WS1110: Tax-Efficient Living While Investing For Cash Flow with Dave Zook

EPISODE 1110

[INTRODUCTION]

0:00:00.0 ANNOUNCER Welcome to the Real Estate Syndication Show. Whether you are a seasoned investor or building a new real estate business, this is the show for you. Whitney Sewell talks to top experts in the business. Our goal is to help you master real estate syndication. 

And now your host, Whitney Sewell.

00:00:24.000

Whitney Sewell: This is your daily real estate syndication show. I’m your host, Whitney Sewell. Today our guest is Dave Zook.

Dave’s been on the show once before but he is someone who is doing lots of different types of investing that I’m very personally interested in. And, I’ve got to spend some time with him recently at his place and I’m glad to have him back on the show. He’s doing some great things and he shares numerous of those things with us today on the show. I know you are going to learn a lot. 

But, in case you haven’t heard of him before, he’s a successful business owner, syndicator, and investment and tax strategist. He has acquired more than $250 million of real estate since 2010, which includes multifamily apartment units, multiple large institutional great self-storage facilities, and cleaner energy carbon distillation units which produce pharmaceutical-grade all in liquids. His team is also one of the top five ATM fund operators in the country. 

So today, Dave is going to go through some what he calls tax-efficient living, it’s going to be great. So self-storage, ATM, energy fund, all these things that he is thinking through strategically. But I just wanted to expose you to nothing else now, you can do some research, but he has many of these things on his website as well so I encourage you to go there to check it out. He even goes into a little bit of his morning routine, which I thought was great as well, and some ways that he gives back through donor-advised funds. And so, I hope you enjoy the show.

[INTERVIEW]

Dave, welcome back to the show. It’s been nearly two years, three years since you are on first, and I know things a lot of things have happened and changed in both of our businesses, and that amount of time and, it’s been interesting to just see your business grow and the things that you are helping so many investors and we’re going to get into a number of those today. 

But give us an update maybe on a few things that have changed, some things you’re working on and let’s dive into how that’s helping investors.

00:02:19.000

Dave Zook: Well, Whitney, first thanks for having me back on your show. Good to see you again.

So, since you and I last talked, I’m still doing a lot of the same things. We still got our core asset classes that we really liked for a number of different reasons. But, lately I’ve been heavily involved in self-storage. We’re doing a lot of ATM portfolios, just like we were the last time when I was back on here a couple years ago.

And we’re also rolling out an energy fund here in the next couple of weeks. So, it’s been busy Q4 because of, sort of a lot of our investment asset classes being tax-focused. So, Q4 is usually a really busy time for us so we’re just ramping up, and Christmas and New Year’s and those holidays we get in and we’d like to celebrate the holidays but that’s usually a very busy time for us. Looking forward to it.

00:03:13.000

WS: Yeah, that’s awesome. Something else that Q4 always makes me think about as many of, you know, have a plan to offer taxes right? I was just emailing with my CPA this morning and trying to schedule another meeting to dive into my specific tax situation for this year and planning and, what else can I do towards the end of the year or need to do or be thinking about. 

And I know that is something that you have become a known expert in, is being tax-efficient and thinking about your investing and creating those opportunities for yourself and for your investors. And so I’d love to hop into that and you be able to share with the listeners how you’re being tax-efficient, how you’re thinking about that right now. And let’s dive into a couple of these specific funds and opportunities that you are working on, and what they do for that investor that is looking for those types of deals.

00:04:03.000

DZ: Yeah, well, the way I see it is one of your biggest expenses in life if you’re not very intentional, it’s going to be tax. If you’re a high paid professional, if you’re a business owner making a lot of money, if you’re making a lot of ordinary income, probably your number one expense if you’re not being very intentional about it is going to be tax. So, when you flip that on its head, and you figure “Okay, if I get on top of that and knock down my biggest expense that can be, depending on the asset class and depending on the paycheck you get, that can be your number one biggest return on that investment in year one. 

And you mentioned what I’m doing for myself and for my investors, this may sound a little bit selfish, but typically what I do is I’m taking care of a problem for myself first. I’ve got a tax problem. That’s how I entered space, I had a tax problem. So I found an asset class that will knock down the tax liability on my tax issue that I’ve had. And so, once I got that nailed down and I can’t help myself, now I can go out and help investors the same way I helped myself. It’s kind of like that when you’re in the airplane you put your own mask on first before you try to help somebody else, like that. So I like to work on my own situation. Once I have something nailed down that I go out and help my investors do the same thing.

00:05:28.000

WS: Love that. Well, let’s jump into those three asset classes if you don’t mind – self-storage, and the ATM fund, and now this energy fund, and what that does for investors in their tax strategy. I know you’re talking to a lot of investors that are trying to think through that especially towards this time of year.

But could we talk about maybe each of those and maybe the differences maybe someone should know is their tax planning and where to invest in the last quarter of this year.

00:05:53.000

DZ: First of all it starts with the investment, and you gotta like the investment first. You never want to make an investment solely based on tax.

00:06:02.000

WS: Sure.

00:06:02.000

DZ: It’s got to make sense from a cash flow or wealth building perspective and then if it has a tax component wrapped around that, that can turn a good investment into great investment. So, I’ll talk about self-storage and ATMs and sort of differences between them, and then how we diversify, how I diversify. So I’ll go to self-storage first.

Self Storage, there’s a bunch of different ways to make money in the self-storage business. I love that space, having been in that space for almost five years now. So our business model is we take a mom and pop-owned self-storage asset and the goal is to turn it into a REIT target, an institutional target. So, the last 30 some deals that we bought, managed, and then sold three to five years later, we’ve exited to a REIT. 

And, for your listeners if you’re not familiar with the REIT or institutional buyer, these organizations will pay a premium for a stabilized asset. We’re talking cap rates in the fours. So, that business model can make a lot of sense but it is very boring. The two most exciting days in that kind of an asset purchase or acquisition is when they purchase it. You’re talking “Oh yeah, we’re going to do this, we’re going to do that, we’re going to increase the NOI, we’re going to add climate control units, we’re going to do a little development on the back two acres, we’re gonna do this,” that’s exciting. And then you get into the two, three years that it takes to build that out and get that asset back and stabilized again. It’s boring. It’s very boring. 

And to get returns in the four to seven percent range, it’s not something that gets you excited, makes you want to jump around and do the dance, but you know, when you go sell that asset, once you get it stabilized you go sell that asset at a cap rate in the fours. That’s a whole lot of fun. 

And that business model will give you a modest cash flow during the hold, it will give you a modest tax impact, but you’re really investing in appreciation. So, that’s what we do in the self-storage space and, again there’s a bunch of different ways, a bunch of different business models in the self-storage space, and a bunch of different ways you can make money. That’s our business model.

00:08:24.000

WS: Okay, and that reminded me of what people say about buying a boat, the most exciting days, the day you get it, the day you get rid of it but, this has a lot better exit strategy, no doubt about it. But no, incredible, I mean love self-storage. Also, we do not have any personally, but I do love that business model and it just makes a ton of sense. 

So, you mentioned like investing for appreciation, you know, is that something not you feel you can count on? I mean just appreciation in general.

00:08:48.000

DZ: Well it is, but we’re not relying on the market to give us that appreciation, we’re not just sitting there hoping for appreciation, we’re forcing the appreciation. 

00:08:58.000

WS: Right.

00:08:58.000

DZ: Many times we’re going in and doing some kind of value added through development, you know, I’ll give you a quick example of one that we did and, just outside of Gainesville, Florida. We liked the area, we saw the new development, we saw the need for self-storage space on the square footage that was available in the marketplace. We bought a 75,000 square foot facility, we added two 25,000 square foot self-storage buildings on the same property. So we added 50,000 square feet. Over the next two years we built that, two to three years, we built that and then we got it stabilized and, now we’ve got that property under contract we’re all in and I own property for, I think right around $10 and a half, $11 million. We’re selling that asset for $27 million, so it’s like a three x return in three and a half years. So past performance doesn’t mean anything, you know, when you’re talking about the future but I guess my point is, we’re not relying on the market to give us that appreciation, we’re forcing the appreciation into the asset.

00:10:01.000

WS: No, I appreciate that. That’s what I expected but I just wanted the listener to be able to hear that, that it’s not something you’re expecting but it is something you’re controlling in a big way. You see that opportunity there and you’re forcing appreciation in many ways. Well how does that compare to say the ATM fund? And given that, as you mentioned, given somebody does love the model, the cash flow, those things, what else should they consider about, you know, an ATM fund versus self-storage?

00:10:23.000

DZ: It doesn’t compare. It’s like the opposite, and that’s what’s kind of cool about it when you’re talking about portfolio diversification, it’s totally opposite. You’ve got very heavy cash flow throughout the hold, you’ve got very aggressive tax benefits or tax impact, right up front, 100% bonus depreciation a year one. And in fact you can make an investment into an ATM fund in Q4 as part of your tax planning, as part of your wealth building, as part of your generating income, cash flow streams. 

You can make that investment in Q4, you can take 100% of that bonus depreciation, you can take 100% of that investment and write it off this year and then you’ve got an additional cash flow stream for the next seven years. So, when you look at that you’re like “Okay, we can take 100% bonus depreciation,” and then you add in the next 12 months of cash flow. When you put those two numbers together, now you’re getting 65 to 70%, if you’re a heavy taxpayer you’re getting 65 to 70% of your principal back in year one. 

You know, I’ve heard people say “Well I don’t like to tie my principal up for seven years because it’s a seven year deal.” Well, you’re not, you’re getting 65, 70% of your principal back in that first 12 months for the time your cash flow for, for starts and then you got an additional six years of cash flow behind that, but you’re getting your principal back in like 2.4 years. And you got another four and a half years of cash flow behind that is free cash flow. So it’s really velocity of money, but really when you compare it to a self storage asset, I mentioned that you’ve got modest cash flow, modest tax impact and then a lot of appreciation potential, this is just the opposite. Heavy cash flow, very aggressive depreciation schedule, no equity at the end. So there you have it, it’s like the opposite.

00:12:21.000

WS: It’s very dependent on your personal needs, right and personal situation. If you love the business model, all those things like we talked about, the tax benefits or just the model of how it would that fund works needs to fit with your personal portfolio. 

While we’re at the ATM, it’s not the folks’ conversation about that. I know there’s probably some listeners who are thinking that wait a minute, you know ATMs, PayPal, all these things, you know, Samsung Pay, Apple Pay, is that doing away with ATMs? I’ve heard that and I talked about it recently, but I just wanted you to shed a little light on that to the listeners as well ’cause I know that’s probably at fault, but would you just speak to that?

00:12:54.000

DZ: Sure. I would guess that almost everybody is listening to the show, hardly any of your listeners are ATM users. In fact, the general rule is that if you’ve got enough money to invest in an ATM portfolio, you’re not an ATM user. So you have to understand who you’re serving. 

So, I remember 10 years ago when I got into this space that was all the buzz back then was like “Oh, man cash only got a limited life span,” you know, cash is going away in five years. Apple Pay, Google Wallet, some of those new technologies were just coming online and look like cash might have a limited lifespan. Well, since then there’s more than double the amount of currency in circulation than they’re worth back then and our user base is the demographic of people that we serve as one of the fastest growing in the country. So, then you might ask the question: who is using the ATM? It’s lower income, it’s EBT card carriers, it’s folks that are using the ATM as their bank, it’s under-banked on bank, that demographic that’s our customer. 

And so, when you understand who your customer is and how they perform, how they operate and you place those ATMs where those people are, you’ve heard the saying what are the three most important things to consider when you’re getting ready to make a real estate investment. that’s location, location, location, right? That’s probably even more important in this space because when you look at the ATM space and our business model, it really is a real estate play, you’re taking advantage of a three foot by three foot piece of real estate, you’re monetizing that small piece of real estate by placing an ATM in there and providing a service to that demographic.

00:14:38.000

WS: I appreciate that. I just know that that’s a thought and I think it’s so helpful, you’re like, okay if you’re listening to this or if you can invest in something like this, like you’re not the client right so you’re not thinking the same way as the customer that you’re serving through that business model. 

I want us to jump into the energy fund too because I know that’s something that is not often talked about on a show like this, but it is so related to our business and just business model for our investors or even just operating a fund in general. But I just wanted to get your take on the energy fund, why we should think about an energy fund, why you personally did, and let’s dive into that?

00:15:09.000

DZ: Well I’ve made a number of different investments in the energy space myself personally and I’ve never opened up a gas or a conventional oil play to my investors because I didn’t find the right one. I didn’t find the one that I was looking for myself personally. Until recently I’ve been kind of testing the waters, this group had gotten recommended to me by several family office-type folks who I trusted, they’re fully audited so I started investing with this group three or four years ago in western Pennsylvania, natural gas. 

Number one, I talked to you about never making an investment just based solely on tax deductions. I wanted to kind of get to know this family. I heard some really good things about him. I started investing in them three or four years ago just personally and I was in Boston, in their company when gas was at $20, $30, $50. And it was doing its thing, we were still making a little money, but I believed in the long term natural gas story. You know, when you see what’s going on down in Lake Charles and some different ports, where they’re energy heavy and you see the money that’s being spent on the infrastructure that is being built and we’re getting ready to ship natural gas overseas even much more so than we’re doing today. I just believe in a longer term natural gas story. 

And so, when you see that coming you can get ahead of that. And now, natural gas, we’re getting like $4.69. A funny thing is, you know, I was looking through the forward looking statements and projections from the company and they ran some parallels and said “Okay, here’s what it looks like when gas is $1. Here’s what it looks like when gas is $1.50 and then $2, $2.50 and $3 and $3.50 all the way up to $4” and said “Here is the projected return based on that spot price.” Well, we’re getting $4.59 for our guest right now, they don’t even have projections for that. 

So, I believe, we’re going to have a lot of fun with us in the next decade. And so, it’s one of the reasons, again I did this for myself first, once I really liked it, I really liked the family, I’ve been out to see the operation, to see the physical wells, I was at the wellhead, I like this asset class, I like the family and that’s why I’m opening up a fund and take it to my investors.

00:17:35.000

WS: Nice. Well, speak to what this does for yourself, again, given we love this business model, the cash flow, those things, why would somebody consider this on the tax front? What’s different about that? What should they know?

00:17:46.000

DZ: Well, at these couple things, at these prices, you could be looking at 10, 15, 20% annualized returns. But maybe even more importantly, again we’ve talked about tax planning, this is something that if you’re a doctor, if you’re a high paid professional, if you got a lots of ordinary income, you can take these tax deductions and take them right off of the bottom of your tax bill, you can take against ordinary income, you can have a W2 job, and this is one of the few tax deductions that will reduce the tax, reduce or eliminate the tax liability on your W two income or your ordinary active income.

00:18:25.000

WS: Yeah, and I think that’s a common misconception to about investing in these real estate deals like we do is oftentimes until someone’s done it through the end of the year, right, they think that potentially there offsetting their income, but you know those passive investments will only offset the passive income but this will offset your ordinary income as well which, man, could be such a great opportunity for any high income earner, like you said doctor or any kind of anybody that’s the high income but no deductions. 

So, anything else about the energy fund on the tax front or anything that we should think about? I don’t know, I just want to expose the listeners to that type of investing in around energy that maybe they wouldn’t know about or places they can learn more about that?

00:19:05.000

DZ: Yeah, so to your point, you talked about when you invest as an LP in a self-storage facility, you’re getting the tax deduction. Those tax deductions are flowing through to you as an investor, as an LP investor, and you’re getting the benefit of the tax deductions. The problem is, if you don’t have the passive income, other passive income or other capital gains, you may not be able to use them in the first year and you can just use them slowly over time. It’s what’s called the active participation rule. If you’re not active in that business or what you and I would consider a real estate professional, there are specific rules around being a real estate professional but if you’re not that you can only use those to offset your passive income. 

What happens in the energy space is you’ve got the IRS code 469 or section 469, which basically waves the active participation rule and gets to the point where you can take that first year 75% tax deduction and you can take that right off your W2 in tax liability on your W2 income. So that’s where it’s really I saw a need in the marketplace, I saw a need for myself first and I saw a need in the marketplace, I got a lot of doctors, lawyers, CPAs in my network and they are a prime candidate for this kind of investment because as you know, there’s only a limited amount of options that will offset ordinary income and W2 income. That’s the hardest to protect.

And so, typically those are energy investments: solar, wind, oil, conservation lands, those are few but there’s a limited amount of options for those folks so to be able to go to market with an asset class that I love, that I believe has a very good runway ahead of it, and then to be able to take that tax benefit and reduce the tax liability on ordinary income. It’s exciting. I’m looking forward to making a big dent in a lot of our investors’ tax liability this year.

00:21:07.000

WS: It is exciting. It’s just exciting to have other options, right? I mean to fit more people’s different portfolios, right, or their goals especially on the tax side as well. Well, shifting gears just a little bit Dave, I know you know so many people were thinking about the obviously current market, just current market situation, what’s happening for the next 6, 12 months, things like that. And I always love to know especially somebody like yourself that I respect in a big way. What are you thinking about our market or anything you’re expecting just in the real estate market or investing over the next six to 12 months? Just was unknown, obviously from the government or, just the economics of our country in general. 

00:21:41.000

DZ: Well, I think there’s a lot to be said about somebody who does one thing and gets really, really good at that one thing, but as you and I know, I mean I know you’ve got some diversification going in some of your funds and, I know guys who do nothing but multifamily apartments. That can be a good thing, but as we all saw, eviction moratorium, some rent caps and some of those things are going on in certain areas of the country. Eviction moratorium is going on all over the country. But, you know, those kinds of things and those kinds of times, it’s good to have a little diversification, you know, self- storage, boxes – boxes don’t sue. 

Politicians aren’t motivated to make those kinds of creative rolls around storage of boxes like they are in their constituency, the voters. And so, just knowing that and seeing that and being able to diversify into solid asset classes that you believe in, I think that’s something to consider going forward in the next six to 12 months. 

The other thing is, I believe, even beyond six to 12 months and even beyond is going to belong to real asset investors. We’ve had our fund. You and I, we’ve built our asset columns over the last couple years. The guys investing in Wall Street, they’ve had a good run, but I believe the next decade is going to belong, specifically, it’s going to belong to the real asset investors who invest in solid asset classes that will deliver good strong cash flow streams and deliver. They go to where you can protect yourself from your tax liability.

00:23:26.000

WS: Yeah, well said. I just think you shed a lot of light there that a lot of listeners need to hear as well. So, shifting gears again a little bit, just a few final questions Dave, what’s a way you’ve recently improved your syndication business that we can also apply to ours?

00:23:41.000

DZ: I just… was talking about this with somebody yesterday. I think that if you focus on building a solid foundation, serving your customer, serving your investor first, building a solid business model around an asset class that you believe in, that you think will deliver returns and has done well for you. You know, if you build the business model in a way that’s sustainable, and that’s fair, and that everybody’s happy with, now you only got to think about that once and then, you just go build, and you just go promote and you just go build and you, you forget about the money. Make it more about serving and serving others and you forget about the money, look if you build it right on the front end the money’s going to come, you’re not gonna have to worry about the money. But then you just go out and serve your investor, figure out how you can impact the greatest from, whatever it is, building wealth or protecting them from their own tax liability. 

I think that’s where you get your mind off yourself, you get your mind off the money and then you just start building your business in a way that adds value to a lot of customers, investors. I think that’s where you and I can make the biggest impact and get the most momentum.

00:24:55.000

WS: What’s your best source right now for meeting new investors?

00:24:59.000

DZ: I go to events on occasion, I say no to more than I say yes to but as you know, you were at my house, you know I’ve got a young family and so, I try to pick the ones that I think had the most impact. I go out to speak, I speak on a lot of podcasts a couple weeks. Do some live events. I know you’ve been to the real estate guys event, I’m a faculty member there so I get to speak to their folks, but probably more than anything, I get emails daily from investors or buyers who are saying “Hey, I got a friend, can you tell them about your ATM player?” “I got a friend who sold his business, can you talk to them about either doing some kind of a tax deferred exchange” or, “he’s got a liquidity event,” so we probably at this point we probably service more repeat and referral investors and we go out and find new investors.

00:25:57.000

WS: Now that’s a great answer. It just shows your track record and things as well. We’re experiencing that also takes time, right for that to start happening. But what about a couple of daily habits that you have Dave that you are disciplined about that have helped you achieve success?

00:26:11.000

DZ: Well, I just came back from my four mile run, the stress to you and I walked the other day, so one of my morning routines is I get to the office a little before six, and then I work for a couple hours and my wife comes out around 8:15 and we go for a four mile run and it’s beautiful stretch down along the creek. And then, of course, get off, sweat it up and, a jump in the creek and, wash down and then I get back to the office all freshened up. So I just got back from that. 

And then, I try to read. I read. I’m constantly reading something. I’ve got a book club going with a small group of business guys and always reading something that has to do with business or sales or personal development or, it can be about building your faith. Right now the Book of the Month is the Power of a Praying Husband. So, I believe to be rich is a lot more than just having a lot of money, and also believe that you can have it all, you don’t have to sacrifice your health for wealth. And when I’m talking about health I’m talking about physical health, mental health, relationship health, marriage health. I think God wants us to have it all, and you can have it all. And so, exercise is a big part of that, reading, filling your mind with good stuff. Those are some of the habits that I discipline myself to take part in.

00:27:42.000

WS: Yeah, I appreciate you sharing that it is an amazing four mile stretch there, it’s right next to that creek, it’s just a beautiful place mostly shaded. I can just see that as just a great space for thinking, a great space in the morning to think about your day and also you mentioned like with your wife and what an amazing time just to have that time every morning as well with your better half and, I appreciate you sharing that. But constantly reading, educating and even with other business owners, you know, like you mentioned now is that local, is that virtual, how did you all arrange a little bit? ‘Cause I also believe that is such a great time it’s almost like a mini mastermind right around, like you said a different book every month or something I just think that’s great. How do you all range that? Did you all meet weekly? Virtually? How do you do that?

00:28:23.000

DZ: That’s monthly and it’s in person. There’s 10 local business owners that get together and we take turns hosting it at our house. And we have a meal, we break bread together, we have a great meal and then we sit around, talk, catch up on life, and then we get into the book of whoever’s the host of the meeting, it was his book for that month. So this month it’s coming up here on the, whatever, later on this month, and next month it’s my turn. So it’ll be not my turn to host not only the book study but the meal and get that already but it’s a ton of fun. We’re all friends, local business owners, and we just get together and learn from each other. And if there’s problems or issues or different contacts that we can help each other with, you know, we’re always swapping ideas and even beyond the night of the book study, you know, we got our email chain and say “Hey, this just popped up on my radar, you guys see this” or “what do you think of this?” or “how can we use it to leverage what we’re doing in our business?” So if a lot of fun, just camaraderie and just learning together.

00:29:31.000

WS: That’s awesome. I just appreciate you being transparent, how you operate that because I think it’s so powerful in this for the listeners to be thinking about that as well. There may be other business owners in their area that hey, they could be thinking and working together and learning these things together and everybody benefiting in a big way, just by having that network of people that may be right there are local to them. What’s the number one thing that’s contributed to your success if you had to pick one?

00:29:54.000

DZ: I’ve been an entrepreneur and investor pretty much all my adult life, but I think probably the biggest one is where I changed my, you know, how early on in your career it’s all about man, I just want to make more money and I just want to create that sort of influence and you know you sort of have that thing about, I want this, you know, and you sort of set out with that. And I think if you get your mind off yourself and, figure out how to…you’ve heard my story, you know, I had a tax problem and that’s what got me into the real estate space, but when I realized that other people had the same problem, when I went to market to try and help them solve their problems, I think we can go to market like that and figure out “Okay, who’s got a problem? How can I help? How can I add value to others?” I think that’s where I got the momentum, and it’s just served me well. I’m sure it’ll serve your listeners well. Take your mind off yourself and go add value to your community and good things will happen.

00:30:58.000

WS: That’s a great segue into the last question: how do you like to give back?

00:31:02.000

DZ: A couple ways. I look at tithing in a number of different ways. I have a donor-advised fund set up and every year, I add an asset to that fund, cash flowing assets to the fund, and then, for every month, for every quarter that cash flow stream goes into my donor-advised fund. There’s a couple different things that I support, there’s a couple different programs that have sport but one of them is what is fun, and I was sort of kind of always had a heart for widows, you know, they’ve lost her husband, oftentimes or the church or somebody around their kind of around them kind of supporting them over that first initial shock but then it’s kind of seems like the shock wears off and then soon they’re kind of on their own. And so I put a fund together where I come in and set up a monthly distribution for that widow, where it’s ongoing, it doesn’t forget. And until they get remarried, until some turn of events happens like that, they’re on that plan, and so that’s one of the ways. 

The other way I think about tithing is it takes more discipline, you can’t just set it up on a monthly ACH, it is tithing with time. You know I get a lot of young investors that come to me in, you know, ask me questions and, and sometimes I’ll meet with them and sit with them and talk to them about, you know, help them kind of plan and do a little coaching. I don’t have a coaching program, I don’t have a monthly coaching program, I don’t want a monthly coaching program and I have time for one but I do very solemn was turned down the opportunity to sit with a young investor or somebody that’s kind of starting in the space and looking to get to the next level, that’s another form of timing.

00:32:51.000

WS: Awesome. I just love that thought process, it’s not always just giving a monetarily, right? Time is so valuable, right? But Dave, just an incredible show, helping the listeners think through what you call your tax efficient living, right? And different options, different ways or things you’re creating for not only yourself, it’s where you started but now, opening up to others as well to help them whether it’s do self-storage or ATM or energy funds. 

I love just exposing them to these things. I hate now they can go run with that and see how that fits their personal portfolio or their investors. But also I just appreciate you being so transparent about your morning routine and how important spending that time with your bride, and even jumping in the creek, right? That’s a great way to wake up in the morning, no doubt about it. But then, helping the widows, I’ve never heard of anyone doing something like that, but I love that, like you said it doesn’t forget, it’s like helping them and that is incredible, so thanks for sharing that and sharing your time with us also today. How can listeners get in touch with you and learn more about you?

00:33:49.000

DZ: So we’ve got reports on most of the asset classes that we like, and so, if your listeners would like a report they can either go to the website at therealassetinvestor.com, or they can send an email to my team at [email protected] and somebody will engage with them if they reach out to us.

[END OF INTERVIEW]

[OUTRO]

0:34:11.0 ANNOUNCER: Thank you for listening to the Real Estate Syndication Show, brought to you by Life Bridge Capital. Life Bridge Capital works with investors nationwide to invest in real estate while also donating 50% of its profits to assist parents who are committing to adoption. Life Bridge Capital, making a difference one investor and one child at a time. Connect online at www.LifeBridgeCapital.com for free material and videos to further your success.

[END]