Episode 161: Creating Prosperity: The Power of Private Lenders in Real Estate

Randy Langenderfer, an experienced multifamily real estate investor, joined Jay Conner on the Raising Private Money podcast to share his wisdom on creating passive income through multifamily investing. His strategic transition from corporate life to financial independence is an inspiring journey for anyone dreaming of a similar life change.

Navigating the Shift: Corporate to Multifamily Investing

Randy Langenderfer detailed his deliberate exit plan from the corporate world, aiming for financial freedom by 2023. This plan set the stage for his foray into multifamily property investments, considering the substantial equity necessary to enter the game. Securing $650-700k by himself, Randy triumphed in raising a total of $3.63 million for a property in Beaumont, Texas, catalyzing his journey into scaling investments through others’ capital.

Leveraging Private Money: The Syndication Strategy

Jay Conner and Randy delved into the mechanics of using private money to scale a real estate business. Randy expounded on the power of syndication in multifamily investments, clarifying the roles of limited and general partners. Similar to single-family investments where the investor plays the general partner role with private lenders as passive investors, Randy highlighted the advantage of pooling resources and know-how to achieve common investment goals.

Starting With Trust: Finding Your First Investors

One of the keystones to scaling in real estate is other people’s money, and Randy’s first advocates were his friends and family. This kickstarted his fundraising, eventually turning to a broader audience. The significance of shifting the mindset to be open to this form of capital is crucial for growth, a sentiment echoed by both Randy and Jay.

Education as a Tool: Multifamily Maestros Program

Randy discussed “Multifamily Maestros,” a mentorship initiative designed to guide budding investors. The program offers a comprehensive starting point with 12 modules, weekly coaching calls, and personalized support. Its 30-day trial at $197 suggests a commitment to accessibility and education in investment, fostering new talent in the industry.

The Art of Investment: Insights Behind “Maestros”

Understanding the name “Maestros” gave depth to Randy’s educational approach. The term reflects a mastery of craft and an orchestration of skill, mirroring the program’s intent to harmonize various dimensions of multifamily investing.

Strategic Networking: Building an Investor Base

Randy emphasized the importance of establishing oneself as an industry thought leader to attract investors. It’s critical to leverage social media, develop efficient pitch decks, and most importantly, sustain long-term relationships that lead to trust and commitment in future projects.

Leading With Value: The Education-First Approach

Jay Conner shared his success story in single-family investment by prioritizing education over immediate deals. He highlighted the importance of informing potential investors about options such as self-directed IRAs, setting the stage for informed partnership decisions. Both hosts agreed that education leads to empowered investors and healthier business relationships.

The Future of Private Money in Real Estate

This episode was more than a mere conversation; it was a blueprint for those seeking to build wealth through multifamily investing. By embracing private money, cultivating relationships, and prioritizing education, real estate investing can indeed become a cornerstone of one’s financial independence. Randy’s insights provided a road map for new and seasoned investors alike, making this episode a pivotal listen for anyone interested in unlocking the potential of the multifamily market.

“I wanna help people at a much lower entry point come into the multifamily space and learn about it. So we developed this program, I call it, the true value hardware approach. We think there’s value in the community talking to others who want the same things and having someone to help you prevent making problems that we do.” – Randy Langenderfer

 

10 Lessons Covered in this Episode:

1. Exit Corporate Life: Strategize financial growth to transition from corporate to full-time real estate investing with a targeted date.

2. Equity Raising Fundamentals: Understand the process and importance of raising equity from friends, family, and networks to invest in multifamily properties.

3. Syndication Explained: Learn syndication’s structure with Randy detailing the roles of limited and general partners in multifamily real estate investments.

4. Private Money Leverage: Discover how leveraging other people’s money can scale your real estate business and compare single-family vs multifamily approaches.

5. Finding Private Lenders: Start building capital with friends and family; shift your mindset to tap into private lending sources effectively.

6. Multifamily Maestros Vision: Explore the mentorship program aimed at helping newcomers enter the multifamily property market with less capital and guidance.

7. Mentoring Program Benefits: Gain insights into a comprehensive program offering modules, coaching, and personalized support for multifamily real estate investment.

8. Maestros’ Significance: Understand the reasons behind choosing the name “Maestros”, emphasizing an expert-led approach to multifamily property investment.

9. Investor List Building: Use social media and thought leadership to build a list of potential investors and create a compelling pitch deck.

10. Educational Approach: Lead with education to attract private money in real estate, highlighting the strategies for single-family investment and self-directed IRAs.

 

Here are three fun facts that were revealed in the episode: 

1. Randy Langenderfer successfully raised over $5,000,000 in private money and is now involved in over 4,000 real estate units.

2. After almost being laid off, Randy transitioned from focusing on his corporate career to hard money lending in single-family homes and eventually to multifamily syndication.

3. Jay Conner raised nearly a million dollars in private money by leading with education and informing investors about self-directed IRAs, even without having a specific deal in place.

 

Timestamps:

00:01 – Raising Private Money Without Asking For It

04:25Transition from corporate finance to real estate investment.

08:32Deliberate effort to leave the corporate world for growth.

11:35Syndication: Investors pooling resources to buy property.

13:32Limited partners provide passive funding for real estate.

18:49Pitch real estate investment, and grow connections systematically.

21:08 – Differentiating raising private money with an educational approach.

23:16 – Attract money through education and self-directed IRAs.

27:00 – Connect with Randy Langenderfer: https://www.MultiFamilymaestros.com 

28:50 – Personalized hardware store with affordable prices and guidance.

30:46 – Maestro’s role in directing and guiding students.

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Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $67,000 per deal.

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Creating Prosperity: The Power of Private Lenders in Real Estate

 

Jay Conner [00:00:01]:

Welcome to another amazing episode of Raising Private Money. I’m Jay Conner, your host, and this is the show where we talk about getting all the money you would ever want for your real estate deals without even having to ask for money. Well, as you know, I have amazing guests here on the show and we talk with them about how they raise Private Money. Well, my special guest today on today’s show has raised over $5,000,000 in Private Money. Now way back when he started, his very first real estate property they got started with was actually a duplex. You know the model. You live on one side, you rent out the other. Well, fast forward to today, he has invested in over 4,000 units all across Texas, Oklahoma, Ohio, Louisiana, and all over the place.

 

Jay Conner [00:00:49]:

Well, in addition to all that experience, he’s got some professional credentials. He has an MBA in finance. He’s, also a CPA. Well, in this episode, we’re gonna dive deep and hear how in the world he’s been so successful in this, and more importantly, why does he do this? In just a moment, you’re going to meet my very special guest, mister Randy Langendorfer, right after this.

 

Narrator [00:01:17]:

If you’re a real estate investor and are wondering how to raise and leverage Private Money to make more profit on every deal, then you’re in the right place. On Raising Private Money, we’ll speak with new and seasoned investors to dissect their deals and extract the best tips and strategies to help you get the money because the money comes first. Now here’s your host, Jay Conner.

 

Jay Conner [00:01:45]:

Randy, welcome to the show.

 

Randy Langenderfer [00:01:48]:

Jay, it’s a pleasure to be here. Thanks so much. Well, you made me sound a whole lot better than I am in that intro, but, that was very kind

 

Jay Conner [00:01:55]:

of you. Absolutely. I just love sharing the experience that my amazing guests have, and, I mean, you rank right up there. So I’m interested in knowing, Randy, how old were you when you did that first duplex?

 

Randy Langenderfer [00:02:09]:

Yeah. My wife and I, when before we ever bought a house, that was our first, acquisition. We bought a duplex. As you indicated, we’re house hackers. I didn’t know what the term house hack was then. But, yes, we bought a duplex, lived in one half, rented out the other half, and I was in my mid to late twenties. And then we owned that for about 4 or 5 years, and, you know, I got real busy on raising a family and trying to climb the corporate ladder. And then, came back to real estate later in my career about 10 years ago.

 

Randy Langenderfer [00:02:41]:

And so that’s the real quick, the down and dirty on the house hack.

 

Jay Conner [00:02:45]:

Man, I am jealous of you. You did it starting in your mid-twenties. I didn’t start until I was 43 years old in this world, and just think what more we could’ve I could’ve accomplished if I started with you. So that was your first investment. And, I mean, you know, fast forward, you got over 4,000 units now. So, tell us tell us that story. So you did the duplex. You know, you got involved in raising the family.

 

Jay Conner [00:03:12]:

You’ve been in the corporate world. You’re still in the corporate world today. And in fact, one of the conversations I want us to have is how do you how does someone balance, you know, that full-time job while doing real estate investing as well? But take us back to actually when you really got serious about the business and how that grew.

 

Randy Langenderfer [00:03:34]:

Well, I’m actually, actually exited the corporate world about 9 months ago, in the summer of 23 to do this full-time. But I got started as I said, because I always had real estate in my blood very early in life. And, I conned my wife into doing a house hack as we said a duplex, And it was, it was a wonderful experience. You know, at the time, I was everything. I was the leasing agent. I was the maintenance guy. I was the lawnmower and everything in between and I was just, forgive me, young and dumb and, didn’t know any better or an easier way to do it, but we ended up growing a family and quickly grew out of the duplex and had to have a house, so I sold that. And like I said, I was absent in the real estate years probably 20, or 25 years, after the house hack.

 

Randy Langenderfer [00:04:25]:

Like I said, raising a family, climbing the wall, climbing the ladder in corporate America, and realizing that at the end of the day 2011 ish 12 ish I realized that I really needed to find another income stream. I was working for a private equity firm in the Cleveland, Ohio market, where I was living at the time and was it fear of being laid off, not because of any performance issues I had encountered, but just because the company was going through some challenges, financial. The easiest way to do that is get one of get rid of some of their expensive labor, which was me. Luckily, it never happened, but I had a brother-in-law who got me into at the time, the next entree into real estate was single-family hard money lending. And so I started to become and became a hard money lender for living while living in Cleveland, Ohio with a group out of Dade County, Miami Beach area flipping houses and we were as you would imagine just we were the bank, we lent money, oversaw the acquisition, the repair budget, maintenance, blah blah blah and took a hefty interest fee for doing so and that was successful, but I knew that wasn’t gonna last forever. And when I relocated to Houston for business reasons, I fell upon multifamily. And I learned the power of syndication and using other people’s money. You would think a finance guy like me would have understood that or known that beforehand but I’m just a little slow j and had to take a little longer to pick it up but understanding the value of syndication, other people’s money and so I’ve been off and running.

 

Randy Langenderfer [00:06:16]:

Fast forward to today I’m a general partner in about 1500 doors and I’m a limited partner in probably 3000, 35 100 doors. I still invest in other people’s money, other people’s deals and I will as long as I’m alive because I’m all into this asset class. Really enjoy it. So you know both sides of the desk. You have been,

 

 

 

 

Jay Conner [00:06:40]:

you are a private lender, and you borrow a lot of Private Money through syndication. So you understand both sides. So it’s been my experience, Randy, that most real estate investors get involved in Private Money as far as borrowing Private Money. There’s a story. There’s a pivot. There’s something that happens in their, journey that causes them, maybe out of necessity, to start using other people’s money, individuals, instead of the institutions and the banks. My short story is I started investing in single-family houses in 2003 in Eastern North Carolina in a very, very small market still there now today. At the very in the first 6 years that we were investing, everything was fantastic using the local bank’s institutional money.

 

Jay Conner [00:07:40]:

And then in January 2009, I was cut off from the banks with no notice along with the rest of the world. And so it was that was my pivotal moment. I either had to go home with my tail between my legs and quit, or I had to find a better quicker, and easier way to fund my deals. And so out of necessity, I was forced into learning about Private Money and using other people’s money. It was the biggest blessing in disguise in our entire journey, in our entire business. Our business actually tripled in the midst of, a global financial crisis by starting to use Private Money in 2,000 versus relying on institutional money. What’s your story? What happened when you started using Private Money, other people’s money?

 

Randy Langenderfer [00:08:32]:

Great question. And, Bob, it sounds like one I’d like to hear a lot more about sometime because that seems like a good lesson learned. But my journey really started out of a very conscious effort that, in 2014, when I moved to Houston, Texas, I was setting myself a very deliberate pathway that in 2023, I was gonna leave the corporate world and so I needed to grow my income to support that difference. And I very consciously had that date circled. I probably could’ve left a lot earlier if I’d wanted to, but quite honestly, I was stubborn and had to meet that exact goal I’d set. But the impetus was really to grow the business for me. I had learned the model of underwriting and how to find properties and how to build teams, and I realized that if I was ever really gonna grow, I needed equity to put in deals, multifamily, you know, those deals just continue to get bigger and bigger, and so I needed equity. And they’re very simple, it was time for me to put up or shut up.

 

Randy Langenderfer [00:09:42]:

If I was gonna do this, then I needed to embrace all the friends and family to start with and build from there. And so, you know, the first time out in 2018, my partners and I found a property in, Beaumont, Texas, but for your listening audience, that’s about 100 miles due east of Houston. And, we found a property that, oh, everyone would tell you not to buy. It was a 132-unit, flat-roof chiller boiler system built in 1965. And, by all definitions, you wouldn’t do that. I wouldn’t do it today, but we had to raise 3.2, 3.6,3.6. And I raised 650 or 700 of that. And I was just I was the biggest person in the partnership that raised the most.

 

Randy Langenderfer [00:10:33]:

And, I was just off and running. I was, you know, how do I how do I monetize this? How do I process up to build this? How do I find more investors? How do I do more? Because once you realize the big guys have an unlimited supply of capital because they’ve built up a beautiful network, then it’s just finding the deals. And I think finding the deals is probably easier than raising the money, but back to your question, the impetus was me that’s just to grow my business.

 

Jay Conner [00:11:08]:

Yeah. So you wanted to start using Private Money to scale your business. Right? Yes. So, you’ve used a couple of terms that I wanna make sure our listening audience understands. You used the word you used the word syndication. You used the word general partner. You used the word limited partner. Define what those phrases and words mean.

 

Randy Langenderfer [00:11:35]:

Yeah. So a syndication is really just a group of investors who pull their resources together to buy a large in a large asset, a large multifamily. So a large multifamily property, the the numbers keep getting bigger and bigger, but if the bank puts down 25 to 35 per or or 60 to 65%, you still have to raise 30 to 35% equity in the deal. And so let’s just say, very simply, if it’s a $10,000,000 deal, you need to raise 3 and a half $1,000,000, at probably the least. So very few people have the ability to stroke a 7 figure check, so you you go out and you find in a syndication you combine resources of a group of investors, and those investors are called the limited partners. They have limited liability, they have actually no liability other than their investment, and the term general partners are the ones in that syndication that find the deal, do all the due diligence on the deal, get the loan for the deal, find the property management company, and so they’re very active in the deal or the limited partner is the one the illustration I’m sure you’ve heard, Jay, the pilot in the front of the plane is flying the plane. He’s gotta look at all the, air traffic control and the weather and what’s going on outside, and he’s responsible for everything while the and he’s the general partner in that illustration, while the limited partner is the passenger in the back of the, plane sitting there drinking their favorite beverage, reading the book, and just relaxing and enjoying the ride. So either one works.

 

Randy Langenderfer [00:13:23]:

You just gotta decide which one you wanna do. The active slash general partner or passive slash limited partner.

 

Jay Conner [00:13:32]:

I was gonna say, and you just said it, limited partner, aka, passive sit back, just get returns, and the general is the operator. They’re out there making it happen. So to compare that, what you just explained in commercial or multifamily, to compare that to single family, which is primarily my world, single-family houses, how we use private lenders is the real estate investor, the real the entrepreneur. We’re like the general partner in a commercial project where we’re finding the deals, overseeing the deals, overseeing the renovation of that single-family house, And then the private lender or private lenders that are funding that deal, they’re totally passive. Their only interest is getting the return on that. So the difference in terms here in the world of single-family, we call in contrast to, syndication, in this world of single-family, we call it one-offs. One-offs. So, in the world of one-offs, where you’ve got a single-family house, you’ve got that one single-family home property that’s being funded by a private lender or a couple of private lenders.

 

Jay Conner [00:14:52]:

So in your world, Randy, of commercial multifamily, you’re combining, okay, you’re combining institutional money of about 65 or so percent of the project of the deal, you’re combining that with, 35% that’s coming from individuals or other people’s money. So at the end of the day, I’m tired of that phrase, but I can’t think of a better way to say it. At the end of the day, private lenders are private lenders. For individuals who are investing in real estate passively, it’s just a matter of how the deal is being structured. Right?

 

Randy Langenderfer [00:15:33]:

Yeah. I mean, and it’s absolutely, and it’s probably just how much money the passive investor wants to put in. You know, they could probably I don’t know, just depending on how big your single-family fix and flips are. They may be able to get in more multifamily or less, but you’re absolutely right. It’s the ability to pull money together, and you’re leveraging it that’s why we all buy real estate you want the advantage of leverage whether it be a bank in a multifamily or a person or persons in a single-family. You’re using the concept of leverage to propel your returns because you’re using someone else’s money.

 

Jay Conner [00:16:13]:

Exactly. Now, Randy, one of the most common questions I get from new real estate investors or real estate investors that have never raised Private Money is, where do you find these people? Where are these people that, you know, are gonna invest in your deal? So I love to talk about that, but I wanna hear and my audience wants to hear. What do you say? Where do you find these private lenders?

 

Randy Langenderfer [00:16:38]:

Well, that’s really the challenge of what you’d call a capital raiser or somebody that’s looking for capital. So in my world, I do 2 things. I do I find deals and I find investors, and then you try to match the 2 up. And so assuming you have a deal, what you do is or what I did anyhow is everybody generally starts with friends and family, and you tell your brothers, sisters, your aunts and uncles, that little, snot nose kid that they used to know, wants to raise several $1,000,000 to go out and buy a multifamily apartment building. And they kinda look at you strange, but you, it’s really a mindset shift, and it truly is. I know that’s simplistic, but, you have to get over it, and I had to get over it. I’m the most conservative of all, as a finance professional who doesn’t like to ask people for anything, let alone money. And so you have to kind of get over it, but you start with your friends and family is the way you are.

 

Randy Langenderfer [00:17:40]:

And then I did a lot of education for myself about how you raise money. And, you know, you start by building a list. So you have to have a list of potential investors recognizing you probably gotta talk to, I’ll say, 50 to get one to start out with. But you talk to friends and family. You start to use social media by putting content out on social media, your LinkedIn, your Facebook, and you wanna build your brand so that people see you as a thought leader. And you know if you get out on social media today there’s dozens and hundreds of them doing it today, giving away free information, educational material, so it takes a while to develop your sweet spot, but you’re on the social media, you’re trying to develop a position as a thought leader in this space. And even though you may not have a deal to start with, I started to develop what I’d call a pitch deck. So it was a pitch deck that said, here’s how multifamily works, a group of investors forming a syndication.

 

Randy Langenderfer [00:18:49]:

And, you know, if I can get you 6 to 9% cash on cash return and potentially double your money in 5 years, I just simply asked, would you entertain it? Would you talk? Would you look at it? Well, anybody that’s savvy would say, sure. I’d look at it. I’m not gonna commit anything, but I’ll look at it. And the conversation starts there. So you start on social media, you build your pitch deck wherever you can get in front of people, meetups, podcasts, any place you can talk to people at networking, commercial, or single family conferences. It’s not hard. You start to put a list together. I then started publishing a monthly newsletter to all that list and just telling them news in the industry, in the space so that I was perceived and growing as a thought leader so that you want to begin to have a relationship with investors so that when I do have a deal you’re not calling Aunt Susie and saying, hey Aunt Susie can you give me $50,000 You wanna have a relationship, but you start with those people you know because they know you, and you can convert them to thinking about other alternative assets easier than you can cold calling somebody.

 

Randy Langenderfer [00:20:10]:

But the most important thing I think is getting the concept of building a long-term relationship and providing value to them in their knowledge transition from neophyte to experienced and these other alternative classes, be it single family or multifamily. I had a brother-in-law who first I remember approached me to do single family, hard money, and I said, you’re stinking nuts. But I educated myself and I became comfortable with the space to where I did write a check and we invested. And so, it’s a long process, I think, to really become proficient at. You don’t just start unless you have a lot of rich relatives raising 1,000,000 dollars, but I think you can grow it and it becomes evolutionary to where it can become something. To your audience, Jay, if I did it, anybody can do it.

 

Jay Conner [00:21:08]:

Well, one word that you just said in your answer was the word, and this really differentiates, how I raise Private Money, how you raise Private Money in contrast to maybe some other people, and that is leading with education. Leading with education. When I serve, teaching. When I first started Raising Private Money, and still to this day, when I’m attracting new Private Money, I separate the conversations with people by having a deal for them to invest in and, first of all, educating them upfront. So when I was cut off from the banks back in January of 2009, I put together what I call my private lending program where I would educate individuals, people in my own network, people that I go to church with, people that are in the Rotary Club, Business Networking International, any of my connections. I mean, at one private lender luncheon, I raised $969,000 just by educating without having a deal. You know what’s interesting is I’ve never pitched a deal. Now the reason I’ve never pitched a deal is because in the world of single-family, as in contrast to multifamily, it’s very easy to have people understand the rate of return you’re paying on deals, how they can get their money back in case of an emergency, etcetera, and how they’re protected.

 

Jay Conner [00:22:37]:

You know, we’re not borrowing unsecured funds. So first of all, I teach what the program is. And then when I have a single-family home for them to invest in, I don’t call them up and pitch the deal or ask them if they wanna do it. I give them what I call the good news phone call. I call them up. I say, look. I got great news. I can now put your money to work for you.

 

Jay Conner [00:23:00]:

I got a house in Newport with an after-repaired value of 200,000. The funding requires a 150,000. I know they got it. They already told me. Closing is next Wednesday. You gotta wire your funds by next Tuesday. I’ll have my attorney email you the wiring instructions. End of conversation.

 

Jay Conner [00:23:16]:

And the reason that is so easy to attract the money without asking for it, particularly, is if you have told them about self-directed IRAs and they never heard of self-directed IRAs and they’ve moved their money over, they’re waiting for you to call them. You are ethically bound to put their money to work. But in contrast but not really in contrast, as you were just saying, Randy, in multifamily space, you educate, you lead that away, but then when you have, like, a deal, a larger deal that you’re raising money for, then you’ll be explaining how that particular deal works. In the single-family, it’s like, okay. How much and when do you need it? So that’s sort, you know, sort of the differences. So I’m so glad to hear you say, Randy, you have the same philosophy that I do, and that is leading with education, leading with a servant’s heart. You know, it’s interesting to know I have 47 private lenders right now, individuals that are loaning money on our deals. And you know what’s interesting? Not one of those private lenders has ever heard of Private Money or private lending or self-directed IRAs where they can use their retirement funds to move over to a self-directed IRA and invest in real estate totally passively.

 

Jay Conner [00:24:38]:

So I led with education and therefore attracted the money without asking for money. Now one thing that you’ve got, Randy, I want you to tell the audience all about. You got this thing called multifamily maestros. What in the world that’s very intriguing? What in the world is Multifamily Maestros?

 

 

 

 

Randy Langenderfer [00:25:00]:

Well, before I answer that, I will tell you a quick story about the power of the self-directed IRA which you know, but for your listening audience. So, I’ve mentioned the finance professional, and the first time a brother-in-law came to me to flip a house in South Florida and said, we needed to use our self-directed IRAs. And, you know, for an educated person in the traditional manner, that is an absolute no-no to take long-term money and invest it in what we’d call an alternative asset, hard money in a single-family or a syndication in multifamily. And, he told me this, and I said, you’re nuts. I said, you’re crazy. There’s no way. But once I learned that it was totally legal, it’s, out there for many people, and people don’t think they have money to invest in these things. They find they have previous employers where they can transfer the money as you said and put it to work earning a much higher rate of return.

 

Randy Langenderfer [00:25:58]:

And then I always try to educate and help tell them about, you know, the value of diversification. I grew up with the traditional approach of syndication. I mean, there are equities and bonds, a diversification strategy of, you know, some large-cap small-cap. I always tell the story of my last employer here in Houston, Texas, a large academic medical center has a 1,000,000,000 5, that’s with a b, endowment fund, and when I first got there 10 years ago they were doing the traditional asset allocation equities, bonds, foreign, domestic, large, small-cap. By the time I left, they were putting anywhere up to 12% of that 1,500,000,000 in commercial real estate. And so I quickly realized that a lot of these institutional investors are using that as a diversification strategy too. So once you help people understand the power of that, it’s really interesting to see their eyes light up, when they get their first check. I haven’t forgotten about your question.

 

Randy Langenderfer [00:27:00]:

Multifamily Maestros, so I’ve had, like you, I’m sure Jay, have had the privilege of having a lot of people that have built into my real estate journey and helped me get to where I’m at today and I’m thankful for that. I first got involved in a large institutional group in Houston, Texas called, Lifestyles Unlimited. I then transferred to Sumrock Group in Dallas, Texas. I’ve also been in the Rad Khalif group. There are to mention to your audience, there’s from a multifamily perspective. There’s Jake and Gino and Michael Blanc and Mark Kenny’s group, all large, national mentoring organizations, and how to learn about getting the multifamily property. They cost a lot of money. I never went the approach of fully investing it, but they want 25, $30,000 to get into those programs.

 

Randy Langenderfer [00:27:58]:

And I was just stubborn enough to say I was gonna teach myself, and I did over a longer period. I probably would have gone quicker if I had done it. So a colleague of mine started earlier just a couple of months ago, started what we call the Multifamily Maestros. It is a mentoring slash coaching program to help people become proficient in how to acquire multifamily properties. You help people acquire single-family properties. I wanna help people at a much lower entry point come into the multifamily space and learn about it. So we developed this program, I call it, the true value hardware approach. I don’t know if you’re a do-it-yourself or not, but if you go into what I’d call the big box like Home Depot or Lowe’s, I can’t ever find somebody to ask questions to or talk to.

 

Randy Langenderfer [00:28:50]:

And I recently went into my True Value Hardware store, to find something about the project they had going on at home. And the person met me at the front door and said, how can I help you? And so we just wanna give a very personalized approach. It’s myself or another guy, you’re not gonna get our underlings, you’re gonna get us. We’re we’re starting this up. I said we’ve got 4 students right now, but we’re looking to hopefully grow that a little bit and we’ve got it at a much, much lower price point that’s much more reasonable for people. And so we’re we’re trying to provide value back to them in that manner. It’s a lower price point. We think it’s there’s value in the community talking to others who want the same things and having someone to help you prevent making problems that we do.

 

Randy Langenderfer [00:29:36]:

At least you’ll make different ones. You won’t make the ones we made. And, there’s just a lot of so it’s it’s 9 it’s I’m sorry. It’s 12 online modules that you take at your own pace. We have weekly group coaching calls, myself and my partner, and then, obviously, email support as well. But, we find that giving back to the community is important to us as well, and and we’re enjoying it and having fun with it right now, so we’ll see where it goes.

 

Jay Conner [00:30:05]:

I love it, Randy. So that URL, the website to learn about multifamily maestros with Randy is www.MultiFamilyMaestros.com.  I love the Maestro’s part, Randy. My wife, Carol Joy, and I are both musicians. We both write and compose music. Shoot. I’ve I’ve been writing music back to, the 19 nineties when my music was in Universal Studios movies. So I love I love the world.

 

Jay Conner [00:30:38]:

So just real quick, why do you have Maestros on www.MultiFamilyMaestros.com? Where is the where does the Maestro come from?

 

Randy Langenderfer [00:30:46]:

The Maestro’s was is it’s, 2 of us, and, it’s the fact that, you know, I look at the might the the Maestro’s is the kind of the director. Our logo, it’s got a multifamily with both 2 people on both sides of it with the conductor stick, you know. And so in my mind, the conductor is the one that I’m not out there doing. I’ve done it. I’m not gonna do it for the students, but I’m I’m directing them, calling in the trombones, and I’m calling in the trumpets or or whatever they are, and trying to make them harmonize together, at least in our minds. It’s, perhaps naive, but that’s that was the thought that between the 2 of us, we could shed some value on the the students and help them propel their growth.

 

Jay Conner [00:31:30]:

I love it. Randy, god bless you. Thank you so much for joining me here on the show.

 

Randy Langenderfer [00:31:36]:

Hey, Jay. I have one other quick one for you. Anybody that wants if they’re interested in that program, I think there’s a Contact Us on that website. I Wanna offer your audience a trial 30-day period for $197. You can’t beat the price. It’s gonna be, join our group calls and you have access to the first three modules. Let me know if you have an interest.

 

Jay Conner [00:32:00]:

That’s awesome. Thank you for that give, Randy. I really appreciate it.

 

Randy Langenderfer [00:32:04]:

Hey. It’s my pleasure. And thanks so much for letting me be on the show. You’ve got a great audience. I’ve been a fan from afar and, look forward to meeting you again one day.

 

Jay Conner [00:32:12]:

Alright. Sounds great. Well, there you have it. Another amazing show, another amazing episode of Raising Private Money. I’m Jay Conner, the Private Money Authority, and do me a favor. You know, I want you to share this episode. If any if this episode really made an impact on you, share this episode with someone that you know who would really like it, and I’d really appreciate it. I look forward to seeing you right here on the next amazing episode of Raising Private Money with Jay Conner.

 

Narrator [00:32:49]:

Are you feeling inspired by the knowledge you gained in this episode? Then head over to www.JayConner.com/MoneyGuide.  

That’s www.JayConner.com/Moneyguide, and download your free guide that shares seven reasons why Private Money will skyrocket your real estate investing business right now. Again, that’s www.JayConner.com/Moneyguide to get your free guide. We’ll see you next time on Raising Private Money with Jay Conner.