Welcome to Episode 24 of the Crushing it in Real Estate Podcast! Daniel-Linh Nguyen is a San Francisco based real estate investor who started with rental properties in the local area and managed to scale his business into hotel investments in the midwest! Daniel offers a wealth of information for those looking into break into this side of Real Estate! Join us as we deep dive into this niche investment strategy! Please enjoy!

IG: nguyen.d.l


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Intro: [00:00:00] Hey everyone. And welcome to another episode of Crushing Real Estate with Bryan Pham, where we interview real estate professionals around the industry. If you enjoy this episode, please subscribe to the show and leave a very positive review. We release an episode every single Sunday. So, stay tuned. Enjoy!

Bryan: [00:00:24] Hey guys, welcome to another episode of Crushing It in Real Estate. This week, we have Mr. Daniel Lin-Nguyen. Daniel is an investor located in the San Francisco Bay area. He does multifamily investments in the Midwest. And he also does hotel investments all over the country. Daniel, welcome to the show, man.

Daniel: [00:00:46] Thanks, Bryan. Glad to be here.

Bryan: [00:00:49] Can you walk us through your real estate journey and how you got started?

Daniel: [00:00:53] Sure. Yeah. I guess, in the beginning, it was almost a, like a joke in my head. I was just thinking, man, I’m, I’m this really lazy guy, always doing the minimum to get by and what can I do to stop working as soon as possible?

Yeah. And I was like, Oh, I want to do is play with my cars, my golf, tennis. But you do not really care about a career. My career is to make my life happen. It’s not the other way around. So, and then I was like, man, 40 years, nine to five. God, that sounds so morbid.

Bryan: [00:01:33] Yeah, I agree.

Daniel: [00:01:34] So my first thought was passive income rental properties. And so, so I got started, my, my first, my primary residence I purchased in 2012. I was able to basically leverage that into my first rental property in 2013.

Bryan: [00:01:55] Okay. Where was it located at?

Daniel: [00:01:56] So, my first house was in, it was right on the border of, mountain view and Los Altos.

Bryan: [00:02:01] Wow.

Daniel: [00:02:02] So that house, I actually got an idea, I had no idea it was called house hacking. One of my friends before I bought the house, he lived in a house in West San Jose off of 85.  And he lived with two of his high school friends and I talked to him and I was like, Oh, so they just live with you.

It’s like, oh no, I rent. I rent the rooms out to them. I’m like, oh my God, this is the greatest idea. And then it’s like, what better can you do? You can buy a house, rent out rooms to your friends. You live with your friends and you make some money on top of it. So that’s what I did with my house in, in, in mountain view.

My condo was in Emeryville. I bought that in 2013.

Bryan: [00:02:42] Oh, wow. Back to back years.

Daniel: [00:02:44] Yeah. Yeah. And over the course of the last six, seven years or, or so, I was able to enjoy basically the real estate growth twofold because of the rental side and the primary residence side.

Bryan: [00:03:01] That’s amazing, dude. So, you know, prior to that, what’d you do for your profession?

Daniel: [00:03:06] I was in finance.  So, I worked for Wells Fargo. I worked for WageWorks on the finance side. I was with Wells Fargo, commercial real estate group, basically keeping track of Wells Fargo’s commercial real estate stuff. And, and my goal was to do CFA or a CPA, one of those two. And then, I kind of, I talked to a bunch of mentors and they’re like, oh yeah, get your CPA. You’ll be able to make like $185,000. And no, in years, 10 years at the time, I was like, I was making 50,000 or 60,000, 70,000 a year. I’m like, Oh my God. That’s like, amazing. That sounds awesome. That’s so much money.

And then now I went back and. And, I go out and see people with their, their, their little kind of beat in tags on their belt loop. I’m like for the poor guy.

Bryan: [00:04:05] Tell me when you worked as, as a finance guy before you got into real estate.

Daniel: [00:04:10] So man, I skipped around a lot. I, I worked in finance for two years. They did, and then I hated it. I did recruit headhunting for financial positions, and then I coincidentally met a guy in the parking lot of the recruiting firm. it was just a big business park. I met him and he was like, I do mortgage I’m a mortgage broker. And he made more money than the recruiters I was working with.

And he’s like, come work with me. I’m like, okay, let’s.

Bryan: [00:04:37] Yeah. And

Daniel: [00:04:41] then just getting bored and switching different industries. And that kind of got me to where I am today. Just all the experience I, I went from a mortgage to go to, the, the Aria events, Asian state association, to network with realtors. I met Rich Kwok, the broker. He’s an amazing guy. His wife, Lorna to flip properties, 24, 2015. Got my real estate license. Did the realtor thing for a year. And then meanwhile, growing the The rental portfolio. And so, by the time I got to looking to get into my 28 unit and my two, four-unit buildings in Cincinnati, I had the finance background. I had the real estate background on mortgage background, flipping background, real estate agent background, and landlord background, all kind of put together. And so, I met my current partners. They saw some value in what I brought to the table and the rest is history.

Bryan: [00:05:42] That’s amazing. So, retract. So, you worked for two years, you bought your first property, the border in 2012. And then you got your first real rental property Emeryville.

Daniel: [00:05:54] Yes.

Bryan: [00:05:56] And from that time, when was the jump to like that 42 units you bought in the Midwest?

Daniel: [00:06:02] So I was lucky I spoke to Rich and he was saying don’t, don’t rent out a condo. HOA is only going to go up. They don’t appreciate as much. And so, I ended up, doing a 10 31 from my condo to a four-unit in San Jose.

Oh, geez.

Bryan: [00:06:18] That’s really good. Congrats.

Daniel: [00:06:19] I obviously, I, I, a hundred percent of the funds went in and I added some savings along with it to put a down payment. And then I kept that for 18 months and then I decided the rent control in San Jose was just way too difficult for me.

And so, I wanted to go out of state.  I actually talked to, some networks, one of my best friends. And he said, take a look at Cincinnati. I went to Indiana University, so only an hour or something away he’s from out there. So, he said, look at Cincinnati. And I went in there and everything just made sense.

Bryan: [00:06:54] Oh, wow. So, you have that comfortability just by going to school in Indiana.

Daniel: [00:06:59] Yeah. So that kind of initially gave me the network to, or at least the confidence of working, of being in the Midwest, having been in the Midwest for, for, for four years or so, going to school and getting to know the, how, how the people are and yeah.

Bryan: [00:07:16] That’s a huge advantage by the way.  And did you go to Purdue university out there?

Daniel: [00:07:26] I went to Indiana University in Bloomington.

Bryan: [00:07:28] Oh, gotcha. That’s really good. Congratulations.

Daniel: [00:07:31] Yeah. Thank you. Thank you. Yeah, I did the Kelley school of business and graduated with finance, and entrepreneurship and minored in psychology.

Bryan: [00:07:40] You’re using every single part of that degree right now.

Daniel: [00:07:45] Pretty much.

Bryan: [00:07:47] That was great, man. So, you got into your, your mid-size apartment out in Cincinnati, but how has this jump to hotels, man? This is a different beast. This is the bulk of the podcasts right here.

Daniel: [00:08:02] Yeah. Yeah. So, so my partner, so my, my, my, so two of my best friends now, Mike Elian, Nate Barger, they both live in Cincinnati. I actually met them because I bought my, all 36 of my units from them. I, I’m partnered with them for the 39 units. So, nine-unit building, a 30-unit building, and the 46,000. A square foot commercial warehouse, but Mike has been, kind of dabbling in hotels for a long time. He finally got Nate into it and by default, they kind of adopted me so to say, businesswise. So, it’s the three of us basically. And, so we decided to look at hotels and it’s so funny because I needed I just closed in July. They a 346-unit portfolio,

Bryan: [00:08:51] 346 portfolio? Hotel?

Daniel: [00:08:54] In multifamily. And so, so I, so I almost like I never talked to Nate anymore because he’s just running around like a chicken with his head cut off 346 kitchens, like, 700 toilets and all this stuff. We go up to the courtyard Marriott, that’d be closed a few months ago. Yeah. And Nate walks in and he’s like, we need a power wash the building and it needs some mulch over there. And then he was saying, he’s like, man, I don’t want to do multifamily anymore. The maintenance is so multifamily.

Bryan: [00:09:36] I agree with that one. So that’s, that’s crazy.

Daniel: [00:09:41] Yeah. And it was also the scalability of it. Yeah. Like you, you to go to, to build a billion-dollar multi-family, the portfolio is it’s a lot of work. You’re building it like five, 10 million, 20 million at the time.

Bryan: [00:09:59] Yeah, I absolutely agree with that one. So, walk us through your first hotel deal. How did you find it? How’d you fund it? What kind of challenges and you know, how do you overcome them, then we want to know more about this field?

Daniel: [00:10:11] Yeah, yeah, for sure. So, we, we actually, we were partnered with the management company, the operator they’re Commonwealth Hotels, LLC. They’re based out of Covington, Kentucky, which is right across the river from Cincinnati. It’s that Tristate area, Indiana, Kentucky, and Cincinnati all just meet in that little corner. And, so we partnered up with them. So, the deal is they actually they’re so well connected in the hotel industry that they, they find this off-market deals. So, we only go to off-market.

Bryan: [00:10:44] I can imagine that.

Daniel: [00:10:47] So they analyze probably a hundred deals a month and they pass on five deals to us. And then we will go for one, maybe none. Cause we were very strict on what kind of numbers we go for? Because as you know, all the times the deal is made at the purchase. They agree the price allows you, either allows you the flexibility or it pins you into a corner.

Bryan: [00:11:13] Yeah. So, the question on that. So how do you run console hotels and how do you know what’s a good price range? Like. It’s interesting when you started, you know?

Daniel: [00:11:26] Yeah. So, so with, with our hotels, for example, I’ll kind of walk you through our previous deal and then I’ll explain. So, we look at the comp set and then we look at what the comp set and equilibrium pricing is. And by equilibrium pricing, I mean, how much does it cost to build a new one from the ground up? And so, with this specific area and this specific comp set, the comp set was 150,000 a door to build. And so, we were like, okay, if they did a 150,000 a door, and as long as we have a good amount below that on our acquisition, plus a CAPEX, then that’s our equation.

So, with this one, we were able to negotiate, the full package, the hotel, plus the CAPEX because it needed a 15-year PIP, which is probably an enhancement package, basically the renovation, the hard renovation. So, both of those put together, we came out to purchase it for just short of 85,000 a door.

And because of that, and so w we sent out this package to a lot of people and, and, and we, we, we have a lot of criticism because we were like, man, this plan is not going to work at all, because look at how high you’re leveraged. And I, and then I told people, I’m like, you can’t look at it. So black and white, it’s not just what is your leverage? It’s not just, how much did you pay per door? It’s not just any of those, it’s all, all of them combined. For example, they buy their, let’s say they buy their hotel for 150,000 a door and you leverage 65% and everybody’s like, Oh, that’s awesome, you only leverage 65%. Your guys’ deal is horrible because you’re leveraged 85%. So, yeah, but we were leveraged 85% on 80, on 80,000 a door. 85,000 a door. I would rather be leveraged on 85% of 80,000 or than 65% of 150,000. Okay. And so, because of that, the debt is less. And so because of that, we know that we’re going to survive and get our investors their return because we can drop our price per room so far down below there’s and still make a profit that we’re not. There’s almost, there’s very, very little risk. So, we can undercut everybody and still survive when they can’t.

Bryan: [00:14:11] If you don’t mind us asking, like what kind of numbers are you guys looking out for these hotels? Give our listeners a more complete picture.

Daniel: [00:14:18] Yeah. So, so this one, we purchased it, this one was dirt cheap. This one was, it was a. It was roughly 12, 12.3 million for the full package.

We actually got it for 7 million for the hotel and 5.3 million renovation quotes. Okay.

Bryan: [00:14:37] How many units is this?

Daniel: [00:14:38] And this hotel is 145 rooms. 

Bryan: [00:14:40] 145 rooms for 12.5 million. And that also includes repairs.

Daniel: [00:14:47] Yes.

Bryan: [00:14:48] Okay. Wow. And for this project, are you guys syndicating it or how does…

Daniel: [00:14:53] Well, we already closed. This one we closed. We did syndicate. we closed about three, three, three and a half months ago.  So actually, a few, a couple of weeks ago was our first, and because they’re already running and we choose hotels that are self-debt servicing. So, the trail, we look at the trailing 12 months and they are self-debt servicing for the new debt plus investor distributions. So, the first after the first quarter that we own it, the investors are already getting there, they already got their first distribution, a week or two ago.

Bryan: [00:15:27] Let’s say for example, like I’m an investor inside one-year syndication projects for hotels, pay on structure, and loan shark show like?

Daniel: [00:15:36] Basically. So, on this one, we ended up getting, a total of 85% but 2 million of that was the pace. So, so pace, it doesn’t, it doesn’t act as debt. It’s almost like a property tax. It’s a lien on your property that gets, that you play it off, and it’s amortized. So, kind of like a principle and interest kind of thing.

So. With that, we were able to leverage the first position with pace to 85% and we only had to raise 15.

Bryan: [00:16:10] Okay. And pace, as you mentioned before, is like a lien on the property. That real quick? Okay.

Daniel: [00:16:15] So it’s basically like it’s, it’s a, it’s a lien on it. So, it’s not a loan per se. you do pay it back it’s amortized, but it doesn’t hit the books as a, as a debt. And so it’s, it’s almost like, yeah, it’s, it’s, it’s hit the, it hits the books, just like property taxes, if that’s just kind of the nature of how it, it lands in the financials in kind of all in a practical standpoint, it acts as a loan.

Bryan: [00:16:44] Okay. Wow. That’s really cool.

Daniel: [00:16:46] Yeah. And it’s, it’s mostly meant for, for the energy-efficient, see energy-efficient remodels.

Bryan: [00:16:53] Okay. And, you know, making that switch from multifamily to hotels, what would you say is the biggest challenge that you face?

Daniel: [00:17:01] I would say the biggest challenge is the client, is probably the familiarity with investors. Yeah. because most invest in, most people who want to get into real estate investing, the first thing they look at is multifamily. So, when I go to different networking events and meet up groups and, and, different places that investors who would be. Only, I think two people I’ve ever met have been involved with hotels in the past. And so, it’s kind of a, an it’s similar to when somebody comes into shark tank and, and the, the sharks always say the products are a good product. It’s just the most difficult one is consumer education. And this is the same way with, with a lot of hotel investors is that they’re, it’s not that they don’t believe in hospitality investing. They just, you don’t know anything about it. And so, it takes time for people to research and look at what the structures of deals are and then see what a good deal is. And then, then come back and, and come to us and say, okay, I’m ready. And I’m comfortable with hospitality investing.

Bryan: [00:18:20] Okay. That’s really cool. So, what kind of ROI and IRR can we expect, like on a normal scale, just to give us an idea.

Daniel: [00:18:29] Yeah. Yeah. So, in general, with the exception of, of, overall projects with the exception of California and New York. Most, most of the real estate investments we’re going to be dealing with are going to be Hilton and Marriott hotels because flagged hotel brands out there, and they roughly trade at like a seven and a half cap. And the reason why we go for them is because of that, Hyatt and other brands usually trade at eight and a half cap, or maybe even higher for kind of mom and pop hotels. So, so usually we, we acquire these hotels at roughly seven and a half cab off of, off of actual T twelves. And then once we go in and do the improvements, and then it turns out to be more like between 10 and 12 after we increased the value of the hotel. And, and, and it’s because most of these hotels are existing and operational, so we know exactly what they’re making, what they made three years. The internal rate of return usually falls in the 20% range. Though Mike’s analysis is usually pretty conservative, for example, with our, our last three months, and the same, we have already beat what we projected and Beat what the three months were less, the same three months were last year under the previous management. Yeah. And then, and then cash on cash usually ends up being right around the tab, 11 to 12.3, three average annually. And, investors typically earn 1.7 to two X equity multiple over three to five-year projects. Mostly depending on size, our next deal is a little bit bigger. It’s about 205, 206, doors, keys. And the courtyard Marriott we have is, was, is 145. So that one’s three-year term. We, we anticipate a five-year term for this next, next project.

Bryan: [00:20:27] And I know for this question, I’m kind of curious, like, what’s that exit like for hotels? So, you just sell it like a big multifamily tea out of it.

Daniel: [00:20:36] Exactly. So, we, we carried our same equation from multifamily to the hotels. So, it’s, it’s basically similar to the brrrr. Yeah. The type of, type of, kind of a plan. We increase the capitalized value by decreasing expenses. And we do that by plug it into the scaled system. The one point $3 billion system of our partner. We do that. And then they also have a huge sales and marketing team too, and then they’re, they’re very, very good at turning around food and beverage at these hotels. So combined, we increase NOI, therefore, increasing the capitalized value of these hotels, which we then cash-out refi.

If we want to hold them, we can cash out, refi returns all our money to our investors. And, I didn’t mention before, but we offer investors a preferred return plus equity. So, when they get their money back, they are the preferred return goes away because all their, all their money is returned to them and they keep their equity perpetually until we sell.

And then they get that, that equity payout, when we, when we sell, and then if we decide that we want to sell right away, they just get all their money back. Plus, the equity payout from, from, the equity that they own.

Bryan: [00:21:56] I like that, that that’s, that’s really awesome to hear. I appreciate that.

Daniel: [00:21:59] Yeah. So, so I think that the the key part of that, that kind of differentiates us is that when the investors get their money back, they retain the equity and continue to get a distribution every quarter until that hotel is sold.

Bryan: [00:22:14] Okay, well, that’s, that’s really cool.

Daniel: [00:22:16] Yeah, we can, we can carry on their investment to the next deal and just kind of build, build our investors equity into multiple hotels. What using the same funds should they, should they decide they want to stay with us?

Bryan: [00:22:29] And on the legal side of things, would you say that hotel investments would involve a lot more illegal paper compared to us?

Daniel: [00:22:36] We, we, you know, by the time we get to the actual deal itself and getting the deal ready to raise funds, we’re probably in it roughly. Half a million to 750,000, which is, which is the kind of makes this a kind of a niche, a barrier that it raises the barrier entry barrier to entry and, with, with our group, we’re, we’re kind of in a niche market where we’re small enough to, for example, our courtyard Marriott, we closed three and a half months ago, we purchased it from a $4 billion portfolio and they just, they’re just so big that they didn’t want to deal with a renovation. You get a few million like a million dollars or $5 million. Just isn’t worth it for them for a $4 billion portfolio.  On the opposing end, our next deal is from a single owner, who just can’t run the hotel that efficiently. Because they just don’t have the scale and the scaled pricing of vendors and the resources, like an 85, 75, 80% sales team that our operator has to boost everything.

And so. That’s why we can get this hotel at a similar price per door, under the comp set. And that’s kind of the deals that we’re, we’ve been sticking to, to, to make sure that we have so much room before the comps catch up to us. And so, it, it, it removes a lot of the risks of, of a worst-case scenario happening.

Bryan: [00:24:15] Yeah. I agree with that. I mean, would that be said, like, hypothetically, you know, as, as you mentioned before, like to enter into hotels, there’s a high barrier.

Daniel: [00:24:25] Yeah. Yeah. So it’s not only the obvious, which is, which is money because you’re looking at, I mean, we’re looking at the bottom of the line, like not quite the bottom of the line hotels, like the boutique hotels, but more of the bottom of the line of the Marriott and Hiltons because they’re in the Midwest. It’s, it’s the best cap rates, the best pricing. And, we’re still looking at 25 to $40 million hotels. I recently had a call with a group down in, SoCal who bought, the hotel across from LaGuardia for 120 million. So, we’re, we’re, that’s definitely not our we’re. We’re trying to cater to the 99%. We’re trying to cater to, just to give you an idea, the person who goes and doesn’t want to stay in union square in San Francisco. They’re going to go rent a courtyard, Marriott or Hilton garden Inn in Daly city, and then rent a car and drive in. And that’s 99% of America. And so, we’re going more for the volume cashflow as opposed to the glory, a hotel in union square.

Bryan: [00:25:40] So whatever works, man, I, I admire that. Hey, so for the next section of the podcast, want to focus more on, on you Daniel. Okay. Want to know more about you? So, what is your reason for investing to real estate? What is your, what is your Why? You mentioned before that, you know, you wouldn’t get your job, your passive income, but what do you hope to do once you accomplish both of these things?

Daniel: [00:26:05] Yeah, so part of that, has to do with why we moved into hotels as well. And, it’s, it’s mostly, it’s mostly for family, future family. We don’t have kids yet, but I know we will. 

Bryan: [00:26:19] You’re married by the way.

Daniel: [00:26:21] Right? Yes.  I’ve been married for three years now. Thank you. And we have a, we have a four-legged furry son.

Bryan: [00:26:32] I have three, four legged furry kids.

Daniel: [00:26:34] Now. Yeah, very popular. And I was thinking about my, my portfolio by multifamily portfolio. It’s being managed by, Nate and Mike’s property management company. And I was thinking if they retire in their kids don’t want to take over, there’s nothing that will keep that business open. Whereas the Commonwealth, there is 1700 employee company. The CEO is retiring soon, but there’s a president, vice president. There’s. You know, a big, big line of succession. And so, it’s a, it’s the company itself is a kind of a professional entity.

So, they will always be there grooming the next generation to run the company. And because of that, we can have our hotels with them and it can, it can stay with them even beyond our working years in our lives.

Bryan: [00:27:34] I like that economizing the book called built to last.

Daniel: [00:27:38] Exactly. Yeah. Yeah.

Bryan: [00:27:39] It feels like, you know so in the boat,

Daniel: [00:27:41] You know what I’m saying? I’m saying, yeah, yeah, exactly. Like I actually read it.

Bryan: [00:27:46] The book is really good. So, in the book, they’re like, yeah, like most companies will end as soon as the founding member passes away.

Daniel: [00:27:52] Exactly.

Bryan: [00:27:53] How do you build that? Our last and company, whatever you totally remind me, reminded me of that book. So highly recommend to all the listeners out there. No. Great book.

 Hey Daniel, what are your, what are your short-term goals and long-term goals, now on? Like, what does it look like from the end of next year to five, 10 years now?

Daniel: [00:28:11] Yeah. So, so right now I’m just concentrating on, so we’re, we’re very comfortable. We have an amazing life. I’ve probably been on four vacations in the past 12 months. Going on another one at the end, at the end of Thanksgiving. So, we went to, Australia, New Zealand in October, Hawaii in January. Well, we, we visited my, my wife’s parents at Idaho. It’s not really a vacation, but it was away from home. What we got to see Montana and the, the place where Leonardo DiCaprio floated down in The Revenant and some cool nature stuff.

Then we’re going to Turk’s and Caicos, after the Monday after Thanksgiving. And it’s kind of given us the freedom to do that. My wife, because of the passive income. My wife works two days a week, Saturdays and Sundays. And she has Monday through Friday off that we can, we can go and travel or just, just be healthy.

Bryan: [00:29:14] Real estate too. I love it.

Daniel: [00:29:15] She’s a nurse. She, she does her exercise class in the morning. She goes on walks. The dog has, has her breakfast takes a shower, and then it’s one.

We just go do whatever.  And then, yeah, so long-term goals include continuing to build this. so, we’re comfortable with the passive income. We just want you to be able to build more so that we, we become, we’re able to become a little bit more mindless. Should we decide about teachers?

Bryan: [00:29:49] I liked that man. That’s those are really, really good goals.

Daniel: [00:29:52] Yeah.

Bryan: [00:29:53] What kind of advice would you give someone that’s just starting out in real estate? Now, knowing what you know now, what would you give them? Like, would you tell them for hotels?

Daniel: [00:30:03] I, honestly, I, I accidentally did this because I’m just, I naturally get bored really easily. So, I jumped from one thing to another so much. But, for example, if you want to get into real estate, I would say, just start small. If you’re a realtor, concentrate on saving and then starting to invest, even if it’s small, because, ideally, and I tell this to everybody, it’s like, you want to work one X and make 1.1 X, one X and solely make 1.2 X and then work one X and make 1.3 X and just all the way up. And a lot of people try to do too many things actively. It’s like, and active is fine. If you’re going to, if it’s going to build long term passive income, and if that’s your goal, it’s different for everybody because some people just can’t sit still and they, they need to go be a real estate agent, a flipper at the same time, because they just can’t sit still and, and to each their own, it’s just, if you want to follow my lazy life, then..

Bryan: [00:31:13] We all like to follow your lazy life, Daniel.

Daniel: [00:31:15] Speaking of which, I’m actually playing golf with my dad tomorrow.

Bryan: [00:31:21] We get it, Daniel.

Daniel: [00:31:23] So that’s what I recommend. Just start small. Start earning passively. Yeah. Then building that passive until you’re working one X and earning two X. And at that point you have the freedom to only, only earn to a one X without working one X.

Bryan: [00:31:44] I agree.

Daniel: [00:31:47] And then I understand, like I can go back and get a job and make 150, 200 K a year extra.

But in reality, to me, the family time is more worth it to be able to Hanging out with my wife, hanging out with the dog and then have both of us at home five days a week when the kids are growing up to make sure that they’re not getting involved with the wrong people, getting their homework done, all that stuff is way more important to me than an extra 150 to 200 K a year.

Bryan: [00:32:19] Yeah. I mean, the purpose of making money is to kind of like enjoy your life and.T

Daniel: [00:32:24] Yeah. And then, I mean, no offense to other people that, that are into careers. that are much more hardworking than I am, but, but for me, it’s like I never could care less about a career. So, to me, a career is, is meant to provide you with the things you love in life and your life isn’t dedicated to building. And being completely dedicated to a career. Yeah.

Bryan: [00:32:51] I, I agree with that statement as well.

Daniel: [00:32:53] And a lot of people will agree to disagree and that’s a, and it’s our privilege to, educate. Yeah. It’s our, it’s our privilege to be able to disagree.

Bryan: [00:33:04] Exactly. That’s a great one, man. Yeah. So, as they’re approaching the end of the podcast, what is your favorite book or podcast that super inspired you that’s not rich dad, poor dad?

Daniel: [00:33:17] So, I, I honestly don’t read very many books or listened to very many podcasts, gave me a hundred percent, a hundred percent honest. There’s one thing that has motivated me and it’s kind of funny. I, I have an uncle. He’s probably not going to listen to this. And if he is too, I am not bashing your system. I promise. He is, is he’s religiously following the academic version of retirement. Stash away, 15% of your income. and as long as you make 60 K a year or more, you earn 6.6% compounded returns for 40 years, you’ll have $1.6 million in retirement, and you can retire at the… if you, if you contribute 15%, you’ll retire the same way you lived when you stopped working. And, and that, that just didn’t work for me because of the 40 years part, the 40 years part of working just did not work. And so, so anyway, he, I was talking to him one day about life insurance. And I had a, I had like a modified whole life insurance policy and he gave me this whole ramble about why are you doing that? You can reinvest the difference between, the term life insurance and the whole life insurance. Why do you even need that big of an insurance policy? You’re never going to be worth 10 million or more. I really, I was like, It might. I was like, what did you say? I’m not going to be worth how much? Every single day until the day I hit 10 million, I’m going to think of that.

And that’s, that’s what really, really drives me. And I still, I still kind of, I felt kind of insulted by that. And so, and so I’m still building, to that point, the 10 million and, and really, in terms of to answer your question more in terms of, Kind of my, I have to, I have to give credit to my mentors, throughout my whole career. There’s a, a, there’s a lender in, Los Altos. His name is Chris Bridgeman. I don’t know if anybody’s going to. He’s probably not going to listen to this, but he was like first, a lender mentor and then, Lana Nguyen, Rich’s wife, was my first flipping mentor, she kind of taught me everything that I knew about flipping.

And then, Rich took me under his wing when I started real estate and he really helped me. And then, when I went to Cincinnati, Nate Barger, and Mike Eely, they have taught me everything in the last couple of years or so and so much from, and I definitely wouldn’t be where I am. Oh, another guy, when I, I switched mortgage firms, another guy who was my mentor has then is, Victor Laboo in San Jose. He has his own mortgage bank, but, so all these, all these people have basically molded every single part of my, I had to give them a, I had to kind of give them a shout out, everything, everything I know and everything that, that created my experience into a package that, that got me, where I am today was because of, because of all of them.

Bryan: [00:36:31] Definitely man. 

Daniel: [00:36:34] Sorry to say listeners out there. I don’t really have any, a bucker podcast recommendation because I just don’t. I just don’t do it too much reading

Bryan: [00:36:43] It’s okay. Hey Daniel, what’s the best way to reach you and contact you.

Daniel: [00:36:49] Yeah. So, the best way to reach me is probably via email.

My email is Daniel@Nassauinvests and that’s the Nassau like the city in the Bahamas. Nassau is Mike’s company. And, Mike loves The Bahamas. so, it’s N A S S A U invests. plural I N V E S T So, Daniel, Daniel,

Bryan: [00:37:17] Awesome. Hey Daniel, thank you so much for being on the podcast, man. Appreciate it.

Daniel: [00:37:21] Thanks for inviting me. It makes me feel somewhat important.

Bryan: [00:37:24] You are important.

Daniel: [00:37:26] Not just to my wife and my mom.

Bryan: [00:37:30] Alright, man. Thank you.