Episode #18 Actively Investing with a W-2 with Brian Briscoe In this episode of Real Estate Investing Made Simple, Brian Briscoe talks about investing in multi-family while having a W-2. Brian Briscoe is a co-founder and principal in the real estate investment firm Four Oaks Capital. He and his team currently have 168 units worth $7.5 million in assets under management and are continuing to grow. He is a lieutenant colonel in the United States Marine Corps and brings years of leadership and management experience to his real estate investments. As a Marine officer, he has proven his ability to plan, lead, and effectively accomplish missions in both training and combat situations.
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Welcome to The Real Estate Investing Made Simple podcast, the show empowering and educating people on how they can grow, manage and protect their wealth through real estate investing. Now, here’s your host, Bailey Kramer
Bailey Kramer 0:24
Hello and welcome back to the real estate investing Made Simple podcast. The goal of this show is to break down complex real estate investing strategies that you can use to grow, manage, and protect your wealth. I’m your host Bailey Kramer and today we are joined by our very special guest, Brian Briscoe, to talk with us about actively investing while having a full-time job. Brian Briscoe is a co-founder and principal in the real estate investment firm for oaks capital. He and his team currently have 168 units worth $7.5 million in assets under management and are continuing to grow. He’s a Lieutenant Colonel in the United States Marine Corps and brings years of leadership and management experience to his real estate investments. As a marine officer, he has proven his ability to plan lead, and effectively accomplish missions in both training and combat situations. Brian, welcome to the show.
Brian Briscoe 1:16
Hey, thanks for having Bailey. Appreciate it.
Bailey Kramer 1:19
Yeah, absolutely awesome having you on. So why don’t you go ahead and start by telling the listeners a little bit about your background, and how you kind of found out and got into real estate investing, you know,
Brian Briscoe 1:30
so easy, you know, I don’t know how far to go back over time. Somebody asked me about my background, but born and raised in Utah. At one point I was going to school cuz I thought I wanted to be a college professor, you know, so math was was I was something I really liked. I was good at it. And I also enjoyed teaching so you know, you put the two together. I didn’t have patience for high school. So I thought, maybe I’ll teach college. So I started going to school for that and got a bachelor’s and a master’s in Math. Somewhere along the line I got into the the marine reserves. And I started a Ph. D program at the University of Minnesota.
Right before September 11, you know, so a couple weeks into class doing a World Trade Center goes down. And that was kind of a real pivotal moment in my life because I was already a reservist you know and I you know, President Bush gets up on the on the national television and says, you know, we’re going to war we’re calling in the reserves, you know, and I had a decision right there, it’s okay to I wait for my my specific reserve unit to get called up. They eventually did, but you never know when it’s gonna happen. You know, sometimes you’re given, you know, a couple days, a couple weeks notice sometimes it’s less sometimes it’s more so I decided to take things into my own hands and I just volunteered to go active duty and of course, you know, nation at war, reservists volunteering to go active duty, the answer was yes, you know, so they let me go to active duty.
Duty, stationed in Japan for a couple of years. And while I was in Japan, I came across, you know, the very cliche book, you know, Rich Dad, Poor Dad. And I started reading a lot about just financial education in general. You know, my, my dad was a mailman and my mom was a stay at home Mother, you know, since since I was little, and so there wasn’t, you know, a surplus of money in a house. I grew up with my dad, the investment, the Money Advice he gave me when I was young, when I was a teenager was like, hey, Brian, I am not very good. I’ve never figured out the secret to to wealth. You’ve never found the secret to getting rich. So if you want to get there, you’ve got to find somebody who can help you. I mean, that’s really the the advice he gave me. I mean, he’s advice basically said, Don’t look to me and don’t ask me questions about money because I’m, I’ve never figured it out. You know, so, you know, here I am. You No mid 20s thinking okay, I’ve got to figure this money thing out. So start reading books as many books as I can and I think the rich dad poor dad and cashflow quadrant, you know, really changed my perspective, you know, and it’s just one of those things. It’s like, you know, I’ve got to do this I’ve got to find some, you know, assets to provide passive income and sort of thinking about Okay, what can I do you know, I’m, I’m in Japan right now. There’s not a whole lot of real estate for sale for American citizens in Japan. So I decided to wait until I came back to the United States, you know, so 2006 comes I moved to San Diego, California. And fortunately, I was smart enough to recognize that, you know, rent prices and mortgage prices were back afterwards, you know, so it was going to cost me 3500 a month to pay a mortgage on a 900 square foot apartment. When I could rent a 2200 square foot home for 2000 a month. You know, so we looked at what we could afford, and what you know, in renting and buying and, you know, I was disappointed, but it was the right answer was to rent but I still had that that urge to, to buy an asset buy something that was going to produce cash flow. So I started looking at my hometown of Salt Lake City. And you know, within a year of moving back to the States, I purchased something in Salt Lake City. And the year after, actually, right about the time we closed on that property is when the the entire market crashed. Fortunately, you know, Salt Lake City did not slide very much compared to, you know, saying like Southern California in general, or Miami or DC or those areas. So we didn’t lose out. We were cash flowing on that property from the beginning. And it ended up working out after the market crash. We picked up another, you know, single family home in San Diego. And yeah, that was basically the beginning of everything. You know, so You know, fast forward several years later, you know, I kind of taken a hiatus you know, a couple of deployments, you know, went to Iraq went to Afghanistan, you did all that bought the T shirt, whatever.
But there came a point where banks looked at my my single income and two properties and said, You know, we’re not going to give you another loan on a single family house, you know, so that kind of crushed, crushed my plan. And I decided just to put it on hold for a little bit revisited later. So, later came like 2016 timeframe, you know, I’m on another deployment. This time I’m on a big ship in the middle of, you know, a big body of water in the Middle East. And I started really thinking about, okay, you know, real estate’s always been something that I’ve been passionate about, and I really need to get back into it. I think a very pivotal moment. For me was was my 40th birthday remember Rich Dad Poor Dad and cashflow quadrant there’s parts in there where you’re supposed to make your own little financial goals. And I remember when I read those books, you know, the due date for my financial goals was by your 40th birthday, you know, so here I am, you know, all alone Well, not all alone but you know, family around me on a ship in the middle of nowhere and it’s my 40th birthday and it just kind of dawned on me that man, I didn’t do any of that stuff. You know, I bought two houses and I didn’t even come close to my numbers. So I started you’re refocusing on real estate on on purchasing, cash flowing assets, so started doing everything I could to learn about it did a lot of reading and studying on different different strategies, you know, so there’s birth there. There’s like the subject to leases there’s multifamily. There’s a triple net You know, I read, you know, a couple of books and like every one of those strategies, and what really ended up appealing to me was multifamily for for many reasons, you know, number one, I think everybody has to live somewhere. You know, I’ve lived in apartments before and it’s something that I could easily, you know, wrap my head around and figure out but, you know, it was it was also something that was extremely stable, you know, through recessions was so profitable. It was it’s something everybody needs, so feeling a basic human need of shelter. And so I put all my eggs into the multifamily basket, you know, in over the next two years, you know, bought a but bought a bunch of specific books on multifamily got into a coaching course through Michael Blanc and just ended up you know, finding my partners you know, once again through the Blank network linked up with them. And you know, so we formed a company for x capital about a year, year and a half ago. And since then we’ve put four. Yeah, we’ve closed on four different apartment buildings or apartment complexes with I think 160 868 units. So that’s where we are right now. Um, I still have a little ways to go. I retired from the Marine Corps in about a year. So the goal is to basically replace my active duty income and you know, well on their way, but not quite, not quite there yet.
Bailey Kramer 9:35
Wow. Wow. That’s awesome. I mean, first of all, thank you for your service. That’s number one. And I think that’s an incredible journey. And I’m sure it was a lot tougher than, you know, just I went from here to, you know, a few years later bought a single family house. I’m sure there’s a ton of challenges along the way. And I mean, it’s very typical for people to come on the podcast and just hit the you know, the high points and then Talk about the good things, but, you know, his a lot, it wasn’t all rainbows and unicorns, you know, there’s there was a lot of
Brian Briscoe 10:07
there was a lot of, you know, midnight calls, you know, there was a lot of things that were going on at the houses, you know, but, you know, tenant issues. And there’s a point in time where we tried to manage, you know, one of the houses by ourselves from, you know, halfway across the world. But, you know, yeah, there was challenges, but I think, you know, end of the day when we sold those single family homes to get into multifamily. I mean, we had six figure paydays on both of them. So end of the day, yeah, that’s it cemented in our mind the idea that yet real estate is a good way to make to build your wealth. It’s not the only way. There’s lots of other ways out there. But you know, it is a time proven path to build wealth.
Bailey Kramer 10:54
For sure, for sure. Nothing. It’s incredible to that you had the impact. From Rich Dad, Poor Dad, and I’m sure a few other books, maybe people as well. But you were able to kind of keep those thoughts and keep those principles in your mind and, you know, put those into action, which is awesome, too.
Brian Briscoe 11:13
Yeah. It only took 15 years to really do it. So, you know, I did I did immediately and I got sidetracked. I think that’s probably the thing that I that I look back at, you know, a lot of people ask me, you know, what would you do differently? I think one of the answers is, I, you know, if I could have not gotten sidetracked on purchasing real estate, you know, I bought a place in 2007 bought a place in 2008 you know, it’s deployed almost all in 2009. I tried to buy a place in 2010 and I was deployed for most of 2011. So had I come back in 2012 and just started buying and buying and buying you know, it’d be a different story but anyway, that’s that’s that you know, it’s it’s in the past can’t be changed, but you know, If there’s one thing I could go back and change it would be you know, getting back to buying real estate in 2012
Bailey Kramer 12:06
Yeah, yeah. So what would you tell somebody who has a W two job they’re extremely busy How would you know what kind of advice or tips would you give them to say hey, turn your head a little bit there’s something you know that could be beneficial to you whether it’s real estate investing or just another opportunity that could replace their income such as real estate investing.
Brian Briscoe 12:31
Yeah, I say you have to focus on on the passive income streams what it is, I mean, just like the Rich Dad, Poor Dad, you know, he talks from the very beginning that you know, working two jobs, you shouldn’t work w two jobs, it’s never going to make you rich, it’s trading time for money. You know, and here I am after 19 years of doing exactly that, but I think w two jobs have their place. You know, it’s probably the easiest way to start a career. You know, once once you’re you’re out of school or whatever. But you know, don’t lose sight of the bigger picture, you know, don’t don’t be missing the forest because the trees in front of you, you know, to be financially free, you’ve got to build multiple streams of passive income and be able to eventually replace that w two income. And like I said, you know, for several years, you know, I lost sight of that from, you know, 2010 ish to about 2017. Seven years were, you know, very right time to purchase because of where the real estate markets gone. You know, I could have made a fortune during those times. But, yeah, keep always, always keep focused on the goal of creating more and more passive income streams.
Bailey Kramer 13:41
Right, right. So let’s kind of fast forward to 2017 2018 when you were kind of getting serious and you said, all right multifamily. What were kind of the first steps you took because and you’re still active duty so you still have a job. So kind of walk through You know, what, what was the process like when you said, multifamily I need to get I need to start getting serious.
Brian Briscoe 14:06
You know, at first it was, you know, it was podcasts. So one of the books that I read, so, so go back to that deployment, the deployment was 2016 2017. You know, I read, you know, probably a dozen books on multifamily. And, you know, one of the books on multifamily talks about some some really good podcasts, you know, and where I was, I didn’t have access to podcasts. So, within a couple of days of getting back home from from deployment, you know, I put my phone up and I sign up for, you know, open the back of the book, where has the recommendations like, okay, Michael Blanc turns out it’s blank, but you know, I’m talking Michael Blanc, you know, Rod Khalif Okay, check, you know, Joe fairless. So I look all these guys up on you know, Apple podcasts and you know, I had about a 2530 minute commute to work. And so podcasts were my daily commute, you know, have a moment Recycle, I just put my headphones in, stick my phone in the podcast, my phone in my pocket and write, you know, so to and from work every day, you know, one podcast going one podcast home, I go to the gym with with podcasts on you know, and if I wasn’t listening to a podcast, I was listening to an audiobook, you know. So a lot that was that’s where it started was just getting getting, you know, an idea of what was possible and I think listening to other people’s stories really helps, you know, so that was that was the start of it. And then I started actually looking for for stuff a little while later. I live in San Diego at the time. And you know, I know you’re gonna talk about limiting beliefs, you’re gonna ask me what limiting beliefs later but you know, one of them was that, you know, I had to try to invest in my backyard, you know, he used to invest my backyard and so I’m like, I’m in San Diego, you know, a duplex costs, you know, 900,000 you know, a four Plex is like a million and a half, 2 million. Maybe I’ll just Wait, you know, I’m in the Marine Corps. I guarantee you in the next year or so, I’m gonna, I’m gonna be living somewhere else. So I decided to wait until I was living somewhere else. But I kept on listening, kept on listening to podcasts, reading books when I could. And, you know, towards the end I started looking for so I found that he’s been stationed in Northern Virginia, work at the Pentagon actually ended up living in Maryland. But you know, when that happened, I started thinking again, well, you know, DC is probably not the best place to look for multifamily. So I started looking for multifamily. You know, back in Utah, where my folks are in Idaho, where my wife’s family is, you know, so when I went and toured a bunch of properties and started put things together, and I started realizing, you know, how much I didn’t know about the process. You know, it’s just one of those things. Like, I don’t even know how to analyze this thing. You know, I mean, everyone talks about you go, you find a deal, you get under contract, you buy it, and then you make a lot of money, you know, so You want to start looking at these deals, you know, in the back of my head, I’m like, I don’t even know how to figure out if this is a good deal. This is gonna work. You know, I wouldn’t talk to a bunch of lenders and lenders like, yeah, we’ll give you a 75% loan to value, you know, and, you know, I’m starting to think maybe I should figure out how to analyze the deals. And, you know, one one day in a Michael Blanc podcast, you know, he mentioned his Ultimate Guide course, you know, and I’m like, well, there’s a start, you know, so I signed up for that, you know, it was it was a couple thousand dollars, all online documents, videos, everything else. But he teaches you the process from from beginning to end. And, yes, that that was that was something that really helped me so I learned how to analyze a deal. I learned how to look at the rent rolls, I learned how to, you know, take the the profit and loss statement or t 12. And, you know, crunch the numbers on it, you know, look at the comps, figure out where the rents can go look at renovation, budgets, all of that. And that’s, that’s kind of the one of the crucial Things was, I was getting that education. And then a couple months after that, I realized, you know what, I think I have a good grasp of all of this, but sure would be nice to have somebody looking over my shoulder every time I did anything, you know, so reached back into my back pocket again and, you know, paid for coaching program once again through Michael Blanc. And I mean, that’s really, you know, so that’s the doesn’t doesn’t have to be every path doesn’t have to be a seminar saying that that’s the path I took, you know, so very generalized education with podcasts, you know, then I got some very specific education through the the online program and a mentor, you know, I paid for it all but you know, that’s that’s the path I went.
Bailey Kramer 18:46
Awesome. And before you did the coaching program, and before you bought the first course, and you’re looking for multifamily deals, what size multifamily properties were you looking for?
Brian Briscoe 18:58
Oh, yeah, that’s the fun thing. You know? I looked at, you know how much money we had in the bank and I looked at, you know, we have sold one of our houses, we hadn’t sold both of them and kind of look at how much equity I had. And I’m like, Well, I think I could probably afford a $200,000 downpayment, you know, went to the banks, and I’m like, Alright, I can get up to an $800,000 multifamily property, you know, so I was looking at, you know, anything, you know, Utah, Idaho, that was about 800,000. My, my sweet spot was, you know, half 1,800,000, you know, and that was, you know, maybe up to a 12 Plex. If you if you bought the right one, but, so, that’s what I was looking at prior to. And then and then when I, when I got a hold of the program, and, you know, open my idea to other people’s money, you know, it was something that just just blossomed from there and like, you know, what, I could buy something a lot bigger, it’ll be more profitable, and I can use other people’s money and give all those other people really great. Great. turns to you know, so it sounded like Win Win to me. And that’s, that’s what I ended up trying to do.
Bailey Kramer 20:05
Awesome. Awesome. So you you joined the program, you took the course you joined the program, what was kind of the the next turning point to get you another step forward
Brian Briscoe 20:15
a partnership, you know, finding finding good partners, you know, there’s there’s a lot involved in owning a multifamily asset and I think it’s too much for one person. So I kind of looked at my skill set, you know, like I said, I have a math background. So running numbers was was one of my strong points, you know, so calling a call brokers, you know, could talk to brokers, I could ask them what they have, you know, I could I could assert myself and, and, you know, try to get as many deals across my desk as possible and I could underwrite those deals and, you know, find the right number but I wasn’t very confident in my ability to raise the capital. So, you know, once again, you’re inside the Michael Blanc program and this is true of a lot of the large education programs There’s a lot of people, you know, there’s a lot of people who have the same goals, same objectives. And, you know, I started networking, I started talking to these guys started, you know, participating in forums and trying to get my name out there, essentially, you know, I wanted to attract a partner. And in my mind, I thought, okay, if I want to attract the partner, you know, I have to be a good partner. I have to make it so. So I started trying to share everything that I learned. And you eventually, I found this guy named Eric Surely, you know, so through the through microblog program, you know, we started talking and, you know, it wasn’t like, we started talking day one and, you know, day two, we’re like, Alright, we’re making this company four oaks is what is going to be called, you know, it was it was a long process, you know, so it was getting to know him a little bit. And then, after several weeks, we realized that we were chasing the same deals, talking to the same brokers and we said, hey, let’s you know, let’s look partner on deals that are in this geographic area, you know, because, you know, we didn’t want to compete with each other on everything. And we knew that we would be underwriting the same deals analyzing the same deal. So we decided to pool resources instead of instead of compete on things, so that end up working and we, you know, we ended up getting something under contract. And, you know, it wasn’t the first offer we put out is probably like the eighth or 10th offer that we put out. And we wrote a whole bunch of things that we didn’t even put offers out on, but we got something of a contract, and we started looking around and said, you know, what else, you know, what else do we need? And not really what else who else do we need? And Eric’s like, Hey, I know this guy named Todd. So Eric pretty much brought the group together and I forgot to mention that you know, Eric and Brian mountain had already chosen decided to partner up so when I partnered with Eric I inherited another partner. So pretty soon, you know, four guys together on a single deal. After working together for A couple of months on that deal. We decided that we liked each other. We all had the same vision. We were all going in the same direction, same goals, same outlook on life, roughly the same age. And it just made sense. We decided to partner and form a company and to basically be exclusive to each other on our real estate endeavors. You know, so Brian Briscoe is not going to go out and try to syndicate something for Brian Briscoe again. You know, so that’s, that’s kind of how that happens. So So yeah, the next part was, was obviously, you know, partners, you know, find people to help me get what I needed to get done. And then, you know, start building a track record from there.
Bailey Kramer 23:40
Right. And when you were when you first partnered up, you kind of found the partner submitting offers, what size units were you looking at, then?
Brian Briscoe 23:48
Oh, a variety of sizes. I mean, we we had this idea of how much capital we could raise, you know, so we were looking at deals and, you know, I don’t know maybe maybe we were a little naive, but But we also thought, okay, we have other people in this Michael Blanc program, who could potentially help us. So we were looking at deals like up to $6 million. You know, two, three, sometimes, you know, three and a half million dollar raises, we thought that we could, you know, between the four of us bring about 2 million to the table. And that’s, that’s exactly what we brought to the table our first deal. But, you know, we were we were underwriting things like this, like I said, up to about six, six to 8 million, and, you know, putting offers in and we realized that, you know, on the higher price ones when we put the offers in, we’d have to go get help. So, you know, when we got the first property under contract, you know, as 4 million, you know, ended up being a $2 million raise, you know, Eric, Brian and I are like, okay, we should probably get a little more help on this one. And that’s why that’s why we brought Todd Butler in.
Bailey Kramer 24:54
I mean, that that’s incredible. If you look at you know, the idea of going out of yourself. versus partnering up with somebody and, you know, a JV or any type of fashion. It’s just incredible that you’re able to, you know, you guys were all able to accelerate and excel by, you know, focusing on your strengths and, and using your resources.
Brian Briscoe 25:15
Yeah. And the first one was was an absolute JV. I mean, when we put in our offer letter, I mean, looking back at it’s kind of funny, because, you know, I had a company that was called streamline capital, you know, Todd’s company was golden mile. And Eric, and Brian’s company was Third Avenue, you know. So if you look at some of the early documents that we did, there’s three logos on it, you know, it was, it was a true joint venture. But about halfway through the contracting period, we decided, let’s just, let’s just form one company to stop this joint venture crap. And that’s what we did. So, but yeah, I mean, I don’t think we We, when we first did everything when we first came together, I know I wasn’t ready to do anything more than just one deal with those guys because I didn’t know him very well. But as I got to know them and realize that our interests aligned, you know, almost perfectly, you know, that’s that’s where, you know, all this kind of individually came to the same conclusion. You know, let’s, we’ve got a good thing going on here. Let’s let’s make it last.
Bailey Kramer 26:25
Right? Can you briefly break down the roles that you for play just to give the listeners an idea of, you know, what are some types of roles that you need on your team? Um,
Brian Briscoe 26:37
yeah, so Eric is our acquisitions guy. So he’s always out there looking for the next deal. So he does the bulk of the you know, dealing with brokers and the underwriters are underwriting you know, he’s also the the lead of due diligence basically, he takes everything up until closing. So he’s, he’s now our first deal. I did. Most of that, so so I handed the acquisition part over to him. So he’s talking to the SEC attorney, he’s talking to the insurance guys. He’s talking to the lenders, he’s talking to all those guys getting up things up through closing, Todd is doing a lot of our asset management now didn’t start like that, but he’s doing the bulk of the asset management. You know, right now, my, my work schedule flared up for a while to where I was, you know, almost dead to the world for, you know, a month but you know, so I was the previous asset manager, and then we kind of shifted roles, you know, we saw that we had to, but, you know, so TAs now the asset management guy, Brian does all of our, you know, our deal packages, he takes care of the website, the portals, you know, basically all the investor relations, investor communications, everything else. And right now, you know, my focus is on the podcast, on our social media presence on our content. So I’m the director of content Media Relations. So that’s how we have broken up now. But you know, we’ve we’ve shifted responsibility several times, based on, you know, the needs, you know, so we see a need in the company, we see kind of a gap or we see that one person’s overloaded. And, you know, we come together and say, Hey, we need to shift. And we do.
Bailey Kramer 28:21
And do your other three partners. Do they also have full w two jobs right now? Are they full time minute?
Brian Briscoe 28:27
When we started? Yes, one of them has quit his full time job and is working, you know, exclusively for for Oaks. And you know, my full time job I’ve got about a year, you know, plus or minus 10 days until I can start, you know, until I’m done with the Marine Corps. So that’s, that’s going to be when I go full time with the job as well.
Bailey Kramer 28:49
Awesome. Awesome. So what can you tell the listeners kind of Where’s four oaks now and where do you kind of see it going in the future?
Brian Briscoe 28:58
Yes, right. Right now We, we have, you know, for apartment complexes, you know, most of them are, you know, reasonable sizes, you know, we didn’t get like a 500 units. So our total total asset Count 168 units. So we have a 16 unit, we have a 39, a 33 and an ad units, you know, and we just got something else under contract. You know, so basically where we are right now is we’re still a small company that’s fairly new. We’re trying to get to the point to where we have a, a well established solid reputation, eventually want to be able to get the break into like the $10 million plus space. Our unit counts on our future purchases are going to be higher. We’re looking into the triple digit unit counts. And, you know, we could have done it earlier. But I think we like the idea, you know, this this is something I’m going to steal From my friend, Joe Myers, you know, you got to get some tuna in the boat, you know, before you try to, you know, go after the Big Whale, you know, so, you know, we started small with a smaller unit counts for for a reason, you know, we wanted to be able to, you know, gain some credibility to learn to be able to figure out this asset management thing before we have a $20 million deal in front of us But, yeah, over the next couple years, I mean that the podcast is, you know, one of our our biggest undertakings you know, so tired of an apartment investor podcast, I mean, Bailey, you were one of our first guests so I know you’re aware of it. But that’s that’s going to be part of our funnel. You know, we hope that through that podcast, you know, people people more and more people you know, know the folks name you know, so the mission I guess of the of the podcast is for everybody to know who forex capital is at the end of the day and to put good content out there. And anyway, that’s that’s what that’s for. But yeah, we’re going to continue to grow our investor base. We’re going to continue to grow our portfolio, we’re going to continue to work, you know, as hard as we can to make sure that we’re giving the returns to the investors that we promised.
Bailey Kramer 31:18
Awesome. Yeah. And for those of you out there who haven’t heard of diary of an apartment investor, definitely go check it out. I think episode six was the one that I’m on. So definitely give that one a listen. But it’s an awesome podcast with a really cool format.
Brian Briscoe 31:31
Yeah, right. Right. Yeah. Yeah. Yeah. So you know, we bring on an experienced investor and aspiring investor together on on every podcast, and we I think you were linked up with with Spencer right, Spencer Hilla gas. Yeah, yeah. And he’s, he’s, you know, ridiculously smart, you know, got a lot of respect for him. But, you know, I love the idea wasn’t mine. It was Eric’s, you know, I’m not patting. You know, pat myself on the back by saying this, but, you know, Eric had the idea to bring two guests on every show. And have this you know, kind of mentorship thing happen on every show. So, it’s a different format, you know, and so far it’s been, you know, very successful.
Bailey Kramer 32:11
For sure. Awesome. And before we move on to the next section of our show, is there any last thing you would tell someone who’s you know, W to thinking about, you know, or maybe not even thinking about going for something like real estate because they don’t even think it’s possible. And the last thing you want to leave them with, you know,
Brian Briscoe 32:29
I just got to say, you know, focus on your end state and then you know, do everything you can, you know, I spent a lot of time you know, I commute to work, you know, I take public transportation, you know, and I bought an iPad so I can underwrite deals and you know, tap out emails and write you know, content and, you know, scripts and everything else, you know, so basically every, every opening every whitespace on my calendar, you know, that I could potentially feel without sacrificing you know, the family too much, but every whitespace encounter I can fill you know, I did you know and so yeah, just just look for opportunities don’t look for excuses, look for opportunities. Look for time, you know, time that you can dedicate every day, you know, stop playing game stop, you know, doing watching TV and just, you know dedicate all that extra time to help reach your goal.
Bailey Kramer 33:21
Awesome. So now we’re gonna move on to the next section of our show, which is the big four where we ask all of our guests the same four questions. So Brian, number one, what’s your number one habit for success?
Brian Briscoe 33:34
I think my best habit for success is I’m able to you take take a big task, break it and break it down always into what’s the next thing you know. So apartment syndication can be daunting can be overwhelming, but you know, all throughout the process, you know, whenever I had that feeling of oh my gosh, this is a whole lot. Am I gonna be able to do it? I was always able just to consolidate things down to you know, what’s the next thing? What’s the next Two things, you know, what, what, what are some bite sized things that I can do right now to move my business forward? You know, and I think instead of looking at the whole project and saying, Oh my gosh, that’s a whole lot, which I had a tendency to do a lot of times, you know, I looked at the whole project said, Oh, my gosh, that’s a lot and then backed up and said, But wait, you know, let’s boil this down. Let’s look at look at little pieces. And then I just say, Okay, what is the very next thing that I could do? And I would think of that very next thing, and then I would do it. And then as soon as I was done with that, you know, same same process. All right, you know, I did that. What is the next thing that I can do now?
Bailey Kramer 34:39
And it’s a great habit. Yep. always kind of moving the needle forward a little bit. Yeah. So number two, limiting beliefs or thoughts in our heads that hold us back from realizing our potential? What is one limiting belief that you’re able to crush and how did that impact your life?
Brian Briscoe 34:56
So one of the first limiting beliefs I had I mean, when I read Rich Dad, Poor Dad, you know, he just talked about commercial real estate, you know. And I looked at that commercial real estate thing. And I thought, you know what, that’s too complicated for me. I can understand single family houses, I will do single family houses. And it was a limiting belief. It just sounded too complicated. You know, I didn’t know how to learn. I didn’t know what resources there were, you know, and we already talked about another one, you know, using other people’s money was a limiting belief. You know, I thought that I had to go out and get my own street cred, my own proof of concept, you know, before, I didn’t realize that I could partner up with people that already had experience and borrow their experience, you know, their credibility. So that was another big limiting belief. And then another one I mentioned was, you know, you don’t have to invest in your own backyard, you know, so you can actually look in other cities and other states for for good deals. If If where you live is not a place that’s conducive to investing in real estate go somewhere else.
Bailey Kramer 35:59
Definitely. Definitely, number three, what advice would you give to someone who is considering investing actively or passively in real estate for their first time?
Brian Briscoe 36:09
I would say make sure that you once again, take a step back and look at your your objectives, you know, why are you investing in real estate? You know, I talked to somebody today and I asked her Okay, so what are your objectives? Chuck, I want to own 500 doors. Why do you want to own 500 doors? You know, so is 500 doors going to accomplish your objective? I mean, it’s kind of an arbitrary thing to say, I want 500 doors, but you know, if you can go back and say, you know, my objective is to replace my active duty income, you know, by the time that I retire, you know, that was my objective, you know, and so, I had a very concrete number in mind. And you know, here’s what I make right now. Here’s what my my retirement pension is going to be like, here’s the difference, this is what I have to make up. So you know, come in come at it with some some very concrete goals of what you want to get out of And then design a path to get there. You know, a lot of people who think that they have to do this actively could very easily be a passive investor and get everything they want out of it, you know, so yeah, first step is figure out what your own objectives are. And second step is chart a path to get there.
Bailey Kramer 37:21
Awesome. I think that’s great advice. And number four, what is your favorite real estate business or personal development related book?
Brian Briscoe 37:30
You know, I’ve got a lot of them. You know, my, my favorite book ever, which, you know, has nothing to do with real estate, but very much personal developments, the Book of Mormon. I think it’s just a great great book. But real estate wise, you the two that I have, most recently in read, have very similar titles, very similar covers, you know, one’s raising private capital. And the other one is called raising capital for real estate, you know, ones by Matt fair cloth ones by Hunter Thompson. Those those are the ones that I’ve read in the last year. Last month, month and a half, so I’ll stick with those for this one.
Bailey Kramer 38:05
All right, awesome. And Brian, Where can the listeners get ahold of you?
Brian Briscoe 38:09
websites for oaks capital calm podcast is you know diary of an apartment investor. You know those the best best places, you know our website, there’s a place to fill out a form. And you know, we will contact you. If you just want to listen to me talk every once in a while and talk to other people, you know, diary of an apartment investor podcast, or my email address, you know, Brian brisco at four oaks capital calm.
Bailey Kramer 38:33
All right, awesome. Well, Brian, thank you so much for coming on the show. It was great having you and I know that you added a ton of value to the listeners.
Brian Briscoe 38:40
All right, thanks, Bailey. I appreciate you and I appreciate your time.
Thank you for listening to the real estate investing Made Simple podcast. For more resources or to connect with us further, please visit our website http://www.baileykramer.com We’ll see you next time.