Show Notes

[00:01:43] You can visit Jonathan’s website at www.GreystoneCapGroup.com

[00:02:13] Set up a free call with me at www.CallwithVee.com

[00:04:43] Jonathan bought 3 condos to start. Then he bought investment properties in Philadelphia.

[00:05:32] Rich Dad Poor Dad changed Jonathan’s life: https://amzn.to/2LWDcQF

[00:06:39] Jonathan mentioned Peter Harris’s YouTube channel: https://www.youtube.com/user/CommercialPropertyAd/about

[00:07:01] Jonathan found Michael Blank’s analyzer online and purchased it.

You can download Michael’s free ebook “The 10-Minute Offer” here https://bit.ly/34kfqEr

[00:07:26] Jonathan mentioned Michael Blank’s book “The Ultimate Guide To Investing In Real Estate and Multifamily“. You can check it out here: https://bit.ly/2LYc6IW

[00:09:35] You should be getting soft commitments from your investors all along instead of waiting until you have a deal. 

[00:10:46] Educate your investor, so they know what syndication is.

Three Tips that Jonathan Wei learned from Adam Adams’ Raising Money Summit

1. Have a good brand and branding strategy

2. Attend meetups and or host meetups

3. Use a CRM

[00:17:09] Jonathan shares his knowledge about financial due diligence.

[00:25:09] Jonathan shares his plan to implement what he learned at the Raising Money Summit

[00:27:24] Jonathan mentioned a meetup for Asian called Asian American Professionals Connect Dallas.

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Full Transcript

Jonathan Wei 0:03
So number one, in any syndication business that you want to do, you need to learn how to raise capital. That’s the utmost important thing. And yeah, do it soon as possible.

Unknown Speaker 0:17
Welcome to the show, you are listening to the real estate lab podcast. In this lab, we decode the stories, secrets and skills of the most brilliant minds in real estate investing and turn their wisdom into practical advice and knowledge that we can use to boost our income. And now let’s turn it over to our host Vee

Vee 0:37
It’s a great day to be alive and to invest in real estate. My name is Vee Khuu and you’re listening to my show the real estate lab podcast. Our guest today is someone whom I just met recently at a conference in Colorado. Our guest is an expert in tax as he has a master in taxation and is currently the Director of income tax for a company in Texas. He worked on wall street for 15 years as the director of taxations of the Americas. When he’s not working. He enjoyed traveling and spending time with his wife and two daughters. I can tell you this guy hustle hard. He started investing in real estate since 2003 and have recently switch over to multifamily. So most of the days after his W2 jobs, he spends time with his family and then hit the ground running with his real estate business. He’s the founder of Greystone Capital Group and host a meetup called Greystone Capital Group apartment investment club in Dallas. You should definitely go to one of his events if you’re in the area.

Vee 1:43
And you can check out his company’s at WWW dot Greystone cap group. com. Ladies and gentlemen, our guest today is Jonathan Wei. In today’s episode, Jonathan and I discussed about his latest apartment purchase and also share some information about the market that he’s buying in. Now before we start, if you haven’t done so please do me a favor and head on over to iTunes, subscribe rate and review the show to help boost the ranking of our show.

Vee 2:13
Or if you just want to chat with me hey schedule a call at www.CallwithVee.com V with two E’s dot com Again, that’s www.CallwithVee.com. If you want to connect with Jonathan, check out the show notes for his LinkedIn profiles link or you can email him at info at Greystone cap group. com. Alright, let’s turn it over to my conversation with Jonathan Wei.

Vee 2:43
Hey, welcome to another episode of the Real Estate Lab podcast. Jonathan is so good to have you here with us, man.

Jonathan Wei 2:49
Great, great to be here Vee.

Vee 2:51
So we were just talking. You came out to Denver first time about 10 years ago at a conference?

Jonathan Wei 2:57
Yes, that’s correct.

Vee 2:58
What was the conference?

Jonathan Wei 2:59
It was it was Real Estate conference this two gurus will teach you how to buy things and buy houses. Use creative financing master lease option or one of those you know owner financing and those kind of creative tips how you buy homes.

Vee 3:15
So it was an overall general view of real estate investing just different options that you can do?

Jonathan Wei 3:22
Yeah more for residential or commercial is more like oh you buy a house, go talk to the owner. To the owners interested in selling your house you can do maybe a deed that you do it the deed you to fill out the the sign, sign over the title and the kitchen. It was also like mine to try auto financing or want to try this and that to help the owner. The owner is distressed or that divorce or something you did to help them you’re a problem solver basically that’s what it is.

Vee 3:47
Right? Was it the about the time you start to get into more interested in investing in real estate?

Jonathan Wei 3:54
Yeah, I was always had an interest because when I was younger, I had a passion for real estate when I was My my 20s I bought my first condo in Princeton, New Jersey, which is where I, I lived for six years. And I decided to I was hooked. I bought another condo. Then I bought another condo, three condos. And then I joined the Garden City Real Estate Investment club was a local New Jersey club here. And I found out for one of my co workers, one of the colleagues there said you could go to Philadelphia get a cheap roll home, right was like $50,000 roll home and a property taxes like maybe $200 a year right? And this thing Why don’t you go there and you know, fix and flip and buy the shelf for $10,000 and then rent it out or you can do you could just sell it you know?

Jonathan Wei 4:42
So I went down with my brothers and my wife and we we did around the family we say hey, you know maybe we will invest in South Philly or temple area temple is known for a little more high crime and the wall you know, a little more kind of war zone that was on area.

Vee 4:59
Okay.

Jonathan Wei 5:00
So that was more riskier because it’s high crime and love shooting. The safer side was near the Bella Vista of just South Philly. And we were targeting South Philly for for lesser crime. So we did buy like a shelve. We try to fix it up and we sold it. I bought one stabilized property were rented out like $50 and I rented out made made a pretty good cash flow. So with that in Philadelphia for a while, and while I was working as a career I’m a CPA and a tax professional.

Jonathan Wei 5:32
I read Rich Dad Poor Dad book, which you know, changed my life. Like most most people read his book and I want a passive income. But I didn’t know how because me being individual didn’t know I could do syndication on multifamily.

Vee 5:48
Right.

Jonathan Wei 5:49
Back in the old days, there was no internet there was not much Facebook was basically like Barnes and Noble. We got the bookstore and you read the books. So in the old days, you can Not good information readily available. So that’s why I didn’t know about those items. Excellent until like recently.

Vee 6:06
Well, how old you talking about now? How old days how many years ago?

Jonathan Wei 6:11
Wow that time was 2000 and 2001. And it wasn’t really available that I know on the internet that’s like this was syndication. So all we do is look at books and read the books, then you know, it was only like maybe like a year ago or two years ago I read I saw some YouTube videos or Peter Harris which is as you three two videos on the multi family and why multi family choice to to reach financial freedom.

Jonathan Wei 6:42
And I really like this I got hooked on his videos I watch every single video I learned the basics of what’s you know, what’s Cap rate and what is how you value cap rate. How would you go find deals, what you look for new certain metrics, etc, etc. So then I said I want to evaluate the deal.

Jonathan Wei 7:01
So I got that and I read his book, The Ultimate Guide to investing in real estate and multifamily, I think it was called. I bought that and it was a really interesting book. I really liked his experience. I felt like this credibility to Michael Blanks writing. So I decided to go on to the mentoring program to get a coach. So it could take me to the next level, which is really leading syndication, you know, help me raising and raising capital and teach me the secret to how to become successful syndicator and that’s, that’s what I did.

Jonathan Wei 7:01
So I found Michael blanks SDA analyze online. Okay, and it was very affordable price. That’s okay, I’ll pay for this price. And I’ll have I’ll test one couple of deals to see if you know this makes sense. And if I can actually just you underwrite a deal. And maybe an Excel wizard, tax guru. I use Excel so single day so for me it was it was like, it was easy for me.

Vee 7:57
Okay, so it’s interesting. You started with this idea back in early 2000s and you bought a row home in Philadelphia, you bought those condos and then you bought a row homes, then you didn’t do anything for the next 10-15 years?

Jonathan Wei 8:17
No, I bought and hold like a lot of them. So like still today I own a condo in New Jersey. This is a legacy so hold forever. Okay, so I want to cash flow, some fix and flip and Philadelphia circle short term. Some I hope, I hope a long term. So but when I moved to to Dallas two and a half years ago from New Jersey, I sold to my condos I kept one.

Vee 8:41
So two and a half years ago you move to Dallas, and that was around the same time you joined Michael Blanks?

Jonathan Wei 8:48
Michael Blanks, I joined` last September last year, September I joined Michael Blanks.

Vee 8:52
and then how long after that? Did you do your first syndication?

Jonathan Wei 8:58
So first deal I Become a passive investor okay to to shadow his moves and be invited to his his meetings and due diligence. And I was buying in that as a student. So I did invest that money with that. And then the second deal was when my my coach said, Oh, the student needs help. Do you want to help the student raise capital? And maybe an ego student who wants to get into deals and want to do well said, Sure, I’ll raise my hand, I’ll help help the student. And I was a first time venturing into really raising capital and you only don’t know that feeling to actually do it. Right. And it was very difficult.

Jonathan Wei 9:35
The first time raise it was very, very difficult. I asked all my friends, my family and all my people I knew and I’ll do to raise some money, but most of them didn’t want didn’t want to invest. Because what I realized was, it takes time, it takes certain steps. They should they should been doing all along to get soft commitments because you come at the last minute you said I have a deal. You wanted to put $50,000 into the deal they get scared right because there’s a large amount of money. They don’t know the team. They don’t know if this can be successful. They asked many questions but even though the problem is that a lot of ordinary folks don’t know what syndication means, and it’s not out on TV like semantic reads and like bonds is very common.

Jonathan Wei 10:24
So you say you want to investin a REIT, they understand what a REIT is. You will invest in a mutual fund s&p five you know 500 index they understand what that is. But when you show them like a syndication they have never heard of it, they get nervous, right. They’re very scared because they think that either they lose all the money or it’s something that could be a scam, right? Because they don’t know what it is, can be Bernie Madoff.

Jonathan Wei 10:46
So the very careful and they tend not to invest first. They want to see how it goes first. And on a second deal, they might invest. That’s kind of what I’ve seen. But uh, well, so I also learned from going to Adam Adams raises money summit and hearing my friend Rama speaking and out of a lot of people speak on the stage, I learned a sort of steps you can do to kind of groom them, educate them and get them through the process where they can feel comfortable not to be too kind of soft commitment.

Jonathan Wei 11:20
And only then that you can able to gauge how much you can raise how much to deal size can get. And how quick Can you raise the capital? Because if you just go get a deal, and you have no clue how to get the capital, you can be stranded in that deal.

Vee 11:34
So from your first raise, and what you have learned from the raising money summit 2019 what are the top three tips or tricks that you have learned that you will now implement differently?

Jonathan Wei 11:52
Yeah, so number one, in any syndication business that you want to do, you need to learn how to raise capital. That’s the utmost important thing. And you gotta do it as soon as possible. And the steps how you do it is and actually this is kind of outline and some courses that some people have put together recently.

Jonathan Wei 12:12
And basically what it is is, first up is branding. Get you a company, get your branding for social media, that you will know who you are, so they know who you are and what you do. So tell you what you do, man have branding, have logos and business cards, and put on social media. Have a website to a good website.

Jonathan Wei 12:31
And number two, you should go to meet meetups. Meet people have business cards, and you can create your own local meetup like I did myself, I have a local one in Dallas and be more once a month. And I also have a zoom meeting, huh? Yeah.

Vee 12:44
What’s your meetup called?

Jonathan Wei 12:45
Greystone Capital Group named after my firm’s company, okay. And I also have a so I do two folds, because what I realized was when you have a local meetup is limited to people in Dallas and Dallas is very large, so it’s only limited to that That area so the turnout won’t be that big as you expect it to be as number one. And someone always busy that night right? And number two so what I did was I did two fronts now I do one local meetup I do once a month a webinar zoom meeting industry experts so I can learn on myself if I don’t know the topic and I can hand my hand and do it and record it and upload my YouTube channel. So there’s another branding mechanism I do so so I recommend those tips to build your brand to get your your you get your cloud out and also get your knowledge to you connect with more people. Your network is your networth. So you don’t want people like I met you It’s great. We met you know whenever connection and we have a better relationship now. So this is this is very valuable in real estate business. Very, very valuable.

Vee 13:58
Definitely meeting someone online and even connecting with that person online is one thing. Yes. But getting that face to face is 100 times better.

Jonathan Wei 14:09
Yes. Yeah. So that’s why it’s it’s important that you have you do these things and have local meetups and at one time have you know your address from Dallas you Hey, come by meet I will meet up you know, it’s great.

Vee 14:24
Okay, so what’s the third tip that you learned from Adams summit and you will implement differently.

Jonathan Wei 14:31
So I have I use CRM, which is you know, a CRM is it is a sales is a marketing tool, where you can track customers when you send them by email. So what I do is once a month I try to reach out to my own investors and potential investors. I do a MailChimp campaign where you send out a newsletter.

Jonathan Wei 14:51
Say, Hey, this webinar up to this dude I’m looking at I’ve been at Adam Adams’ summit meet me there. You want to meet me. Our local meetup coming up soon, here’s a new next guest speaker on my on my on my zoom meeting or webinar. So I gotta let him know what’s happening in my community. Number one, I’m active, I’m serious. And I’m growing. And also, when you do that, you you get a lot of followers because they see you on the camera. They know who you are, they know that you are genuine and you’re serious about success. So they’ll come this one say hello to you.

Jonathan Wei 15:30
And then you can, you know, follow them and it could be they could be part you’re wanting to pass on investors. So that that’s not a good that’s another thing I’ll let you know. And it’s always important to strategically put on people who who are more also more experienced because if you need to raise $10 million for a large deal, I get I know some people who bring in who could help me raise $10 million right so like for example, I’m friends with Adam Adams I’m friends with you know Michael Blank or friend with some other people that I know Here, you know, some of people in the Think Multifamily world as well. So I could probably have partners help me raise some money as well.

Vee 16:07
Okay, so let’s talk due diligence for a little bit on your going back to your first deal. Okay, I’m sure you so you had Michael Blank to help you out. And your first deal that you did everything on yourself on the GP side, you’re the lead investor now. How did you use your skill or your knowledge from the CPA world to do your due diligence on multifamily? Because a lot of it is financial due diligence and physical diligence. I’m sure your expertise lies on the numbers. So you got your you have a lot of things to share when it comes to due diligence, especially on financial due diligence.

Jonathan Wei 16:51
yes, so very important. Under CPA rules, there’s something called conservatism the principle when you stay CPA exam. And I apply that in throughout my underwriting. Because there’s two things you do, you’re conservative and you need multiple exit strategies.

Jonathan Wei 17:09
So in case something happens so in return in respect to due diligence, you always need to check your your competitors, your benchmark with the rent, rent is an area you should drive by there you should actually visit the competing apartments to see how renovating they are, how much are they going for. If it’s far away, I have my broker go take pictures for me Give me his insight because he’s he’s he’s a local broker. And then I look at pictures online apartments.com and you can see the pictures and see what’s going on for live in real time.

Jonathan Wei 17:48
So those are true numbers. Then you look at account comparables in like, like I get report like a Costar report or Yardi matrix which is which is like a analytical tool. A report that gives you sales comps the rent comps and the whole neighborhood so I can analyze and say what are the areas running for who was my competitors and what rent rate status and was the sales comp. So have a good sense of what what the numbers should be how much cost I should be, you know kind of offering to your right right.

Jonathan Wei 18:20
And then on the expensive side, you always want to call it a property tax assessor’s office to make sure that their numbers is in line with your thinking and also ask them next year is if any increases and normally How much is the increases? Because generally what happens is that if you’re new, you’re newbie to multifamily underwriting. What you’re going to be able to find out is that the property taxes are gonna increase so after you buy your value increased If you value increase your property tax performance is gonna increase. So what you need to do is you have to call the that that property tax assessor office and say what is your formula? I need to Know your formula and apply what sales price you have. And that’s your property tax and then when you when you underwrite for the future you’re going to add some elements of increases to see you covered.

Jonathan Wei 19:12
So normally on rent increases one to 2% which is very conservative in our leases I think that 3% so we know that we’re conservative in that front. I know it can be a little more but I don’t want to I want to keep like 3% and then test that and I’ll say is make sure that you check every single item and expense. So lawn mowing, you know, pest control, you know utilities who’s paying the utilities then you getting got planning opportunities can you use rubs which means you ratio, utility bill back to the client, the tenants, what can you do to optimize and lower expenses.

Jonathan Wei 19:49
What can you do to add other income like laundry income vending machine, you think of ways how to optimize the spaces. And if you if you’re living in a city, where space is a commodity You can rent out like those storage spaces. So your storage space in the apartment, you can say you can rent up maybe for a few thousands dollars a month for storage, you know, so they can put the goods in there. So that’s another item.

Jonathan Wei 20:13
And if the unit is very large, you can maybe put a like a half wall or wall and you can make a two bedroom so your check you city code and regulations is just simply putting like a new drywall or something you may meet increasing income a lot. So that that’s not a potential yet think of if your room is long enough to accommodate that. So getting outside the box and getting very like strategically and how to maximize your income while maintaining and minimizing your expenses and that’s where getting a good property manager was many years experience is very valuable. I mean they are your right hand person, you’re going to asset manage them. But he also had a trust similar instincts and insight as well to the give you to gauge you so So for example, usually my property managers with me when I get a deal on the contract, and we gauge what is, you know, what’s the amount was expenses, so we’ll good idea what it is. So that will help you a lot.

Vee 21:15
And something I just want to add also is you I believe in Texas that’s a nondisclosure state and the tax assessor over there. Usually, they are very helpful in telling you to Formula just for the audience listening, if you are buying in state, like Texas that’s have the non disclosure rules. The tax assessor will tell you exactly what to use to calculate the new taxes going into that new building you’re trying to buy, just like Jonathan was, was relating to? Yes. Okay, so, now that you have done a few under your belt, what are you most curious about next?

Jonathan Wei 21:55
I’m curious about asset management, because now I’m going to stage where I’m managing the asset. It’s interesting because I have to make sure that we can, you know, turn the units and properly have properly make sure that the expenses are online expecting so in the beginning is a little rough because in the beginning they can be turbulence the tenants can be testing you to see how your management is. They could not pay rent as test see you if gonna evict them. In my case, you know, some people left so that’s normal and then when you transition, somebody will leave which is normal. So you expect a little bumps in the beginning, then you get to start you know as time goes by you’re stabilizing it you’re, you’re putting positive word positive vibes thing that we’re here to make the community better. We’re going to put new sign for good environment. We’re gonna put out a barbecue and pergola. We’re going to repaint it a gray, make them a little more modern, instead of the old, old colors, and we’re gonna organize food truck day. We’re going to have special events at the community. And we’re going to fix the drivers broken and put in place some vending machines. So I think that overall attendance will be more happier under new ownership. And someone who really quick here the quality of life with tenants, and not just you know, worry about the p&l.

Vee 23:21
So right now you are the main investor who’s taking charge of the assets management. Do you have someone else on your team to help you with some of the other functions in running this syndication business?

Jonathan Wei 23:34
I do. I do. I have. I have people. I’m training and I’m teaching and every part of my team Greystone team, these are my good friends who I trust, trust the confidence. And they are also my passive investors. And they go to my meetup every single time. They’re always there for me, and I’m always always, you know, with me So, like Adam Adams. I think you met the two other people. They were with me so and they are there to, you know, do well in this business. So I’m here to help them as well too. Because if they succeed, I succeed.

Jonathan Wei 24:10
That’s, that’s what I believe in.

Vee 24:11
And that’s great because they invest in your deals, and now you’re training them, you’re telling them what to do. So, in a sense, they are acting as the general partner, and also because they’re helping you taking care of their assets, their investment.

Jonathan Wei 24:26
Yes, yeah. So, you know, that’s great, because I need a team and he could scale and if he will help me asset management and raise capital. So those are techniques. That’s why that’s why I brought them two I paid the tickets for Jason and Bobby, I got a free ticket, because I knew someone who didn’t come. So I brought him there on purpose to the purpose to learn how to raise capital, get pre commitments, up to like, you know, 5-10 million dollars. So that my team, are we ready to get the next deal and not the one to worry too much about raising capital.

Vee 24:58
So So what have you already put in motion to help you implement your whenever you learn from that summit, you know besides your zoom calls,

Jonathan Wei 25:09
so I implemented what Rama kind of emphasize Was this an acquaintance bucket and does investor bucket acquaintance you need to get to know for you need to talk to them. You don’t want to go straight to those trigger the horse and give them the deal deck. And also, in my MailChimp campaign I’ve incorporated a Google Doc form that Rama suggested and what that does is that to my investors who’s been there for a while, they can now click on a button to to subscribe to any future offerings and do a self commitment.

Jonathan Wei 25:44
So in that form, whether it’s kind of give us a question here are you accredited investor or your non accredited investor? How much money you want to invest? How you can invest it solo 401k, or individual cash or entity or trust. This will give me an idea of gauging of who’s interested in my deals in my members and who would want how much they can commit. So that’s an important to medicham after doing that, and our meetup will Bobby and Jason tomorrow my meetup to kind of talk to them, see what they’re doing. And I know Bobby’s going to present to me into in front of the Asian professional group.

Vee 26:21
What group is it?

Jonathan Wei 26:22
it’s a local group here in Dallas that created by this Hong Kong socialite, she’s a she’s a wealthy lady who has a lot of time and wanting to create social events. And like go go go ice skating, go movies, go karaoke KTV for the Asian community and meet friends, meet genuine friends. From a you move from different state you will meet friends and hang out. She creates a platform for you. And she even let you co host it so she don’t want to drive far from her hometown in Frisco. So she said you want to be a co host tell me and you can do your own event and, and just set it up.

Vee 27:07
What’s the name of the group?

Jonathan Wei 27:08
It’s called Asian professional Connect. Let me see what exactly what it is on the meetup. I know Bobby is a member of that. So let’s see. Asian Yeah, I’m not I can’t really find it but it’s a it’s an Asian professional connection. I think it’s cool.

Vee 27:24
Is it Asian American professionals Connect Dallas Yeah, yeah, Sonia.

Jonathan Wei 27:27
Yeah, that’s the one. Okay. Yeah. So you’re welcome to join and if you are in Dallas, he goes go to those events. They have like happy hours they have this go to Cal town and check out the rodeo or something. You know, one of those things like that when I went to one that’s where I met Bobby. We ate fried chicken and Korean fried chicken. And we chatted each other and I told him about multifamily. That’s how he came interested.

Vee 27:51
That’s interesting. You didn’t see in this business. You never know who you will run into. So you will always have to tell everyone about what you’re doing.

Jonathan Wei 27:59
Yes, exactly. That’s why we’re doing that. Yeah, that’s why I went there because my strategy was to connect with Asian people and tell them what I’m doing and Tom and an interesting story, right? Because what I say is, Hey, I’m a CPA.

Jonathan Wei 28:14
That’s my day job and within three years I plan to leave that job and do my do my my own business, and then actually do not say, what’s your business? Then I get my business close. I’m a multifamily syndicator I buy buildings with family and friends and people like yourself, we pull my together maybe an experienced guy and it will experience team will lead a deal with take care of you for you. You don’t know where we’re at oil it or anything like that. And you could be just a limited partner and you get mailbox money every quarter. That’s how excited and you know, he was he was interested in so it sounds really good. I want to come, I said come to my meetup. So again, my meetup and he came over. And at first he was very leery said you want to invest? No, I’m not sure maybe raising capital for you.

Jonathan Wei 28:56
And then And then he said, then they’re not Okay, no, no worries Bobby no rush. I’m not in no sales pitch to go into my website, GreystoneCapGroup.com . Go look at some of my portfolios and my videos. And then I’ll see you next time. My meetup is okay, sure. Then I scheduled next meetup is there right there on a doc? And he goes, You know what, Jonathan? I really I really like this thing. I wanted this $20,000 then I go Bobby, okay, that’s fine. I said, No, no problem. I’m here whatever you like I said, no problem. I said, I’m gonna get a deal soon for you. So you know, I’ll show you the deal deck, and we haven’t raised money. There. Okay, sounds good. Then, then the next meetup. He will Hey, Jonathan, man, I, I I’m really into I’m really excited about your deal. I like what you do. I want to put $50,000 in man.

Jonathan Wei 29:49
So I was very surprised.

Vee 29:52
He sold himself!

Jonathan Wei 29:53
Yeah he sold himself and then when I had a deal, this guy’s a very smart guy too. He was can I drive to the property? I said. You’re welcome to drive. It’s in Oklahoma city is two hours and a half and two hours and a half. I went there with Jason so you’re welcome in a weekend go up there. But don’t don’t don’t bother tenants, as you notice. tell you a tenant, you know. And he did that he, he tried to ask look inside, but as all filled he was surprised and then he was very happy that it was all filled. He drove two mile radius around the area to make sure that there’s a Walmart same club is economic growth. Right. And there is and he said, he texted me. He goes, Jonathan, I came back. Is it a wonderful opportunity to fit exactly the C class he talked about? Because how do you will you find his deal? I said a little secret. It’s called networking. So so and that’s, and that’s how he became, he became my trusted confidant because every time because everytime he goes to my meetup he’s always there. He’s a very honest guy and is a very like, he’s very serious guy and very nice person to his I can see he’s trying to help me too. I can feel it. So you know,

Vee 31:03
and that’s why this is a relationship business you help each other to, you know propel into a bigger game you have you basically went with him, he sold himself right going from 25,000 to 50. Now he’s your he’s in your tribe, he’s helping you out with your business with your deals. Yeah, he is more more or less your brand ambassador.

Jonathan Wei 31:29
Yes, yes. And he’s trying to convince his friend to Richard. So it takes time. So we’ll Richard secondary might come in. It just takes time to to kind of get indoctrinate people and kind of educate them about what multifamily syndication is. And for me, you know, it’s fine. It’s not It’s not wrong, to use it just to go he’ll come come to come to my meetups, and he’ll join my group. So

Vee 31:53
can you tell us a little bit more about your meetup when you meet where do you meet?

Jonathan Wei 31:58
So my meetup Yeah, sure. So my meetup is it’s happy hour is called social mixer. Greystone Capital Group, it’s near my home. So I’ve been doing it at this place called bar Louie in Ireland, but I decided to, to mix it up and go to a different location whereas the more more better vibes no more no growth. So I’ve been planted a new place called Moxie, Moxie born and grow, which is a new bar. And I know that that’s a nice nice venue because one of my buddies threw it there. Yeah, like a lot of people and it was it was a big success. So in my Meetup group, already had like, 18-19 people sign up to go and go to my meetup tomorrow. And I think it’d be a success because it’s a great place, great food, great drinks, and all all it’s about is to chill out, relax, get to know me, my company.

Jonathan Wei 32:51
We can chat about multifamily and what goals you like to achieve as a passive investor and if you want to do active We can talk about maybe you helping me, me raising capital, what do we need that you’re looking for? So that I can help you as well. So, so it’s a great, it’s a great place to relax, chill out, talk about my investments and see you want to invest as a limited partner.

Jonathan Wei 33:16
And if you want something else, you know, I know we could talk more about that and see there’s a need for that and how will fit into into plan but basically, it’s a happy hour you come out you get drinks, you meet my friends, my inner circle in the in the multifamily space, they are my investors, they are my friends. And, and we talk about multi family we talk about you know, the their personal life stories, whatever you want to talk about. The whole point is to connect also to, to network and connect and get to know each other. And then we will talk more about the family if they want to.

Vee 33:53
So Jonathan, when the audience listening to our show, right now yeah, let say In your business, can you think of a role that is a missing piece that you are trying to fill right now? And maybe the listener can fill that role?

Jonathan Wei 34:10
Yes, that does a role. Like for example, finding good off market deals is a key what I need so there’s any listener who can find good you know, genuine off market deals that is that is good and good areas that I I like my areas of Oklahoma City, Memphis, Atlanta, Georgia, some secondary areas of Texas and Jacksonville, Florida. So if anyone who has that kind of skill set or can find very good deals, that that’s that’s that’s what I need.

Vee 34:46
Okay, so you need someone to help fill the broker relation role.

Jonathan Wei 34:51
Yeah, because I have some broker contacts. And they’re looking for me I do have some leads, but if a nice somehow performing more of that be great. And I’m always looking for capital raise as well, too, doesn’t know area I’m always looking for.

Vee 35:05
And just to clear that up, you’re not looking for just someone to raise capital. You’re looking for them to join your team also. Yes, yes. It’s not Pay for play kind of deal.

Jonathan Wei 35:16
Yeah, yeah. You’ll get compensated for capital raising obviously, it’s also like asset management and capital raising as well and some other functions.

Vee 35:24
Right. What I’m trying to convey is that if you’re listening, you unless you have a license, you cannot raise capital for Jonathan and get paid for it. You have to be in his team doing something and you are helping with the capital raising part.

Jonathan Wei 35:40
Yes!

Vee 35:40
Unless you have a license, you’re not allowed to get compensated by him or by anyone at all. Right, right.

Jonathan Wei 35:46
Exactly. That’s right.

Vee 35:48
So Jonathan, what’s the one thing that you wish you had known what when you started in this whole venture about syndication?

Jonathan Wei 35:58
I wish I wish I knew earlier I felt I’m a little late in the game. I wish I was younger, which had more time to do and, and, and, and not be so later in life is the way I feel, even though I’m a lot wiser than I was married, you know 20 years ago, but also I wish I had more time when I was younger.

Vee 36:21
Is that why you working so hard now? I mean, we’re talking and it’s almost eight o’clock your time at night. And you had a day job right and you’re doing the meetup. You doing the zoom calls? Yeah, you’re doing a lot of things and exactly what’s your drive? What’s your what’s your WHY?

Jonathan Wei 36:39
My Why is my family my daughter, she’s a young daughter, seven years old. My family I wants spend time with my family more, I want to travel more I love traveling. I want to also give back through donations and help you go to soup kitchens and give meal to a needy family. So I want to give back to the community. I don’t want to get to the to the society, but also want to have my own personal free time. I also want the time my daughter who’s growing really fast. I want to be with my family and do the things that you know, I want to do on my own terms, I want to control time, because right now time controls me. And financial freedom will give me the privilege to, to control and manage my own time. And to be able to travel, be able to spend time my daughter goes on events that girl scouts go to school, visit her summer school and lunchtime and also you know, do good things right donate to you know, breast cancer or AIDS research. Maybe help people out in volunteering, and stuff like that. So I think this will be very important for me. That’s why I’m working very hard work. I Oh, look. I will try all the day. Like tonight I’m under a deal that I got a lead of today. So

Vee 38:02
what does financial success looks like for you?

Jonathan Wei 38:06
that just says, to me means that I’m no longer needing to work my day job as a tax director. I no longer need to worry about that. And so that can focus on doing more and multifamily, but also focus on my family. So if I can do exactly my day job and achieve that freedom, that’s a big that’s a big win. And then just focus, maybe nine to like, three, two, so my multifamily and have the hours to spend on my family and do things and they do from my laptop remotely. That’s a big win for me. And then I also want to progress my spiritual enlightenment as well too. So that type as well, that’s very important for me to

Vee 38:56
awesome, Jonathan, before I let you go, just one last questions. Yeah. Do you have an Asian name?

Jonathan Wei 39:02
I do was well, I’m like you I’m born Saigon. And my original name, my Asian name in Chinese. Oh, you know you’re

Vee 39:13
up to you. I’m looking for just another name that people know you by. So if you have two names, go for it.

Jonathan Wei 39:20
Okay, so my name is Ha Tran. So Tran is very common common Vietnamese lastname.

Vee 39:24
How did that go to from Tran to Wei?

Jonathan Wei 39:28
My father was drafted in the Vietnam war in Saigon. They gave him a name place so your name last name is Tran. My dad didn’t like that because he wasn’t he was Chinese. And when we moved to the States, I was given citizenship and they said that you can choose a name that you that you want to choose. And I was getting ridiculed because I was a Ha ha, ha. And my brother’s name was was hung and tree. So ha tree Right, so here’s a hug on a tree. So who made fun of us growing up in New Jersey, so we have to change the name we took we took a heartbeat, but the decision was how you choose an American name. So ironically, we love watching movies and a time in the 80s it was a show called heart to heart so Jonathan a merry heart so so you know what i like Jonathan. Jonathan and we shouldn’t either way because that’s my dad’s last name real real name. And then my brother chose Michael James Wei because of Michael James Fox and then my brother Tri is changing at the D So Eddie, Eddie is similar

Jonathan Wei 40:42
to Eddie Wei

Vee 40:43
that’s cool man I’m I missed the boat on on that opportunity as I probably have to do that. Sometime down a road. Yes. Changed my last name.

Jonathan Wei 40:52
Yeah. Interesting. Vee Khuu is interesting. Name. It’s not Tran but anyway

Vee 41:00
Awesome brother. Thank you so much for jumping on to the call with me this late man I really appreciate your time with us. No problem. Thank you, brother. Take care.

– 41:09
That’s the end of the show. Don’t forget to subscribe, leave a five-star rating and review on iTunes for the real estate lab podcast. Until next time, have a prolific week.

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