Passive Multifamily Partnering Process, with Lennon Lee

Transcript:

Lennon Lee  0:00  

At the level that we're doing deals and stuff, there's a lot of operators out there that okay, there's a lot of them that don't have the track record and that they might not be the best operators but there's also a lot of them that have very solid track records, that if you run a background check, you're going to find that they're, you know, super clean, great people, great professionals, great communicators great, everything like awesome people, but that doesn't really mean that they're a good fit for you.

Taylor   0:29  

This is passive wealth strategies for busy professionals. Today, our guest is Lennon Lee from BLD Capital Group. Today we're going to talk about passively investing in multifamily real estate deals and why that is a more preferable goal than actively investing in multifamily real estate deals. Let us get to tell us about his process and his recommendations for getting your passive real estate investment opportunities. deal flow going and improving that deal flow and getting the best quality deals coming to you from active investors and potential partners that you can invest with. Len is going to tell you all about his background. I'll let him do that once we get into the interview. But he's has he has a great story. If you're looking to get inspired by someone who came from another country, and has built a huge real estate portfolio through sheer hustle, this is your guy. It's a great discussion. And today you're going to learn about building your passive deal flow to the best it can possibly be the keys to that, and I'll just I'll let us get into it here. But it's a great discussion. I really enjoyed it lens, a great guy to talk to you. And without further ado, here we go. Lennon thanks for joining us today.

Lennon Lee  1:56  

Hey, what's up, man? Thank you for having me.

Taylor   1:59  

great to talk to you. Again, could you tell our listeners a bit about your background and how you got to where you are today?

Unknown Speaker  2:07  

Yes,

Lennon Lee  2:07  

yes definitely. Originally from from Venezuela, not Minnesota, which a lot of people I'm from Venezuela moved to the United States in 2010. With my family, I'm an engineer by trade and I came here to do a masters and FI you know, here in Miami. I've been investing in real estate actually since 2009. A year before we moved to the United States. We We came here when I put that when I say we, that's my family and I, mom, dad, sister, OL gang, we came here and we bought a few small portfolio of condos and single families and later on we bought we've been bought a piece of land that we later sold. So since 2009, I've been basically overseeing and managing that small portfolio of for my family.

While at the same time I was going to school and I was, and then later I joined a logistics company. Well, I was actually I was doing logistics for a print printing company. But anyway, I did that for a few years. And I figured, well, I was I was actually not enjoying what I was doing. And I was It's not like I was loving being a landlord and handling all the calls from the tenants and all that but

Taylor   3:33  

nobody does.

Lennon Lee  3:34  

Yeah, I was learning a lot. Ultimately, around 2015 or so I started looking at opportunities, just because the return on equity that we had on those properties, they were not there anymore, and then the rents were going down. So we have made you know, we have made good money on those investments, but it was time to move. So I started looking into commercial real estate, then into multiple family was, is what I understand better, who was simple to understand? And well, I actually decided, well, I need to look at this from from a passive perspective because my family they moved to Panama. And they, they were basically they told me Well, you know, head here you have the money first of all, you better not lose it. Second of all this try to make some money out of it. So we can, you know, leave our lives here in Panama. From from the capital that the money can produce. So definitely we're looking for something passive, something that produces cash flow and before anything else, something or strategy that allowed for capital preservation. So we ended up investing in as a passive investor in almost 296 296 unit apartment complex with a local group in Dallas that allowed us to do come in as accredited investors with their money in and well, we had cash flow will invest in in cast and Class B multifamily. We were looking at long term debt, we were looking at, you know, several different strategies that were being implemented that were in place just to protect the capital first. And then again, we had some solid cash flow and some solid forced appreciation. So it takes all the boxes for us. And that's how we started. And right now I'm a limited partner, I would say roughly 3000 units. I'm a general partner and roughly 2000 units. We closed and sponsored a deal hundred and 38 units here in Florida early this year, and this is 2019 and yeah We're off to the races now trying to try to look for more deals and continuing to provide opportunities for our investors and for our family, especially to deploy some more capital into multifamily.

Taylor   6:13  

That's great. It sounds like you really, you really know your why, and getting into real estate, which is very important. And before we started recording, you were saying something about your your mentality of investing is that you're a limited partner first, that meaning for those out there, you don't know you're a passive investor versus how you think about yourself, which is, you know, how I think about myself as I'm here for the path of return first, and what do I have to do to to make that bigger? And I'd like to talk to you today about building the best deal flow possible as a limited partner because those deals don't just show up on your doorstep by best investment opportunities. So how do you think about that and, you know, how can we get started? I that's a very broad question. How can we start building that deal flow as limited partners?

Lennon Lee  7:06  

Yes, definitely.

So you need to you need to put yourself in a position to to to achieve a healthy deal flow, right. So what does that mean? It's going to be different for for for everyone, obviously, because we're in my case, I happen to not have a job at the time. So I, I started building a company and building a business around it. So to me, it's a little bit easier just because I can, I'm a full time investor, this is what I do. So I am dedicated to building new relationships every day and forging those partnerships with potential operating partners or or sponsors syndicators, however you want to call them to basically have a because the way I like to do it, first of all, is to build personal relationship. So it's not like I have the widest it's not about having the widest network of operating partners or sponsors out there in the country, but having one that has a lot of quality, right? So to me that quality comes from the quality of the relationship that I have with them. And the quality, of course of their, I guess, track record and all that good stuff, but also the strategy that they have. Meaning, if it's an operator that's growing in one particular market, and you build a relationship with them, odds are that they're going to move into different markets as well later on as they grow, that it's going to improve your deal flow organically just because now you have a relationship. You don't need to waste time building a relationship with someone else on a different market because now this operator is moving to that market and it's going to source deals in that market. So that's that's the first thing right? But So even if you're not full time you want to be, you want to be active. Even though you're a passive investor, you want to be active up front building relationships. And you want to be where the where this is where the sponsors and the syndicators are because obviously goes back to the relationship quite right. So you want to be where they are and start building those relationships. It's a deal flow and in terms of quantity, it's easy to have because now we have all these crowdfunding platforms, you can always call anyone really and you won't even go to a Facebook group and you're going to have maybe 2000, syndicators that are doing exactly the same business model that you and I are doing or you and I are investing in. And and there you go, if one deal flow There you go. But what good does that you know, what good does that do to you? Or your to your strategy, it does another thing that works. So More More so than quantity, it's how do you how do you create a solid pipeline of quality deals from quality sponsors? And I think in focusing on the long term and and on their relationships first.

Taylor   10:17  

Okay, so focusing on long term relationships first and you mentioned a few ways to maybe get a va a quantity quantity of deals and not necessarily a quality which is just go find out what syndicators you can on Facebook, which is how all great business relationships start truly is on Facebook and Facebook, not really. Another way that I've had stumbled upon is by going to these real estate syndication events, uh, you know, you get new people that if you give them your card, well that automatically means you want to be on my list and get on you know, get all of my deals which, you know, bugs me personally so that you know, this this, okay, we want relationships. The next question that flows from that is how do we find those or start those quality relationships mean? Can we still start those quality relationships through a platform like a Facebook? Or do we want to go to live events or listen to podcast? You know, what do you think about actually starting to forge those relationships? How do we do it?

Lennon Lee  11:23  

Listen to me, it's very, to me, it's very simple, because again, I'm doing it I'm doing this for myself and for my family. I just happen to create a company the way I like to see it is, is where, where I'm building a curated network of some of the best operators out there and syndicators for me to deploy my family's capital. Obviously, that has value for other investors that don't have the time or they just don't want to you know, waste quote unquote waste of time building this relationship, but they trust me. So through me they can get access to that plenty of deals for but that's that's, that's Just one thing, but ultimately what you want to do is go ahead and be an active investor first before your passive. That sounds, you know, I know that sounds weird, but I guess my point is, there's no such thing as 100% passive, right? At least not up front. So you need to you need to be willing to spend the time and and the money to go out there to work to do this, just like you said, This conferences and stuff to start building the relationships. Because here's, here's the way I see it. Um, anyone at the level that we're doing deals and stuff. There's a lot of operators out there that okay, there's a lot of them that don't have the track record and that they might not be the best operators. But there's also a lot of them that have very solid track records, that if you run a background check, you're going to find that they're, you know, super clean. great people, great professionals, great communicators great, everything like awesome people, but that doesn't really mean that they're a good fit for you, you know, it's about identifying what operator is a good fit for you and to me, that goes that that's about having a personal relationship with, with, with the company or the or the the operators that you're working with, where where you can feel comfortable in the way they communicate in the way they treat you. Just having a beer with them or coffee or drink and you're enjoying being with them personally. That to me, it's very important because it talks and builds a bond that goes beyond money, you know, and ultimately, once you have that bond, you should feel that these guys are going to treat you like a friend and you're going to start understanding their their character, okay. And their character is what is what's going to determine how they're going to act when something goes wrong. Again, that's the focus for me. And that's why it's taken. To me at least I think it's taken. Its thinking long for me to build a network of all these operators, I have three or four, or maybe a handful of them that I can trust and that I feel I can invest in deploy my capital with, even though I know probably 100 that are great companies, great. You know, operators, great track records and all that good

Taylor   14:40  

stuff. Huh? Yeah, yeah, I think that makes a lot of sense. I mean, you want to take your time to get to know these people and to evaluate them as people before you really count them among your your shortlist of potential partners. What do you think about some of the best events to go to To live I mean I know you you host an event in in Miami if I'm not mistaken I host one in Richmond where I live what about you know national events local events What do you think?

Lennon Lee  15:13  

Oh there's a ton of them right there's a there's there's definitely a ton of them there's all these guys and coaches and educators that are doing events across the country. From where from from Jake and Gino to Joe Farrell is to Brad some rock to up you know, there's there's a ton of them and that's, those are like that, that the ones that probably have Adam Adams, Neil bawa, like all this great guys that are doing conferences at the national level. You know, you want to be there. I think I think as a passive investor, someone that wants to learn the ropes just to understand how to analyze deals,

how to bet operators how to

and then obviously at the end, they build personal relationship with this guys. You want to be there. You want to spend The time and the money to be there. But But then there's also the local meetups like mine like yours right? here in Miami. I'm doing this event that for the past couple years, every month, where it's very laid back environment, it's like a fireside chat, a lot of networking. We're learning about everything multifamily. And, and, you know, great partnerships and greatly relationships are being built there. I'm sure in your meetup too. And I would dare to say, even as a passive investor, if you want if there's not a meetup, in your local market, that that you think that that you enjoy, or that's a quality meetup, that's maybe providing the content that you want to learn about. Go ahead and create it to start to start start a group, start a group, maybe have lunch or or coffee every morning or every I mean, every week or whatever, with a group, maybe you're going to have a couple of investors that but then as it grows, you're going Start meeting the players in the market that might be, you know, potential people that you can partner with in the future or invest with in the future. Whatever you however you want to look at it. I think it's always important. So again, once more, it boils down to relationships, right?

Taylor   17:17  

Yeah, absolutely. I mean, starting mine, and then I don't know about you starting yours, but starting mine was kind of a, it's a daunting task, because it's at first it's like, Is anybody going to show up and then people show up to me. My second month I've been doing mine for I think two and a half years now. Something like that. My second my first month like six people came my second month, one guy showed up and I was just like, This is unacceptable. I don't settle for this. And now I get somewhere between 25 and 50 people and it's a lot of fun and relationships are formed but it takes sticking with it to make it worth the time. That well. Yeah,

Lennon Lee  17:53  

consistency. It's everything. It's everything. Forget about quality, man. I mean, yes, you want to provide quality content. That. Yeah, we know that. But

consistency trumps everything, everything real.

Taylor   18:07  

Yeah, yeah, absolutely. You brought something up in that last kind of hunk of the discussion about analyzing deals and running the numbers. So where do you think that the that people can start building that skill? And then also in terms of importance, and getting your deal flow going? Where does learning how to analyze deals fall? Is it more important than meeting the best quality sponsors? Is it equally less important than that? Which is to say meeting quality sponsors is more important. What do you think?

Lennon Lee  18:44  

I'll tell you what and this is not my case. Because in my case, I'm obviously representing a group of investors that are trusting my, my, my judgment and my expertise and my company to do a lot of this bearing. But if you're if you're, you know, from a panel Totally passive with you know, individual limited partner. It is important don't don't get me wrong because you want to understand exactly how this guy's that you're giving the money to are looking at the deals, the assumptions that they're making, maybe you have a sip a model for yourself that well if you create it, or you can find a lot of different models online that can help you run numbers. And they're going to allow you to understand the thought process behind it. First of all, if it if it if it's a good fit for you, then you're going to feel more comfortable, right? Going into the deal. But if not, then you could identify certain things like like I'm running the numbers myself and I just don't understand how these guys are ending up at a let's say 18% IRR. Maybe they're maybe the cap rates that they're using for for that like the reversion cap rate. It's too low. Maybe I was you know, maybe if you if you learn correctly, you Want to be conservative, then you probably underwriting for a significantly higher cap rate at the exit. So if that's not a good fit, then you can identify the problems or potential problems with the deal or with the operator. So, and that's just one example. Right? But so yes, it's definitely important that you understand, at least at the very minimum, at the very high level, how the how the numbers work. How are these people adding value to these properties? Like how is it that they're, that you're going in with a with a number, but then, let's say $10 million property, and the property is going to be worth? I don't know, 15 million in five years? How does that work? What is what if the market doesn't grow that fast? Well, maybe you want to start understanding. And this goes back to education, I guess. You want to start educating yourself on and say, Well, you know what forest depreciation is? That's basically the holy grail of commercial real estate right? Like how $1 of an ally at a 5% cap rate can can translate into $20 in value for your property. You know, so that understanding all that it's very, very, very important. That being said, you ask the question of if this is more important than the actual relationship with a with the operator. And again, as a passive investor, I would say, your passive for a reason maybe you're a successful physician or lawyer or you have a businessman, whatever, you probably don't want to spend one minute of your time. So for you, it's it's definitely going to be about trust, and you're going to trust this guys. And once you have someone that you can trust, and you understand that their philosophy, their strategy, the way they look at deals, and again, you trust them and that they have integrity every time then the you having to do any underwriting

or betting the numbers. And all

that falls into the second or third position. You know, I'm not saying you never have to do it, because you always should. But let's, let's be realistic. You know, let's be realistic as a passive investor. That's your that's what you want to be passive. And that's it. So stick to that people that you know, that you trust. And that you've, you've done all that betting up front, run the numbers up front and all that good stuff.

That's probably going to be more important for

Unknown Speaker  22:32  

you, huh?

Taylor   22:33  

Yeah, yeah, I would. I would agree from my experience. I mean, it's a keep in mind to listeners out there that you're listening to two engineers right now. So we are numbers oriented people? Definitely. Definitely. Yeah, yeah. But you mentioned checking the numbers knowing how to do that. Absolutely. I mean, I've gotten deals in my inbox that I look at and I run the numbers on and they're saying 18%, our IRR to take your case and I'm coming up with 13 percent. Even if I take all their numbers, I'm getting 13. So

Lennon Lee  23:05  

what happened? What happened there? Maybe Is it the model that I'm using? Maybe, maybe this model has the formula or wrong or maybe therefore I'm wrong. And that would be crazy, right? So do yeah, you need you need education you need you need to be listening to podcasts like this. You need to be educating yourself for quite a while before before you take action. I always say there's no, there's no action without feeling comfort constable. And there's you're not going to feel comfortable if you're not educated. You know, so knowledge leads to action. I don't see it Well, again, maybe it's just myself, but I don't see me taking action without having the knowledge of what I'm doing. Yeah, absolutely.

Taylor   23:54  

I mean, you, especially if you're somebody it's if you're again to take a passive kick. You're putting 50 100 200 plus thousand dollars into someone else's hands of your own money. You're saying, All right, go ahead. Give me Give me more back later. But, you know, in a way you're you're putting your faith in someone, someone else's business some someone else's character. Yes. To handle that money for you.

Lennon Lee  24:22  

You know, again, that's that's what it boils down to everyone wants everyone likes to talk about you need to underwrite every deal you need to do this that. That's, that's not that's not happening. I mean it's happening for me it's happening potentially right like that we are representing groups of investors going into partnerships with different operators or obviously Well, if it's my own deal, then, you know, even more so because I'm the operator that myself but but if I were like a totally passive investor just invested my money Listen, you're getting an investment opportunity you're in, I don't know you're in you're in Bahamas, well, maybe maybe not Bahamas right now, but whatever, you know, wherever you are in the world, you're getting the opportunity. You take a look at, take a look at the numbers, high level, and if you've built a solid relationship with that team, and with that operator, you're investing without looking at the numbers without without running your spreadsheet. You're probably doing it just like you're not reading the ppm every single time you're investing in a deal with one operator.

Taylor   25:38  

Yeah, absolutely. I think a lot of that's very important and over time, I mean, personally, you be happy to hear your your angle on this I kind of build criteria that are more or less in my head, but there are certain certain syndicators whose deals that I receive where I'm like, how to look at it, but there's no way I'm actually moving forward this cuz I don't know this guy, but Look at his numbers and see see what I think. Or maybe I like us indicator, but they're doing deals in Memphis and I don't like Memphis. So I'll still take a gander at the deal. But it's just, you know, I'm not gonna waste too much time on it. Or there are more criteria. I like this indicator. I like the market. I'm interested in the deal. So I'm going to take some time off of my day job and drive there and look at the properties and see what I think and

Lennon Lee  26:25  

that's the active part. You gotta be you gotta be super, super active. So education, podcast, books, conferences, traveling, going to look at the properties, looking at deals and underwriting them, all that good stuff you're doing up front. Once you build that relationship, once you once you took action, once you feel comfortable, etc. You need to do less of that. But now you're not it's not like you need to do this, but you will be doing less of that. It's just it's just the nature, the nature of the beast. And there's no there's nothing wrong with that. You know, it's just what it is.

Taylor   27:03  

Yeah, yeah, absolutely. Can you tell us about I'm curious about the best passive experience that you've had, How good does it get? Tell us about it?

Lennon Lee  27:13  

Ah 2016 that was the first deal. We, we recently sold that one and I was a 25% cash on cash. Nice. Yeah, so that's that's that's just amazing and the, the IRR I think it was also roughly like 25 26% IRR. So yeah, that's a home run you know, in my my eyes it's it's just fantastic so and and not only that, not only that, but that was the first deal. My first limited partner dealand it led an open the doors to everything that I'm doing right now and All the relationships that I've built so far and it's just been fantastic it's a it's an amazing industry so with you know very very smart people from all walks of life engineers like you and I for you know salesman's and well you name it right tech people etc. And we all you know truly believe in and what we're doing and we're all invested on each other's deals with that which is also that the something that I think it's fantastic because it talks about the relationship building and the trust that that's building I have people that invest in my deals on the on the Jacksonville do for example, I have one big name syndicators that invested with us, and they own thousands of units and, and it's really it's really, it's nice to see Because ultimately, we are all passive investors as well. Right. So, you know, it's about diversifying and building this relationship that ultimately you're not doing any more vetting once you have a good circle of syndicators or partners around you. The bedding is over at that point. Now you're now you're, if you're lucky, you're potentially building friendships now. That's the way I see.

Taylor   29:30  

Yeah, yeah, no, I've absolutely observed that. You said, you know, we're all passive and I hadn't noticed that. A lot of the big names invest in deals passively as well. I know I'm side by side with a big name on a deal who I didn't even know this person was going to be investing in this deal. Till you know, I got some of the documentation back and I saw, I didn't know he invested in that. And you'll also notice that a lot of flippers For example, to get into the more residential side right? pros I talked to have this fantasy of I want to flip enough and build up enough capital so that I can just be a money lender, that I don't really have to work anymore. So everybody's really looking for that passive return. Yeah,

Lennon Lee  30:14  

it's, it's, it's the ultimate goal, right? Like financial freedom, whatever that means for you in terms of numbers, because that's going to be different for everyone. It's, it's the ultimate goal, or call it just freedom, right? You want to do whatever you want to do with whoever you want to do it. Whenever you want to do it. That's That's it. So and you need you need some money for that. You are a lot it could be a lot. It could be it could be a little money. But what you need some money, and you need to have it come passively, meaning you're not working for it. Because if not, then you wouldn't be doing whatever you want to do whenever you want to do it with whoever you want. Right. So that's not the way

Taylor   31:00  

That's what we're all seeking. So we're going to take a quick break for our sponsor. lending. We've got three questions we ask every guest on the show. Are you ready? Oh,

Lennon Lee  31:11  

yes, hopefully I am.

Taylor   31:12  

Alright, great. First one, what is the best investment you've ever made?

Lennon Lee  31:18  

I would have to say education man, I'm just kidding. I'm just kidding.

No, no, it is important, but we, you know, before him before we went live, we talked about that being a common answer. So it would have to be the first investment in real estate in real estate that we made. So it was we bought three condos here in Miami, in 2009. Wow. Actually, financially was amazing, but also the experience and everything. It it led me to where I am today. So I'm grateful for that.

Taylor   31:53  

Yeah, it's great. I mean, I don't I don't know specifically how bad Miami got hit and the Great Recession, but I would imagine was pretty severe because

Lennon Lee  32:03  

Miami, Miami was one of the worst markets got it pretty bad, very volatile on recessions. So yeah,

Taylor   32:12  

was a good thing at that point is a perfect time to buy perfect time to get in the game. On the other side of that, what is the worst investment that you've ever made?

Lennon Lee  32:21  

That's it. That's it. That's a hard one man. That's a hard one I would

I would have loved I don't know if it's the worst investment. But after I graduated, as you know, for engineering in Venezuela that I moved here, I continued the path. An engineer, my Masters that I didn't hear was engineering management, even though I already knew at the time that I was not going to be that was probably not going to be working as an engineer. So I would say that that investment would have been better. Maybe if I didn't go to go to school, to graduate school or Or if I wouldn't have or if I would have done maybe something more about business, which is a, you know, a lot of a lot of the learning I had to do by by doing on this past few years. And maybe that maybe going to school for that would have helped me. So I would say that wasn't that wasn't the best one.

Taylor   33:22  

Yeah, you already knew. I don't want to do engineering management. Sometimes it's it's hard to, to change that track. Even when you're, you know, it's that power of, of commitment. You know, I think we all do that. My favorite question, the last two these three is what is the most important lesson that you've learned in investing?

Lennon Lee  33:44  

A lot of people like to say you build it, and they will come and when it comes to to investing, in our case, specifically, they call if they say if you have a good deal, the money will come. I've learned that the hard way. That that's just not true. Definitely, definitely not true, man. I mean, it's about it's about building and creating your network. Even if you're not raising capital again, I guess it it's about the broad picture about building a network being prepared. And and then you know, take take take an action. It's going to be very tough if you could just go at it without, well, first of all having the education but then also having built a team and network of partners and people around you that they can trust that kind of help you ultimately it's a it's a team sport.

Taylor   34:43  

Absolutely. I think that's that's great. And that has struck me in the past as well. Even if you've got a great deal. There is that saying out there people say the money will come if you got a great deal on that. That's just not true. You have to my favorite saying Really? Ladies did that as you have to dig the well before you're thirsty, you have to really prepare these things and not be scrambling on the back end to either, you know, make your capital condensed, or whatever the case may be.

Lennon Lee  35:14  

Yeah, yeah, exactly. And it's the same way, if you see it from them from the passive investor, the one that's going to invest, maybe, maybe it's true, it's true as well, if you see it that way. Because if you have the money, that doesn't mean that you have a great deal waiting for you as well.

Lennon Lee  35:32  

you again, you want to be prepared, you want to build your network, you want to actually going back to what, what we started talking about at the beginning, which building a quality pipeline of deals with from quality operators, that people that you have quality relationships with, and all that good stuff, because again, you might have all the money, but what are you going to do? Well, I mean, unless you're crazy, you don't want to deploy it into just into any deal. So It works both ways.

Taylor   36:03  

One man's crazy is another man's brave But no, I totally. I totally agree with you. I mean, as a passive investor, just because I've got capital in my bank account doesn't mean syndicators are going to be beating down my door to get me to invest it with them. I mean, if you put yourself out there, then yeah, you'll you'll start getting at least that quantity to low, but we want to step it up and get the quality deal flow going, as we discussed today.

Lennon Lee  36:30  

Yes, definitely. That's I mean, and I'll tell you, I've seen big, big, big time investors like huge family offices, private equity groups, like big shops, and actually they're a lot of the problems that they have is they just don't have enough deals. They they're not there. They are not seeing enough deals. And these guys were talking well billion 500,000,200 million dollar family offices. Yeah, so that tells you something. So yeah, it definitely works both ways.

Taylor   37:07  

Yeah. Yeah, absolutely. That's that's an interesting problem. Maybe I can. I've had, we've talked about family offices on the show before, but maybe we can address that, again, for folks that have very large 100 million plus dollar checks. They can

Lennon Lee  37:23  

be a beautiful conversation, I'll tell you, and then I can give you some recommendations of people that can jump on the show that you can invite to talk about that. That would be

Taylor   37:34  

that would be awesome. So everybody out there, stay tuned for that. Well, we'll talk about that. So awesome. So where can folks get in touch with you if they want to learn more? If you're in Miami, what's the you know, the group all that stuff?

Lennon Lee  37:50  

Yeah, the group in Miami. Today, well, today's October 8, or ninth, whatever the next meetup is going to be October 29. It's called the multifamily investor meetup. It's going to be here in Miami and downtown Miami. But if you want to join the list and get my newsletter and also get an E book that I wrote about passive investing in multifamily, and then also you're going to get notifications about the meetups and all the other whatever other events that that I'm going to be attending or or hosting or whatever. Go to Bill de Capital Group com, forward slash join. And, again, there you input your email. You'll get the ebook, you'll get a bi weekly newsletters about, you know, education in general multifamily education, and the notifications about the events and all that. I'm also active, very, very active on other social media platforms. So you can reach out Instagram is my favorite one. So the multifamily investor on Instagram, Israel, out there.

Lennon Lee 39:00  

And you know, I was

Taylor   39:03  

awesome. I think I follow you on on Instagram and I know I'm on your email list and you have always, I'm always impressed by how good looking your emails are, in addition to the quality, that content that the design is impeccable, I'm always blown away so that

Lennon Lee  39:23  

you know, now you're selling me you're selling me the right way. So people need to join.

Taylor   39:27  

Yeah, yeah, they should. And there's a there'll be a link in the show notes. For those who didn't get it, but it's BLD cap BLD Capital Group. com slash join, right? Yes. Alright. Awesome. Well, thank you for joining us today and sharing your lessons and I hope folks reach out and learn more and get a copy of the book. Thank you, brother.

Lennon Lee  39:47  

Thank you for having me. see on the next one.

Taylor   39:49  

Yep. great to talk to you again to everybody out there. Thank you for tuning in. I hope you enjoyed the discussion today. If you're enjoying the show, please leave us a rating or review on iTunes be a very big help helps other people learn about the show. You know anyone That could use a little bit more passive wealth in their lives. Please hit share the show with them and bring them into the fold. Thank you for tuning in once again and we will talk to you on the next one. Bye