Zero To 1290 Units In 4 Years With The Right Partnerships – Mike Desrosiers

 

 

Partnerships are the building blocks to a successful real estate empire. With the right connections, dedication, and mindset, zero to 1290 units in 4 years is not just a dream, but a reality. In this episode, we’ll be joined by Mike Desrosiers, a founding member of Growth Capital Group and a general partner in 1,200 units. Mike shares how he entered real estate investing, overcame obstacles, and learned valuable lessons that helped him expand his portfolio quickly. He reveals the big story of how he went from zero to 1290 units in just 4 years through strategic partnerships. Mike talks about the importance of building strong relationships with partners and investors, and how he leveraged those relationships to find deals and raise capital. He discusses how he conducts due diligence, manages his properties, and maintains focus and persistence in his journey. Drawing from his expertise and experience, Mike offers valuable insights and advice to all aspiring real estate investors that aim to scale their portfolio quickly. Tune in now.

 

Get in touch with Mike Desrosiers:

LinkedIn: https://www.linkedin.com/in/mike-desrosiers-3356022/

 

If you are interested in learning more about passively investing in multifamily and Build-to-Rent properties, click here to schedule a call with the CPI Capital Team or contact us at info@cpicapital.ca. If you would like to Co-Syndicate and close on a larger deal as a General Partner click here. You can read more about CPI Capital at https://www.cpicapital.ca/

#avabenesocky #augustbiniaz #cpicapital

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Watch the episode here

 

Listen to the podcast here

 

Important Links

• YouTube – Real Estate Investing Demystified
• John Chang – Real Estate Investing Demystified YouTube Interview
• RE Mentor
• FortuneBuilders
• Marcin Drozdz – LinkedIn
• Growth Capital Group
• Awaken The Giant Within
• Life Force
• Mike Desrosiers – LinkedIn

 

About Mike Desrosiers

Mike is the founding member of Growth Capital Group and a general partner in 1,200 units with over 100 million in assets under management. His properties are in Texas, Kansas City, Las Vegas, and California. Mike’s focus has been on undervalued properties which offer forced appreciation through cost effective renovation and proper management. Mike’s experience includes over 30 years as a CEO of a successful promotions and marketing agency and many years of real estate transactions. He resides in California and is a licensed private pilot.

 

 

Zero To 1290 Units In 4 Years With The Right Partnerships – Mike Desrosiers

We have a reporting platform connected to our YouTube show.

We’re trying to go to all the top conferences and interview the experts that are at the real estate conferences.

We’re going to be talking and interviewing the attendees, guests, and hosts.

Check that out on our YouTube show because we went to the Best Ever Conference, a very large conference. There are a lot of people there. We got some incredible interviews.

John Chang of Marcus & Millichap and a bunch of other great people that we interviewed. Jump onto our YouTube show and check out the interviews we’ve had with these guests.

 

 

In this episode, our guest is an expert in marketing promotions. We always have this talk that marketing is such a significant part of the growth and success of companies. I’m excited to dive into the mind of our guest.

He’s not only an expert in marketing, his background and his foundation are in marketing, but he is also an expert in multifamily syndication, real estate private equity, and all that. It goes to real estate in general as well.

The two of that recipes combined are a recipe for success.

I did a poll on LinkedIn about this. I said, “What is the most important part of a real estate investment firm? Is it their acquisition team, asset management team, or marketing team?” The answer was pretty largely to the marketing. They say, “An inferior well-marketed product always beats a superior less-marketed product.” Let everyone know our guest.

In this episode, we’re joined by Mike Desrosiers. He’s the founding member of Growth Capital Group and a general partner in 1,200 units with over $100 million in assets under management. His properties are in Texas, Kansas City, Las Vegas, and California. Mike’s focus has been on undervalued properties, which offer forced appreciation through cost-effective renovation and proper management. Mike’s experience includes over 30 years as a CEO of a successful promotions and marketing agency and has many years of real estate transactions. He resides in California and is also a licensed private pilot.

We believe this interview with Mike will bring great value to both passive and active investors. You can see what he has achieved with his marketing background, but that marketing is a big point of what this show. Welcome, Mike.

Thank you so much. I appreciate you inviting me. We’ve talked before at the Best Ever Conference. I did see some of those videos that you did of people there and it was awesome. I love that. I’m happy to be on your show and to have this conversation.

We know you’re going to add lots of value to the readers. Maybe you can start off by telling us about your background and then how you got your start in real estate.

I’ve been in the marketing and promotions business for quite some time. I’ve had a business that focuses more on the high-tech and biotech industries. It’s more of our clients. I’ve had that business for many years, which is crazy. It sounds like a long time. I focused on that market and dealt with those executives for many years. My side hustle was always real estate. I’d always had rentals of some sort or another, usually, on the single-family side.

I’ve had multiple businesses in my career. Quite frankly, they’ve all done well, but at the end of the day, real estate is where you gather the wealth. That’s what drove me in this whole direction. Now my world is 95% all real estate and the 5% still in the promotional marketing business, which I still have, but it runs more on autopilot. I’ve been drawn into the multifamily and saw an opportunity how to expand that.

At the end of the day, real estate is where you gather the wealth. Click To Tweet

Before we get into multifamily, you’re in California. Have you always been to California?

I am born and raised in Northern California.

Did you start investing in single-family in California?

I did.

What was the strategy there, buy single-family and rent it out? Talked to us about your strategy when you invest in single-family.

It’s been a combination. It’s mostly been the buy and hold, but there’s been some flipping along the way as well too. I’ve done that all my life in California. Although California is not a terrific market for investing, certainly in multifamily, more due to the rent control laws and things that come along with that. I can tell you there are not a whole lot of states that have shown equity gain over the years. The problem is you got to go in and you buy it, you pay a super high price, negative cashflow, and super low cap rate, which does not make sense for syndication, investors, and so forth. If you’re using your own money and buying and holding and you don’t care, you’re waiting for ten years, prices have gone through the roof and built equity quickly.

My mother-in-law pretty much says this every week, “Real estate is like gold. Invest in real estate.” You’re doing that in California, which has played a big appreciation game.

The apple hasn’t fallen from the tree there in that situation.

My father purchased his house in California close to where I’m at now for $32,000 back in the early ‘70s. That home is worth well over $1 million. Try calculating that.

Tell us more. You’re doing your business and a CEO. Talk to us about the business you were involved in marketing.

We create these promotional posters for the high-tech and biotech industry. These are aerial view designs of different clusters around the United States that host a significant amount of those industries like for instance, Silicon Valley, which is the biggest in more of our flagship product. We do this large poster of Silicon Valley. It’s an aerial view of Silicon Valley. It shows where all the high-tech companies are at but it’s done in more of an artistic 3D style. The companies pay us to go put their logos on the map and rendition of their buildings. We produce this large poster with a calendar at the bottom. It’s customized for the companies. They’ll order copies to hand out to their customers. It’s like a promotional product for them, the hats, shirts, pens, and things with their logo on them.

We have companies like Cisco, Intel, and HP that order from us. We’ve been doing this every single year. Cisco orders 5,000 copies and ships them all over the world to all their companies. It’s a very niché market. We do that for Silicon Valley and quite a few markets around the country, from one of Arizona called Silicon Desert, Oregon, Washington, Silicon Forest, Texas, Lone Star Tech, and so on. We also do another series for the biotech industry. We’ve even done it overseas. We do a Silicon Europe and a Global BIO map, and things. We’ve gone to these trade shows overseas and promoted them over there.

Tell us about what your start in multifamily is. Did you invest as an active investor or an LP? Did you have joint venture partners? What was your start in multifamily?

I did not come in as an LP. I came in through some of these education networks and the education systems. I personally came in through RE Mentor and Dave Lindahl program, which was amazing. I went through that. Honestly, my wife dragged me to it. I didn’t even necessarily want to do it. She’s going, “You’d be good at this.” It was already my wheelhouse, but I’m busy and I’m like, “I don’t want to do that.” I went and sure enough, it was an a-ha moment over and over. I’m a hard sell. I’m the guy sitting in the back of the room in the timeshare presentation with his arm crossed like, “Nobody is going to sell me,” kind of thing.

I fought that. I didn’t buy into that right away, but I then eventually did and started absorbing into the education. It all started making much sense to me because I’ve already been a bit in that world. The whole idea of using other people’s money, raising capital through syndications, and even buying out of state, which was a hard thing for me to absorb at first. It’s because being in California, everything I’ve done is all very close to me so I’m able to touch and feel it right away. The whole idea of buying out of state and running a property from a distance like that made all perfect sense. I bought my first building in Las Vegas which was more of a test building for me. It was a smaller building. I went in to run the property myself. I used my own funds to do that.

 

Was it a multifamily project?

Yes, small multifamily. Dealing with the tenants and any issues and things went well. I still have that property, and it’s practically double in price.

How many units is that one?

That is fourplex.

We had a booth at one of the RE Mentor in Phoenix.

That’s where we met.

It’s a very happening event. There are a lot of people there. How long was it since you joined to then when you first took down your first property in Las Vegas, the first multifamily that you took?

I joined in 2018. In the first year, I didn’t do anything like everybody else. I love telling this to others because many people that are in this space tend to struggle to get into that first property. They’re concerned like, “What’s wrong with me? What am I doing wrong?” I always want to encourage them to stick with it because I did the same thing in my first year. I had trouble getting into my first property as well. It’s a lot of moving parts. You’re trying to do usually too many things yourself as far as the broker relations, the underwriting, and all these things that you have to do to make a deal work.

I partnered up with another group locally. It’s my wife and I and another couple that is close by. We started getting on Zoom and doing all of that. They came from a different education system, FortuneBuilders, which is more single-family base. I talked to them about going through the multifamily. I talked to them about getting into RE Mentor and they went to the course. I went back to the course with them for more support. I ended up being in the back of the room the whole time and talking to more of the staff because I knew them, the instructor, people, and all that. We sat down heart and heart. I was explaining to them that I was having these challenges and getting a little frustrated.

I know the information. I’ve been talking about it. I feel like I’ve been talking about this for quite some time to potential investors. They keep coming back to me and going, “Do you have a deal?” I’m saying, “We’re close. We have some analyzing and we’re talking about it.” It got to the point where to be honest, it was a little more embarrassing that I didn’t have something yet because I’d been talking about it. He said, “Have you thought about capital raising and maybe coming in with some partnering up with some others that are getting into deals? They’re willing to bring in general partners.” I said, “I think I could do that. That’s something I feel very confident with.”

He immediately introduced me to another team that was acquiring properties but was having more trouble raising the capital and they had already had that momentum going. They invited me into a property that they were active on. I put in some of my own money. I raised some capital, not a whole lot but I didn’t expect to raise a lot on my first deal because it’s your first deal. I was happy to be able to send that out to my investors with my profile on it and prove that I’m doing this and I’m in that space. That worked great. It not only got me in as a general partner on that deal, but then they got into another deal and quickly invited me into that because they do have a lot of business experience as well in marketing, advertising, and so on.

I was able to help some of their systems and things other that they were doing as well because they were in a high growth mode. They invited me to another deal and I was able to raise more money for that and then another one. I ended up getting into my own deal and then brought them in to help sponsor me. I got invited to another team out in Kansas City that was in contract for this 426-unit property out there. I was able to raise a little over $1 million for that and it rolled fast.

Let’s talk about raising capital because you mentioned you were raising capital for quite a few deals. You live in California. You mentioned the Silicone Valley area. Can you tap into that market because there are a lot of high-net-worth investors that lived there? What did you tap into first to start connecting with investors?

What was your first phone call?

I’ve been an entrepreneur my whole life. I do work in that circle. I do have a broad array of friends that are all in that space. They’re all entrepreneurial type. Those are typically my first inner circle investor pool. Since then, I’ve started a local meet-up. We get some Silicon Valley people up there. We are working in that space. I connect with them well because again, in the advertising marketing business, I’ve already built relationships with these people. It’s easy for me to talk with them. I’m also an investor myself. Another big tip or trick to being a capital raiser is being able to talk as an investor. You need to know the type of things an investor would look at and the things that are important and then be able to talk to them on an equal level way.

 

You mentioned you were co-sponsoring or co-GPing. Did they allow you to check out what everything looked like as they were closing on deals that you could learn along the way and then that was how you were able to close on your first deal? Did you learn a lot from them? Did they open up the doors you coming in?

The books for like underwriting.

Did they walk you through how they did things or were you more hands-off? I’m curious to know that because a lot of the time, when you partner with these bigger groups, it’s a great learning lesson that you can eventually go and do your own big deal.

I jump in immediately. I need full transparency and access to everything. I was able to go in and look at the underwriting even to acquire the property from the contract all the way from the LOI, rent coms, coastal reports, and everything that was available on the property at that time. The whole business plan, I’m looking into all of that. I could see quotes for the CapEx and everything else.

I was able to jump into that. I’m one that jumps into everything. That’s a fault of mine because I’m taking on too much. I jumped into the property management calls. I’m on almost all the property management calls on all of my properties as well as the general partner calls and other things that go on even during the week. You can imagine quite a bit of Zoom calls when you have thirteen properties and you’re trying to get on all of them.

I’ll break this down very quickly for readers who might be a bit lost about co-GP and all of these concepts. When you acquire institutional multifamily assets as a general partner, that general partnership can also be divided up into multiple partners. This business essentially has three main components. This got the acquisitions, basically sourcing the deal, underwriting the deal, and all the details that go with the deal.

You got the asset management, which is executing the business plan after a deal has been closed and you got the equity side which is raising capital if it’s debt and equity, best relations and what have you. Sometimes general partners get together and one of them is great at one of these main points and then they partner up and they do deals. In this case, Mike was more focused on capital raising but also assisted the group with the asset management and marketing side of things. That’s how these partnerships come together.

That’s how you can close on bigger better deals as well. You can’t do it all by yourself.

 

 

Compare this to the institutional side, a lot of times, you hear about Blackstone doing large deals and closing and buying multifamily assets similar to assets that us and Mike purchase. They partner with a sponsor as well. We have the Canadian Pension Fund that partner with Greystar to buy and build multifamily in the US. These partnerships happen on the institutional level. It happens on the retail level for us as well. Going back to you, is the plan long-term to stay as a boutique private equity firm that raises equity and advises and partners as a co-GP with these sponsors, or is the plan for you to get involved on the operational side and build that side of the company? I’ve seen success on both sides of the business. What are your plans? What is your long-term vision?

It’s both. One of the things that I love about this business and that I’m thriving on is the partnerships. I enjoy that. In advertising, you don’t do that. You wouldn’t be sitting around a table with a bunch of advertising people sharing ideas. Nobody does that, but they do in this multifamily space. Collaboration is thrived upon. Everybody loves that. It’s the best ever. All these people running around are not competitors. These are all people that could be or might be good partners to do different things. You can’t do this by yourself. It’s a team effort and a team sport. It’s like being on a rowing team but everybody being on the right side. You could have the strongest rowers on the planet but if they’re all rowing on the right side of the canoe, that’s going to go in circles.

You need everybody doing their equal part and pushing it forward. That’s exactly what it is with these partners that I’ve partnered up with. They see the value in me. I see the value in them. You’re able to do your part and you learn it. When you feel like you’ve learned a lot, then you get to go in and learn more until you get good at your craft and you become a very valued partner to others. What everybody does is they get in and it works like a very well-oiled machine.

 

 

What is it that you look for in operating partners that you want to partner with?

You have to like and trust. That’s probably key and the ability to learn. People that want to learn and get better at whatever they are. They have to think alike but yet you do want them to look at it a little differently. You can have different ideas and concepts that come to the team.

Aside from the gut feeling when you meet someone and see about their vision and what have you, are there particular boxes that have to be checked? For example, when we were looking to partner with active operators when we first started out, they had to have at least $100 million of assets under management and taken deals through as full cycles. We have all these checkboxes. Are there particular things in your boxes that need to be checked that you look for in a sponsor and operating partner that you looking to partner with?

I do partner with different types. If it’s a key principle, they have to have a very good resume. We do credit checks and make sure everybody is up on board. That’s key. On down, depending on who’s doing that, it is certainly an asset manager that has some experience and that is very important. I also partner and sponsor deals for newer students that maybe don’t have that. I’m in that position now as well that I sponsor other people through RE Mentor and some of these other organizations.

They’ll bring deals to me to sponsor for them. Sometimes, I’ll even bring in other partners into their team if they don’t have enough experience. I also enjoy that portion of the payback and help. We’re all climbing up this ladder one step at a time and we’re all reaching up for the next level. At the same time, we can put a hand down and help grab somebody else and bring them up that ladder.

That’s a good feeling.

We know you do a lot of that. We’ve seen how well you’re respected at these events. Without a deal, none of this is possible. Let’s get into deals, what type of deals do you look for?

What are the regions you’re investing in and why?

Is there checkbox in a certain regions or is it deal by a deal basis? Somebody brings you one of your students or mentees brings you to deal and one of your co-GPs brings you to deal. If it numbers make sense, then you look at it or are there particular regions and markets you’re looking at? Are you following certain data? Where do you want to stay away from when it comes to rent, population, and income growth? How do you go about looking at the next region you want to invest in? Where are you bullish on?

I’ve definitely been drawn more into the Texas market. That’s where my stronghold is at this point. It was led there mostly due to my partners and bringing into deals. I do like that market given that it’s centrally located in the country. It’s easily accessible to both coasts. The weather and economy seem to be better there than in most places. We’re seeing a lot of companies moving into Texas. Hewlett-Packard moves there from Silicon Valley. We’re seeing Tesla and Amazon plants because of its central location.

You know that because your business was seeing where these big companies move to. You’re a master when it comes to the relocation of these companies.

I’ve always paid a lot of attention to that as well. I see that migration and it makes a lot of sense because the cost of living is lower there. It still has a very high population. They can draw from employment, being able to bring in tech employees or higher-paid employees for that industry, but they don’t have to necessarily pay them as high as they would in California or New York. It’s a lower cost of living and less cost of operations for that company as far as their office space, real estate, and all the other things that come along with that. Also the taxes.

There’s a lot of drive there where the employment and population go. That’s the kind of indicator that we look for as far as buying these apartments. It doesn’t guarantee success but it puts a feather in your cap. If the population continues to grow, people need places to live and Texas specifically has been exploding. I do like that whole Southeast market as well. I’ve looked in the Atlanta market, Tennessee, South Carolina, North Carolina, and all of that.

Talk to us about a little bit of a market prediction. We’re in a choppy environment in the market. The interest rates have gone up drastically. It was the fastest growth ever in history. They’ve gone up 500 basis points in over a year approximately. This is the Fed’s funds rate. Interest rates have gone up also even more than that when it comes to the lenders and what have you.

How do you navigate in this environment when there’s a price discovery as well between what the sellers are asking and what the buyers are willing to pay, that arbitrage between interest rates and the cap rates under the going-in cap rates? Are you sitting on the sideline if the deals still make sense? Are you going in? Are you looking at only consumable loans? What is your prediction about the market? Are you still actively looking at deals? Talk to us about your view on the interest rates and where the market is at.

It’s a terrific opportunity time. We are not pencils down, but we are pencils extra sharp. There are deals there and you have to navigate through them. It’s a challenge with some of the properties that are not cashflowing quite as much as others, but as long as you don’t run out of money, you’re fine. We ride through this and hold on and it will come back. There’s no question about that. As far as the buy, we’re in contract now with Marcin Drozdz.

The market’s state now is a terrific opportunity. We are not pencils down, but we are pencils extra sharp. As long as you don't run out of money, you're fine. We ride through this and hold on and it will come back. Click To Tweet

I got your email in my inbox for your deal.

That’s a fantastic deal. It’s a perfect example of how to navigate this market. They had this property upwards in the $16 million range. An offer came in from Marcin. It was roughly in the $13 million price point. Before all the interest rates are happening, the broker came back and pretty much put his hand up in front of his face and said, “Forget it. Take your offer and go fly a kite because it was too low.”

The interest rates went up, and all of a sudden, things started to soften. Sure enough, a couple of months later, the broker call Marcin back and said, “We might not take $13 million, but we might want to put something close into that.” Marcin, being a smooth negotiator, comes back and says, “With the market now, it doesn’t quite hit that.” He puts in the lower offer, below $13 million, then went through some due diligence. There are some occupancy issues and the bottom line is we’re in the contract at $11,100,000 on the same property.

It’s $77,000 a door. It was good negotiating on Marcin’s part, but also the timing was great. The bottom line is it’s a seller that ran out of money. He had to sell. He was on the wrong loan and running out of money. There is some deferred maintenance on the property, but nothing that’s not fixable. We can fix up quickly. It’s taking advantage of the market and that’s what is out there. You have to dig deep and stay tough on your negotiations and price points and the deals will happen.

This was an on-market deal.

It was on market at that time. It’s funny because we’re in contract on it. I’ve had several people emailing and going, “I was on that same property but had no idea they’d go that low on the price.”

You don’t know if you don’t try. Some people got to get out.

We’re talking a 3 or 4-month period here or more than that. It’s about sticking with it. it’s sticking your guns and your underwriting and only putting the number in that makes sense. If it doesn’t, move on to the next.

You can say you’re an interested buyer and have that broker come crawling back to you after.

Before getting to the next segment of our show, let’s get a couple of more questions here. What advice do you have for somebody looking to get into real estate syndication or real estate private equity or multifamily, particularly for someone who is a high-income earner? They’ve been very successful in their field. That seems to most of our guests that we interview are people who’ve been very successful in their field, but they got into this space. We have a lot of physicians who’ve done the same. My mother always wanted me to be a physician, but I’m like, “All the doctors are leaving their business and they’re coming into our business.” What advice do you have for someone who is a successful high-income earner and wants to get actively involved in real estate private equity?

My first advice honestly would be to go in as an LP. That’s a great way to step a foot into the business. LP can certainly let the GP team need know that they’re interested in more information. Usually, it’s a very open book, at least all of our deals are for all of our investors. They can get as almost involved as they want if they wanted to get more information. Especially as you say, in a position like you’re a brain surgeon working in an operating room. The last thing you want to do is be thinking about tenants, toilets, and trash on an apartment building that you have or something while you’re in the middle of an operation because it does take some brain space.

You have to put yourself in that space. Keep that hat on top of the properties or whatever you’re doing and then slowly gravitate into that and figure out if that’s the space that you want to be in. I’ve seen that many times where we’ve had investors that come in as LPs and then move into the GP space. They gain a tremendous amount of knowledge along the way and they see how different operators are operating. You’re able to figure out what you like and what you don’t like and then you’re much more qualified to pick partners at that point because now you have some experience with that.

 

Thank you so much for sharing all your wisdom, knowledge, the deal that you’re working on, and exciting stuff. We’d love to bring you on our show at some time in the future and talk about how the deal is going. Let’s get to the next segment of our show.

It’s called The 10 Championship Rounds of Financial Freedom. I’m going to ask you some questions, whatever comes top of mind. Are you ready? First question, who has been the most influential person in your life?

It would be my father. He’s passed away at this time, but he’s somebody who’s set my morals, standards, and the way that I drive life from the beginning.

What is a number one book you’d recommend?

I follow Tony Robbins. I love Tony Robbins’ motivation. I stay there, Awaken The Giant Within. I like keeping focused on high energy and that’s important to me.

Have you read Life Force by Tony Robbins?

My wife bought it, but I have not read it.

I hear it’s a good one. Next question, if you had the opportunity to travel back in time, what advice would you give your younger self?

I would say, “Don’t hesitate and jump on the opportunities quicker. Don’t hold back. Don’t waste time on the little stuff.”

Don't hesitate and jump on the opportunities quicker. Don't hold back. Don't waste time on the little stuff. Click To Tweet

What’s the best investment you’ve ever made?

Investing in myself. That’s a big question there, but quite a bit of investment has been very good. Believing in myself is number one.

What’s the worst investment you’ve ever made and what lessons did you learn from it?

Believing in someone else that I didn’t quite qualify myself. The worst is trusting too much without verifying.

Getting into a deal without trusting too much and verifying could cause problems.

How much would you need in the bank to retire now? What’s your number?

I look for around the $50 million mark.

We’ve got $10 million, $50 million, $100 million, but not yet $1 billion. A lot of people work backward because they want to see what the cashflow on that would be and what happens.

Next question. If you could have dinner with someone dead or alive, who would it be?

Warren Buffett probably. That would be a good one.

If you weren’t doing what you’re doing today, what would you be doing now?

Surfing on the beach in Costa Rica. I had my surf shop right there on the beach in Costa Rica renting surfboards or something.

Jaco is the main beach in Costa Rica, which is a big surf city, but I wouldn’t expect anything less from a California guy.

He loves to be out in the sun and on the water. This is my favorite question. Book smarts or street smarts?

Street smarts for me.

Last question, if you had $1 million in cash and you had to make one investment now, what would it be, other than your Texas deal?

I would invest in real estate.

Break that down a little bit more. If you have $1 million in cash, let’s say your Texas deal would be your number one choice, but what would be the next one? Real estate what? Some people have $1 million in cash. What type of real estate? Would it be an LP, buying up cashflowing property in a high-growth area, or a short-term rental? Where would it go?

I’d be looking for distressed properties. The way that the economy is going and the interest rates and things have caused some distress in the market. Unfortunately, some people are running out of cash. It’s very unfortunate, but that does open up opportunities for others. If you get yourself into that space and connect yourself with a lot of people, that’s a great thing about this industry. You get to meet a lot of people that are in this space and let people know the type of things that you’re looking for. The opportunities will come.

 

 

That’s opportunistic real estate investing. Thank you so much. I appreciate it. We have our hard questions at you all day long here.

Before we let you go, can you let everybody know what’s the best way that they can reach you?

I’m available on social media. You can look up my name, Mike Desrosiers on LinkedIn and all the social media. You can connect with me there. My website is GrowCapToday.com. That’s a great place to connect with me as well. We even have a calendar link on there where you could schedule a call with me direct.

Mike is a great guy. We can attest to that. Thank you. We appreciate it.

Thank you so much. It’s been a pleasure.