Ep54 Behind the Badge and Beyond: Dan Dempsey on Building Real Estate Success

[00:00:00] I have all of these people, I know all these connections and I need to actually get out and do that. So I would say probably the biggest piece of advice I would give myself looking back is not in a way to necessarily be using these people, but like to actually look out into your network and keep up with people.

[00:00:17] From cornfields to high rises, office to industrial, houses to hotels, and every other asset class in real estate, we cover the people, the projects, and the profit.

[00:00:27] Welcome to the Investing in Iowa Show. This show is for go-doers, action takers, and business owners. It's for people like you who are sick of Uncle Sam taking a huge bite of your apple. If you're looking to get ahead of what's taking place in Iowa, learn who is doing what and how you can get in on the action. You're in the right place.

[00:00:48] Hosted by Neil Timmons, an Iowa native who has been involved in over $300 million in real estate right here in Iowa. Recording in studio from West Des Moines, here's your host, Neil Timmons.

[00:01:02] I've got Dan Dempsey here on the show. Dan, welcome.

[00:01:05] Thank you. Thanks for having me. Appreciate it.

[00:01:07] I'm excited to hear. Say for the audience's sake, who are you? Where are you from? What do you do?

[00:01:10] Yeah. So Dan Dempsey from here in Des Moines, born and raised here and left for a bit, but back now, day to day, I'm a commercial real estate agent at an AI, Iowa Realty Commercial, also a real estate investor.

[00:01:23] Take me, so you grew up here in town. Where'd you go to school?

[00:01:26] Went to St. Teresa's and then Dowling High School. Dowling Catholic now.

[00:01:30] Yeah.

[00:01:30] They've added that.

[00:01:31] Yes, they have. I was, I'm my alma mater as well. And I always say my alma mater is no longer because they changed the name of us over the years.

[00:01:38] Yeah. What'd you do after high school?

[00:01:40] Yeah. So I got this wild hair and I joined the Marine Corps. I enlisted right out of high school. I think I gave my parents a heart attack, but so I was right off to bootcamp, went out to San Diego and went and served my country.

[00:01:53] Yeah. We appreciate the service. Thank you.

[00:01:55] Yep.

[00:01:55] So you did that for a number of years and then you get out. What do you do?

[00:01:59] Yeah. So it did almost a decade of active duty, although during that time to touch back on it, cause it'll matter. I got selected to be commissioned and the Marine Corps basically paid for me to go to Iowa state.

[00:02:10] So in that portion, my unit actually deployed to Iraq four times, but I was at Iowa state. So I dodged some deployments there. But then when I did get commissioned, I became a tank platoon commander, which the Marine Corps got rid of that, but it was probably about the coolest job.

[00:02:25] You could have had in the Marine Corps drive around M1 Abrams tank and shooting those babies off, but did a deployment to Afghanistan, came back, went out for a weekend, met my now wife in LA, got talking. It was like, I just, I'm this kind of wears on you. So let's, I'm going to get out. I'm going to move back to Des Moines and you want to, you want to come with me.

[00:02:46] Yeah. And surprisingly, I was younger and better looking at more fit and tricked her into coming back to Des Moines as well. And that's how we got back here.

[00:02:56] What year was that? You came home.

[00:02:58] 2012.

[00:02:59] All right. Yep.

[00:03:00] 2012.

[00:03:01] Yep.

[00:03:01] All right. So you're, you're out of the Marines at that point.

[00:03:05] Yes.

[00:03:06] And you're home here in 2012. What do you do?

[00:03:09] Yeah. I wanted a relaxing step down. So I became a Des Moines police officer.

[00:03:14] Right.

[00:03:14] Relax. Cause I wanted all my free time and take it easy and relax. But while I did that kind of at the same time, we also, we bought a duplex when we moved back.

[00:03:24] I didn't know anything about real estate investing. It wasn't some part of some grand scheme for the military people who like jokes.

[00:03:33] I put my box of crayons down and just dragging my knuckles around and managed to fall into this property.

[00:03:39] But then a year or so into it, looking, I was like, man, we make money doing this. Can you imagine that? And was still a little skeptical, started reading some stuff, listening to podcasts, doing all that.

[00:03:50] And then finally it was like, we bought another one. Do you think that would make money too?

[00:03:54] And then we did and sure as can be, it did. And that was how we caught the bug and just snowballed it from there.

[00:04:01] And at the same time, I was still working out as a police officer. So it was a side gig, but it snowballed to a point where the police officer gig wasn't all it cracked up to be.

[00:04:11] And it was just getting tired of it and went full-time into real estate investing and then eventually licensed in brokerage.

[00:04:18] Yeah. Talking about your first few properties, how'd you end up, the first duplex and the first few months? How'd you end up managing it?

[00:04:24] So the first duplex, we lived in one side, managed the other side. It was the original house hacking game, even though I didn't know it.

[00:04:33] The second one was I managed it as well. And I was over there changing toilets. I'm somewhat handy. I was doing the work on the property. So it was all just me.

[00:04:44] And my wife helped out, friends, family kind of thing. Everybody kind of pitching in a little bit, but it was really just us figuring it out.

[00:04:51] Yeah. Wow.

[00:04:52] What are some of those early takeaways? What did you learn? The good, the bad, the ugly?

[00:04:56] It was just getting after it, getting out there, doing the stuff, not necessarily being afraid of mistakes, really.

[00:05:03] If you can imagine, I'm a pretty laid-back guy, pretty easygoing, but been in some pretty intense jobs, some pretty stressful stuff.

[00:05:11] And you go and hit those things head-on, and it's the same with real estate. You get in there, get after it, and you usually ends up working all right for you.

[00:05:20] And if not, you learn some lessons and you do it again, and it's worked out well over time.

[00:05:24] 2012, fantastic time to buy a duplex. Well, to buy any property in this market, huh?

[00:05:29] Yes.

[00:05:30] Yep.

[00:05:31] And I didn't know it.

[00:05:32] Sure.

[00:05:32] Yep.

[00:05:33] But that was the equity built from that one and some of the first other properties we bought really helped fuel into now we have almost 30 units.

[00:05:42] And it was really through 1031 exchanges and getting to where we are now.

[00:05:47] How do you manage the current portfolio?

[00:05:49] So most of it is now done by third-party property management.

[00:05:52] We still have a couple of single-family duplexes.

[00:05:55] Yeah.

[00:05:55] But those ones are managed by me, and we're actually kind of trimming down on that because I want to focus less of that myself and more on either bringing in other deals or working on the brokerage side of it.

[00:06:40] Sure.

[00:06:51] So you eventually get licensed at the brokerage.

[00:06:54] What took you into that business?

[00:06:56] Because you could have been a police officer all day long and still maintain the real estate side of things.

[00:07:01] A lot of people have their 95s and just utilize real estate like the stock market, just an alternative to that investment form.

[00:07:09] But you wanted to go all in, get your hands super dirty in this case.

[00:07:13] Yes.

[00:07:14] And part of it was also to get out of.

[00:07:18] Yeah.

[00:07:18] Yeah.

[00:07:19] Not just running towards, but running from.

[00:07:21] So I was a field training officer.

[00:07:23] I was on the gang and violent crime unit.

[00:07:26] I was on Metro Star, which is the SWAT team here locally.

[00:07:29] I was doing all sorts of stuff.

[00:07:31] The things I wasn't doing was being at home, having weekends off, being able to go drink or party on a walk because I'm a party.

[00:07:41] My partying nowadays is not probably what most people think of for partying, but being able to have a social life or a family life.

[00:07:47] Yeah.

[00:07:47] So I was wanting to get away to be able to do that, but then also go all in on the tool, which was real estate, which was what was going to allow me to do that.

[00:07:58] And getting licensed, part of it was, you know, I can get more education on what I wanted, which was real estate, learn more on the real estate.

[00:08:09] And that also hopefully make a buck helping others buy, sell properties and educate them along the way.

[00:08:15] Because if not as a public service announcement to try to get all of our police officers off the force, but friends and family that I can help show the way to.

[00:08:24] I love that.

[00:08:25] Yeah.

[00:08:26] How did being an investor first out of doing that better prepare you for being an agent and helping your clientele?

[00:08:35] So there's definitely a lot of firsthand knowledge you can get on as far as the actual ins and outs of running a property.

[00:08:42] What expenses are actually going into?

[00:08:44] What do you have to do to manage a property?

[00:08:46] What are the tenants going to be like?

[00:08:48] And then that when you're actually dealing with a property manager or another agent on the buyer or sell side, and they're trying to maybe sell you something that isn't necessarily passing the sniff test or, or maybe it doesn't.

[00:09:01] You can recognize something that they're missing that makes a property a good deal.

[00:09:05] Give me a story or two about things that you've seen out there.

[00:09:08] Maybe it doesn't pass the sniff test.

[00:09:10] Maybe something out there that people go to sell and you're like, there's just no way that could be accurate would actually be true for my buyer clientele.

[00:09:20] I've seen a lot of deals attempted to be sold on pro forma.

[00:09:23] That's one of the things that airs to my mind.

[00:09:25] Yeah.

[00:09:25] So that was what I would say probably the biggest thing is when I'm told you could get a certain amount of rent is probably the number.

[00:09:34] The number one thing is this prop right now rents are a thousand dollars a month market rents, 1200.

[00:09:40] I think every offering memorandum I've ever seen has, oh, there must be broker protocol.

[00:09:46] Rents are under market.

[00:09:48] I mean, somewhere along the lines, that must've been a good marketing tool.

[00:09:54] So, cause yeah, now it's every broker and myself probably being guilty of some of this stuff, but it's your, every broker ever has the only owner who didn't want to make money.

[00:10:05] Like they're the person who was okay with a thousand dollars when they could have without any other work been getting 1200 and they just thought it was okay.

[00:10:14] Right.

[00:10:14] Which there are some.

[00:10:17] You know, I see properties, maybe mom and pop.

[00:10:20] For sure.

[00:10:20] That have done it, but there it's few and far, but true, you know, generally.

[00:10:24] And it's not necessarily an easy process to get those right rents up or property turned over or whatever the case may be.

[00:10:30] That, and I guess probably one of the other things, which sometimes has maybe been something I personally need to get over, or maybe I put too much emphasis on is I'll go to a property in the back of my mind is, man, when I did a search warrant here, we kicked the door and so-and-so was doing this.

[00:10:47] Or man, I came here 17 times over the course of last year.

[00:10:50] Sometimes you need to let folks know about that, but other times you're just a little biased on this and you need to pull back.

[00:10:57] But I think a lot of that, and there's probably very few apartment complexes in Des Moines that I have not been inside.

[00:11:04] Not all kicked in the door, but for whatever reason, been inside.

[00:11:08] A lot of that local knowledge has been amazing.

[00:11:11] I recall when we first met a few years back at a place that you had been to a number of times, 14 years or whatever, over, over, doesn't really know, outside of town, but a place that probably needed some additional love.

[00:11:23] Yes.

[00:11:23] It ended up being really interesting, logical.

[00:11:26] On my portfolio zone, some stuff that happened later probably ended up being great, but had some interesting, basically a tenant ended up getting evicted as part of the sale.

[00:11:35] So it's part of the closing process.

[00:11:37] Some of those you have, that property I thought was physically sound in the area I liked overall.

[00:11:44] You just, you got some work there and what's every opportunity, everything out there is for sale is right for the right person and it's wrong for the wrong person.

[00:11:53] It's like, yeah, absolutely.

[00:11:55] Yeah.

[00:11:55] And more and more of the value add, I think it's harder and harder with where prices have gone, where interest rates are at and what rents can be got compared to comparable new construction or other properties out there.

[00:12:11] So that's definitely something I get a lot of those phone calls and personally, as an investor myself, love the idea of the value add.

[00:12:19] But it's just, it takes more now, I feel like, right in a couple of years ago.

[00:12:23] Let's talk a little about 1031s, if we barely scratched the surface on the show about that.

[00:12:29] Maybe at the high level, what is a 1031?

[00:12:32] And then maybe let's talk about a little how you've utilized it.

[00:12:36] Sure.

[00:12:36] Yeah.

[00:12:36] And the most generic definition, I think, is on a 1031 exchange, you're selling your property and going to be buying a new one.

[00:12:44] And you want to defer the taxes on that.

[00:12:47] So basically, the capital gains tax you would have to pay gets wrapped up into your basis on your next property.

[00:12:54] Instead of losing, let's say, 20 grand of your profits to taxes, you can roll that in to the next one and maybe buy a little bit.

[00:13:02] Over time, that amount that you've saved long-term can really add up after two or three.

[00:13:07] Pretty significantly.

[00:13:09] Right.

[00:13:09] Yeah.

[00:13:10] There's a lot of rules and regulations surrounding that.

[00:13:12] Correct.

[00:13:13] Yeah.

[00:13:13] Yeah.

[00:13:14] We used a qualified intermediary.

[00:13:16] There's wherever you're living, there's probably two or three or more ones.

[00:13:21] And I would say most are probably very good.

[00:13:23] I don't have a specific one to necessarily promote here today, but you can get more advanced with them too.

[00:13:31] There's different timeframes.

[00:13:32] You can sell before you buy, before you sell.

[00:13:37] Before you start doing any of that, get one of these qualified intermediaries on the phone or in a meeting and talk to them about what you want to do.

[00:13:44] Because you can do some really amazing stuff, but you can slip up along the way and it might be a really small error.

[00:13:50] But if it affects you.

[00:13:52] Yeah.

[00:13:53] If they're in a tax bill.

[00:13:54] Yes.

[00:13:54] It matters.

[00:13:55] Because there are firm dates involved in all of this.

[00:13:57] Correct.

[00:13:57] Yeah.

[00:13:58] Yeah.

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[00:14:32] When I ask one question, then I want to go down how you utilize it in one capacity or another.

[00:14:36] I have seen, and so I want your commentary on this.

[00:14:39] I have seen a number of people inside it, oftentimes like the verbiage in the industry.

[00:14:44] We're going to work changing a property.

[00:14:45] We're in 1031.

[00:14:46] We're going to buy something else.

[00:14:47] And I have seen a number of people overpay for property, in my opinion, overpay for property

[00:14:53] because they don't want to pay the tax.

[00:14:54] You oftentimes see 1031s probably paying a little higher than somebody else who's not

[00:15:00] in an exchange.

[00:15:02] And then also when representing buyers, is that type of information something you hold back

[00:15:07] from the seller side?

[00:15:08] Because if a seller gets wind of that, I know I would as a seller to go,

[00:15:12] you are more motivated than the average person.

[00:15:15] Right.

[00:15:15] So I guess to start with, I have seen folks in 1031 exchanges have a tendency to maybe

[00:15:22] pay more than you would want to because you're stuck in a timeframe.

[00:15:25] And if you overpay by $50,000, but your tax bill is $200,000.

[00:15:33] Did you really overpay?

[00:15:33] Right.

[00:15:34] Maybe you're not that much of an idiot.

[00:15:35] It makes sense according to your strategy.

[00:15:37] I also think maybe some of the folks that are using 1031s might be a different type of investor

[00:15:43] where they're not necessarily concerned about hitting the top return on their investment.

[00:15:49] They don't want a bad investment, but maybe a lower cap rate, more stable property.

[00:15:55] Higher quality.

[00:15:56] Right.

[00:15:56] A higher quality asset.

[00:15:58] That might look more favorable to them.

[00:16:00] Sure.

[00:16:01] They go that route, which some of us as investors might say, oh, they're paying too much for that.

[00:16:06] Or why would you take a six cap when I could get an eight cap or whatever?

[00:16:09] Because they have other goals or different strategy in mind.

[00:16:13] So it makes sense for them.

[00:16:15] That's something I've noticed over the years is it's really hard to gauge the motivations of another

[00:16:21] investor, unless you really know them.

[00:16:23] What I mean by that is everybody has different motivations.

[00:16:25] Sometimes at certain times of year, I tax.

[00:16:28] What's my tax invitations?

[00:16:30] Where's my depreciation at?

[00:16:31] What can I do?

[00:16:33] At other times, you're in 1031.

[00:16:35] At other times, you own the property next door and what are you going to get?

[00:16:39] You're going to get scale inside of a management.

[00:16:41] And all of a sudden, you're going to get gains inside your cost of operations that no investor

[00:16:45] could have gotten.

[00:16:46] And I'm working with an investor right now.

[00:16:48] They want a very specific type property and they want it in one suburb.

[00:16:54] Yeah.

[00:16:54] And there's one of those available and they're pretty much paying what the price is for that

[00:17:00] because they want that property in that suburb.

[00:17:02] And they're happy because they're getting exactly what they want.

[00:17:06] Right.

[00:17:06] So there are trade-offs.

[00:17:08] Absolutely.

[00:17:09] To what you're doing.

[00:17:10] Walk me through a little bit of how you've used 1031s in your personal workflow.

[00:17:14] Sure.

[00:17:15] When we were first starting out, it was easy for us to get a duplex or a house.

[00:17:20] So we got to a point where we had two duplexes and a house and they built up a solid amount

[00:17:26] of equity.

[00:17:27] We were out basically looking for what we were going to get next, found a 24-unit apartment

[00:17:33] complex.

[00:17:34] Luckily, two at the time, market was pretty strong.

[00:17:38] And in the back of my mind, I was thinking, these duplexes in this house are going to

[00:17:41] sell in a week, two weeks, which isn't always the case.

[00:17:44] And you're on a timeline.

[00:17:46] So that can be tough depending on what you're buying or selling.

[00:17:49] We found what we wanted to buy.

[00:17:51] I basically, when we were putting the offer in for that, we listed the other stuff, sold

[00:17:55] it, and rolled everything into that apartment.

[00:17:57] You went out and identified what you want to buy first, put it under contract, and then

[00:18:01] decided, largely because duplexes and singles are easy to sell, to do it that way.

[00:18:06] Correct.

[00:18:06] Yeah.

[00:18:07] And we were probably looking for maybe four months or so to found what we want.

[00:18:12] If we had listed them and they had sold in a week, then we might not have timeframe.

[00:18:16] It wasn't so good.

[00:18:17] So yeah, it's absolutely something when you're doing these 1031 exchanges.

[00:18:21] Some of it's guesswork, but you can ballpark out, hey, how long might this be on the market?

[00:18:25] How long do I think it's going to take me to identify?

[00:18:27] Strict is my buy box for what I'm looking for here.

[00:18:30] And it can really affect how you want to go about it.

[00:18:34] Yeah.

[00:18:34] Yeah.

[00:18:35] As you look forward to next year, what's my side of it?

[00:18:38] You know, we're completely different from what we've talked about, but I'm probably

[00:18:43] the most excited about a handful of new Starbucks getting built all around.

[00:18:48] Yeah.

[00:18:48] Yeah.

[00:18:49] Why?

[00:18:50] I, it's been about two years ago, just through great networking connection, met another great

[00:18:56] NAI agent who handles Starbucks for four different states, said, I'm swamped.

[00:19:02] The more we want to do more projects in Iowa, who can help thing.

[00:19:06] And I had met him a few times and I was like, yeah, absolutely.

[00:19:10] I'd like to help at that point.

[00:19:12] Investment properties and multifamily as a whole were my go-to, my main knowledge base.

[00:19:18] But I can, I can figure this out.

[00:19:20] We can do it all bust my butt figuring this out and we'll do it.

[00:19:24] And now we've got, I want to say offhand, five different sites where we're building and

[00:19:30] developing new construction, Starbucks, and then other national tenants around them and

[00:19:35] just nice centers.

[00:19:36] And then also nice, large mixed use development in Altoona.

[00:19:40] So that still has some of the original multifamily factor in it, but just really branching out

[00:19:46] from when I first started, just all through networking connections.

[00:19:49] And you're really just trying to get after it.

[00:19:52] Real estate's one of those things where you can be what you want to be.

[00:19:55] You just got to get out there and work your butt off for it.

[00:19:58] So the main, my main involvement is probably where you'd say site selection and then also

[00:20:03] finding the other tenants to fill the remaining spots.

[00:20:07] What I hear you saying there is most of these Starbucks are not standalone single buildings.

[00:20:11] You're going in, you're building a center of some nature.

[00:20:14] Starbucks is quasi anchor, if you will.

[00:20:16] So there, let's say maybe it's a, we'll say four acres.

[00:20:20] Starbucks needs one.

[00:20:21] And then, so we got three other sites left.

[00:20:24] A couple of them involve multi-tenant buildings, but the Starbucks are generally going to be

[00:20:28] standalone drive-through buildings.

[00:20:31] But that is the main bit of it for me.

[00:20:34] I'm working on a team of some really experienced, great guys that are the development team on

[00:20:40] it is out of this world.

[00:20:41] The group out of Florida does a fantastic job.

[00:20:44] They can kick out site plans and know how much it's going to cost them to change this and

[00:20:48] put a building face in a different direction to make this work or how they can do it is just,

[00:20:53] is really great.

[00:20:54] And then I learned a ton from the other NAI agent involved too.

[00:20:59] Yeah.

[00:20:59] So no, that's terrific.

[00:21:01] For you, you know, you came back here in 2012.

[00:21:04] You wanted to stay here, convince your wife to move here.

[00:21:07] You're here.

[00:21:07] You stay here.

[00:21:08] Why Iowa?

[00:21:09] What keeps you here?

[00:21:10] Yeah.

[00:21:11] Yeah.

[00:21:11] So I'd say one of the first things was I was in LA leaving my wife's apartment and Miley

[00:21:17] Cyrus had a impromptu concert at the Hollywood Bowl.

[00:21:21] And I got stuck in three hours of traffic just sitting there.

[00:21:25] What am I doing?

[00:21:26] What am I doing?

[00:21:27] I just got done and graded this date myself a little bit.

[00:21:30] So now it was like a salad.

[00:21:32] There was 25 bucks and you had one parking spot for a two bedroom apartment and all this

[00:21:38] stuff where it's, I can live way better than this back home.

[00:21:41] And I got friends and family and everything.

[00:21:43] And just the lifestyle was missing.

[00:21:45] I thought.

[00:21:46] And then coming back here too.

[00:21:47] At that time, didn't have any children.

[00:21:50] Now we have a son in third grade and I couldn't be happier that we made that decision to come

[00:21:55] back here.

[00:21:56] Just the atmosphere on the business side of it, opportunities, the cost of living, the prices

[00:22:01] for thinking on the family side of it.

[00:22:03] Just Iowa nice, the culture, the events, the people that you get to be around is fantastic.

[00:22:10] Dan, you ready for the final three questions?

[00:22:11] Sure.

[00:22:12] Yeah.

[00:22:12] One piece of advice that you would have given to your 20 year old self, what would it be?

[00:22:17] On a business side of it, maybe not even just business.

[00:22:20] I never was really huge into networking until I got out of basically being a police officer.

[00:22:27] So in the Marine Corps, I didn't, there wasn't really a necessarily a need for networking.

[00:22:32] I did four years at Iowa state and I didn't really network while I was there because I was

[00:22:38] focused on Marine Corps.

[00:22:40] But once I got out, it was like, I have all of these people.

[00:22:44] I know all these connections and I need to actually get out and do that.

[00:22:49] So I would say probably the biggest piece of advice I would give myself looking back is not

[00:22:53] in a way to necessarily be using these people, but like to actually look out into your network

[00:22:59] and keep up with people and see who and what they're doing.

[00:23:02] We just had our 20 year high school reunion.

[00:23:05] And there was one buddy of mine who we went to St.

[00:23:08] Therese together.

[00:23:09] And then it turns out he lives like three blocks from a house and I had no idea he was even

[00:23:12] still in Des Moines.

[00:23:13] Yeah.

[00:23:13] I was like, man, how did I let that slip?

[00:23:16] So just focusing more on the networking piece and staying up with friends and family kind

[00:23:21] of thing.

[00:23:21] Two books that changed your life.

[00:23:23] Oh, geez.

[00:23:24] Do they have to be real estate related?

[00:23:25] No, just two books that changed your life, no matter how it happened or in what segment

[00:23:28] of your life.

[00:23:29] You bet.

[00:23:30] Okay.

[00:23:30] Probably what you won't get on here ever again.

[00:23:33] On Killing is actually a book on psychology and physiology around military.

[00:23:40] And there's another one called On Combat that has to do more with the first responders,

[00:23:44] but it really enlightened me to things that were going on with myself and the lifestyle

[00:23:50] I was in that I didn't know about as far as what drives people in the military mentally

[00:23:58] and physically, some of that stuff.

[00:24:00] So it was very kind of eye opening and not necessarily real estate related, but if people

[00:24:04] are interested in that stuff, they could pick it up.

[00:24:06] It's pretty popular.

[00:24:09] The second one I'll throw out is going to be the generic motivational rich dad, poor dad.

[00:24:14] Just if you need a little bit of motivation, picking that up to make a change on going

[00:24:19] from working a nine to five to build wealth, build something for yourself.

[00:24:24] But yeah, that one I'm, I don't know that I've read too many other books just from start

[00:24:30] to finish in a day.

[00:24:31] Yeah.

[00:24:31] Insert your Marine whore joke about being able to read there as well, but.

[00:24:38] I didn't know they had a picture.

[00:24:39] Yeah.

[00:24:40] There's a picture book version of.

[00:24:42] Wow.

[00:24:42] You said it out.

[00:24:43] Huh?

[00:24:44] All right.

[00:24:44] So this third question is specifically related to your real estate investment business.

[00:24:49] Okay.

[00:24:49] If you were cast away on an Island for a year, you could only get three pieces of data about

[00:24:54] your business each and every month.

[00:24:56] What three things must to know how your business is run?

[00:25:00] So I want my, basically my owner statement from property manager would pretty much play

[00:25:05] P and L so I can know if something made it through or we need to have some conversations

[00:25:10] or if everything's going great.

[00:25:12] One of the things which popped up that I caught on a P and L was a ridiculous snow bill.

[00:25:20] Yeah.

[00:25:20] And ended up having some conversations and we had to really redo how we did snow removal

[00:25:26] with big storms.

[00:25:27] So that would be one looking at just properties that come on.

[00:25:32] So maybe if I could still have access to CoStar or LoopNet and that, that would really

[00:25:36] just be more to feed my own curiosity about what people are doing and what's getting built

[00:25:41] and what's going on.

[00:25:42] Oh, and number three, I got a spare one.

[00:25:44] Maybe I'll bring a sandwich or something that, you know, right there getting the financial

[00:25:50] reports would just be the biggest thing.

[00:25:51] Yeah.

[00:25:52] Dan, I've asked lots of questions here.

[00:25:54] What's one question I did not ask that I should have asked?

[00:25:58] Oh man.

[00:25:59] You should have asked where everybody can follow me.

[00:26:02] Oh, it's coming up.

[00:26:03] Check out my, so I will throw out a shameless plug that I do almost all of my own social media.

[00:26:10] So if there's a picture on LinkedIn that you liked, that was me standing behind an iPhone,

[00:26:16] taking it or maybe a nicer camera.

[00:26:17] I had somebody there, but I'm on LinkedIn and Instagram as well.

[00:26:21] And I have a Facebook, but that's generally, you're not going to get as much business stuff

[00:26:25] from me either.

[00:26:26] We'll make sure to include the links below in the show notes for buddy.

[00:26:30] Dan, I really appreciate you being here.

[00:26:31] Thank you.

[00:26:32] Yeah.

[00:26:33] Thank you.

[00:26:33] Thanks for having me.

[00:26:34] It's always fun talking.

[00:26:35] Thanks for listening.

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[00:27:18] Until next time, keep investing in Iowa.