Joe Fairless

Um, so that, that showed an alignment of interests, um, as well as you had a really good property management company that had a lot of good case studies.

Would you pay them 10%?

No, no.

Uh, 4% monthly.

Yeah.

Okay.

Yeah.

With commercial stuff, yeah, you pay about 4% to 5% of the money that they bring in every month or gets collected every month.

yeah i i didn't do that on that deal um and again you know it's the other first deal so i just kind of figuring out the model um and learning it as i was going um i've done 150 units and then i'm closing on 155 units so you know i've changed the model a little bit but on the first one it was um it'd be zero

Yeah, zero, no asset management.

And then on the ownership, I have 12.98% ownership, which when you factor in the net worth, now cashflow standpoint doesn't mean anything until you actually sell it.

But the net worth with equity, it's valued almost around $200,000.

Yeah.

Like value add, like, yeah, yeah, yeah.

That's, that's what we do.

Um, so, you know, with, we closed on 250 units, uh,

And when I say we, it's my business partner and I. I did it all on my own the first deal, but I got a business partner on deal number two and now deal number three.

So deal number two and deal number three, we find value add properties where there's some sort of component that we can adjust to raise rents.

whether it's in the case of the last two deals, we put in $5,000 a unit, raise rents about 75 bucks and make over a 20% return on that.

And then either refinance after two years and put long-term debt on it.