In the latest episode of “Raising Private Money,” host Jay Conner brings on Chris Larsen, a financial strategist who, with over two decades of real estate experience, has impressively raised more than $115 million in private money. Larsen, who began his investment journey at the age of 21, shares invaluable insights on how he transitioned from biomechanical engineering and finance to becoming a private lending and real estate investment authority. Here’s a comprehensive look into the key points discussed in this enlightening episode.
From Biomechanical Engineering to Real Estate Maverick
Chris Larsen’s journey into real estate started when he was a young college student juggling degrees in biomechanical engineering and finance at Virginia Tech. His first real estate venture was acquiring a single-family rental property. Despite the heavy academic workload, he demonstrated a knack for recognizing and seizing investment opportunities early on—a skill that would catapult him into various lucrative endeavors over the next 20 years.
The Power of Private Money
Jay Conner introduces Larsen as someone who has successfully raised over $115 million in private money. Chris’s success is anchored in his philosophy of building trust and mutual benefit. As Jay underscores, the challenge isn’t in asking for money but in offering a valuable investment opportunity. Chris emphasizes the importance of shifting the mindset from one of begging or persuading to one of teaching and offering, which is crucial for any budding real estate investor.
Understanding Your Network and Raising Capital
One of the recurrent themes in this episode is the significance of leveraging your existing network. According to Chris, the first step in raising private money is identifying people who might be interested and have the capacity to invest. He advises creating a list that includes the names, phone numbers, and emails of these potential investors.
He shares anecdotes from his sales career, notably his time selling knives and later medical devices, to illustrate how crucial it is to build relationships and understand the needs and goals of your prospective investors. By doing so, you’re more likely to offer them opportunities that align with their financial objectives.
Infinite Banking: A Game-Changer
Chris introduces the concept of Infinite Banking, which he describes as a specialized whole life insurance contract. He shares personal anecdotes and professional tips on how this strategy can serve as an investment tool rather than merely a protective asset. By storing funds in a whole life insurance policy, investors can earn a guaranteed return and simultaneously leverage this cash value for other investments, maximizing their earning potential.
Diversifying Beyond Real Estate: The Case for Cash Flow Businesses
While real estate forms the cornerstone of Chris’s portfolio, he is also a strong proponent of diversifying into cash-flow businesses like car washes. Owning a portfolio of operational businesses not only provides a steady income but also offers opportunities for significant appreciation. Larsen explains that car washes, which bear similarities to real estate in terms of income generation and value addition, can yield substantial returns, especially when scaled.
Conclusion
Chris Larsen’s journey from a young investor to a successful entrepreneur and real estate expert offers invaluable lessons for anyone interested in raising private money and expanding their investment portfolio. His emphasis on mindset transformation, relationship-building, and diversification provides a comprehensive roadmap for financial success.
10 Lessons Covered in this Episode:
- Introduction to Guest’s Experience
Chris Larsen has raised over $115 million in private money with over 20 years of real estate expertise.
- Initial Real Estate Ventures
Started real estate investing at 21, purchasing his first single-family rental while studying engineering and finance.
- Commitment to No Regrets
A close friend’s death catalyzed his mission to live without regrets, emphasizing the need for financial independence.
- First Investment Steps
Shifted from day trading in the stock market to real estate investing for sustainable, long-term financial freedom.
- Simultaneous Careers and Education
Balancing multiple jobs, Larsen completed an MBA, funded his ventures, and secured a real estate license.
- Medical Device Sales Impact
Transitioned to medical device sales for high earnings, inspired by Kiyosaki to become an accredited investor.
- Raising Private Money Basics
Begin with a list of potential investors, contacting them through phone calls, lunches, and personalized conversations.
- Leveraging Personal Network
Engage long-time contacts to discuss real estate opportunities, leveraging existing relationships for raising capital.
- Teaching, Not Pitching
Educate potential investors about private lending opportunities, distinguishing them from begging for money by providing value.
- Understanding Infinite Banking
Utilize specialized insurance contracts for storing capital between deals, maximizing returns while maintaining liquidity.
Fun facts that were revealed in the episode:
- Chris Larsen began racing bicycles at the age of 14 and remained passionate about the sport, even using it as a therapeutic outlet following the tragic death of his best friend.
- Chris made a significant career pivot from biomechanical engineering and finance to real estate investing after realizing that day trading was too stressful and did not provide the financial freedom he sought.
- Jay Conner and his wife Carol Joy have successfully raised capital from 47 private lenders without ever directly asking for money; instead, they focused on educating potential lenders and creating investment opportunities.
Timestamps:
00:01 – Raising Private Money Without Asking For It
06:25 – Financial struggle leads to lucrative medical device sales.
09:56 – Use social media, smile, and have a prospects list.
12:50 – Private lenders learn about private lending through experience.
16:12 – Explore goals, understand challenges, and provide solutions.
19:29 – Infinite banking concept links insurance and investing.
21:20 – Owning a home and whole life insurance.
23:00 – Connect with Chris Larsen: https://www.NextLevelIncome.com
24:31 – Investing in car washes increases total portfolio value.
27:44 – Jay Conner’s Free Money Guide: https://www.JayConner.com/MoneyGuide
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Mastering Private Money: Chris Larsen’s $115 Million Roadmap to Real Estate Success
Jay Conner [00:00:00]:
Welcome to another amazing episode of Raising Private Money. I’m Jay Conner, your host, also known as the Private Money Authority. Well, today I’m so excited I have my guest join me. He has already raised over $115,000,000 in Private Money, and he’s gonna share with us right here in this episode how he’s gone about doing it. Well, first of all, with over 20 years of real estate expertise, my guest actually began his journey all the way back to when he was 21 years old. That’s when he acquired his very first single-family rental. And while at the same time, he was pursuing degrees in biomechanical engineering, can you believe, and finance at Virginia Tech. Now since then, he’s navigated many, many different kinds of real estate ventures, all the way from development and private lending to syndicating over, as of today, over $1,500,000,000 in commercial properties ever since 2016.
Jay Conner [00:01:02]:
Well, he lives in one of my very favorite places on the planet, and that’s Asheville, North Carolina. In just a moment, you’re going to meet my very, very special guest, Mr. Christopher Larson, right after this.
Narrator [00:01:18]:
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]:
Well, hello, Chris, and welcome to Raising Private Money.
Chris Larsen [00:01:50]:
Jay, it’s great to see you again. How are you today, my friend?
Jay Conner [00:01:52]:
Great to see you as well. So excited to have you here on the show. I know your backstory, but my audience does not know your backstory. So first of all, how about, Shair, how in the world do you go from an interest in biomechanical mechanical engineering and finance to a real estate investing guru?
Chris Larsen [00:02:15]:
Yeah, Jay. Thanks for thanks for asking that. And I love that question because so often, you know, after spending 18 years in the medical device space, people are like, well, how did you transition, Chris? Like, when did you transition? And when I was in when I was in school and I’ll share I’ll share my story. And then if you’re listening today, if you’re watching today and you wanna get a copy of my book, you can go to, nextlevelincome.com, and there’ll be a little book link there. And you can put your address in, and we’ll even send you a hard copy here for free. And I’ll tell you all about my story. But before I was studying biomechanical engineering, before I was interested in real estate, my number one love was racing bicycles, Jay. And I started racing when I was 14 and actually just wrote a wrote a little kinda story to honor my friend, that I met.
Chris Larsen [00:03:04]:
Jeez, it would have been, I think it was 1993. So we’re talking about, you know, well over 30 years ago now at this point. Became my best friend. His name was Chris. We started training together every day, and I raced. I did okay in my 1st 1st year. 2nd year, I won the state championships and fell in love with the sport. And I went on to, race, at the Junior Olympics and, raced at multiple national championships, raced in college.
Chris Larsen [00:03:34]:
I was all-American in my sophomore year in college. But between my freshman and my sophomore years, that friend of mine, his name was also Chris. His name was Chris Strader. He had a massive brain hemorrhage and passed away on June 21st, and this is the show just a few days after that date, and that’s why I was writing, about Chris because of that. And I went back to school, raced my bike. I was still studying engineering, but I’d already decided that I didn’t wanna be an engineer. I wanted to be a professional cyclist. But after racing that the following year and using cycling as my therapy, I realized at a point kinda towards the end of that summer season that it was kinda silly racing my bike.
Chris Larsen [00:04:18]:
I didn’t feel like I was getting everything out of life that I could get. So I went back to school. I quit. My team went pro. I gave up that dream, sold all my bikes, and just kinda went back to, life at life in college and was just kind of a quote of what most people look at being a normal college student. But something had really changed in me, and that thing that had changed was that I was determined not to have any regrets, and I wanted to honor the life that I had and the life that my friend Chris did not have. And, you know, one of the realities in the world is that you need financial resources if you really wanna live life on your own terms. So I had that that kind of epiphany.
Chris Larsen [00:05:00]:
I said, okay. Like, I wanna I wanna live life the way I wanna live it. I took an interest in, investing. Actually, the same family friend who got me into cycling introduced me to the stock market that was Roth IRAs were fairly new at that point. Learned everything I could about investing, and, actually, I started as a day trader in the stock market, and I was making, like, $5,000 a month as a junior in college. But I’ll tell you what, Jay. When you’re laying in bed as a 20-year-old at 3 AM and you haven’t slept all night, you learn real quick that that’s not investing. And that was the next epiphany I had was that you know, that’s a job.
Chris Larsen [00:05:39]:
And I was I said, okay. What can I do that’s really gonna give me true freedom? I read over 250 books, got that MBA in finance, which I’m proof of over there on the wall, and decided that real estate was gonna be my path. So I decided at the age of 21 to be an investor first and foremost. But, you know, when you’re 21 years old and you don’t have a full-time job, you’re still in school. Now I am completing my MBA. I was working for Virginia Tech to pay for that. I was working for State Farm on the nights and weekends, and I had a real estate license. So I was, you know, doing 3 jobs plus going to school as well, getting my MBA, having a great time doing it, and I was just learning everything I could about money at that time.
Chris Larsen [00:06:25]:
And when I ran out of money after buying my first couple of properties, I said, well, what can I do to make enough capital to continue on? And I was introduced by the State Farm agent I worked for to a gentleman who was in the medical device space, and he actually sold hips, knees, shoulders, orthopedic implants, the same implants that I studied getting my biomechanical engineering degree. I thought this was really cool, and he’s telling me he gets to go into surgeries and this sort of thing. And I said, his name was Alan. I said, well, let me ask you, like, how much how much money, you know, did you make last year? And he tells me now this is, you know, going back, you know, 25 years. He said, well, I made $300,000 last year. I said, how can I do that? Because I read Rich Dad Poor Dad, and Robert Kiyosaki said you need to be accredited. You need to make $200,000 or more to have access to the best investments that are out there. So that’s why I pursued that path of biomechanical, or, I’m sorry, orthopedic or medical device sales.
Chris Larsen [00:07:26]:
And I did that while saving as much as I could over the ensuing, 15 years and investing as much as I could. And, you know, that’s how I kinda built up our passive income for our family, so I ultimately didn’t have to do that anymore. And I decided to walk away. We started syndicating deals in 2016. It was interesting because, you know, you have a lot of conversations with clients, with customers when you’re in, you know, sales space, especially if you’re going into surgery. You spend a lot of time with these people. I got a lot of questions from surgeons. They said, well, what do you do, Chris? Like, what do you invest in? And then as as we started these conversations, they’d start to ask me, well, hey.
Chris Larsen [00:08:03]:
Can I invest with you? So my first partner and I did a JV partnership with the group that we were investing with in 2016. We bought a 100 property 100 100-unit apartment property, or multifamily property, which most people know as apartments, down in, Atlanta, Georgia. And since then, we’ve done about 4,000 units in the multifamily space, self-storage. We have 20 mobile home parks. We also have 31 express tunnel car washes. I own a car wash right down the road here in Asheville, North Carolina. Hotel, got some office space, residential developments. You mentioned the private lending.
Chris Larsen [00:08:40]:
So we’ve ventured into several different areas as we’ve kind of built out our portfolio over the past decade.
Jay Conner [00:08:47]:
Well, that’s wonderful, Chris. You’ve got a variety of different types of real estate that you’ve been involved in. So you’ve just got a lot of experience that you can share. So as we started out the show, let everyone know that you’ve already raised in excess of $115,000,000 in Private Money. So you’ve got quite a bit of experience in raising Private Money. So let’s dive into that a little bit since the name of this show is Raising Private Money. Absolutely. What are your favorite ways to raise Private Money?
Chris Larsen [00:09:22]:
Yes. So I think, you know, there’s there’s kind of some different steps that that you can look at, Jay. And, you know, I do some I, I’m a coach with a group where we help others as they kinda go through this process. You know? You have a fantastic show. You’ve been on our podcast as well, so you know it. So I think, you know, if you’re starting off and you’re raising, you know, a small amount of capital, you don’t have to get fancy. You know, you talk to these gurus or you join a coaching program and people tell you, oh, you gotta have a podcast. You gotta write a book.
Chris Larsen [00:09:56]:
You gotta be on social media. You know, you gotta do all these things. Well, I’ll never forget when I first got into sales, I was selling Cutco knives back in, my my spare time, in in summers during college. I would sit in the back room of my parent’s house, and I had a little smiley face drawn on a sticky note. And that smiley face would remind me to smile before I picked up the phone and called that next potential prospect to set up an appointment. And I did the same thing when I was with State Farm in college after that, you know, in my doing my grad degree. And I kinda did the same thing when I was with Pfizer and then, you know, making making sales calls, with Medtronic and other companies that I work for. And the bottom line is you just need a list of potential people that are a good fit for what you’re looking to do.
Chris Larsen [00:10:50]:
So whether that’s selling Cutco knives or a medical device implant or whether it’s finding a potential partner that can, provide capital for a deal that you’re working on. So, you know, I think step 1, Jay, is to put a list of people that may have interest. You need their name, you need their phone number, and you need their email. And pick up the phone, make a phone call, have lunch with them, have coffee with them, and sit down. I think, you know, in today’s world, we get too caught up in technology, and technology is amazing. You can use that to leverage things. But the first thing you need to do is really build your network, know your network, and have conversations with you with your network. And, you know, easy conversation would be, hey, Jay.
Chris Larsen [00:11:31]:
You know, you and I have known each other for a long time. We’ve talked over the years. You know, I was telling you about one of the real estate deals I did. We’re working on a project coming up. I wanna see if you have any interest in that. Simple yes or no question. Right? And at that point, it opens the door to having further conversations and doing that. So I think that’s my favorite thing still to this day, Jay, is just picking up the phone.
Chris Larsen [00:11:54]:
You know? I still do this, not like this, like, you know, young people too. Right? Because of this we used to have the the dial rotary phones when I was growing up, and have those conversations. And, that kinda gets into my next point, but I’ll pause there.
Jay Conner [00:12:09]:
Sure. Well, hold that next point because I feel like I have a question. I tell people all the time that Carol Joy, my wife, and I, we’ve got 47 private lenders right now that are investing in our real estate deals. And interestingly enough, I never have ever asked them for money. I’ve never pitched a deal per se. And people say, well, Jay, how in the world do you go about doing that? And I said, well, it’s real simple. I do what I call. I put on my teacher hat and my private lender teacher hat, and I began just leading with a servant’s heart and leading with education.
Jay Conner [00:12:50]:
You know, interestingly enough, not one of our 47 private lenders ever heard of what Private Money or private lending was until I shared it with them and told them what it was and how it works. They never heard of self-directed IRAs. Over half of our private lenders are actually, you know, using the retirement funds that they had, and they moved it over to a self-directed IRA company. So I advise real estate investors who have never raised capital before. From my experience, the very first thing to do and to get right is your mindset. I tell people Absolutely. It’s it’s hard to own real estate until you own the real estate that’s between your ears. And what I mean by that, what I mean by that is, first, we got to get it straight.
Jay Conner [00:13:39]:
We’re not begging, chasing, selling, persuading, trying to talk anybody into anything. We’re simply, instead of asking for money, we’re offering an opportunity. And you know, the traditional way to borrow money is you go to the local bank, get on your hands and knees, and put your hands underneath your chin. You say, please fund my deal, and you gotta fill out an application. And, you know, mister and miss bankers gotta look under your skirt at your personal assets to see if they’re gonna loan you any money based on your financial statement. And the way we raise Private Money, and you too as well, Chris, is, we are actually offering an opportunity. There’s no application process. I mean, you as the borrower, you’re already approved.
Jay Conner [00:14:24]:
So that’s the first thing people, in my experience, have got to get straight. What have you noticed since you’ve worked with some other folks to show them really how to go about raising capital? What are some of the mistakes that you’ve seen new capital raisers make and that, people should avoid?
Chris Larsen [00:14:44]:
Yeah. So first off, Jay, you know, I mentioned that smiley face, which is, you know, like you said, you gotta, like, smile before you have a conversation with people. You know, your energy really life’s an energy game. Your energy is gonna determine, you know, your success. And as you said, you’re offering an opportunity. I’ll never forget when I first learned about syndications. I was like, how have I never heard about this, which really drove us towards our mission, which is to really help others, you know, find opportunities for financial independence, but also educate them, like you said, Jay. You know, that’s where the podcast comes in, the book comes in.
Chris Larsen [00:15:16]:
You know, shows like yours are so wonderful at doing that as well. And like I mentioned, when you talk to somebody, you don’t say, hey. Here’s what I’m doing. You say, hey. Is this is this something you’re interested in? People are like, well, yeah. Like, I’ve never heard about this before. Right? And why would they not be interested in it if it if it had, you know, some benefits? So when after you have those initial conversations where you say, hey. Somebody is aware or interested in what you’re doing, You know, the first error is it’s kind of a corollary of when investors look at a deal, they look at the returns.
Chris Larsen [00:15:48]:
The first error in sales that I found, was when I went in to sit down with surgeons, they’d say, hey, Chris. What do you what do you have to show me today? And most reps would say most sales reps would say, hey. This is what I have today for you, doctor. Look at this look at this cool pen. Right? Look at this cool product. That’s the wrong way. The first thing you do is you say, hey, Jay. Thanks for taking the time to talk to me.
Chris Larsen [00:16:12]:
Just love to learn a little bit about your goals. What are you looking to do? Right? If you sit down with a customer, a client, with that doctor, for instance, I’d say, hey. Doctor, what are your goals for your practice? What are you doing today? You learn about what they’re doing, then you learn about the issues they’re facing. And potential investors are gonna say, well, I’m looking for in, you know, I’m looking for steady income. I don’t like the stock market. I’m looking for less risk. You know, I have a child with, you know, with some, you know, learning challenges, and I wanna make sure I set them up with some assets, you know after something happens to me or before something happens to me. I wanna spend more time with my children, and I can’t do that with, you know, my current plan because I have to wait till I’m 59a half or I can’t you know? You know? The stock market is is is is too volatile.
Chris Larsen [00:17:04]:
I don’t have enough passive income. At that point, you’re gonna determine, know, whether what you’re doing is is gonna be a good fit, and then you can share with them, you know, potentially, you know, what that is going to be like you said, Jay. So, again, flip that instead of saying, hey. This is what I have to offer. Learn about your client. Learn about what they’re doing. And, you know, at that point, you’re gonna know if you’re gonna be able to actually, like you said, serve them.
Jay Conner [00:17:30]:
Chris, that reminds me of advice I heard a long time ago, and that is, Jay, instead of trying to be interesting, be interested.
Chris Larsen [00:17:38]:
Interested. I love that saying.
Jay Conner [00:17:40]:
Yeah. Love that. You were gonna make a point a moment ago. Did you make that point yet, or did or did I throw you back to it?
Chris Larsen [00:17:49]:
I don’t know if I did, but I love that’s that’s a great that’s a great way to underscore what I said in a very concise way, Jay.
Jay Conner [00:17:56]:
Excellent. Well, let’s change gears, Chris. Yep. One of the areas that you really understand, you make it easy to understand. People have heard this phrase, but they really don’t understand it. So, I want to give you the opportunity to explain in simple terms, because you’re good at it. What is the infinite banking concept, and why should people learn about how to leverage that concept?
Chris Larsen [00:18:25]:
I appreciate you bringing that up. I think it’s fantastic. You know, again, it’s, you know, a lot of things I do are kinda kinda contrary to conventional wisdom. And, you know, just like we’re talking about sales, don’t start with the product, you know, start with start with your customer. I really like the infinite banking concept, which is really a specialized insurance contract. It’s a traditional whole life insurance contract, which some people are like, oh, no. Whole life insurance. You know, know, that’s that’s crazy.
Chris Larsen [00:18:52]:
My father died when I was 5. I know I know what it’s like to have, you know, a need within our family and do that. So I think, you know, having protection, if you have a family, if you have a spouse, if you wanna leave a legacy, I think traditional life insurance, there’s nothing that’s more predictable than that. I have a best friend, who employed the strategy, and 3 years after he did that, his wife passed away at the age of 40. Tragically, she was in the in the military. And, you know, people will say, well, it’s not a good investment. And I would say life insurance shouldn’t be viewed as an investment. It’s a tool.
Chris Larsen [00:19:29]:
And when you use it with what’s called infinite banking, the infinite banking concept or, like, on our website, if you click on the banking link we talk about the investment optimizer, you can actually use it in conjunction with your investments. So how would that work? If you’re looking for a place to store your money between deals, so let’s say they’re waiting for your next deal, Jay, and investors looking for that, And, you know, someone wants to invest, you know, $50,000 of the year, they can actually store that $50,000 within their life insurance policy and get a rate of return. Typically, the rates of return, right now, they’re around 6%. And when they get an opportunity to invest, they can then actually take the cash value out of that policy and invest it, and you get an arbitrage factor in there. So we we teach and work with our investors and our clients to match up their insurance strategy with their investing strategy. And we started our policies I have to it’s always easy for me to think. It’s my we did it a year before my son was born. My oldest son is 14.
Chris Larsen [00:20:29]:
So 15 years ago, we started our 2 policies, and we did those to actually, as an alternative to 529 plans for college planning because we knew that we would have, and this is not something you hear in real estate, but we hear we’re investing, but you get a guaranteed rate of return. So we would have a guaranteed amount of money that would be available to our children when they went to our 2 boys when they went to college. And then we started using the cash value in those policies to be able to leverage that. Now if this strategy is new to you, the way to think about term and permanent or or whole life insurance is like renting or owning a home. When you rent a home, it’s cheaper. It’s typically about 30% cheaper to rent a home than to own a home, but there are a lot of advantages to owning a home. You have, you have control over that. You have predictability.
Chris Larsen [00:21:20]:
You’re not gonna you know, probably not gonna get kicked out because your land you have a landlord that decides they’re gonna sell it or raise rent or do this and that. But what’s nice is when you own a home, you have a fixed mortgage payment typically, right, over, say, 15 or 30 years and whole life insurance is very similar. So it starts out more expensive, but over time, as your rent goes up, as term life insurance policy rates go up, your whole life stays the same. But the thing that really allows the strategy to work, Jay, is the same thing when you own a home. Let’s say you buy a $500,000 home and put $100,000 down. You have $400,000 of equity. If that home goes up in value a $100,000, you now have $200,000 in equity, and you can tap into that equity through a line of credit. You could do the exact same thing with a life insurance policy.
Chris Larsen [00:22:09]:
So some of your listeners may actually be shaking their head up and down saying, oh, yeah. I’ve actually used the line of credit to invest with Jay and or invest in a project or maybe even do your own project. And you can do the exact same thing with life insurance. And if you blend the strategies together with you know, policies, these, life insurance policies actually pay for themselves within the strategy. And we actually have a book that you can, you can pick up here. You can email me at chris@nextlevelincome.com. It’s called Money Insights for Sales Professionals, but the strategies in here can be used by any high-income earner to do exactly what I just said. You can also learn more with our webinar at www.NextLevelIncome.com/Banking.
Jay Conner [00:23:02]:
Again, Chris’s, website is www.nextlevelincome.com. And for goodness sake, there are all kinds of resources there, to help you become more financially free and get you on that pathway. One last topic I’d like to just touch on, before we begin to wrap up, Chris, and that is you’re not only in real estate. You are diversified. In fact, you mentioned at the beginning of the show that, you own car washes. In fact, you own a carwash right down the road from, where you are now. So why is it that you’re investing in cash flow businesses like car washes, in addition to real estate?
Chris Larsen [00:23:48]:
Yeah. Great question. And, you know, I think a lot of times people see what we do, and they’re like, oh, it’s all real estate. And I really think that car washes should be viewed, like, you you perfectly describe it, Jay, as a cash flow business. So as you build your financial base, let’s say you have, you know, your life insurance, you have your, you know, your emergency fund, you know, all your base plan. You have your cash flow investments with Jay. You you maybe have started to to build out your passive income, and you’ve been doing it for a few years. I found that a lot of investors like to layer in some other options that are out there that may give 1 diversification, but also give potentially higher, rates of return as well.
Chris Larsen [00:24:31]:
I think when you’re investing in businesses, you should certainly expect a higher rate of return. One of the things that we like about carwashes is that you have a lot of the same aspects of real estate. You have income. You have the ability to add value. You have depreciation along with the ability to increase appreciation. But with our strategy, as we build up, our portfolio, as we layer on more car washes, the value of the total portfolio goes up. So what I mean is that the multiple with which we can sell the portfolio may go from, say, 10 to 15 as we go from 10 to 50 car washes. So as you build out that portfolio, it’s a private equity model.
Chris Larsen [00:25:14]:
It’s a roll-up model. And as you do that, you’re able to add more value to that. We have about 150, members on staff with our hurricane express wash. You can check us out at www.hurricanewash.com. You can see all of our locations there. If you’re interested in learning more about these as an investment, you can click on the invest link at our website and check that out. But it’s certainly it’s been an area that I’ve been interested in for, nearly 10 years now. My uncle and I almost bought a car wash about 10 years ago.
Chris Larsen [00:25:44]:
As the opportunities, started to present themselves, we started to, bring in investors and syndicate these projects as well, Jay.
Jay Conner [00:25:52]:
Chris, you’ve brought so much value here to my audience and to the show. Final comments and final reminders that you’d like to give the audience as to how to connect and all those wonderful, pieces of information they can get, the books you’ve got. You’ve just got a boatload of information that you can share. Remind everybody of all that as well again.
Chris Larsen [00:26:16]:
Yeah. So if you’re looking. If you’re on your journey towards building your passive income streams, please check us out at nextlevelincome.com. But, also, if you are working to build your investor base and you’re looking to raise private capital, you can kinda steal my model. Check out my book, www.nextlevelincome.com/book. You can get a copy of the book there, but then you can see our communications Take a look at our podcast as well. Everything is available on the website there. If you have any questions, and I’ve kind of spurned today, feel free to reach out to me directly at chris@nextlevelincome.com.
Chris Larsen [00:26:58]:
Again, that’s chris@nextlevelincome.com.
Jay Conner [00:27:02]:
Chris, thank you so much for your time and thank you for joining me here on the show.
Chris Larsen [00:27:06]:
Jay, always great to see you. Thank you, sir.
Jay Conner [00:27:08]:
Same here. There you have it, my friend. Another amazing episode of Raising Private Money. I’m Jay Conner, the Private Money Authority. I’m so glad you decided to join us. And be sure, if you are watching on YouTube, be sure to subscribe and ring that bell so you don’t miss out on any upcoming notifications of our shows. And if you happen to be listening on one of your favorite podcast platforms, iTunes, Spotify, or any of those, be sure and follow me so you don’t miss out. I look forward to seeing you right here on the very next episode of Raising Private Money.
Narrator [00:27:44]:
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.
