GI234: Mobile Home Investing with Brett Bowman

GI234: Mobile Home Investing with Brett Bowman

Brett Bowman has been investing in real estate for over 14 years, acquiring $50M+ in assets, including; single-family rentals, multi-family, industrial, and mobile home communities.

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Transcript:

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:
Welcome to another episode of the Global Investors Podcast; I’m your host, Charles Carillo. Today, we have Brett Bowman. He has been investing in real estate for over 14 years, acquiring $50M+ in assets, including; single-family rentals, multi-family, industrial, and mobile home communities. So thank you so much for being on the show today, Brett.

Brett:
Thanks, Charles. Glad to be here.

Charles:
So, give us a little background about yourself personally and professionally prior to getting involved with what you’re doing right now in real estate investing.

Brett:
Sure. Yeah. So from just professional background I have a finance background MBA as well. Most recently been working in a, a large tech firm. I’ve been, been there about nine years or so. Before that was in a startup tech tech group. And then before that I was in a financial, financial services company. So for the most part, in addition to education, have corporate finance background, personal side. I’ve got six kids, been married for a while now, and live in Boise. And yeah, just enjoy life, like to do a lot of outdoor stuff.

Charles:
So when you’re getting involved with real estate, why was why’d you choose real estate, let’s say, as your investment vehicle?

Brett:
Yeah, great. So with, you know, obviously with my finance background, I’m like kind of a nerd when it comes to investing in general and just like can talk people’s ears off about any kind of financial instrument. The thing that really got me excited about real estate and you know, I’m sure like many of your listeners, I, I read Rich at Port Ad, I read Millionaire Next Door, millionaire Mind, a bunch of other books like that that just really harp into the, the benefits of real estate. And obviously it’s a physical asset you own, you can leverage it. There’s just amazing things you can do where you’re getting dividends every month or cashflow every month, plus appreciation being the benefit there. And really there are far, if any, other assets that offer all of those benefits. Yeah. Aside from real estate.

Charles:
No, no. It’s a pretty, it’s a, it’s a pretty tax friendly. So can you kind of give us an overview of what your company does and Sure. What it really, your criteria and strategy is for new acquisitions and what you’re working on?

Brett:
Yeah, absolutely. So we started about three years ago as a, as a company. But before that had been in, in investing individually. So my partner Ryan Hill had already been doing mobile homes and just mobile home parks. And just to kind of quickly explain how I even got into mobile home mobile home park investing again, about three years ago is when I met Ryan. And I had already been doing some passive investments in industrial multifamily, had done some single family investing on my own and, and things like that. And was really looking to step up my, like, getting a little bit more active. And I had worked as an underwriter for a few syndicators, so I really started learning how to raise capital, how to work with ICC filings how to do the background and underwriting.

Brett:
That’s probably one of the more complicated aspects. But again, corporate finance background, that came fairly naturally, naturally for me because it’s a lot of the kinds of the same things that we look at when we’re evaluating internal project investments. But, so with all that being said, Ryan and I kind of cer serendipitously met, and he’d already had one mobile home park and was trying to buy a second, but didn’t have any capital. Mm-Hmm. <Affirmative>. So it was an easy way for me to make a transition from passive to active because he really just wanted a passive investor, but ended up needing an active partner as well on it. So after we bought that second mobile home park together, I found a portfolio of mobile home parks within about three hour radius, which is kind of what I was looking for. We bought that with about 30 investors.

Brett:
So we kind of went from zero to a hundred pretty fast as far as like jumping right into syndications. That was a fairly natural progression for us just because I had done some of the cog work with other other partners. We’d had some mobile home parks experience specifically what attracted me to the mobile home park industry. And, and just that, that asset class, initially I thought, you know, kind of the same thing. Everybody thinks who wants to invest in trailer parks or like, I want something that I can show pictures and people are gonna be proud, like think it’s so cool that I own that. And for the most part, mobile home parks aren’t that. You’ve got, we’ve got some really gorgeous ones that have pools and clubhouses and manicured lawns, all those kinds of things. But the vast majority of them are low-income housing and they’re, or affordable housing.

Brett:
And so they’re, they’re not gonna be the trophy asset, but what’s really awesome about ’em, there’s lots of things, honestly, Charles. But what’s really awesome is there’s so many different income streams that you can leverage that there’s you, the, the sky’s the limit. I mean, I’ve, I’ve heard of people adding vending machines. You, we, we, we have people, one of our first things right away we’re able to submeter most of these parks. They pay one bill for water, sewer, trash, all of that. And we can come in and see and add a water meter to each home. And immediately we’re recapturing amazing value because we’re billing back to each individual tenant. And it’s better than rubs because they know what they can control. Yeah. So that’s just one of many things. Another quick example that I love about it, I was doing multi-family before and the, the typical model with multi-family is you buy this apartment complex of, let’s say it’s a hundred units, and your, your plan is to evict 20 people, or at least wait for turnover.

Brett:
And then you’re gonna rehab these 20 units and then new people come in and you jump, rents, rents $200 because you’ve got a brand new apartment, then you rinse and repeat until you got all 100 units rehabbed, right? And you bring ’em up to market. What’s great about mobile home parks, you don’t actually own these homes. For the most part, the mobile homes are owned by the tenants and you’re often buying a park that isn’t a hundred percent occupied. So if you have a hundred, a hundred unit park, maybe 80 lots are occupied, 85 lots are occupied. So you, there’s lots of different ways to bring in new homes and once you bring those homes in, it’s like building a second floor on your apartment complex. ’cause You didn’t have to evict anybody, but you still have extra income from those, from those homes. So yeah, really lots of options for increasing income.

Charles:
I never thought about the whole vacancy issue because when you’re doing multi-family properties, normally you are working with a property that might be 90% occupied as you’re doing those renovations. And it always really hovers around that 90%. So you have some that are regularly vacant, some that are being, and, you know, renovated to be re-rented out and are made ready and all that kind of stuff. I never thought about doing the value add actually with not having the cash flows really dip. So that’s an actual, I’ve never heard of that before. That’s a great, great point. One of the things I had a question with, and you kind of touched on it a little bit, you with the park owned homes there’s two questions here is like, number one is what do I do? Or what do you do when you’re going into a park and you have more than what you really want and how many really park owned homes do you want? Or where you kind of turn down a deal and how do you deal with that? Because as I understand it from other mobile home operators I’ve spoken to, that’s the big red flags or things or downfalls is getting into too many park owned homes. And then now you’re kind of looking at, let’s say a de class C and now a property owner, not a mobile home community owner.

Brett:
Yeah. And I, I honestly, I think that’s one of those things that when you’re, when you’re first getting into mobile home parks, you’ve gotta decide what your model is. Some people love mobile park-owned homes. You do get better cash flow because you’re able to rent out the home itself. The problems with it though is that let’s say you’re getting an extra $500 in rent for the home, you’re paying insurance on it. And that insurance is probably about 50 to $70 for the home, depending on the value of the home. You’re gonna have to fix anything that comes up on it. You’ve got taxes every year on it. There’s just all these things that you have to do by owning the home that you don’t have to do when the tenant owns it. The other big issue is you evict a lot more when they’re renting ’em and they’re not taking care of ’em.

Brett:
So you inevitably, inevitably are gonna have pretty big rehab expenses when they move out. So we prefer to not own the homes. You know, you can’t avoid it. We’ve got about 13, 1400 units in our portfolio and own about 150 of the homes, which is not by choice. So we’re in the process of either, most of those are under rehabs. Most others were just moving into parks or getting ready to sell things like that ’cause we just don’t wanna own ’em. The other thing that’s really important to, to to know is when you talk about capitalization rates as far as value goes, obviously it’s based on net income divided by the current capitalization rate. Home rent is not included above the line. So it’s not actually adding to your net operating income, it’s below net operating income. So that extra cashflow you’re getting is nice, extra cashflow, but it doesn’t actually increase the value of your park. So we’ve just decided that it’s not worth the effort. And, and the other thing to consider as well is debt. So some banks won’t, many banks, including, especially agency, won’t lend if you have too high of a ratio of, of park owned homes. And

Charles:
What were you saying about the risk, the risk factor with that?

Brett:
Yeah, so the risk is if on a tenant owned home, the national average is about eight years that somebody lives in their home if it’s tenant owned, and then obviously they’re gonna take care of it better. It, it, it’s just their lawn’s gonna be nicer, they’re gonna be better to their neighbors, all those things. The risk, if it’s, it’s it’s park owned, it, it’s just another, it’s just another rental home for those people. They’re we evict way more often on park owned homes because these people they often just decide not to pay the rent or they don’t take care of their lawns. They just, they just care less. So there’s just, there’s just more risk to that model. So

Charles:
What do you do if you’re going to a park and you want to, I mean, how do you sell these homes that are there? I mean, how do you work around this process where you are stepping back from being a property or a trailer or mobile home owner and just focusing on owning the, how does that process work? Because someone to rent it, it’s also like on the move in too, like you’re moving someone in pretty easy in rental apartments where one month free rent, they move in, hopefully they renew in the second year and we’ve gotten our kind of thing, lost lease all thing care of how do they do it? Like how do you guys get new people in there? And then what do you do when you have too many homes?

Brett:
Sure. There’s like all sorts of ways I could go with that. So your first part of the question, I think is what happens if like, you buy it and you already have a lot of park-owned homes. So something that we’ve learned over the years, I frankly shy away from harks that have too many park-owned homes. Because I’ve learned it’s hard to convert them. You know, initially we went with all the hubris of the world and we thought, oh, we can convert these easily. It’s actually very challenging ’cause a lot of those people love to rent. They just like the idea that you’re gonna come fix the problems that they have. So they’re kind of set in their ways of I don’t need to own this home. So you can’t convert some. And we do lease to own options a lot where we finance it back to them and essentially we try to work it out that it’s essentially the same as their rent, but they’re building equity.

Brett:
And so to me that makes perfect sense, right? You’re paying $500 and just throwing it down the, the drain. Or you can pay $500 and we’ll amortize it for you and it’s yours in seven years, for example. Right. And that makes perfect sense for us, even though, you know, it’s not our home over seven years. So over time we’re getting less cash flow. It’s more value to the park ’cause it’s 10 owned, but it’s still a hard sell to some, to some tenants. So the ways we sell homes or the, that we convert ’em one thing that’s kind of come outta that last 15 to 20 years in the industry has kind of been an evolution is back in the day, and it’s still done today with lot mom and paw owners. They just wait for people to move their own homes in.

Brett:
Mm-Hmm. <Affirmative>. So they, they’ve got dealers and maybe they’ll make relationships with dealers and say, Hey, if somebody buys a home from you, recommend they move to my park. Right. That doesn’t work very well. In the last year, one of our portfolios in Missouri, we’ve sold 22 homes there in just the last year or year to date, and only two organic move-ins, meaning two people moved into our parks without us pushing ’em to move in. So you can do a lot better by bringing in the home first, whether it’s an old home rehabbing or a brand new home you’re setting, there’s, there’s trade offs to both by the way. And then selling it. And then from a sales standpoint, there’s lots of options you can do the least to own that I, I mentioned before. But what we prefer to do is we, we work with what are referred to as shadow lenders.

Brett:
So these are lenders that specialize in mobile home financing. So we have three or four that we work with in the Midwest that generally we as the park owners have to guarantee the loan. So if someone defaults, it comes to us. But what’s nice about that is people that otherwise wouldn’t be able to qualify for a home, they’re able to get into a mortgage and they could buy these homes. And even with the rising interest rates on single family the rising, the interest rates on mobile homes are not climbing as as much as, as you would think. There may be one to two points higher than single family where pre pre pre interest rate hikes, they were four or five point spreads. So the spreads closing in, closing in on that. Just been interesting to see. Yeah,

Charles:
That’s great. Maybe you have higher qualified buyers that are now using this financing. How are you guys looking for, is it pretty similar to what you were looking for when you’re evaluating a market and going down to like a neighborhood level? Is there anything else that you’re really looking for that maybe you’re not looking for if you’re going for renting single family or multi-family property?

Brett:
Yeah, I think it’s a little different. So with mo Mobile homes for us at least, what we’re looking for is we want a MSA that’s got a hundred thousand people in it, or more, ideally more obviously. Where I think if I was looking for multi-family, I’d probably want it to be a few hundred thousand if maybe half a million in MSA, I’d want it to be a lot more dense. You can get away with a little more with mobile homes because they, like I said before, they own their home and so they’re willing to commute a little bit more than they would with an apartment complex. We also look for meeting incomes to be at least 50,000 in the area and single family home prices to be at least a hundred thousand. Of course any of those at higher is way better.

Brett:
And the reason for that is if we’re selling a brand new mobile home, we’re selling it for 60 to 70,000. So we don’t want to be competing with 75,000 our single family homes. So and then we’ve got rehabs that we’ll bring in and those are 30 to 50,000. So we can, we can do that. So those are kind of the, the main metrics we look for. The other thing that we’re big on is we started in Kansas City for a number of reasons. And so we’ve got our team base in Kansas City largely, and we, we try to be within three to five hours of Kansas City when we’re buying new parks just to be able to scale. We did break that rule recently. We bought a, a long-term RV RV park in New Orleans. Lots of reasons that still made sense for us, and we actually have a team member that’s within a few hours of that. But yeah, anyway, that’s our, that’s our general deal criteria.

Charles:
Yeah, that’s great. The, one of the things you were talking about or is you know, are you really, you would see and it would be, you know a no, a no deal for you?

Brett:
Yeah, yeah. There’s, there’s a few. So we right away, before even making offers on, on deals, even before gonna LOI, we will check floodplain. So we wanna make sure it’s not on a floodplain. I don’t know that that’s as big of a deal with mobile home or with multifamily because the zoning is often not there for multifamily if there’s a, a floodplain. But you can get zoning for mobile home parks in a floodplain. So we watch for that, make sure there’s not a floodplain or flood zone. We’ll also check the age of the park because depending on the age, we can often infer that the infrastructure’s bad. So for example, some of the most expensive projects we’ve had to undergo have been water infrastructure replacements because it’s galvanized pipes or just old pipes and sewer, sewer piping is often clay. Or is something else that is essentially cardboard called Orangeburg. And so if we have that in the parks, we immediately have to ballpark hefty CapEx. And sometimes that can still work with the project if you’re getting it for a low enough price, but other times it’s a walkaway. So we’re looking for, so I guess to summarize floodplain infrastructure, park owned homes are kind of the three big things we’re checking before we even bothered to underwrite

Charles:
It, that infrastructure, I could, I could see how that could get very expensive very quickly.

Brett:
Yeah. And you know, Charles, I, I guess I should also say along the same lines of infrastructure again, another thing I don’t think is common multi-family, but is with mobile home parks is you, you often, like, are these private utilities or are they public utilities? And that’s kind of a big deal because you’ll often get a well for water and there’s a number of things you can get for sewer, whether it’s lagoon or septic or wastewater treatment plant. And honestly, we’ve had all of them and you know, we’ve learned to, to kind of work with any of them, but they’re just risks. It, it increases your risk, it increases what reserves you’re gonna need. There’s, for the most part, we don’t like to get anything that’s not public utilities unless we’re getting a killer deal. So those are some other things we look for.

Charles:
Yeah. Yeah. It’s, it’s difficult when you’re getting off the public utilities for anything because it’s just a lot of uncertainty and it can be very expensive.

Brett:
Yep.

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Charles:
So you were talking about your, how you were kind of set up and buying so many hours from Kansas City where you guys are headquartered. How, how much really goes into, once you have a park, let’s just say you’ve purchased it, it’s running and you’re doing your, your CapEx you know, you’re, you’re, you’re adding value to the property, may, how are you doing it with management? How does this work? Like, is there someone that’s on site with these parks? Is there someone from you guys that just like goes out once in a while monthly to see these, make sure everything’s running? How is that set up on your management? Because it seems or is a lot less intense compared to like a multi-family property.

Brett:
Yeah. no, absolutely. I’ll kind of walk through the, through our structure. So I have two partners. One of them, Ryan that I mentioned before. Mm-Hmm. <Affirmative> is full-time. He, he’s been full-time working for Suncrest for the last 18 months or so. The other two of us, Matt and I have day jobs, so he and I are able to work about 10 to 20 hours a week depending on Suncrest stuff. And he, and he and I each have different things that we can do that no one else works on. So we’re, we like really focus on optimizing what our time is spent on. And then we have five other people that are full-time with Suncrest that do all of our centralized tasks. So the big things they do are like financial analysis. We’ve got project management home coordination.

Brett:
We actually have two people that their full-time job is homes. This is like buying, moving, installing, selling homes. So we, we really centralize as much as we can. And we have a team of virtual assistants. We actually just hired some virtual, or some contractors, I should say, in the United Kingdom, but we have others in the Philippines and India. So all of those, between all those resources, we’re able to centralize tons of stuff. So our, our people that are on the ground don’t have to worry about bookkeeping, they don’t worry about collections for the most part. They don’t have to worry about any kind of evictions. We do most of that other than delivering the letter. They can do it. We handle like taxes, all that kinda stuff is us. So then we have on the ground, we, we have community managers that are part-time.

Brett:
I don’t think we have any that are full-time. And they get lot rent for free. So that’s worth three to $500 a month depending on where they’re located. And then they often will get some kind of stipend. So on average, we’re probably paying between lot rent and the stipend, we’re probably paying about 11 or about 11 to 1500 a month to these park managers. And they’re, they’re, they’re mostly walking the park, making sure things are safe, looking for violations things like that. You know, we do a lot though from a centralization standpoint to make sure, you know, I guess Charles, you asked, sorry if I’m a a little over over the place here, but you kind of asked like, what’s the effort that you put into the parks? Right. And it definitely depends on the park. So we’ve had some that we buy and three to six months later we’re hardly doing anything with them because we’ve onboarded ’em.

Brett:
They’re well-oiled machine. We’ve got everybody on auto pay. We’ve got a strong entrepreneurial operating system. You probably have talked about that. I could talk more in detail if you’re, if you’d like. But where we, we know if there’s hiccups that come up, we can address ’em. And then we have others, one of them in particular, we bought it over two years ago and we still spend a ton of time on it every single week because it’s still struggles, right? Like it’s been one of those that had bad sewer, bad water bad electric we had lots of sex offenders in there. And so we knew from the beginning it was gonna be a, a nightmare, but frankly it’s been a bigger nightmare than we thought. So we’re kind of at the end of the tunnel on that when we’re almost, we’re almost good to go there. But it’s, it varies and that’s why you do a lot of due diligence and make sure you’ve got a solid plan because no one wants to be spending two and a half years to stabilize one property. Where we’ve got, you know, 24 now and I’d say at least 20 of those were stabilized within six to 12 months. So it’s yeah, it varies. Yeah, I

Charles:
Was gonna ask that. That’s one thing is when you’re talking about the sex offenders, of course we do like a lease audit when we’re buying an apartment building, so you know who’s there and we have an idea of who we think is gonna go bad and how much we put in reserve and all kind stuff. How are you guys doing that? Because that would be the last thing I would be worried about. Do you guys review who’s in the, in the in these homes if you, if you’re gonna own them or if they’re already privately owned?

Brett:
Yeah, for sure. So we get the rent roll, we do check the we have a sex offender check that we do. We actually, one of the things we added recently to our PSA property, why can I think what that’s called? The contract? Yeah. We

Charles:
Purchased sale agreement

Brett:
Property. Thank you <laugh>. One of the thing, we’ve added two things to that that allow it give us a lot of flexibility on that. So one is that the, we say the seller actually has to evict all sex offenders before we close. And we haven’t had any of them disagree to that yet, which has been nice. ’cause You know, we find one and it actually gives you extra time too. So it gives you a little bit more due diligence, timing. And then another one that we did actually that’s kind of unrelated but has helped us a lot is we, we negotiate in the contract that the, the seller will also increase rents before we close. So 30 days before we close, we, we do a, a 20 to $40 rent bump. It’s not huge. We never want to go to market. We like being below market ’cause it helps us sell homes faster. But what’s cool about that is that not only does that help us walk into some equity, but it helps the appraisal, it helps the financing, all those kinds of things are better from that.

Charles:
And you’re, no, and you’re still paying the old valuation free for, so you’re, that’s a, that is a very good element. That’s a, that’s a really good, yeah.

Brett:
The other thing is you’re not the bad guy to the residents. <Laugh> the seller is the sellers who raise the rent. So yeah, it’s, yeah, there’s some nice parts of that.

Charles:
Interesting. Yeah, that’s great. That’s a lot of great information. And, and one thing on a side note is if I’m correct, that like I think Warren Buffet is something you invest into a company that finances mobile homes. Is that correct?

Brett:
Yeah, so he Berkshire Hathaway actually owns it’s three different companies. Let’s see if I can get ’em right. They’ve got a home manufacturer, I think they own Clayton Homes. They for sure own one of the manufacturers. Mm-Hmm. <Affirmative>, I think it’s Clayton. And then they own a shadow lender and they own a, a park lender that like loans on parks. So they’re very into mobile home parks.

Charles:
So what would you say, I mean, you’ve been in this for, for years many different parks. I mean, what are common mistakes that you see mobile home investors make?

Brett:
You know, I’ve mentioned a few of them in the red flags with I, I think it’s easy to think that you can take on the world. And that, you know, like I said before, we’ve made the mistake of buying parks where we were convinced we could convert all of the park owned homes within two weeks. Right? And that’s just not possible. So I think it’s it’s easy to think that you can, you know, do some of these things and you gotta just really hedge and really be conservative with your estimates. It’s much better to assume that you’re gonna convert, you know, a third of ’em and actually get to 50% then assuming you’re gonna convert a hundred and get to 30%, you know, so just be con being conservative on that. I think the infrastructure’s another big one.

Brett:
I’ve seen people that don’t even check the pipes. We always have plumbers go in and scope the entire park. Because again, you’re better off knowing if there’s leaks or if there’s aged infrastructure. And sometimes you can get a retrade on that too, if you know it’s gonna cost a hundred k. You know, you tell the seller, I’m walking on this, you give a hundred K for this, or credit for it. So it’s, it’s way worth the time and effort to do that. Those are probably the two biggest, I’ve seen them infrastructure

Charles:
With just something on older multifamily too. And I’ve had it happen on older properties I’ve owned. And it’s expensive. It’s extremely expensive for updating old plumbing, electrical. I mean, it’s, it’s, you know, and you’re just like patching it too. I mean, because something, you know what I mean, putting old, connected, you know, new and it’s just, it’s a whole mess. So kind of as we’re wrapping up here any advice you would give to anybody aspiring, other than avoiding those red flags that we’ve been talking about and mistakes, any advice you’d give to aspiring mobile home investors?

Brett:
Yeah, so something I didn’t really talk about at the beginning, but the way I personally made the transition of, of, you know, doing the single family homes and kind of doing my own thing to getting into the bigger scale was by partnering. So I first found a couple of people that were already doing it. So had somebody in multifamily, somebody in industrial, and somebody in mobile home parks. And I, I offered to be their underwriter, so they paid me $0, totally did it for free, but I learned a ton from it. And I mean, I’d be working nights and weekends. It wasn’t the funnest thing in the world, but I learned so much. And so I think, like, for me anyway it helped me a ton to just volunteer my time to these people that knew what they were doing and learn from them, learn.

Brett:
And so I guess in the same vein, partnering is really helpful. And it can be as a, I think a, a relatively easy way to do as it be a passive investor first. And you can do that either by doing what I mentioned before where you’re kind of a, a, a junior like mentee doing some work for free. Or you invest in a property and make it clear to the partner that you want to kind of be involved and learn a little bit. There’s some legal ramifications that you gotta kind of discuss and figure that out with the sponsor. But you know, if I had have investors that are interested in like learning and understanding our business plan or decisions, I’m more than happy to share. So I think those are good ways to go. And then joint ventures can help too. So for me, I like to start it by partnering with people that have done it before and know what they’re doing versus just figuring it out on my own.

Charles:
Yeah, it makes perfect sense. So as we’re finishing up here, what are some of the main habits that you’ve integrated into your life that have contributed to the most of your success?

Brett:
Yeah, so something I’ve learned over the last 18 months especially, I, I read a few, a few books about like kind of stoicism, which is just this philosophy of, of like controlling what you can control, don’t worry about things you can’t, and just kind of being present, right? And these are all things we’ve all heard and know from before. But what I’ve been amazed by is over the last 18 months I’ve focused on like turning off my alerts on my phone after a certain time of day and I still see stuff. I’m still checking it every 30 to 60 minutes to make sure I’m not missing anything really urgent, but it helps me be more present with my family and my kids and it helps me feel more refreshed for the next day. Which is, has been huge. So I think that’s, that’s been big for me.

Brett:
‘Cause Before that it’s really, you know, I’ve got a full-time job, got six kids, and then I’m also doing the real estate stuff and have you know, have partners, have investors, all those things, right? It’s really easy for me to become overwhelmed and stressed and all those kinds of things, but focusing on kind of this is my work frame when when I’m gonna work and just kind of time boxing a little bit more has helped me tons. The other thing that we kind of mentioned, or that I kind of mentioned before is the EOS or entrepreneurial operating system from Gina Wickman’s book Traction has been massive for us. We implemented that about two years ago in our company. Everybody falls it, we all have the same language. We have meetings every Monday that like really follow that and that has streamlined the amount of meetings I need to be in because everything’s kind of consolidated into the most important things of the week or in that meeting and helps us all like talk about what’s most important, big issues our rocks or our goals for the quarter, all those kinds of things.

Brett:
So I could ramble more here, but those are <laugh>, those are kind the big things that I would say habitually have helped me a lot.

Charles:
No, it’s a lot of great information. The interesting on the stoicism is that Tim Ferris is a huge proponent of that as well. And if you have a interview, he always talks about that as some of his most important literature that he’s read. So Brett, with with us finishing up here, how can our listeners learn more about you, your business? I know you guys have some open funds now.

Brett:
Yeah, absolutely. So our website is suncrest cap cap short for capital.com, so suncrest CA p.com. And then my email address is Brett with two t’s at suncrest cap.com. I’m also on LinkedIn, so feel free to reach out any of those ways. We do have an open-ended fund that we’re raising for off market RV parks and mobile home parks now. So reach out if you’re interested. That’s

Charles:
Great. Well, thank you so much for all the information, Brett, and I’m looking forward to connecting with you here in the near future.

Brett:
Absolutely. Thanks again, Charles. I’ll talk to you soon.

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 Brett Bowman

Brett is Suncrest Capital’s Chief Investment Officer. His conservative approach to underwriting helps minimize risks while maximizing investor returns. He has invested over 14 years, acquiring $50M+ in assets, spanning single-family rentals, multi-family, industrial, and mobile home communities. He has a background in high-tech, where he managed multi-million dollar budgets in hybrid corporate finance & large-scale program management roles. He holds a degree in Finance from the University of Utah and an MBA from Duke University.

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