002 - Preservation of Capital

Our candid conversation dives into the trust factor essential for fruitful collaborations between private investors and real estate experts. We offer a roadmap for navigating the diverse investor profiles, emphasizing how their unique investment history and requirements must align with property deals to ensure mutual success.

As we chat, anecdotes reinforce the golden rule of investing credited to Warren Buffett: safeguarding your capital is key. I recount tales of loss and recovery, driving home the importance of a well-balanced portfolio and strategic allocation to weather market storms. Jay and I also unpack the intricacies of demographic insights, risk comfort levels, and the role self-directed IRAs play in fortifying an investor's financial fortress.

Rounding out our discussion, the spotlight turns to the critical aspect of risk management in note investments and the concept I call Hypothecation. Transparency with capital partners, the safeguarding measures in place, and the process of risk mitigation come to the fore as we emphasize the importance of building lasting trust. I also share pointers on spotting potential red flags in investment deals and offer practical tips to private investors, ensuring they step into the investment arena with their eyes wide open.

Resources and links discussed:
- Videocast on our YouTube Channel
- ANB Funds Website - https://anbfunds.com
- Cassidy Investments - https://cassidyinvestments.com

About the Host:
Justin Bogard – Note Investor specializing in performing Residential Real Estate Debt. He finds deals and acquires them for his own portfolio as well as educates investors while walking them through the process of owning a Real Estate Note!

Connect with the Host:
Facebook - bethebank
Twitter - bethebank1
Instagram - bethebankpodcast
American Note Buyers - https://anbfunds.com/
Monthly Broadcast - https://youtube.com/playlist?list=PLzc944w1xydt5aLDrrEPHJhdJeDkBjjD4

Transcript

Narrator: 0:01

Interested in real estate. How about wealth? Well, they go hand in hand, and here you'll learn all about it. Welcome to Be the Bank, a podcast where we discuss and debate the topics centered around real estate investing. Your host, Justin Bogard, shares insights into investing in real estate to create real wealth and passive income for you and your family. He'll share stories of real estate investments done right, Walk you through the process of owning a real estate note and, most importantly, educate you so you can Be the Bank. This is Be the Bank, brought to you by American Notepad. Now here's your host, Justin Bogard.

Justin Bogard: 0:45

Hello listener, and welcome to the Be the Bank podcast. This is season six, episode number two. Today I got my good friend, mr Jay Redding. He only lives a couple hours away from me and we're going to be talking about passive investors or sometimes we'd like to name this as private investors and we're going to be having a good discussion about that today. So stay tuned. Mr Jay Redding, how are you today?

Jay Redding: 1:18

Hey, justin, doing fantastic Good seeing you, and thank you for having me on board. I appreciate it.

Justin Bogard: 1:25

You're welcome, my friends, Since we're only a few hours apart. I'm in Fisher's Indiana, You're in Fort Wayne. I think we've teased each other before.

Jay Redding: 1:33

We've got about a half degree difference between us and temperature A half or maybe a degree on a really good day yeah.

Justin Bogard: 1:40

Yeah, so it's currently, as we're recording this, it's about eight, nine degrees outside Full sun, though I mean you can't go wrong full sun. Luckily for me, I have enough windows where I'm at to where the sun heats up the living space here, so I don't have to turn on the heater very often.

Jay Redding: 1:59

You probably get a little bit more sunlight than what we do up here, because we get the effect off of Lake Michigan with all the clouds in the winter, so there's days at a time that it's cloudy, so Now I tell you what.

Justin Bogard: 2:12

That is probably the worst for me. I'm sure most people like us too. But when it's cold wintertime and it's really cloudy and the sun doesn't come out for a couple of days, it's just like, man, you just can I just stay in bed Like it's just, it's just bad. So I've learned to not make really major decisions when the weather is like that, because they're probably going to be a bad decision. It's good to see the sun, though. It's a great day, it's good. Oh man, it feels great. I kind of put my hands out there by the window when the sunlight comes out to me, like, okay, I'm going to get some vitamin D going in me, get my energy up, get excited. I got Jay Reading on today. So, jay, I started opening up the package here with talk about private investors slash passive investors. You know they basically are passive investors.

Jay Redding: 2:59

So I call them capital partners. That's what I call capital partners.

Justin Bogard: 3:04

Yeah, this is great. What other names have you heard?

Jay Redding: 3:07

Oh I, private investors, yeah, or private lenders, but I just like calling them capital partners.

Justin Bogard: 3:13

No, I'm glad that you mentioned that, because I guess that's something that we need to explain is that there are so many different things that we call these types of individuals and basically they're just looking for people to spend their money actively while they are receiving the passivity of it A good way to explain it.

Jay Redding: 3:29

Yeah, I mean many times. They're busy professionals, they're busy individuals. It's already you know they're busy in their career. They want to get a better return with essentially without the volatility of the market. They're looking for a better return than a savings account or a CD and they're willing to take on, you know, or they're willing to accept some moderate risk for that, but not extravagant, but they just want it to be. You know they want their money working for them, but they don't want to be in the middle of the game. They trust. Honestly, the most critical part here is they trust you. They trust me.

Jay Redding: 4:10

All right that we're. We know what we're doing, we're experienced, we have a track record behind us that shows that we are doing it in the right way and performing and they gain the benefits of it, and allows us to have more capital to be able to find deals and create greater cash flow so that we all benefit. So it's a win-win for everyone.

Justin Bogard: 4:35

Jay, I want to dive a little bit deeper into the the past of investor here and have you modeled or profiled the investors that have worked with you for all the stuff that you guys do with real estate and raising capital as far as like, what specifically have they been investing in before they kind of came to Jay, or maybe they most of them have already been in real estate and try to do some sort of real estate lending?

Jay Redding: 5:00

Sure, oh, that's a great question. I think there there's a couple of different avatars here that you have to be aware of and it kind of depends from this standpoint of who you are looking for, your particular type of investment. All right, on the real estate side, and for the people who don't know, we have 40 rentals of our own. We've done over 100 retail flips and we we buy, we create notes and we sell notes as well. Okay, so we're all in this same general space. But if I'm looking for a passive investor who is, I'm going to bring him on board for us to do a retail flip. Okay, particularly when I was just starting out. That's a totally different Profile then, someone that looks that wants the long-term play. So I think it's always critically important on the investment that you have is what is the Individual or your avatar that you're looking for for the investment that you've got going on right right now?

Justin Bogard: 6:12

That's fair we have.

Jay Redding: 6:13

Yeah, we have found for us. We've we've had people who are busy. Basically they're busy in their careers. My typical avatar avatar is someone who's willing to be with us five years, all right, and we typically set up things like five years at a time with the ability renew and, quite honestly, most of them renew.

Justin Bogard: 6:36

Okay, once they start receiving that income, they'd like it.

Jay Redding: 6:39

Yeah, exactly so. The scenario is is that they're busy in their own careers there, you know, they've got kids, wife, they're active. They just want a better return and know that it is. I won't say the risk is minimal, all right, it's not an extravagant risk, all right, and they've got something that's backing that. That is a solid asset Versus what's all called the securities high.

Jay Redding: 7:07

Yeah, yeah, so it's secure ties, there's something that can protect them. It's always, and just so. You know this. We both have talked enough people. It is always number one. The first priority is the preservation of capital. Yeah, it gets to all right. What kind of returns are you looking? How does this look when I get paid? You know all the other things, but you got to make sure that your capital partner feels comfortable, that their capital is preserved, and that's that is first and foremost.

Justin Bogard: 7:38

Have you seen a lot of your investors that that you get private money from? Have they been burnt by a similar other type of investment or they just simply looking for something else? I'm saying that because a lot of people that end up Following me or end up coming over to American note buyers is they. They really are getting tired of the stock market Is the very common thing I want to say. Rarely do I hear anything else but about the stock market. Is that? Is that the same with you?

Jay Redding: 8:09

Yes, it is. You know, and a lot of people I've had people who have Challenged me whenever I've been making my presentation, as I'm sure you have as well. Oh yeah, all right. They'll say, well, I can make more money in the in the market. I said exactly, and you can lose a lot more too, very quickly. Yes, that's not the game that we're playing. Yet.

Jay Redding: 8:31

You know, I always say all right, every Knowledgeable or experienced investor has a certain amount of money that they have for immediate needs. They have in a conservative area's fixed income assets, and then they have some into. Know, they have money. It's in the markets. All right, where, where? Which bucket are we playing in? We're playing in the fixed income asset bucket and I can always argue from the standpoint you know.

Jay Redding: 9:00

What are you getting on your CDs? What are you getting? What are you getting on insurance products? What are you getting in bonds? What are you getting in T bills? All right, we're paying you a higher return back by a solid asset that will never be worth zero. Okay, you could be in the stock market and your paper can be worth zero, all right, and You're rewarded for that. But do you want to play the steady, eddie? I always do the analysis between the tortoise and hare. You know the hare? The rabbits going all over the place. That's the stock market. Where do you want to be the tortoise? That's green, nice and steady, and Eddie and predictable, and you sleep well at night. That's us. We're boring, okay, but we make you good money, okay.

Justin Bogard: 9:48

Right, we're the Babe, the brave Ruth of investments. We're just getting base hits, right. Yeah, I'm sorry, not Babe Ruth, pete Rose, there we go Pete.

Narrator: 9:55

Rose investments yeah, we're just getting base hits all the time.

Justin Bogard: 9:58

I don't know why I said Babe Ruth Exactly. I guess they might be somewhere in size at some point in their careers.

Jay Redding: 10:04

We get home runs for once in a while in there. He certainly had plenty of them, but he had probably more strikeouts than most people do, that's true, I don't have that to get hits.

Justin Bogard: 10:15

Yes, yes, so most the common trait that I'm hearing from your side is they are interested in more conservative type of investments as opposed to more aggressive type of investments, correct?

Jay Redding: 10:28

Consistent team predictability is what they want. These would not be Bitcoin shoppers.

Justin Bogard: 10:32

These would not be people looking at, maybe like oil and gas, maybe I don't know if oil and gas would be more risky or not. I honestly don't know. I'm just saying that out loud. But yeah, okay, that's the profile that fits us as well.

Jay Redding: 10:51

They might invest in those things. They might invest in oils and the stocks and gas and all the other things, but they don't want all of it there.

Narrator: 11:03

Correct.

Jay Redding: 11:04

Yeah, they want a portion of it somewhere else. That's pretty well protected.

Justin Bogard: 11:09

They want a lion's share of what they're investing in. They want it more conservative, controlled and obviously secured. So they're okay with taking a lower return because they anticipate they'd much rather have safety than they would volatility.

Jay Redding: 11:23

Yeah, and that becomes more and more important as people get closer to retirement age. Oh yeah, oh my gosh, I can back in 2008. I can remember for many of you who do not know my background, I actually was in pharmaceutical sales for 17 years. I remember back in that era there were some physicians that I called on who actually had retired right before 2008 and 10. All that hit and they had to come back to work. Oh geez, okay After all that, because they lost so much in their portfolio.

Jay Redding: 11:58

What people don't realize is that, okay, you lose 20% or 10% in your portfolio and your financial advisor is going to say, oh, you don't want to get out. You don't want to get out now because it's a dollar cost averaging, but what you know? And maybe you're up 20% the next year. Well, do you not realize you got? Even if you increase 100% in the next year, you're only halfway there to what you lost. All right, previously. I am much more of the warm Buffett camp. It's like his. He essentially states and he has said this on more than one occasion so you know this is like. Your first rule of investing is not to lose money and the second rule of investing is don't forget the first.

Justin Bogard: 12:48

Don't forget the first rule Okay.

Jay Redding: 12:49

Don't forget the first rule. It's like okay, I get that, All right, so you know, if you don't lose money, you don't have to have huge returns.

Justin Bogard: 13:00

Right.

Jay Redding: 13:02

And that's and that's. You know, everybody's looking for the huge returns on the market and everything. And then you get burnt. Well, now you're. You've lost everything that you gained. Don't lose.

Justin Bogard: 13:12

Yeah, sorry, yeah. So so can we refer to you now as Jay Reading the drug lord, because I forgot that you weren't.

Narrator: 13:20

No, no, no, no, don't do that.

Justin Bogard: 13:22

Okay, all right. All right, we'll delete that.

Jay Redding: 13:25

I'm not even going to say what I sold, okay.

Justin Bogard: 13:29

Now I got to change the podcast episode. I ruined my one liner here. Oh man, what? I?

Justin Bogard: 13:39

At some point I wanted to find out more demographics about my investor and I say my investor singular, but I mean you know plural and plural sense and so I sent out a survey and I asked some specific questions and I kept it private and I said, hey, this is, this is secure. You know, no one's going to see this but me. But I'm trying to gain clarity on all of you that trust me and want to invest with me so that I can go advertise to people just like you, obviously right, Trying to build, build my report that way. And so I was asking them questions about, like how long they've been educated, you know, what kind of degrees do they have? Was it just college, Was it just high school? Or they, you know they've doctorate and just talking about, like what kind of salary they make with their W2s, Like where do they work.

Justin Bogard: 14:25

And I asked them other questions about, you know, like their retirement, like what are their opinions on their retirement? I gave them some multiple choice answers and stuff and I was really surprised by the answers that a lot of people that happened to be in our database. At the time, the answer to these questions a majority of them were like very well educated people. They were obviously really conservative and stuff. So they had a lot of similar traits and I kind of knew that, but I didn't really know that till I asked the question. So have you ever done anything like that with your investor database?

Jay Redding: 14:56

I have not. I was really curious to see what you uncovered. If I was going to guess, just knowing, just thinking off the top of my head of our investor profile all of them are well educated.

Jay Redding: 15:12

Okay, they're business owners, they're physicians, they're upper management, they make a good income, they've got investable income, they have a 401k. I mean some of our favorite and helping people get started. One of our favorite avenues is helping people who maybe had a 401k at an old employer but they didn't necessarily roll it over. We'll help them get that rolled over to a self-directed IRA and start making that make money.

Justin Bogard: 15:47

So that brings up my next question to talk about and do you have most of your investors just use their retirement account to invest in this stuff passively, or has it been cash mix of both, like what has been your experience in your database? We?

Jay Redding: 16:04

have both. I mean, we have some who have. We have one couple that's with us, that we actually help them sell their real estate portfolio and they decided to invest with us because we helped them sell their portfolio. So the bottom line is that we've got both self-directed IRA money as well as people who just have funds and an LLC. They have investment money that they have and an LLC that they're maybe buying some other things, or they've got loose chains. They don't know where to move it right now, so they're willing to do something with this. I'm thinking of a couple here. They're a little bit more aggressive and they're wanting a higher return, but for the safety, particularly in a volatile market, they're willing to take a little bit lower return because they actually have their money deployed and it's making something rather than sitting idle somewhere because they didn't have a deal to invest in at that point in time.

Justin Bogard: 17:16

That's a yield killer. Right there is when. I say that we kind of have a mixed bag, so we're more strong with the fund that we have. We got probably 75% retirement money and the other is cash. When I was doing Hi-Po-Thic-Tions and flipping notes to people, it was honestly probably 50-50, 50% cash investors, 50% retirement investors. So I thought that was kind of an interesting stat as well.

Jay Redding: 17:45

So interesting. Now I'm curious for you, those that you Hi-Po-Thic-Tied with, or have those ended up being some investors who have put additional money into the note fund?

Justin Bogard: 17:59

Yeah, exactly right. Yeah, they fit the profile of the fund perfectly because it says exactly what they're doing. So for those of you that don't know what the Hi-Po-Thic-Tion term is, we're just basically saying Jay, I'd like to borrow some money from you and I'm going to go invest in this loan with your money. But I'm going to put in some. I'm not going to have some skin in the game too, but I'm basically leveraging your money to go out and buy another loan. That's what the Hi-Po-Thic-Tion is. So it's like for the landlord that goes out and get a mortgage for a rental. It's like how we get a mortgage for the mortgage that we're buying.

Jay Redding: 18:29

Yeah, we go about it. We typically will buy the note ourselves. That's what we'll do with our own capital, and then we will Hi-Po-Thic-Tied to pull our capital out. Same thing right. Yeah, yeah, it's the same way. We're just backing into a little bit different direction and how you typically go Okay.

Justin Bogard: 18:48

so when things go bad, I want to know how that never happens, that never happens.

Jay Redding: 18:52

You know, you know that never happens, it never happens.

Justin Bogard: 18:54

Not on camera.

Jay Redding: 18:56

We'll say that Not on a camera. It never happens.

Justin Bogard: 18:59

Though Now the cameras are front of you, buddy. By the way, you guys can check out the YouTube channel American Notebuyer's YouTube channel and look at the video stream of this podcast as well. You can see Mr Jay Redding in his beautiful mahogany cabinet, behind him with his trophy on top of the curtains.

Justin Bogard: 19:14

No, that's just the figurine up there, and you can't want people to—we could have got more views on YouTube if you would have just said something fancy man, all right, when things go wrong, how do you handle it? Meaning? So, let's talk about Hi-Po-Thic-Tied, for example. Sure, so you're borrowing somebody's money and you're going out and buying a passive investment with it and you're getting cash flow from this passive investor. If that passive investment doesn't give you the cash flow, you're still on the hook to pay your investor. What do you do in those scenarios and how do you handle that with your investors?

Jay Redding: 19:51

And do you say, oh crap when that happens.

Justin Bogard: 19:57

That says oh, I want.

Jay Redding: 19:59

So well, there's two things, all right. Number one is that we always keep reserves back for that type of situation. All right, we will continue to pay the underlying borrower, the person that we have borrowed from. We will continue to pay them as our obligation, yeah. However, in our legal documents, we do have the right to stop payment if we determine that we are going to pursue foreclosure on the note and we take a lot of time to explain that to the borrower, excuse me, to the private lender, to our capital partner.

Jay Redding: 20:51

What they need to understand is, just because we're not paying at that particular time, the interest that is due to them does continue to accrue.

Jay Redding: 21:04

And when we up through the foreclosure process and when the note is foreclosed upon and the judgment is made and the property is sold at the share of sale, all of that kind, those are all legal collectible balances that come back and they'll get paid at one lump sum, and that's why it's critically important that we explain that you need to be using money.

Jay Redding: 21:33

That's investing money, not money that you are looking to live on. Exactly, we typically will not go that route unless it gets to. We're not going to jeopardize and put the company into a negative position, but as long as we potentially can and we keep funds in reserve specifically to handle that, it does come back and we have gone through that process before it does come back and they get made whole at that point they just need to understand and we have it written in our documents. If a loan gets 90 days behind, we give them a call and let them know where we stand at that point in time is what we basically do. Fortunately, that has only happened once, so that's a good thing. So hopefully we continue to pick good notes.

Justin Bogard: 22:25

Yeah, I think that's the key is, whatever you're buying with their money, you want to make sure it's a strong asset that does perform or at least have some low risk in the deal. Because in the event of going through a foreclosure and I'm glad that and I wasn't surprised that you gave that answer, because you're a good guy and you're a good fiduciary and steward of other people's money and I try to instill the same thing as well so we'll do the same thing. We'll definitely fold the payment as far as we'll start paying on it if our borrower is getting behind. But we'll also put a and you probably do this too so if the borrower that on the loan that I am getting, where I'm receiving the passive income, if they're due on the first of the month, I'll probably change to my investor, my lender, like they'll get paid on the 10th or 15th of the month. So it gives me a little bit of buffer as well.

Justin Bogard: 23:15

So I'm not going to be negative cash flow very often, but if I am, obviously I'm going to make sure that they're paid to take care of, because, you're exactly right, the clock of accruing interest is Turning if I'm not making the payment to them. So no matter what happens on this side of the investment, there side of the investment, they're still going to get paid and taken care of. It's just that they might not get the cash flow. So, and knowing your investor and knowing how they would react to that and and having that conversation, that Transparency with them is absolutely critical because it builds and fosters a relationship for the future. So all of our investors luckily, they like us and they still want to do business with us and I've tried to instill that stuff and it sounds like your long-term relationships have experienced the same thing with you. If anything goes bad, you're gonna take care.

Jay Redding: 23:58

We're gonna oh, we're gonna take that sword. Yeah, we're gonna take that sword. Before we ever. Well, I've been doing this down for almost 20 years and there has been no lender or capital partner that has ever lost a dime while working with us, so I think, that's a good I think that's a good track record behind us and that is the only stat to keep track of right there.

Justin Bogard: 24:18

Yeah, no one really cares. If you've done 20 million in deals, no one cares about that. How many times have you lost some of his money? That's what they would never they never had.

Jay Redding: 24:29

So you know the other. The other thing with that I think dovetails very importantly on this as well, justin, is that yeah and I know you do this also when you're purchasing a note there's a couple fail safe things in here that you need to look at. So we talk about, okay, if, if, then if the note that we purchase happens to go bad and they can, any performing note can go bad at any time. That's just the nature of the business. All right, we want to determine whether it's something short term or whether it's something it's insurmountable. So, and we'll, we'll deal with that as it may need be. But as that interest is accruing, the other fail safe that we have in In this situation, we typically are not buying newly created.

Jay Redding: 25:15

All right, I don't know about you, but I'm typically not buying newly created notes, all right, the highest Default rate of notes is typically in the first two years of her after origination and we're not typically buying that. Or if we do buy one like that, then the amount of the loan in relationship to the value of the property there's at least 30 to 40 percent of equity in there to protect us as well. Yeah, absolutely so that if we do have to take it to share of sale, all right, it, we can get all of our legal collectible balance and there stills. It still is Viable for another investor to purchase it and rehab it and put it back on the market. We, we want that property to sell up the share of sale.

Jay Redding: 26:03

We don't necessarily Want to take it back. Can we and do we have the expertise to handle it? If it does, yes, we do, all right. But that's not the preferred way because we want to make sure that our, that our capital partners, totally paid out at that time and we want our capital back at that point as well because we've we've fronted the foreclosure process and that takes money to go through that, paying attorney fees, etc. All right, and we're fronting that also. So we're we're in the same boat with the capital partner in that respect, jay let's talk.

Justin Bogard: 26:36

Let's talk about some of the the bad actors in our business a private investor. They need to hear what are some red flags when they're talking with somebody that is Kind of preaching. What we're doing is like asking for private investment capital going to buy this asset. What have you seen out there Real quick that people are doing that? You need to be like hey, that's a red flag. You shouldn't invest with somebody that that is like that.

Jay Redding: 27:06

Someone's not really to sit, not willing to sit down with you one-on-one. I love one-on-one conversations in talking with our capital partners to really find out what are they wanting to accomplish. If I can understand what they're trying to accomplish in their investing, in the purpose and what's their timeline, then we can Typically customize something that's going to fit that they help them to achieve what they're wanting to do. If it's, it's just someone, it's a slick talker, they're making a presentation and we both make presentations, all right, but they're not willing to give you a direct, definitive answer on certain things or you know. In that respect, that should be, that should be one really red flag. I'd say another real flat red flag is if they don't have a track, you know a track record behind them, okay, you know, and we all have to start somewhere. Okay, I mean, I get it. All right, I understand that.

Jay Redding: 28:12

You know that's the first private capital partners that I had that you know they invested. They tip their toe in the water initially, all right, until they got to see how our operations are, what we do, that we pay consistently every month, those types of things. And now you know they've they've opened up a whole lot more money All right to invest with us, because if you're comfortable in what we do and how we operate, disclose, disclose, disclosures. Yeah, you got. You got to be forthright, honest. You know you can't, you can't say here oh no, these don't ever go bad, they do okay. So you got to have the contingencies in place to be able to do that, to handle that, and do you have the knowledge in which they handle?

Justin Bogard: 28:57

Those are questions that you need to be asking I, whoever that you're, you're, you're looking to work with, that respect I would say probably all the things that you said are exactly what what I would say to somebody. But also keep in mind, you know, you know you try to get from them like a reference. So who is the last person that you've done a deal with? Who are the last three people that you've done a deal with? I would like to have their contact information and talk to them about their experience with you, especially if you don't know them personally and then you put the nail on the head with my favorite one is the slick car salesman. If it's too good to be true, it probably is. And what I tell people, especially if I've never met them before, and I say look, if you can't put your head on your pillow at night without being restless about this investment or working with me, then walk away, Just walk away.

Jay Redding: 29:56

We're not a fit.

Justin Bogard: 29:57

We're not a fit, then I don't want you to feel like every time you go to bed wondering, oh my God, is my money, am I gonna ever see my money again? Like that is the last thing I want and I don't want you to work with me if that's how you feel, or with anybody else, and so that's kind of other tests that I tell people Like look, there's way too many people out here doing this type of business. There's a lot of different people to choose from. You need to find the person that matches with you. So I like what you said about the track record. I definitely think you should get some references and if somebody's being pushy about it, that's not the person you want to be in bed with, with especially-.

Jay Redding: 30:30

Who did you learn from too? I mean, I know who you learned from. You know who I learned from. Oh yeah, yeah, yeah, if they happen, if the I'll say the sponsor okay. Or in this yeah, where did they learn how to do this and find out who that is? Do they have a good track record who they learned?

Narrator: 30:50

from.

Jay Redding: 30:51

All right, that's critically important. All right, and do they have the resources? If we say, if either one of us happened to run into a situation we're not sure to handle, who do we go to? Okay, well, I know in both of our situations here that we have people to go to that have been doing this 30, 40 years. I mean collectively. They've got like 90 to 100 years of experience, right? Do you think that there's not probably anything they haven't dealt with?

Justin Bogard: 31:24

Right, that's our backup.

Jay Redding: 31:26

Exactly, that's our backup. All right. So the strength of the training and the knowledge and the relationships that we have with those who have gone before us successfully and continue to be successful, that's invaluable. That's absolutely, and that's this goal.

Justin Bogard: 31:42

That's what that is. That's perfect. Well, thanks, Jay. I appreciate all your feedback and your honest counter back and forth with what we're talking about as private investors today. Jay, you, your company, is Cassidy Investments and it's cassidyinvestmentscom. Is the website correct? That's?

Jay Redding: 31:59

correct, that's right.

Justin Bogard: 32:00

And the best way to get ahold of you is info at cassidyinvestmentscom.

Jay Redding: 32:05

That's the easiest way. It comes in right into our office and we'll address it as they come in and respond, get back to you.

Justin Bogard: 32:13

That's what we'll do, and then those of you who wanna check out Jay and his son-in-law, kyle. They do a note. Talk on the last Thursday of every month, from 12 to one Eastern time. I believe it's on. Is it your Facebook Live? Is that what you?

Jay Redding: 32:26

do. It's a Zoom. It's a Zoom. If you wanna sign up and be part of that, just go to our website and sign up for the live meetings and we'll send you. We typically send a notification out about a week ahead and then like a day or so ahead is what we basically do, and we do it for 12 to one and pretty much we talk all things notes. We typically have an agenda, but we want it to be a situation where it's helping you, so we take questions directly from whoever's on at that point and answer your questions.

Jay Redding: 32:59

So if you have something that's a burning question that you don't know, the answer to bring it we're. If I don't know, if we don't know, we'll go find out and get back to you. So how's that?

Justin Bogard: 33:11

That's all right, jay. Thanks again for being on the show today. Really appreciate it. This is season six, episode number two. I'm Justin Bogart. I got my friend Jay ready here, cassidy Investments. You can email him info at cassidyinvestmentscom and we will see you guys on the next episode. Take care.

Jay Redding: 33:24

Jay, thank you. Thank you, justin, my privilege bye-bye.

Narrator: 33:32

Thanks for listening to Be the Bank.