Hey, Deamakers, welcome to the show where it's all about financial freedom with real estate.

Let's do this.

All right, today I'm catching up with Rod Clef, who is obviously well known for multifamily education like I am as well.

But today it's kind of a real honest conversation.

It's not really as much sugarcoding. We talk about, you know, what's been going on the last two or three years. It's not been a very pleasant journey for anyone in multifamily. So we talk about that. And Rod's very vulnerable. And I share some things as well. And we're kind of figuring out what's kind of next, you know. We're kind of figuring out what's next in multifamily talk about our outlook for the next year. Rod and I do agree there's going to be some opportunity, but why is that? What kind of opportunity and what are some of the fundamentals that we're going to expect over the next year or two as well? But we also talk about some other asset classes. For example, senior housing. Rod is very, very excited about that.

A number of his students as well, my students are getting into other, have been getting into

other asset classes. And we also talk about kind of this wave of buying operating business,

which I've talked to before in a previous episode as well as on YouTube. And Rod is also very excited about that as well.

And the common thread that you'll see through these things is syndication. It's really,

how do you raise capital so that you can scale whatever it is they're doing, whether it's

real estate or an operating business, that is really the common thread. And as you'll

discover in this episode, as we talk

through some of these things, is that you can apply 90% of what you learn in multifamily syndication

to other asset classes like self-storage or senior housing. But you can also use it for buying

operating businesses like HVAC or car repair or things like that nature. And it's very, very parallel and very leverageable. So we talk about why we're actually excited about that and why we're actually looking at operating businesses to buy in complement to multifamily. It's a great episode, you guys. Let's get right into it with Rod Cleef. Ron, welcome to the show. Oh, my God, buddy. It's so good to see you. It's been way too long. you guys. Let's get ready to it with Rod Kleefe. Ron, welcome to the show. Oh my God, buddy. It's so good to see you. It's been way too long.

You know, we've got a lot of water under the bridge with us. And, you know, we were going to do that mastermind together. Remember, we were going to pull big operators together. And, and, you know, it was like hurting cats to get them to do anything i did it for a while

and it was fun but but you know it wasn't financially viable and it was a pain in the butt but uh you know

it's just great to connect with you again but i mean i what's it's it been five years six years

it's been a it's been a minute it's been a minute i mean to you to you does this little bit like 2008? Or like, what does this feel like to you? Is it different? Is it about the same? Oh, yeah. No, that's a good question. So as you know, I lost $50 million in 2008 and 9, or maybe you don't remember that. But I had a bunch of houses and they pulled me down. And it was, I call them seminars. It was a damn expensive seminar, but it was a seminar. And, you know, I will tell you, it does feel like there is, there is a reckoning happening. You know, I was talking to my SEC attorney last week, and he said he just got literally the day before six new foreclosure clients. These are large multifamily assets. There's a lot of operators in trouble

right now. Expenses are up. Taxes are up. Payrolls. Good God. I used to, you know, I used to teach a

50% expense ratio. Forget it. You can't get a 50% ratio right now. Forget it. 60% minimum.

And so, you know, there's some tough times. And you got, you know, people that got that bridge debt, adjustable rate debt went from 3% to 8, 9%.

...