GI197: Making Millionaires through Multifamily Investing with Charles Dobens

GI197 Making Millionaires through Multifamily Investing with Charles Dobens

Charles Dobens is an attorney and multifamily investing mentor. His legal and consulting practice has one specialty – helping new investors overcome any lack of confidence in moving toward their financial objective of owning and operating apartments. Charles works with students in his coaching programs to train them in the correct way to acquire, operate and own multifamily property.

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Announcer:
Welcome to the Global Investor Podcast, a show that focuses on helping foreign investors enter the lucrative US real estate market. Host Charles Carillo combines decades of real estate investing experience with a professional background in international banking to interview experts in all areas of US real estate investing. Now, here’s your host, Charles Carillo.

Charles:
Do you have money sitting in the stock market? And you’re worried about it or worse. You have money sitting at the bank, not keeping up with inflation. My name is Charles Carillo, founder and managing partner of Harborside Partners. And since 2006, I’ve been investing my money and my family’s money into income producing properties. These are real assets, real properties with real addresses that produce real cash flow. At Harborside Partners, we provide passive investors who love real estate with a turnkey investing solution. If you want to put your money to work in real estate, but can’t find deals, don’t have the time to get funding in. The last thing that productive people want to do is manage real estate. We find the deals. We fund the deals and we manage the tenants, the termites and the properties. Partner with us at investwithharborside.com. That’s investwithharborside.com. Go to investwithharborside.com. If you love real estate, you like the idea of passive income and believe that income producing properties will appreciate over time. Go to investwithharborside.com. That’s investwithharborside.com.

Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host Charles Carillo. Today we have Charles Dobens. He is an attorney and multifamily investing mentor. His legal and consulting practice has one specialty – helping new investors overcome any lack of confidence in moving toward their financial objective of owning and operating apartments. Charles works with students in his coaching programs to train them in the correct way to acquire, operate and own multifamily property. So thanks so much for being on the show today, Charles.

Charles (Guest):
Thank you Charles. Thank you. That’s a, it is like the old scene from airplane, doctor, doctor. Yes, yes. So

Charles:
Classic movie.

Charles (Guest):
Exactly.

Charles:
So give give us a little background on yourself both personally and professionally and prior to getting into your firm now and really focusing your firm on training multifamily investors, which is a very unique niche, I have to say. I haven’t seen any other attorneys do

Charles (Guest):
That. Exactly. That’s why I thought this needs to be done. I need to really focus on this. You know, when I started right outta law school, I was in the insurance business and I started up my own firm, a a benefits administration firm. Did that for about 10 years. Charles’ worst business in the world to be in absolutely miserable, miserable business. And, and I turned 40 and I was gonna be like I can’t do this for the rest of my life. I will be absolutely miserable. I will hate myself. And my wife said, what do you wanna do? I said, I’ve always wanted all apartments. She said, let’s do it. And so I sold my benefits administration company and started, started buying properties, and I, you know, bought a ton of them. And then the market crashed back.

Charles (Guest):
This is back in, you know, 2008. And you know, I, I kept some, I lost some but, you know, I, I needed to, you know, co compliment my income because, you know, we weren’t making the syndication fees cuz nobody was buying anything mm-hmm. <Affirmative> and nobody had any money. And so I started practicing law put out my shingle and, you know, I start, my first group of clients were friends of mine in the multi-family business who were going through the exact same problems I was going through, which was, you know, we were, we were struggling to to keep our properties. And you know, I, I helped them but there really wasn’t much I could do. It was a, it was a foregone conclusion that they were gonna lose their properties. And I realized that I looked at these deals and I thought, why’d you buy this property in the first place?

Charles (Guest):
<Laugh>? They said, wow, you know, what, where’d you learn how, what? And then, and you know, of course they’d give you those rose, rose colored glasses and it’s like, oh, we’re gonna do this. We’re gonna do that. We’re gonna unleash the the no noi. And that was never gonna happen. I mean, even if the market kept going up, that property was gonna be a dog. And I thought that they were not being taught the right way to build a multi-family business. And so that’s when I decided to start I’m better off before they get into trouble, that after they get into, so that’s when I really started coaching and consulting and mentoring. And it has grown over time. You know, started off as your typical mentor. And then I merged for about a year with Jillian Sidoti. And she handled the security side, teaching the security side, and I handled the transactional side.

Charles (Guest):
And, and we had a great, great run for about a year. But, you know, it wasn’t going in the direction that I wanted it to go in because what the way I looked at it, and I, I study and I listen to all those business books. What I, what I realized was that all these mentors are out there teaching people how to buy property, but they’re not telling them how to build the business of multi-family real estate investing. And so that’s when I created the Multi-Family OS program, which just helps new students new investors build all aspects of the multi-family business so that they can become successful. My book that’s coming out is, you know, how to own a thousand Apartments in five years. And the the point is that you go, don’t do that with one transaction.

Charles (Guest):
The only way you get there is by building a complete business, which includes the acquisition side, the property management side, and the asset management side. And all of that works together. And so that’s what we do with the Multifamily OS program, is we help people build the business the right way. And you know, I’ll tell you Charles, it’s taken me years to, you know, become an overnight sensation. But it’s it’s it’s been a lot of fun and it’s finally doing what no other program does and, and really helps, helps everybody with all aspects of this business, which I absolutely love this business, best business in the world to be in.

Charles:
Well, that’s great. The, I see that, like you said about making into a business because in, I’ve been in multiple masterminds, and usually what you’re doing is you’re moving from a mastermind as you become more advanced in your career. And I see that the same way with people that might start in a mentor program, and they start with one that’s like an n o why is this a cap rate is this, and then they’re like three, four years down the road, they’re going somewhere else to learn a little bit more in-depth process on right. Pushing capital, raising, finding deal, you know, all whatever it might be to bring ’em to the next level or setting up a business procedures and everything that goes with it and documenting that so you can pass it off and it’s a whole different ballgame. I mean, so it’s great that you’re able to cover that with your students.

Charles (Guest):
Yeah. Yeah. I mean that’s, that’s kind of what what I’ve learned. You know, I looked at all that my students, you know, I have student people in my program that that takes, it takes me years to close that first deal. I have some people that probably should never have been in this program to begin with. They’re never gonna buy property. I have other students who own 6,000 units and started with me with zero. So I have seen everything over my years. And what I’ve done with this program is I’ve identified those traits that new investors who become successes all have in common. And, and that then I take that particular trait, and if you don’t have it, I can clone it for you. And the trait that I’m talking about that I, that when I meet somebody for, for the first time, I know that person’s gonna be a success because in this business, they have a great background in sales and marketing.

Charles (Guest):
And the most successful investors I’ve ever worked with have a background in sales and, and marketing because this is a sales and marketing business, and 90% of all business is sales and marketing. So people come into this business thinking like, Hey, I’m just gonna go out and make offers. Now, there’s a lot more to it than that. And you, you really have to understand how to do it. So what the OS platform does is when you come into our program, you have, I give you at my own custom design cus customer relationship management software program that’s online. I loaded up, we figure out which, what market you’re looking to go into. I loaded up with at least a thousand property leads and we focus on those owners for the next year. If, if that’s your market. And that, that’s one of the unique things about this business is once you’ve identified your market and I identified the type of property you’re looking to buy, you’ve just closed your marketplace.

Charles (Guest):
That’s it. You can get to know all the owners that in that marketplace that have what you’re looking for and you can just start marketing to them on a consistent basis. And so you get your own va, your VA has a VA who does cold calling on your behalf, you get a direct marketing ma assistant. So they handle it the direct marketing for you. So we build that whole sales and marketing system for you. That’s that as soon as you come on board, you’re up and running. That’s, and that’s the whole point behind the, the, the acquisition part, part of the multifamily program.

Charles:
Yeah, that’s great. I remember I’m a real estate agent. I don’t really use my license, I just do it for referrals. But in the training and all that stuff, they call it the farming. So if you are looking for the 10 to 25 units, you’re gonna narrow it down into that funnel. And then the problem I find out with most people that are doing outreach and let me know your thoughts, is they stop too soon. They sent out one email or one, one mailing, and then that’s it. And then you’re like, you gotta talk to these people 7, 8, 9 times. Yeah. The only time I’ve had contracts that have been accepted from direct to owner, I’d have to say it’s like six or seven, eight times on the road.

Charles (Guest):
Yeah, yeah. Before

Charles:
You even get signed, and then you’re still working with them to negotiate out the loi. You know what I mean? Yeah. So

Charles (Guest):
When I, when somebody says, oh, you know, direct market, I tried direct market, it didn’t work. How many times did you try it? One month. Okay, well then

Charles:
You one mailing. Yeah.

Charles (Guest):
Yeah. Direct mail didn’t fail. You failed. Yeah. I, I mean, I tell people d what we’re going to use is a prod, a program that has worked every single time it’s been tried, and it’s direct marketing, a direct mail direct, however you wanna call it. It works every single time. But you’re right. You just have to get your name in front of that owner consistently because the first time he gets it, his life is great. Yeah. By the fourth time he gets it, he and his partner may be breaking up and by the sixth time, well, maybe he’s getting a divorce. I mean, you just always have to be asking these people to buy. And that’s what you’re doing with direct marketing. And that’s the most important thing about sales and marketing. You’ve gotta ask people to buy. And getting in front of that owner with your offer, with your a asking them to, to sell you the property, that’s your offer. When you do that on a consistent basis, you’re asking these people to buy from you. And if you’re not asking people to buy, this is nothing more than a very expensive hobby.

Charles:
Yeah. No, that makes perfect sense. The, the one thing is, if this is from the, the out of the gate that new investors are doing this, what type of properties are they really? Or are you telling them that they should be pursuing? Does that make sense?

Charles (Guest):
Yes, yes. Yeah.

Charles:
And you’re not direct to marketing is gonna be difficult. I’m not gonna say it’s impossible. It’s difficult. 75, a hundred plus units, more sophisticated seller going through a broker, most likely that’s going down a list that I have and et cetera.

Charles (Guest):
Okay. What you just said is a great question. And your, your lead up is absolutely spot on. It’s harder to get in front of those people, like you said, more sophisticated, but you do, you do. I, one of my students just got a lead for 250 unit property through a cold call through cold calls. Wow. So it does happen, but well, it comes back down to not so much, you know, the the market, but what are you comfortable with? You know, I have some students, I have one student that, that you know, he was, he was pound the pavement for about a year, not getting, not getting any traction. And then finally he says, Charlie, I’m, I’m gonna make the, an offer on this 27 million student housing portfolio. And this guy’s a very, very smart guy. He was a cpa, so, you know, he’s, he’s pretty savvy.

Charles (Guest):
And I said, geez okay, all right. I mean, let’s, let’s take a run at it. But it’s, you know, that’s kind of a big bite off of the first first deal. He goes, yeah, but I have a feeling that I can do better with the larger deals raising money than I can with, with the smaller deals. And he’s right. Yeah. And now he’s a proud owner of a 27 million three property portfolio, student housing pro product. Wow. And that he did it. Other students, I say, listen, how do you want to own it? Do you wanna syndicate it? Do you want to just be your own boss and you own it yourself? Mm-Hmm. <affirmative>, you know, and I, I teach people, when you when to own a thousand apartments in five years, all you have to do in the first year is buy 20.

Charles (Guest):
And I don’t care how you buy 20, it could be one 2210s, five fours, four fives, I don’t care. Just buy 20 and then next year we’re gonna double it and not sell anything. Now we own 60 and we’re gonna keep doing that doubling and not selling every single year. In five years you’ll own a thousand apartments and it gets easier after the second, second ac second, second acquisition. I I tell people, you’re only gonna need me for the first two deals after that. We’re just friends and, you know, one of my first clients was on my Monday night live call the other night, and we’re just friends. Whenever I’m in Philadelphia, we go out and have Dr. Have drinks and, and great guy I’m invested in, I invest in, in some of his deals. So it’s a very, so it really depends upon what’s good for you and this whole thing about, about go big or go home, listen, that’s some, some guru trying to sell you something. Yeah. You know, if it’s right for you, go for it. If it isn’t, let’s just build it the right way. Cuz this is your business.

Charles:
Yeah. Whatever you’re comfortable with because you gotta build the, you know, that risk, that risk tolerance, that risk muscle Yeah. That you are comfortable with. And it’s also gonna come off when you’re talking to, if you’re comfortable with 20 unit buildings and you’re talking to someone with a hundred, you’re, you’re not gonna come off as confident with that, with that seller. Yeah. And that’s gonna harm you. And it, whereas if you’re like, listen, I, we just closed, we’ve closed three of these in the last 12 months. Same property. Yeah. One over here, there and this. Yep. That seller knows you’re serious and you got everything lined up. You’ve been through the process. I mean, that is a very good track record and resume you’re bringing to that seller to know that you’re gonna close.

Charles (Guest):
Exactly. And the thing that you mentioned before, you kind of picked the number 75 out, like 20 to 75, and that was a little bit easier to get ahold of. I totally agree with that because that you’re dealing in a gray area of the market. You’re dealing in a, in an area that like it’s too small for the markets and milit chaps and it’s too big for the residential realtors. It just, when you are in that market, you are talking directly to the owner and listen, there’s no better person to talk to. I mean, those owners love talking about their properties, love talking about the, the business. And so it is a lot of fun in that marketplace.

Charles:
Yeah. And I have to say, I remember on doing a mailing once and on my first mailing I got someone that reached out with a 40 unit right off the bat. Yeah. So it’s, you can, you can get into larger units and it’s something that you can get into larger properties when you’re sending out those mailings, but it’s the whole billboard mentality. I see it, you see, you know, you’re driving by and there’s the attorney, there’s the attorney, now I need an attorney and that, you know what I mean? Yeah. And that’s kind of, it’s in your head already. Yeah. So it works and it’s just people don’t wanna do the work, which is usual in, in most cases in life. So,

Charles (Guest):
Yeah. Yep. That’s so true. So true. They think, especially when they come into this business, they think, oh, this’ll be easy. I’ll just go out and buy a property. Nah, it’s not that easy. I mean, the toughest part of this business is the, is the initial prospecting and finding that first deal. And once you do that, you’re in the business.

Charles:
So, Charles, I was reading when I was doing some research for this episode that you think that, you know, investors shouldn’t be writing trends and should be always looking to buy and ups and downs in the market, which I, which I agree with, but why is it so important that you’re teaching that to new students?

Charles (Guest):
Oh man. Especially now. There are two, two things I wanna share with you about that, that particular question. First off ups and downs to the markets, if we are true investors, it doesn’t matter what the market’s doing. And what I mean by that is if we’re real investors, we unleash the value of the property based upon the success of our efforts. Meaning we know how to uncork the, the the do the forced appreciation through uncorking the NOI and driving the value of that property because we saw that, that opportunity when we looked at the property. Cuz that’s our job. And then if, you know, based upon what the, what the market’s doing you, you know, right now we are looking at, you know, perfect example. The older I get, the smarter war in Buffet becomes, and right now he’s sitting on 122 million of ca billion dollars of cash because he’s waiting to, he’s keeping his powder dry.

Charles (Guest):
I just went to a conference in where was I? Chicago for the loan workout and distressed asset pro departments for banks. Mm-Hmm. <affirmative>, I had no reason to be there, but to watch these guys and how they operate and figure out how do I get in front of these guys because this is where the next big opportunity is coming and I’m not, what, what I found there is it, I’ll tell you something Charles, it’s scary out there right now. It is scary. The, there will be so many properties coming back to the lenders that, that, that’s where the opportunities we’re gonna are going to be. I now part of that, when I say that you get your own CRM and I load it up, I also give you a listing of all the distressed assets in your marketplace.

Charles (Guest):
And my cold callers call them directly for you. So we’re going, we’re focusing on the distressed assets now. And you can get that information off of CoStar if you have a subscription. All of my clients get, get access to my subscription. They, they 30, 60, 90, pre foreclosure, foreclosure, all of those, those properties are listed on CoStar. I put them into the C R m based upon what your market is and we start dialing for dollars with those distressed assets. And there are gonna be more and more of them over and over. I’ll tell you, I was on this program, the, the multifamily shark pool and you know, I watched these guys talk about their portfolio. You know, they have properties in Lexington, Kentucky and in Raleigh, North Carolina. And they put up their portfolio and I’m watching it on Zoom and all of a sudden I see one of their properties in Lexington, Kentucky.

Charles (Guest):
And it was a property I used to own and yes. And so they, the guy goes through his whole spiel about, you know, how the interest rates are not gonna climb as much as everybody thinks they are. And there’s no possible way it could happen cuz that will cause such huge distress in the marketplace. And then they asked me, okay, Charlie, you’re the shark. What do you think about this deal? I said, I give the old son. Let me tell you a story. I said, see that property right there? I said, back in 2008, I bought that property two months before Fanny and Freddie filed bankruptcy, and I watched the value of my property plummet and it never came back in value. And while I’m talking having this conversation, I jump on CoStar and I pull up that property and I can see the loan history, the sales history of that property, and sure enough, there it is, mine, seven and a half million bucks.

Charles (Guest):
I bought it for the bank, took it back at 6.1, they sold it to a guy a year later at three. That guy sold it to these guys for 7.5. That guy who bought it from the banks made four and a half million dollars on just about two or three years worth of work. And I thought that’s, that could have been my, should have been my money. But it was gone. And so that’s how you know, that’s, I look at what’s going on right now and the advice that all these bankers are giving is keep your powder dry and you know, be ready to show up. So that’s that’s what’s coming in the, in this marketplace. I, you know, coming Warren Buffett’s getting ready to jump back in. So am I, I can’t wait for the opportunities cause this time I’m gonna be on the right side of them.

Charles:
What do you see, do you see interest rates as being the, the main factor here that is going to distress people that took short term or floating rate debt and that’s what you feel?

Charles (Guest):
Yeah, absolutely. Absolutely. And it, it’s already happening. Now. My, some of my clients are having trouble. Some of my clients who are, who are financing out of a bridge loan are having trouble making the numbers work. And I’ll tell you, listen, I’ve been, I’ve been on both sides. I’ve been in deals where the lender, where the, where the lender was a Cmmb s loan. So I’m dealing with a, an agency debt and I’ve been dealing with what I call Frank’s bank where you, you’re, you break bread with the owner of the bank and you figure things out. And when you’re dealing with a C M B S agency debt, you get to that point and, Hey, I’ve never missed a mortgage payment. You can’t take the property from me. You know, gimme another chance. Let’s extend the debt. Like, and they look at you like, no, it doesn’t work that way.

Charles (Guest):
It’s been a pleasure doing business with you. We’re taking the keys and there’s nothing you can do. There’s nothing you can do. And you deal with a Frank’s bank. Well, yeah, Frank, Frank Am wouldn’t allow you a 30 year am He might have wanted some personal guarantee. His interest rates were a little bit higher, but guess what, when the, when it started hitting the fan, Frank sat down with me and we had french fries at the diner and we figured it out. So there’s a, you know, there’s a, those C M B S guys and it’s nothing personal. That’s just the way the deal works. They’ll take the property back and I’ll buy it from them.

Charles:
Hmm. So I was reading on or listening to you on your show I, I don’t forget how long back it was, but you were saying that the majority of people you feel born in the 1990s will never become homeowners, which is great for multi-family investors. But why do you feel this is the case, obviously where we are now, there’s high interest rates, but do you feel this is a trend that’s gonna last 10 plus years or just for the next few years?

Charles (Guest):
Okay. Alright. So if I said that I was quoting somebody else a book, a great book called big Shifts Ahead.

Charles:
Ah.

Charles (Guest):
And, and the author of that book was on my podcast, great book. And, and he said something to that effect. I can’t remember exactly what it was, but there was another statistic that that he used that really blew me away. People born in the sixties, now the, the whole purpose behind the big shifts ahead is they, they, they dispel with this whole concept of baby boomers and Gen Xers and Gen Zs, and they, they say these, these names don’t work. And it’s a really good point because baby boomers go from 1945 to 1964. Well, I was born in 1964, I’m the last year of the of the baby. My last kid just got outta college person born in 1945 is pick, they’re picking out their coffins right now. I mean, that, that’s, they’re, we’re in a totally different world. And our, our needs and what we have to do are entirely different.

Charles (Guest):
So why am I being compared to that person? So what these guys did in their book is they put everybody into, into generational decades. The people born in the fifties mm-hmm. <Affirmative> people born in the sixties, people born in the seventies. And even then it was very interesting that what what they said, I think, and, and people born in the eighties, it depends upon which part of the eighties you were born in. If you were born in the early part, you, you are doing well. If you were born in the later part, you lost a ton of equity in the crash of 2008. So they have that, that was very interesting when, when he did that comparison. But what the, the one that bothered me the most was what it said about people born in the 1960s, which is me. The people born in the 1960s are going to re retire with the least amount of equity per capita than any other generation because they’ve had to live through three real estate cycles. And I’ll tell you something, this is the fourth real estate. What’s happening right now is gonna be the fourth real estate cycle I’ve been through. It’s taken me three cycles, Charles, to figure it out. And this time I’m on the right side of it. So I’m, I’m happy with where I am.

Charles:
Yeah. It’s funny, we’re already seeing some properties as we’re doing. We, we have some holdings outside of Atlanta, and as we’re looking at properties, we’re already seeing some go into receivership. Yeah. So it is, it’s no joke. And that CoStar obviously not, it’s not for everyone, but you can check those debt. I was talking to a broker two weeks ago, and that’s what they’re saying. They just run through the debt on CoStar and you can see exactly how crazy these numbers are. Yeah. I mean, mean people were getting this, this really, really short term variable debt and paid top price for it. Yeah. Minimal down. Of course, the, the way that a lot of people do it try to maximize every dollar or they don’t have the money, so

Charles (Guest):
Right. Ex Yeah, exactly. You gotta try to get a higher cash and cash return and also get into a deal with, with the least amount down. I’ll tell you, if, if you look at those, if I, I follow all, all the data on, on housing, what’s happening, it, once again, it’s starting out on the left side of the country. And if you look to see, and then it’s also starting out in those areas that had peaked very high and had the most investor activity and had the most builder activities. And they’re, they’re talking about parts of Texas, Phoenix, Atlanta. Those markets are the ones that are gonna in Miami. And those markets are the ones who are gonna crash the first and the hardest. And so what I did is, I’m, I’m sitting right here in, in New Hampshire, I’m looking to, to buy and build here in New Hampshire.

Charles (Guest):
And so I thought to myself, all right, lemme take a look at you know, who’s delinquent in New Hampshire. Nothing showed up. There were no delinquents in New Hampshire. But you go into Texas, like you said, you’re starting to see it happen over there. So the wave is moving. If the people in the North northeast think that they’re immune to it, they’re not. It’s just coming. It’s about, we’re about six months behind the wave. So, you know, it’s like, okay, I’m gonna sit and wait. I’m just gonna sit and wait because I’ll, I’ll be the one there to pick up the, pick up the sticks when they fall.

Charles:
When you’re teaching your students, I know you’re saying sales and marketing are some of the most important traits. Do you have any other unconventional wisdom that you teach your students about investing?

Charles (Guest):
You know, just in this business, because I, I like, you know, when you say investing, people who invest are the ones that sit back. The passive investors, the people that I work with are looking to build their own business. So they’re really, they have to you know, get up and go to work. They have to do it every day. They have to really immerse themselves in this business and, and do it for two to three years and then you’ll be set for life. So the people that that don’t, I can, I’ll tell you something, Charles, I’ve been doing this long enough that when I meet somebody, I start talking to them. I know who’s a flash in the pan and I know who’s, who’s gonna be there. And it’s got, who’s got the sticktuitiveness to be a success. And those are tho I mean, it’s, it’s, it’s almost like I know which horses to put my money on when, when they come to me. So yeah, it’s it, it’s, that is really the sticktuitiveness would be the the one word. You know, just stay at it. Just stay at it. I mean the, I mean, how many people, you know, you go into some of these grand weekend boot camps with a thousand people in it, you think they’re all gonna be buying property? No, in the next year, no. 3% would be a great number cuz everybody else just falls off the way. Falls by the wayside.

Charles:
I went to one of these, I, it just brings back a memory like in 2018 it was kind of like a mastermind mentorship and I knew something that was part of it, so I just went to see what they were doing and I was talking to people there, and I remember one person was like, they’re looking at my business card. Like, oh wow, you already invested in real estate, like, you’re already doing this. And it just goes to show you, like, the majority of people will never be involved with it. They’ll never do any, you know what I mean? It’s, yeah. They’re just like coming to, to kinda see what’s like the idea of it. Everybody likes the idea of it, but

Charles (Guest):
Yeah. Yeah, that’s exactly, I mean, it sounds great. Oh, I own 4,000 apartment units. I, I, I listen to one guy tell me that, I said, oh, really? Really? So, like, you know, the GP and some of these deals. No, no. I just invest passively. So you’ve never walked a property, you’ve never gone through and done a, a unit by unit due diligence? Nope. Nope. Never have, don’t need to. I’m passive like, okay, all right. Yeah. But somebody has to learn, you know, as my mother would say, how to sell a, sell a soap somebody has to learn how to run that business. And that’s, that’s what I do for my students. Yeah.

Charles:
Yeah. Very important. So Charles, over the years, how have your thoughts towards money changed?

Charles (Guest):
Oh my gosh. Y you know, money is a tool. I, when I, obviously after 2008, I was, I was, you know, struggling. I, it’s taken me years to rebuild my credit, my credit, I watch my credit like a hawk. I don’t have any personal debt. The debt that I have is all business debt and it, I use it as a tool cuz that’s what it is. It’s, it’s just a, a business tool. I i sitting on a ton of cash, cash is king. And you know, you know, everything else walks. But I, I look at money I and I, the way I look at him, I, I show the, a picture of my father on his deathbed selling insurance. He’s, he was an insurance salesman for 57 years. He, that’s what he loved to do, never retired, died at the age of 82.

Charles (Guest):
And I thought, you know what? That’s the way I want to be. I don’t want to ever retire from this. This is too much fun. I love this. When you really love what you do, you don’t ever want it to stop. I make more money now than I ever have before in my life. Why would I ever wanna stop? And I, you know, I live the best lifestyle. So I really have totally, I, you know, like I, I was thinking I got a lot of money now. I’m 58 years old. I tell everyone I’m 72 Charles just to get compliments on how good I look. But I’m 58. If I had the amount of money I have now at the age of 28, I would’ve been dead. I would’ve been dead. I look at money now as like, like I don’t touch it. I go out, make more, and maybe I’ll have some fun with, with some of it. But, you know, I got, I bought my plane, I got my Porsche, I got my homes, I’m good. That’s all I need. You know, leave the rest for the next generation. I, I just donated a hundred thousand dollars to my high school for inner city scholarship fund for kids. So, you know, that’s, I’m not gonna use that money. Give it to somebody else that that’ll benefit from it.

Charles:
That’s great. That’s awesome. That’s fantastic. Yeah. So Charles, how can our listeners learn more about you and your program, your business, your podcast, everything?

Charles (Guest):
Yeah. Come out, come out. I’m coming out with my new book. You’ll be able to get it off my website. Multifamily os.com. Mm-Hmm. <Affirmative>. And I trademarked that. So it’s like you old tm, I trademarked it. And multifamily os.com. That’s really where the best place to go to, to find out more about me. You can, you can learn about my podcast all my freebie giveaway, stuff like that. And also, you know, my, my monthly webinars that I’m restarting now. So that’s yeah, that’s, that’s the best place to go to hold me.

Charles:
Awesome. Well thanks so much, Charles, for coming on today. I’ll make sure to put those links into the show notes and looking forward to connecting with you next time out there on the road.

Charles:
Hi guys! It’s Charles from the Global Investors Podcast. I hope you enjoyed the show. If you’re interested in get involved with real estate, but you don’t know where to begin, set up a free 30 minute strategy call with me at schedulecharles.com. That’s schedulecharles.com. Thank you.

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About Charles Dobens

Charles works with students in his coaching programs to train them in the correct way to acquire, operate and own multifamily property.

His legal and consulting practice has one specialty – helping new investors overcome any lack of confidence in moving toward their financial objective of owning and operating apartments.

Charles is uniquely qualified to walk investors confidently through the entire process: analyzing property, negotiating contracts, organizing funding as well as transitioning to ownership.

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