then, how do you think you're taking that to the next level?
Patti Royster 32:18
So, I'll get into that first, the American Dream to us means money, freedom, and time freedom. So, we can do what we want to do, when we want to do it, and we have the money to do it. That's the American dream to me.
David Royster 32:32
Same with me too. You know what I really do like now? Sean, you touch on this too, is I like the fact that we're making a better place for people to live too. There's a whole different group of people that are probably going live their whole lives in apartment units, and that is their home, and they're going to raise their kids there. That is something I'm very proud to be part of and it's important to me to know a greater purpose.
Sean Thomson 33:11
That's how you define the American dream for yourself. So, what do you guys do every day to take that to the next level? Are you doing anything in your personal life and your business life that is allowing you to feel like you're leveling up your American Dream, all the time?
David Royster 33:26
We have mission boards and visions and all that kind of stuff. Your mindset is also so important on what you're doing. So, we have that, but we've been so engaged in trying to get this Multifamily up and running that there's been so many parts of it that we haven't been working on. We have been looking very hard for other properties. It's been a lot of time, the last week in particular, to really try to understand the different markets and what would be an ideal market for us to invest in. I started to do a lot more underwriting for practice. I don't know if I want to buy anything right now until we're on the other side of this COVID-19, but well, I'll tell you, this is the right time to really get that going. Also, getting our website better and being able to have a podcast now that our son has created, so we need to get trained on that. We spend some time on that. Now we're going to do it like you guys and start putting more effort on getting podcast up and running.
Patti Royster 34:35
One of the things we want to do too, is to educate people that there is an alternative to put your money into besides the stock market. You have an asset, you have people like us who are managing this asset on a daily basis and taking good care of your money, and you can feel comfortable putting your money into.
Sean Thomson 35:00
You guys are just taking massive action, you know, buying this property, going through all this hiring the property management, and going through all the construction process. Everything that you're doing right now is just massive action towards leveling up your next year, your American Dream. I tremendously respect what you have accomplished and what you've got going on right now. Those things you're going to do in the future are just layering on your leveling up of the American Dream.
David Royster 35:27
What's nice is being a part of other individuals too, like yourself, like both of you, because I feel like, "dang, I'm not doing as good of a podcast right now. I better fix this!"
Sean Thomson 36:21
Yeah. Well, thanks guys! We really appreciate you coming on the show. We wanted to talk to you about the operations of your business. It's fascinating. You guys have really, in some way, struggled a little bit to get this first deal under your belt. Those lessons that you've learned, and the way you've turned it around, is inspiring. You may get beat up a little bit, but you'll make it through if you just work hard and get it done. So, I appreciate you coming on and telling us a story. Do you guys have any way that our listeners can get in touch with you, or find out about what you guys have going on as your website or a different way to communicate with?
Patti Royster 36:58
Yeah, you can go to legacyfreedompartners.com, and find out more information about us. There's another tip: go get up, going, and buying Multifamily. You don't have to have a website.
Sean Thomson 37:43
You're going to have more projects coming down the road so people can get in touch with you on your website. So, we'll be sure to put that in the show notes as well so people can find those links. Well, thanks, you guys! I really appreciate you coming on. We'll look forward to talking to you on the next project.
Patti Royster 38:10
Oh, yeah! We'll stay in touch.
Sean Thomson 38:11
Thanks again!
Abigail Thomson 38:12
Thanks for joining us for another episode of Next Level American Dream. If you would like to learn more about what we talked about today, want to contact a team directly, or are interested in passively investing and being a part of our deal room, head over to our website at www.thomsonmultifamilygroup.com. Before you go, please leave a review! Your comments help us create more episodes for you to enjoy.