Multifamily Investing with Kyle Mitchell
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Welcome to the All In Podcast. I'm your host, Rod Watson. I'm a proud father, husband, son, former athlete, and business owner of the LA VIP agent team. The All In Podcast is a dynamic audio experience where we interview the brightest minds in sports, entertainment, and business. Join me as I host real conversations with industry elite top performers that foster growth and development, which leads to success in life and business for our listeners.

Being all in is my mantra and it's what I live by. I hope that you find value in this podcast and I look forward to connecting with you on the other side. Let's go.

Hi guys, this is Rod Watson and welcome to the All In podcast. We have a special guest today. His name is Kyle Mitchell and Kyle specializes in multifamily syndication. He also hosts his own podcast, which we're going to share with the details with you on that as I go into the introduction. Kyle Mitchell is a real estate entrepreneur who has a focus on multifamily syndication and currently has 17 million that he manages in multifamily assets. He is the managing partner and co-founder of

Apartment Capital Group, their mission is to positively impact the lives of their investors and the communities in which they invest through the highest level of transparency and fiduciary responsibility. Kyle is also the co-host of the weekly real estate podcast, Passive Income Through Multifamily Real Estate, where he speaks with various experts in the real estate industry to help educate and create clarity for passive investors. With a background in operations, management, and logistics,

He has overseen multi-million dollar businesses and has a passion in doing the same in the multifamily syndication space. So without further ado, we'd like to welcome Mr. Kyle Mitchell.

Hey, Rod, how you doing? Thanks for having me on. Excited to be here. Yeah, no problem, man. Thank you first for giving us the opportunity and great for having you on today. And you've got a wealth of information and I want to pick your brain on. You've been very busy building a rather massive portfolio of real estate assets. And so on this podcast today,

We're going to really just dive into talking about, you know, the steps you've taken to build wealth and the process that you've gone through to, you know, build and develop the necessary skills to become the savvy investor that you are. So I'm going to start with my first round of questions. Before we get into actually interviewing our host, we host what's called

All in or not. So I'm going to ask you a couple of questions and basically your response is either I'm all in or I'm not right so If you're all in you say yes I'm all in for that or if I'm not all in. I'm not all in. Alright, so first question. I'm a big hoops fan. I'm happy that the NBA is back. I don't know if you follow much sports or not, but

When it comes to the Lakers, do you think they're going to win it all this year? Are you all in or not on the Lakers winning it all this year? Oh, man, this is such a tough question. I am a fan of basketball and football. I'll say I'm all in. Okay, you're all in. Great. I picked the Lakers in six, so I'm definitely all in. Lakers taking it over the Clippers this year. The other question is, are you all in for Mahomes' big $500 million contract or not?

I'm all out because I'm a Raiders fan and I got to watch that for 10 years now. Hey, we got a Raiders fan in the house, folks. So for those of you that are Raiders fans, definitely be sure to connect with Kyle after this interview. All right, the last question. When it comes to multifamily investing versus your traditional single family investing, are you all in for multifamily versus single family? All in. All in for multifamily? No doubt. Okay, great.

So we're going to move along. In our interview, I formulated some questions for you and looking at your resume, I mean, you seem to be someone that's basically what I would call the guru, the person you would seek out for the knowledge and information in developing a real estate portfolio when it comes to multifamily investing. So what

Before we get started with the questions, can you share where you're from? Yeah, I'm from Southern California. I was born and raised in a city called Lakewood, which borders the Long Beach area. So just 20, 30 minutes south of LA. So what was it like growing up there for you?

Yeah, you know, great weather. So spoiled in that sense, year round great weather, but lived in an average income household growing up. My dad worked, you know, six days a week the entire time I was growing up and my mom stayed home and took care of my sister and I. And we went to private school as far as kindergarten through eighth grade and then public school and high school was great.

which was a bit of a culture shock, but I got to play sports growing up my whole life. And that's kind of how I got in the golf business is where I started before I was in multifamily. So it was fantastic growing up out here. You know, I saw, looked at your profile LinkedIn, you went to Long Beach City College, correct? Yep. Yep. And obviously I saw that you managed at a golf organization for a year, it looks like, right? Yeah.

I was in the golf business for 20 years actually, and I was a regional manager for a golf management company for 16. So you're an avid golfer?

I am. I grew up playing golf. When I turned 13, I started playing golf and I dropped all other sports. And I was the type of person that played every sport, dropped it to play golf, played high school golf, played college golf, and then played professionally for a couple of years on the mini tours around Southern California as well. So we got to get out on the court soon. I'm actually getting back at it here and been playing quite, you know, at least every other week with my buddies. So we definitely got to make a connection and get out on court sometime soon. So who would you say your top players

Who's that golfer that you looked up to growing up as a kid? Yeah, I was a Phil Mickelson fan. I mean, Tiger Woods, what he did for the game of golf was amazing, you know, because I was in the golf business. So he certainly created the buzz for golf. But Phil Mickelson was always someone I looked up to. Yeah, Phil is definitely someone I thought was probably one of the top pioneers in the game. He definitely at times was head to head with Tiger and actually beat him in some, you know, tournaments in golf.

you know, my favorite all time golfer is obviously of course, Tiger. He's the one that really drew my interest in golf. And I started to direct my attention in college and actually learning how to play the game a little bit. And I remember taking a golf course in college with one of my college coaches and, uh, he taught me the fundamentals and the basics to the game. So now I'm actually trying to get out more and practice and, uh, spend a little bit more time working on my golf swing, uh,

And getting that down because that's been one of the areas that I've actually had to improve on and get better. So besides golf, have you played any other sports, basketball, football?

You know, I grew up playing all those, but that was in, you know, middle school, soccer, basketball, baseball, every sport, volleyball, every sport that I could play, I was playing year round. And then in eighth grade, I found golf and I completely dropped every other sport to focus on golf. I don't know why, I just fell in love with it and I played it ever since. So let me ask you this question, focusing back on the real estate side, at what point in your life did you decide to become a real estate investor?

That was back in 2010, so about 10 years ago now. And at that time, I wasn't really thinking of leaving my full-time job. I just wanted some passive income and to put the money that I had been saving to work. I was not a big fan of the stock market. I had one bad experience when I was in high school where I put my only $2,000 into a stock and I lost it in three months. And I was like, okay, enough of this. There's no control.

So in 2010, I just gravitated towards real estate when I started listening to some podcasts and different things out there. And that's kind of when I got started with single family homes and quickly built a portfolio of single family homes in the Midwest. And

At that point, I did not feel like I could scale it as much as I wanted to and that's when I started looking around for different things. Took me a couple more years after that to find multifamily, but that's when I made the shift to multifamily was in 2017. - Okay, so 2017 is when you really started to focus on multifamily investing.

What was that motivational factor for you to really move towards multifamily? What inspired you to really take action and pivot to the multifamily? My story is a little bit different because I was looking in 2015, I was looking for another career. The golf business was shrinking a little bit. My company was certainly shrinking. So there was less and less opportunity for me to grow within the company.

And I was just tired of it. It was, it was basically property management, much like apartments, but for golf courses. And, you know, I was burnt out on it. I was driving, you know, two hours a day to get to work. I was working 80 hours a week, six days a week. And so it was tiring. And so I started looking for other things. It took me a couple of years to

find it. But when I found multifamily, it just spoke to me. I actually left my job 11 months later to pursue it full time. So for me, it was looking for a new career. It wasn't really looking for an investment vehicle. I was looking for that same time. And the light bulb clicked because a lot of what you do in multifamily was what I was doing, running golf courses, hiring and firing people, implementing systems, tracking KPIs, building budgets, increasing income and

reducing expenses. And so I really just, I just saw eye to eye with it and fell in love with it. And that's when I left and started pursuing it full time. Well, you know, one thing about multifamily from in regards to single family that I've kind of observed over my career is when you look at it from the investment side, it can be very intimidating, right? Because there's so many variables, so many moving parts to structuring deals, and just really understanding how to how to

evaluate, you know, an actual property to even determine if that property is even right for you for your long-term, short-term goals. And if the property is going to be able to return, you know, the type of numbers that you're seeking. So for you, what was that process that you went through to actually educate yourself on how to assess a deal? Did you get a minute? Was there a mentor involved or was this all just you gathering information? How did you educate yourself to develop the necessary skills to even start doing it, to start investing in multifamilies?

Yeah, it's certainly a mindset shift and you've got to get over that. It's actually one of the reasons why I really love multifamily is because there are so many moving parts so you can be creative and flexible on your business plan and execution. But I started with the Michael Blanc program. I found him online. My wife and I purchased his online course, went through it in a few weeks and then hired him.

his one-on-one coaching program and did that to educate ourselves. You know, I had been investing in, in regular real in single family homes for seven years. So I understood a lot of terminology, but it is a big leap when you go from a single family to multifamily, there's a ton of different moving parts. And my wife, who's also our business, my business partner needed to learn that because she had not gone through the process of educating herself at all in real estate. So that course and that one-on-one coaching really helped,

catapult us to the point where we felt we had enough knowledge to get started in the business. Yeah. Well, that's interesting that you actually took a course and learn that information. I recall when I first started learning how to invest in single family, single family properties, I actually took a course, uh, Carlton sheets. I don't know if you ever recall, you may or may not remember Carlton, but he used to run those real estate infomercials on how to buy a property with no money down. And, um, I actually learned how to actually buy my first couple of properties that way. So, you know,

Education is important and actually how you get the information and where you get it from is also important to being able to go out in the field and actually execute it. So I was just curious to know, you know, where did that foundation start and how? The word syndication has been used quite often in the terms of real estate syndication or multifamily syndication. And for our listeners that are going to come across this podcast that are unfamiliar with that term, do you mind breaking down what multifamily syndication means?

Yeah, sure. Absolutely. Syndication is being done all over the world, even like when people go and hop on a flight, right? That's a syndication. You're pooling people's money to get a bigger result. And so what you do is you pull money from limited partners and the general partners to buy larger apartment buildings. You can't do that by yourself. And everyone's going to run out of their own money eventually.

eventually. And so what a syndication is, is pulling people's money who want a certain type of return and who want to purchase a certain type of product in an apartment or any other asset class, really in real estate or anything. You pull the money together so you can purchase these larger properties and you get the economies of scale. So when you talk about pulling money and pulling money together, that leads me to my next question for someone who

let's just say, you know, a beginner, right? They take their course, they gather the information, but the next step is where do I get the money? How do I source the money? How do I pool the money together? It seems that you've become an expert at that. Do you have any advice on

where to start, how to access money, how to raise capital for someone who doesn't know individuals that has wealth or has money. For someone like myself growing up in a rural area in Houston and not having many connections and ties to people that have access to wealth, how does someone start with that, taking that idea and materialize it into actually having a real estate syndication?

Yeah, well, so I'll back up a little bit. A syndication has really two types of members on it. It's the general partners and the limited partners. And there's limited partners who are pretty much passive investors who invest their own money into the deal and get a return based on what the general partnership is providing for them on the property's cash flows. And so those people are the ones that are going to be investing. The general partners are the ones that are kind of going out and finding limited partners.

partners to invest in the properties. And so if you're on the general partnership, how do you build that? You know, there's two different things going on there. In my opinion, you've either got a huge network because of your past business experience or your, your network from, you know, building it up over years and years and years, and you already have that. But if you don't, which is something that we didn't have, we didn't, you know, we came from the golf background, which a lot of people think, okay, you had access to a lot of money, but you know, I was a manager for public golf courses, which, um,

typically don't have a lot of people with a lot of money. And so we had to rebuild our network is what it came down to. And we chose the route of starting with an educational platform. So we've slowly built this over the last two and a half years where we add one or two things a year to build up. And from those funnels, I guess you can say, we build our investor list. And so from the very start, we started a newsletter. And then a couple months later, we started a meetup.

A couple months later, we started a podcast. And now today we have three, two podcasts, three different meetups, even one in a different state, because we go out there so often to invest in the Phoenix area. We host a meetup out there. We still have our newsletter. And then we do webinars. And now we have a summit that we're providing people as well. So it's just continuing to build on that and grow over time.

So basically what you're sharing is you built a network, right? Yep. And it's really the only way to do it. I mean, this is a people business. This isn't a relationship business and you've got to go out there and meet people and tell them what you're doing and talk to them and, um, you know, no, like get to know, like, and trust other people.

It's so true because everything is really based around relationships when you're talking about raising capital, people trusting you, making a decision on if they're going to invest in your ideas or the opportunities in regards to the deals that you're bringing to the table. You have to know people and you have to be able to develop that level of trust.

even if the deal is great, they still have to trust you. Am I right? Right. They have to trust your ability to properly got the fund properly execute on, you know, whatever the business plan or business strategy is for that particular, you know, asset. So, um,

I've also done some research and noticed that you have a virtual summit coming up. So when you talk about network, is this another component to your network? And if so, can you explain and share a little bit about the virtual asset summit or management summit that you guys have coming up here on the 21st of September? Am I correct? Through the 4th of October.

Yeah, it's a 14-day event. And yeah, of course our network is going to build. But really the thought behind this one is there's so much education out there on how to get started, how to get your first deal, how to raise capital. And those are all things that everybody needs to learn and it's great education. But there's another piece that's missing from this is when you're buying multi-million dollar properties, you have to manage them. They're businesses. And if you don't know how to manage and operate a business,

then it doesn't matter if you raise the capital and close on a deal on your first deal. The last 10 years of multifamily, you could have probably done everything wrong and still made money because the market was so hot and on fire. But we're going into a time now where it's very uncertain and the best operators are the ones that are gonna get the best out of their properties and survive. And so there needs to be an educational component on what you do once you close on the property, how you management, what are the systems,

that you put in place. And that's what we hope to achieve here with the virtual asset management summit. It's completely free. We're just trying to get the best people in the industry to share their best practices on how to manage and operate apartment buildings once you've closed on them. And so that's what that's about. It's 14 days. It's going to be, it's not going to be eight hours a day. It's going to be broken up into a couple of speakers a day for 14 days.

provide you with the best practices on how to operate properties. So that's Virtual Asset Management Summit. I've got a Facebook group of that same name, or you can go to amsummit2020.com and register for free.

That's awesome. And this is a free event. So for those of you that come across this podcast and are listening before September 21st, definitely sign up. So where do individuals go to sign up again? Where do they register? Yep. www.amsummit2020.com. And again, it's completely free. We're just trying to get the word out there. There's a couple other people in the industry that are trying to get the word out about how important the asset management piece is. And we love that. And we just want to

Be able to make sure you don't put yourself in a position to fail, especially when you're in syndication. You're protecting your investors' money. You have other people's money at risk. This is not just your money. And so it's even more important and essential that you've trained yourself on the things to do on the management and operations side of the business.

So what would be the time that someone, if they're first coming in and they're learning multifamily investing, they're learning how to put together a syndication, how much time does someone need to give themselves to learn and to successfully put together a fund, if you will, or a group of investors to go out and start purchasing properties once they've established their business plan and what their focus is?

Yeah, I don't know if there's a particular timeframe. I think it all depends on the person. Like for me, for example, I became a lead sponsor right straight into multifamily, which is not typical, but I had 15 years of experience in property management, but for just a different asset class. So there was a lot of things that I learned over those 15 years that I transitioned over to multifamily that allowed me to use my experience to excel my multifamily career. So definitely don't

think in your head just because you don't have multifamily experience doesn't mean you can't relate that to other things that you've done in your life. But it also depends on who's your team. You know, are you doing this by yourself? Well, if you are, then you need a lot more education to get started. If you're going with experienced sponsors and you're just teaming up with them to learn, then there's no reason why you can't start out right away. It's just you need a team around you that has been there, done that before so you can learn and

instead of fail all while, you know, controlling investors money. So it really depends on what your business plan is and execution of it. But you can get started right away if, if, if you build the right team around you.

Well, that's important when you talk about building the right team. I think that goes with anything you're looking to do from a business standpoint or having success in life is having the right people in place. When you talk about team sports, you know, in order for a team to be successful, everyone has to be on the same page. Each individual has to be able to do their job at the highest level and hold each other accountable.

I was reading your article that you published on LinkedIn, which I think is a great article. And I recommend anyone that is considering getting into multifamily investing to read Kyle's article. And it's called Breaking Down at Multifamily Investment. You talked about there being three rules to follow when investing. Do you mind sharing when specifically those three rules apply to multifamily investing? Do you mind sharing what those three rules are, those principles?

Yeah, sure. So we follow these three rules of thought, which is the property needs to cash flow on day one. So even with the new debt on it, right? A lot of times that the cash, the property cash flows today before you put it under contract. But if you put new debt on it, sometimes it won't quite cash flow. So always cash flow on day one. We lock up long-term debt. Now we like flexible debt on the prepayment side, but that's kind of getting more into the details. But you don't want a business plan that is five years and you only have

five years to pay off your loan when it balloons, right? So we'll lock up seven, 10, 12 year debt on a five year business plan because if there's a dip in the market in year four and five and you can't sell the property for what you need to, the loan will extend and you'll be able to hold onto the

property. The real problem with real estate where you get in trouble is when you are forced to sell in a bad situation, right? And if you have long enough debt, you can usually write it out and wait it out. And then the third thing is to make sure you raise all your capital up front. Don't utilize cash flow to put money back into the property.

if the cashflow dries up because we go through a COVID situation like today, and you don't have that money already raised or in reserves, then your cashflow is dried up. Now you can't execute your business plan and you never want to be in a position where you have to rely on cashflow to execute your business plan. So we always raise all the funds up front to do our capital, um,

improvements and renovations to the property so that no matter what the given situation is, those funds are already there to execute the business plan or to pivot. Maybe now that COVID-19 is here, you may need to pivot and utilize those funds elsewhere.

Got it. That's important. Thanks for sharing and clarifying that those three rules, because I think those are the principles really, when you break it down to have a success from the start. Am I correct? Yeah, absolutely. I mean, those are three rules of thumb that we just follow. And it really reduces your downside risk. And that's what we try and do with multifamily is just reduce the downside risk, therefore increasing the upside.

So when you talk about, you know, when people look at assets, they look at opportunities for investment. Everyone's always, when you make an investment, you're looking for a return, right? And what are some of the healthy returns when you're trying to determine what asset makes sense? You know, and obviously reading your article, it all really revolves around what the clients or clients goals are, right? Short, long-term, but just typically starting out, what type of assets do you look for as far as identifying, uh,

okay, this is a, this, this, I mean, numbers, meaning this property is going to bring 20% return to this property. We have the ability to raise the rent and, you know, find other ways to basically increase our cashflow on this property. What do you look for? What is that telltale sign that you, that gets your attention right off the bat?

Yeah. So we're what's called value add investors. And so we either look for some type of operational inefficiencies where we can take our experience in operations and management and apply the systems to make a property, get a property operating more efficiently, therefore creating more net operating income, which is essentially what drives the value in a multifamily property. You could be a long-term owner that's just not putting money back into the

property. Rents are far under market rent because they haven't put money into the interiors. But it's all about driving and growing the NOI, which is a net operating income. And that's what we look for. And the reason why we like value add is because you can force appreciation. You don't have to buy and hold and wait for the market to do the work. You add value by creating more NOI, therefore increasing the value of your

property. And so you force the appreciation. And then you also on top of that, get the natural market appreciation, depending on the market cycle, obviously, to drive your business plan. So we like to force the appreciation by finding undervalued and mismanaged properties.

Got it. And so it's kind of like fix and flip a little bit. Instead of flipping, you're going in, finding that old, old, ugly house, right? And, you know, it's in a good area, good schools, et cetera. And you can have the vision and the plan once we take this property from the start and take it down and complete it. This is what we can expect to sell it for. But in multifamily, you're evaluating a value add saying, okay, we can go in, we can improve, we can raise the rents, we can make these improvements in each unit, which is going to, you know,

Allow us to raise the rents and, of course, any other areas that you focus on with your business plan that can increase that cash flow, that net operating income is what you're saying you guys look for. And those are ideally the types of properties that you pursue.

Yep, absolutely. That's right. I mean, it's essentially it is a flip, but it's much longer term, right? So you take 18, 24 months to stabilize a property, and then you hold on to it for a few years to cash flow and get the NOI up and then you sell it. So, you know, typically our holds around five years. Okay. Well, one of the things, you know, I've been talking to clients, you know, we focus a lot heavily on sports and entertainment clients and athletes. And there's just, there's been consistent discussion about, you know,

For athletes transitioning out of sports at whatever particular time that is for them, but as they begin to prepare for life after sports, we've looked at multifamily assets to be really good, solid investments for them, you know, to create that passive income, but to also, as you shared, that market appreciation over time.

So for athletes starting out, what advice would you have for them to be able to grow and develop their real estate portfolio, specifically dealing with multifamily investments?

where would you advise them to start? I mean, obviously they have the capital, right? But when you talk about creating that foundation, assessing deals, determining, you know, you shared, you know, how you guys assess, but what advice would you have for athletes that are starting out? Do they pool their money together with other athletes?

Do they look to invest in properties where they're from, et cetera? Like what advice would you have for athletes looking to get into the field? Yeah, I think athletes have a different situation than most people have. Most people have issues getting access to the capital and access to good deals. I think that athletes probably have an over or get too much access to deals. Therefore,

how do you know which is a good deal and which is not, right? So I think it's really important to start now before you're in the position where you want to put your money to work on educating yourself and building a network that's close around you. You know, it's all about relationships and this stuff doesn't happen overnight. Even if you have millions and millions of dollars, I think it's best and prudent to build a relationship with someone, know, like, and trust. You said it earlier, um,

it starts and ends with this person running the deal, which is a sponsor, which is something that I do, right? It all starts and ends with me. The deals, you can see thousands of deals that are going to offer the same returns as we are. But what we do is different than someone else would...

versus someone else, right? And we focus on having a fiduciary responsibility to our investors and really try and help educate them through the process too. So you really want to start there and find the right person that you trust instead of just, you know, putting a little bit of money into each deal, not knowing which one's going to do it. So it's about putting in the work up front. And I know athletes know all about that, right? It's all about the

practice. It's not about the game. So the more practice you do with multifamily real estate, which is the education piece and the networking piece and building that network, the safer your investments are going to be and the easier you're going to be able to identify when something just doesn't sound right and when there's a red flag.

Yeah, well, I think that's great advice. And I also really liked your article, Breaking Down and Multifamily Investment, because I feel like it gives really good insight, especially for athletes that are starting out from scratch. The principles, meaning the foundation of things that they need to be aware of to even determine and assess whether or not a deal makes sense. And then the other aspect is, as you just shared, developing the right team.

And I think it's, as you've shared, it's better for them to develop their own team as opposed to necessarily just trusting and getting in business with people they know nothing about. Would you agree? Yep. 100%. 100% accurate. Yeah.

Yeah. And that's, that's more along the lines of what I've been sharing is that, you know, you guys have to connect and develop a solid team of people and it takes time as you share it to do that. But in the long run, you're going to be better off having developed your own team than, you know, perhaps getting in bed with other people or doing deals with individuals, not to say you can't do that, but to start out, I think to, to, to really create that success and, and, and have a, a, a,

overall body of work that they're going to be happy with. They're going to, they're going to do better. They're going to be better off finding those individuals. They can do like yourself, finding people that they can identify with and that they can follow their proven blueprint. Like you're, you've laid out a blueprint of what success in this space looks like. Right. And what you've basically shared is that it starts with the education, right. Informing yourself, becoming knowledgeable, um,

making the right connections, and then from there, as you develop your network, starting to execute your plan. And I think that's the biggest thing is, you know, what I was taking away from your breakdown in your article is that having a plan, having a business plan that you know that you can actually perform on, and you can't just do that overnight. It takes time being able to develop that.

Yep. Hire slow, fire fast too is another rule of thumb, right? In business. And so when you're hiring your sponsor or the person you're going to be investing with, take your time, you know, don't be in a rush and make sure you're going with the right person. And if there's something that doesn't sound right, fire fast, you know?

Well, you know, this is all very impactful information, Kyle, and I really appreciate you taking the time out of your day to come on and share this. I could go on and on with questions in regards to this field because this is an area that I'm actually starting to learn more about.

My wife and I, we had a few clients that have recently acquired multifamily properties. And I'm just basically really improving my literacy in this space. So I really thank you for taking the time to come on. Are there anything else that you have going on specifically right now that you'd like to share for our listeners in regards to educational, informative information that you're sharing on your platforms? You host a podcast regularly. So how can people tune in and listen to your podcast and follow you on social media platforms?

Yeah, I appreciate that. We do have the summit, which I mentioned earlier. The podcast is Passive Income Through Multifamily Real Estate. And we've got two episodes that go out every week. Monday is more focused on educating passive investors. Friday is actually on educating operatives.

on the asset management side. And then also if you just go to our website, aptcapitalgroup.com, we've got a free passive investors guide and that passive investors guide takes you through, you know, the things you should know before you start investing in your first deal passively.

Okay. And last question for you, Kyle. When you talk about, when we're talking about investing and identifying assets, are there particular areas that you highly recommend to start with when you're a beginner, right? What areas, are there any areas within a demographic of a community or a city? Are there particular cities you recommend over others that investors should start out when they're looking to begin this process of developing a multifamily portfolio?

Yeah, you know, when I first got started, I had that kind of, what do they call it, like the squirrel syndrome, right? Where you're chasing the shiny object. And it is so difficult because you see other people succeeding and, you know, you don't understand how much time and effort they put into it. So I would say go into the first three to six months.

understanding that you don't know what you don't know and just soak it all in. And I think after that, you're going to start to build your network and you're going to start to feel pulling towards one or two different asset classes and types of investments. There's no one perfect investment. It's just the one that speaks to you, you know, and multifamily certainly spoke to us.

And that's where we went to. But at one point, we were looking at mobile home parks and self storage and, and some other stuff too. And it's just about educating yourself and understanding it and not making too quick of a decision, but just soak it all in and don't be in a rush. Okay, great. Well, Kyle, listen, thank you for coming on today. It's been great having you, you share a wealth of information in this 30 minute, you know, that we've been on on today. And I

I think that if you're someone out there and you're looking to get into multifamily investments, definitely reach out to Kyle. Connect with him on his platforms. I follow him on LinkedIn where he actually publishes a lot of great content. I think that you can go there and you can read the article that I just spoke on, Breaking Down Multifamily Investing, and get a lot of informative information there.

With that said, Kyle, you have a great day. Guys, be sure to tune in and subscribe to the All In podcast wherever you listen to your podcast when you're on the go or just hanging out. And, Kyle, we wish you the best and definitely want to get you on the golf course soon. Whenever you're in L.A. or San Diego area, we'd definitely love to connect with you there. Yeah, absolutely. Thanks for having me on and letting me know. I'm happy to go on the golf course and play some holes.

All right, man. Well, you take care and you have a great day. This concludes the All In podcast. I'm your host, Rod Watson. And until next time, you guys keep hustling, keep putting in the work and have a great day. For more information on the All In podcast, visit LAVIPagent.com and follow us on Facebook, Instagram, LinkedIn, Twitter, and YouTube at RodWatson23. No matter where you are in the world, you can connect with us for motivational and inspirational content.

Subscribe to this podcast series wherever you get your podcasts. Till the next episode of All In, keep believing, keep hustling, and keep putting in the work.