GI355: Why High-Income Professionals Fail at Real Estate Investing with Buck Joffrey, MD

GI355: Why High-Income Professionals Fail at Real Estate Investing with Buck Joffrey, MD

Buck Joffrey is a surgeon turned serial entrepreneur, real estate investor, and financial educator with over $2 billion in real estate transactions. After completing his surgical training at the University of California, San Francisco, Buck quickly transitioned from medicine to entrepreneurship, building multiple businesses across real estate, internet, and health sectors. 

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00:00:00:05 – 00:00:23:22
Charles
Welcome to another episode of the Global Investors Podcast; I’m your host, Charles Carillo. Today, we have Buck Joffrey. He is a surgeon turned serial entrepreneur, real estate investor, and financial educator with over $2 billion in real estate transactions. After completing his surgical training at the University of California, San Francisco, Buck quickly transitioned from medicine to entrepreneurship, building multiple businesses across real estate, internet, and health sectors.

00:00:23:23 – 00:00:26:23
Charles
Buck. Thank you so much for coming on the show today.

00:00:27:00 – 00:00:27:23
Buck
Thanks for having me.

00:00:28:00 – 00:00:41:13
Charles
So tell us a little bit about yourself. I know you think you grew up in the real estate business, but let’s talk about kind of like what you were doing before you really, you know, bit the bug and got in there and started being a real estate investor and launching your own firm.

00:00:41:14 – 00:00:58:05
Buck
Yeah. So, you know, I think my background with real estate is the my, my dad, first generation. I’m a first generation guy. So my dad’s name a grant came over also a, you know, highly educated guy.

00:00:58:07 – 00:01:25:21
Buck
From India in the late 60s. And he got the bug, you know, like he had a job and really quickly realized there was this other world of real estate. And, you know, he started buying like little single family homes and duplexes and stuff. So, I mean, he started doing that even before I was born. So, you know, the, so my childhood was basically him being a landlord, right?

00:01:25:22 – 00:01:51:16
Buck
And it was like not a very attractive thing to me because he was getting calls all day long about, you know, toilets, termites and the usual. And I didn’t want anything to do with that. So I, you know, unfortunately, we, you know, I grew up in a reasonably well off family. So, you know, I went to prep school and was a good student.

00:01:51:16 – 00:02:19:01
Buck
I was a student. So what do you do? You go on the a student pathway. Right. And you end up going to a nice college and then major in something. And the next thing you know you have another decision point. And for me ultimately that ended up being medical school. I went to medical school, started out as a neurosurgeon, and ultimately and ended up as a cosmetic surgeon.

00:02:19:06 – 00:02:46:15
Buck
But brains, do you know something else? But so I you know, I but what happened to me was like, when I finished my training, I had the opportunity to accidentally run run into a kiosk book when I was coming back from my honeymoon, which was just a week after my training ended. And and I had no idea who Robert was and no idea anything.

00:02:46:15 – 00:03:15:19
Buck
But there was only like two books in that Mexican airport, and one was like, you know, you know, long hair, a naked guy, you know, like Johnny type thing or whatever. And one was Robert Kiyosaki Cash Flow Quadrant. So I’ll just pick that out. I don’t know who this guy is. I’ll read it, I read it, and, you know, it’s so funny because these books are so simplistic, but it was a very transformational kind of moment for me, just realizing that there was this whole world of entrepreneurship.

00:03:15:19 – 00:03:39:00
Buck
And, you know, maybe I should be thinking about more than just, you know, being a, you know, being a physician. And it really affected me dramatically. And so that I ended up practicing sort of based on those principles of entrepreneurship, you know, didn’t brand myself very much a branded businesses and things that started a few different health related businesses.

00:03:39:02 – 00:03:58:10
Buck
And then and I was making money and then bell back into my roots of my dad buying real estate instead of investing in the stock market, because we never did. I mean, we I shouldn’t say we never did that. He did that in the 90s and got destroyed. That was my only experience with the the stock market. And he was in the.com bubble.

00:03:58:10 – 00:04:24:04
Buck
He got greedy and and he got destroyed and that was it. So so I started buying some real estate, wanted to learn how to do more, started listening to podcasts, realize a lot of the podcasts weren’t talking to me because I was not trying to get out of a cubicle. I was already making good money, wanting to understand how to scale, and so ultimately realize there wasn’t really a podcast for people like me.

00:04:24:04 – 00:04:30:01
Buck
And so I started one, and it focused on personal finance for high paid professionals.

00:04:30:01 – 00:04:48:04
Charles
I think one thing that’s very transformational in that Rich dad, poor dad book is, yes, the you know, you’re the employee going over to the other side. But I think it really is that the self-employed, which I was always self-employed and the business owner and I don’t think people break that apart enough, you know what I mean? Where it’s like you said, you’re branding businesses.

00:04:48:05 – 00:05:08:12
Charles
And if anybody picked up on what you’re saying there, you’re going from self-employed into the business owner. That’s a very difficult box transfer. You know what I mean? It’s much easier going, you know, going from the employee over to self-employed. But there’s so many people who are self-employed today as contractors or whatever it might be. But going into the business box is like a whole different thing, you know what I mean?

00:05:08:13 – 00:05:30:09
Buck
Yeah. You know, it’s interesting though, Charles, is that with I’ve been thinking about this lately with the at least the identifying as the business owner and being the business, you know, owning a job. The interesting thing is that these days, depending on what your job is or how it translates, that isn’t the worst thing in the world anymore.

00:05:30:09 – 00:06:04:13
Buck
Because, for example, if you can scale on the internet, right, like if you have, you know, personal branding and personal influencer type stuff has infinite scalability, right? That’s a fairly new concept like before. Like you wouldn’t want to brand yourself because you know, you you can’t grow enough. There’s not enough of you, there’s not enough time. But now they’re kind of is if you’re in that type of situation where you can create you and it lives in the internet forever.

00:06:04:13 – 00:06:06:05
Buck
So just, just decide.

00:06:06:05 – 00:06:32:09
Charles
But yeah, you have that network effect and usually from, say, two decades ago before, let’s say, Facebook or when Facebook was starting, that was a business. Obviously, it’s grew so large because it had a network effect. And I think you had people become very wealthy when they have the network effect. If you speak, you know, there was someone in my neighborhood that had like 16 dental clinics and it’s something like, well, he got that network effect because he just had it duplicated, duplicated, duplicated it.

00:06:32:09 – 00:06:55:15
Charles
And it’s one of those things where you can do that with social media. You can do that with a lot of these platforms, and you don’t have to be like Zuckerberg behind it to witness part of it. So that’s a very interesting point. I haven’t had to bring that up on the show before. One thing I found interesting, and I grew up when I grew up in central Connecticut, where I started buying property like 15 minutes away.

00:06:55:15 – 00:07:13:03
Charles
There was a lot of Eastern European immigrants and one thing, many Polish, and they would come in, and one of the first things they would do is buy property for everybody, you know what I mean? And they pay off these places really fast. And obviously you’re coming from late 80s 90s from in coming country of Eastern Europe there.

00:07:13:04 – 00:07:27:07
Charles
What did you see? You must have been around a lot of other first gen people and immigrants themselves. Was that something that is kind of like synonymous? You’d come to the United States and you buy property because it’s not as easy or available in other countries. Is that how it works?

00:07:27:08 – 00:07:43:06
Buck
Yeah, I don’t know. I don’t know if that was necessarily why. I think my dad just said as a purely entrepreneurial play, you know, he just saw it as a cash flow play. You know, I remember it’s funny because when I was a kid, he used to I’d say, dad, what, you know, people talk about investing. What do you look at?

00:07:43:06 – 00:08:13:23
Buck
Investing. And he’d just say cash flow. Cash flow. And you know what? It’s funny because like years later, reading the book, you talking about cash flow. And I’m like, my dad’s been talking about cash flow since I was a little kid. Why didn’t I listen to him? You know. But but I do think what’s interesting about the, you know, just to your point, though, I do think that there is an interesting thing about people coming from other countries, especially on the entrepreneurial side.

00:08:13:23 – 00:08:45:04
Buck
I always think about this too, because, you know, the the type of person who leaves their country for another country has already got something that an entrepreneur needs, which is this potential appetite for, for risk. And, you know, doing something that’s a big move. I mean, I never did it. I, you know, obviously it was my parents who did it, but that takes a certain kind of personality to make a move across seas and stuff.

00:08:45:04 – 00:08:55:22
Buck
So it doesn’t surprise me that those are the people who end up entrepreneurs and successful and buying real estate and looking for opportunities because they’re already movers and shakers.

00:08:55:22 – 00:09:14:08
Charles
Interesting. So let’s kind of transition into what you’re doing now. You made your transition from being a high earning surgeon into a full time investor during that part. I mean, that I mean, just getting people that are highly educated people to invest in. Syndications I’ve always found as a more difficult endeavor than working with entrepreneurs to invest in them.

00:09:14:08 – 00:09:23:13
Charles
How do you do it and how do you change that mindset of just yourself changing from being that high pay professional into a full time investor now?

00:09:23:13 – 00:09:26:04
Buck
So do you mean how do I change my mindset?

00:09:26:04 – 00:09:35:01
Charles
Or yeah, how did you do your mindset when you made that decision? I mean, that’s a huge thing. You’re plastic surgeon. You’re making a lot of money doing that. More than most doctors or professionals in general.

00:09:35:02 – 00:10:05:04
Buck
You know, temporary insanity. And the thing is, the thing is I what I did, I don’t recommend to most people, I really don’t. And in hindsight, I look back at what I did and it’s it’s sort of not even believable to me that I would do that, because you’re right. I was making I was making a lot of money, like, you know, as what you would expect a successful cosmetic surgeon to be making.

00:10:05:05 – 00:10:40:00
Buck
I was doing really well, but I, I think it’s that whole entrepreneurial bug. Some people are just kind of born with it, and the risk tolerance is extremely high. And, you know, when I made that move and this is probably about now, it’s so it was 2017 when ultimately I just left everything behind. I had I had hired, you know, another surgeon in Septa to just take things over.

00:10:40:02 – 00:11:15:06
Buck
But the reality is, I knew that I wasn’t going to make as much money because I don’t get to keep a lot of the stuff that, you know, that operated on. So I thought that would keep me afloat while, you know, I transitioned in it. Ditto a little bit. But the I think the thing is that once you once you make a decision to completely pivot into another career, the best way to accelerate that is to burn the bridges behind you.

00:11:15:08 – 00:11:52:01
Buck
I didn’t make it. So you have, like, no choice. I did that, luckily it worked for me. But honestly, it’s funny because I look at that decision now and I’m, you know, now I’m 52 and I’m like, I can’t believe I did that. It’s nuts. Absolutely nuts. And I highly dissuade anybody from doing that. So, so but yeah, I mean my story I think is is probably not you know, it’s not typical and it’s not, you know, something that everybody should do.

00:11:52:03 – 00:11:52:17
Charles
Do you have money.

00:11:52:17 – 00:12:11:22
Charles
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.

00:12:11:23 – 00:12:30:08
Charles
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. And 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.

00:12:30:09 – 00:12:47:16
Charles
Partner with us and invest with Harborside. That’s invest with Harborside. Com go to invest with Harborside. If you love real estate, you like the idea of passive income and believe that income producing properties will appreciate over time. Go to invest with the Harborside that’s invest with Harborside.

00:12:47:18 – 00:12:58:18
Charles
So let’s talk about kind of what your what you’re doing now, what your investment strategy is with your firm and kind of what is your current strategy with buying multifamily properties and your, your by box stuff like that?

00:12:58:19 – 00:13:42:04
Buck
Well, as you know, multi-family is taking a really big hit, you know, and you know, my model has ultimately been to partner with, you know, operators and, you know, create opportunities for for my investor group. And so right now in terms of by box, it’s, you know, looking at what’s sitting wounded in the street because there’s you know that’s that’s the opportunity routinely finding things that are 30 to 40% discounted compared to 21, 22.

00:13:42:06 – 00:14:18:04
Buck
And you know, there continues to be this mismatch and expectations of sellers and buyers. And the only people who are really selling are people who have to sell. Right. And that’s creating these situations that are unfortunate for, you know, the, the, the sell side. But I mean, for those who are actually willing to, to, to actually go in and deploy capital in a market that’s been ugly, I think it’s going to be a great opportunity.

00:14:18:06 – 00:14:36:10
Buck
You know, it’s one of those situations right now where I think Warren Buffett talks about how when, you know, try to be greedy when others are fearful. Well, that’s that’s kind of where we are right now. I think a lot of people are fearful. I think multifamily in particular is taking an absolute, you know, kick to the gut.

00:14:36:11 – 00:14:58:09
Buck
And, you know, other markets like the equity markets and stuff, stock market, they’ve they’ve not had that. They haven’t had that moment. We had that moment. We got massively hurt. And you know, if you can if you can zoom out and you look at opportunities that when people make money in real estate, it’s these moments when there’s this kind of mismatch.

00:14:58:10 – 00:15:17:03
Charles
Yeah, yeah, I find it when when capital is a little harder to come by and when lending is a little difficult. When I started in 2006, in 2009 when we were buying property, I mean, there was no one lending. It was I went to refinance a property and it’s kind of like famously I got one bank that I’d been working with for years before that and worked with my family.

00:15:17:03 – 00:15:26:11
Charles
They gave me like a 20% loan to cost, you know what I mean? That was the only loan they would offer. I mean, you didn’t have cash. You wouldn’t be able to. I mean, you couldn’t survive with what you were doing, you.

00:15:26:11 – 00:15:59:13
Buck
Know, and it’s hard to raise capital in those situations, too, because, you know, it’s funny, I have a buddy who’s really successful and, you know, he’s a hotelier and it’s worth, you know, he just sold something for 100 million bucks. And, you know, he he was telling me that, you know, he never raised money, right? But he tried he tried around 2009, 2010 because he was looking at these hotels and they were trading at such steep discounts.

00:15:59:13 – 00:16:28:12
Buck
And he would go to people and, and he’s like, you know, like, we should take this down. You want to invest in this? And no one wanted to touch anything, right? Of course, like years later, he’s, you know, he’s he’s owns these things. And people are asking him to invest. When now those hotel markets were all frothy. So it’s a really it’s a it’s a psychology that you try to avoid, but you literally see it every day.

00:16:28:13 – 00:16:34:17
Buck
Like it’s hard to raise capital when it should be, times when people should be investing.

00:16:34:17 – 00:16:54:15
Charles
So it’s not just retail investors. It’s also, I find it always funny with lenders who are supposed to be more of a professional and like the floor went out, you know, 20, 30% and they’re having issues about lending and they’re like, you, you know, you’re capital has never been safer. You know what I mean? Like, your capital couldn’t be any safer right now than right then it was.

00:16:54:15 – 00:17:04:22
Charles
But 12 months ago, you were, you know, you were ready to lend. And now, because you have issues, you are now just where this is, where you should be deploying. But they never think like that.

00:17:05:00 – 00:17:07:00
Buck
It makes a lot of sense. Yeah. No.

00:17:07:00 – 00:17:23:22
Charles
So where we are now, I mean, the value add business has really, really changed. As you were saying, one of the things I found was that with properties that were built, I was talking at a meetup a few months back, and I was talking to someone and they were saying that. Oh, you know, we have some extensions on loans with properties.

00:17:24:00 – 00:17:42:13
Charles
And that’s I see that coming to an end now as properties are becoming the values, coming back a little bit as they’re catching up to kind of what the loan is on the property. But then the lenders are really forcing a lot of these property sales. And so the equity investors are wiped out. Lenders are growing their money back and they were fine.

00:17:42:14 – 00:18:00:02
Charles
Oh, we’ll just push it back until they got their money. They weren’t really too worried about lenders or about the about the passive investors. Now how are you seeing it? Like how when you’re taking over a property, obviously if you’re buying it. Right. I mean, there’s not much of a value add you have to do other than really just wait and clean up some of the management.

00:18:00:02 – 00:18:07:20
Charles
But how does that value add plan really work when we’re talking market rents or stagnant or even slightly declining?

00:18:07:21 – 00:18:32:16
Buck
Yeah, I mean, I think part of part of that analysis is looking at what comps are, you know, I mean, if like just as an example, I mean, we we were I think we were buying something in in Raleigh recently. And, you know, first of all, you know, rents are I mean, they’re going up, but they’re not going up at a big rate.

00:18:32:16 – 00:18:58:13
Buck
But when you look at the comps on that, they were so far below where other properties were right in the air in the submarket. So where is there may not be a big wave of increases in rents. Sometimes you pick out a given property where they’re clearly is an opportunity to raise rent, just because you’re looking at just trying to match the market, right.

00:18:58:14 – 00:19:30:15
Buck
So value add can be value add. You’re right though. I mean, there are other scenarios where properties that we’ve we had in the past where we it was a value add opportunity. But you know, it no longer makes sense to upgrade because of certain rent restrictions and that kind of thing. But I think as a buyer, you still have to look at you still have to look at what you can do to to improve a property, right.

00:19:30:16 – 00:19:56:18
Buck
Like you can still you could you whether that’s operational, whether that’s, you know, upgrades or whatever, you have to look at what the cops are and then you have to look at what the opportunity is. And I think that that’s the big key. I think value add is still possible on people saying, oh, value at his dad. Value add is still absolutely possible, but it’s not a global thing that you can do right now.

00:19:56:19 – 00:20:00:13
Buck
It’s something, you know, property to property that you can do.

00:20:00:14 – 00:20:18:23
Charles
Yeah, a very per case basis type situation. But if you’re buying it with a large enough, like you said, rent discount. I mean that’s where your security is. That’s how you minimize your downside is by hey, this is where the market is. This is where we are. That means we’re not going to have really an issue with occupancy or vacancy while we kind of work through what’s going on.

00:20:19:00 – 00:20:57:21
Buck
Yeah. You just have to stress test that. And you know, I still think once this year on stuff cools down, I do think that we’ll see these, you know, cooling numbers in terms of inflation. And I do think rates will come down. But you know, and I think that’s going to help the situation as well because rates went up so much so fast that I mean, it’s hard to structurally put together the buyers and sellers because it’s so far off now.

00:20:57:21 – 00:21:25:01
Buck
I was thinking about this even just yesterday. You know, we have some properties about, you know, 20 1819 that we still have that are there cash flowing like great, fantastic. And I’m like, there’s absolutely no reason for us to even think about selling these properties right now. Just none. Right? Because it’s like I mean, like, why would we like the the market is not a seller’s market.

00:21:25:01 – 00:21:34:03
Buck
So anything remotely that’s making you money right now, that’s doing well, you can’t even think about selling it. So that’s where we’re at.

00:21:34:03 – 00:21:50:17
Charles
So within Syndications and it’s one thing I don’t know if past investors see it as much, but it’s definitely on the operations side of it. You know there’s a lot of partnering that goes on. So you’re partnering with operators. General partners are doing the deals while your investor partners or partnering with you, you know there’s a property management firm there.

00:21:50:21 – 00:22:04:13
Charles
I mean, there’s the whole thing is partnering. I mean, how do you suggest someone review a potential partner before you’re you’re actually working with them? And this could be to pass invest with someone or maybe to take down like a joint venture actively.

00:22:04:13 – 00:22:43:01
Buck
There’s an there’s an advantage that people have right now and that, you know the system was stressed, tested so significantly. Right. And you know, again, the the the Buffett quote about figuring out tied comes in who’s swimming naked, right. And I think that’s kind of I think that’s the opportunity right now if you’re seeing, you know, in our in our case, you know, I was working and I continue to work sort of in a multiple operator situation and could see, you know, which which systems actually were better prepared and which were not.

00:22:43:06 – 00:23:12:20
Buck
And so if you, in my opinion, if you got through this and here’s here’s a tricky thing is I think some people think that just because an operator has had a bad outcome, that they’re not a good operator. But we have seen every I mean, everybody who’s really active and some of the most quote unquote conservative, you know, big name operators lose properties.

00:23:12:23 – 00:23:40:04
Buck
And so I think you have to be careful to, you know, to just say, well, if you had a bad outcome, I’m never going to work with you because, you know, that’s that’s tough. But I think what you can do is look at a big picture and say, this operator has, you know, 30 assets or 40 assets and, you know, they had problems with one of them.

00:23:40:08 – 00:24:12:20
Buck
Two of them are, you know, and they handled it really well. They did the best they could. And they’re still active now, because if you’re still active now and you’re still buying, that probably is a good that probably is a good sign because you’ve survived, right? Every you know, the one thing that is that happened in this space over the last couple of years is, you know, a lot of a lot of operators have are gone there.

00:24:12:22 – 00:24:36:11
Buck
You know, there’s not very many left that are actively doing anything. So if you’re actively still buying something, you probably did something right, because you know, you’re still able to raise capital. You know, you’ve managed your your your portfolio. Well. The other thing is there’s not many people aggregating capital anymore, you know, because it’s very, very hard for the reasons we talked about.

00:24:36:12 – 00:25:07:16
Charles
So when I’m looking passively investing in a deal, there’s some things that now, after being a active syndicator on deals that I look for. And one thing is really the relationship that that operating team has with like their lender and then most importantly, also with their property management team and how many deals they’ve done with them. Is there anything else that you’ve realized over the years that maybe isn’t front and center of what you hear people say when they say picking a passive investor or picking an operator to partner with or in a deal specific basis?

00:25:07:17 – 00:25:16:03
Charles
What would you say? There’s something that’s kind of like a little bit hidden that you found. That’s a very important factor that people should look out for when passive investing.

00:25:16:03 – 00:25:42:22
Buck
I think, you know that that track record is very important, right? Like track record is very important. I also think that, you know, I generally and it’s not anything personal, but I don’t usually look at sort of operating teams where there’s like, you know, just a couple of guys putting it together. We’ve got full time jobs. That’s that’s not, for me, very convincing.

00:25:43:00 – 00:26:04:08
Buck
I look for, you know, real estate firms, you know, look at companies that are buying really that, that that’s that’s what they do. I think it’s does it make your risk going? No, but it certainly mitigates it when you’re sort of in a professional situation as opposed to just a couple of guys putting it putting together a deal.

00:26:04:09 – 00:26:20:12
Buck
Right. You know, basic things, I think, like just lessons leverage. How much leverage is there? You know, this is leverages.

00:26:20:14 – 00:26:48:07
Buck
Is a double edged sword to the 10th degree. Right. And I know I’m quoting these guys too much today, and I don’t know why because they don’t normally do it. But Charlie Munger, he said there are there are three things that will make smart man go broke liquor ladies and leverage. Right. And that’s the unique part about real estate, right?

00:26:48:08 – 00:27:25:05
Buck
Is like the leverage is what creates the returns. But it’s also what makes us extremely, you know, it exposed to markets. So I think, you know, not having too much leverage. And then the other thing is I think it’s important to have cash reserves because I think the groups that I, you know, that really did well, had good cash reserves and the their leverage was not as significant as others.

00:27:25:06 – 00:27:27:20
Buck
And.

00:27:27:22 – 00:27:55:10
Buck
And those were probably two of the big things. I think the other thing that’s challenging is with value at it’s very rare to have, you know, it’s very rare to fix that rate for ten years because you have a large prepayment penalty that you’re dealing with. But if you can manufacture something where you’ve got a few years fixed by more cap rate insurance, how much cap rate insurance you have, how many years of cap rate insurance do you have, all that kind of thing?

00:27:55:10 – 00:27:57:02
Buck
Those are things to look at as well.

00:27:57:02 – 00:28:15:03
Charles
So yeah, the there’s as we’re quoting people Kia psyche has this quote and it’s like, you know leverage is like a gun. You can protect yourself or you can shoot yourself in the foot. And I always think of that as because it’s it’s completely true. You know what I mean? You can get these huge returns, but you can also, which a lot of people do is shoot themselves in the foot with it.

00:28:15:03 – 00:28:17:11
Charles
And it can be a very dangerous thing.

00:28:17:12 – 00:28:41:06
Buck
Yeah. I mean, candidly, I would just say that like for me personally, it’s like leverages as I mean, it has been my biggest wins and my biggest hits, my biggest losses. I mean, you just you just got to be really careful with it. It’s like a nuclear, you know, missile or ready to go the wrong way and destroy yourself.

00:28:41:06 – 00:28:41:17
Buck
So.

00:28:41:18 – 00:28:47:21
Charles
Buck, what are some of the lessons learned from building multiple successful businesses? Could be real estate or outside of real estate.

00:28:47:22 – 00:29:17:12
Buck
Yeah. And I think one of I think from the side of somebody who does that, I think that I think it’s really important to understand what your own skill set is and, and not to try to become everything. Right. I you got to know what you’re not good at. That’s almost more important than what you’re good at. You know, for me, like, I, I’m not a good manager.

00:29:17:15 – 00:29:51:19
Buck
I don’t like managing people. Right? I like to be. And I’m. What I’m good at is the big, the big picture, the vision. How is this going to work? But I don’t want to be managing people. That’s. I’m not. It’s not what I enjoy. I’m not good at it. So I have to hire somebody like that, right? The other thing is like, from a syndication standpoint, like, you know, it’s interesting because I remember when I started this syndication idea, I realized it’s indication was really two parts.

00:29:51:20 – 00:30:17:03
Buck
One is like sort of the outward facing world of explaining the opportunity and what my whole thing is educational, educational marketing. Right. Like, I don’t I don’t try to force anybody to anything. I mean, it’s I want to I want to understand and explain why I think it’s a good opportunity. Then I’ll just tell you why I think it is.

00:30:17:05 – 00:30:47:15
Buck
And if that if that resonates with you, then you’re going to invest. You need that part of the business, and then you need the people who are going from unit to unit pounding the pavement. You know, you need that element. It is very rare and I would say probably never that you can do both. And so you have to find yourself like, where are you in that picture?

00:30:47:16 – 00:31:04:03
Buck
Are you the big picture guy who sees the vision, who can explain the vision, who, you know, that kind of thing? Or are you like, pound the pavement operational kind of guy? And if you and you have to find both elements of the team to make a business work.

00:31:04:04 – 00:31:09:17
Charles
Yeah, the integrator and the vision person, the two parts that really make that kind of puzzle go together.

00:31:09:19 – 00:31:10:12
Buck
Right.

00:31:10:15 – 00:31:16:18
Charles
Interesting. A lot of great stuff. Thank you so much for being on the show today. How can our listeners learn more about you and and your firm?

00:31:16:19 – 00:31:46:19
Buck
Yeah, I mean, I think probably the best way to do that is just listen to podcast wealth formula podcast. It’s, you know, designed for high paid professionals, doctors, lawyers, business people who, you know, it’s really a show about personal finance, how to view the world. I, you know, we don’t necessarily talk about deals and stuff like that. We do talk a lot about macroeconomics, get into personal finance, things like even, you know, asset protection, estate planning, you know, how to view the world right now.

00:31:47:00 – 00:32:02:10
Buck
You talk about AI, whatever, but it’s broad educational platform as well, formula, podcast. And you can pretty much get that anywhere where you get podcasts, including YouTube, obviously usual Spotify, etc..

00:32:02:10 – 00:32:11:08
Charles
So okay. And then also people can check out wealth formula. Your website’s got a lot of information on there, and obviously links to all your social and all in your podcast as well.

00:32:11:12 – 00:32:12:15
Buck
Yeah, absolutely.

00:32:12:21 – 00:32:18:00
Charles
Well, thank you so much. Thank you so much for being on the show today. Looking forward to connecting with you here in the near future.

00:32:18:00 – 00:32:20:00
Buck
You bet. Thanks for having me.

Links and Contact Information Mentioned In The Episode:

About Buck Joffrey

Buck Joffrey, MD, is a surgeon turned serial entrepreneur, real estate investor, and financial educator with over $2 billion in real estate transactions. After completing his surgical training at the University of California, San Francisco, Buck quickly transitioned from medicine to entrepreneurship, building multiple businesses across real estate, internet, and health sectors. He is the host of the highly regarded Wealth Formula Podcast, a platform dedicated to empowering high-income professionals with actionable financial education and alternative investment strategies. Buck is also the #1 international best-selling author of 7 Secrets of Eternal Wealth, where he outlines the timeless principles that have helped professionals escape the rat race and achieve true financial freedom. His mission is to help others build lasting wealth through entrepreneurship, cash flow investing, and a mindset shift away from traditional Wall Street paradigms.

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